MMC - Marengo Mining
- Thread starter imajica
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doctorj
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Re: MGO - Marengo Mining
What exactly do you want to know?
There are many companies with resources that you could quite easily argue are worth billions but have market caps <$100M.
What exactly do you want to know?
There are many companies with resources that you could quite easily argue are worth billions but have market caps <$100M.
Re: MGO - Marengo Mining
Maybe what im trying to ask, is that is that insitu resource they talking about, actually worth anything yet .. is it still unproven or speculated size?
Maybe what im trying to ask, is that is that insitu resource they talking about, actually worth anything yet .. is it still unproven or speculated size?
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Re: MGO - Marengo Mining
Yeah but the opies have held up damn well, looks like I took too much profit a wee bit too early
Yeah but the opies have held up damn well, looks like I took too much profit a wee bit too early
Re: MGO - Marengo Mining
Statements by the company have stated that they have a 'similar amount' of pre jorc resources as they do current jorc resources, which stand at 371Mt at around 0.5% Cu eq.
If this is correct then we will have a resource of 742Mt of 0.5% Cu with an in ground value of 37 billion AUD. that is a very large number and will make this a certain takeover target by the large mining houses looking for long term projects.
The resource upgrade is due mid may. the pre feas study due by the end of june. prefeas is based on inital base case of 20Mtpa which would generate revenue of $1 Billion AUD per annum. I expect the market cap to rise from the 50m it is at now to around 300m once the prefeas numbers show a profitable very long life operation even at lower long term Cu prices. that is the share price will rise to between $2.20 and $2.50 in the next 6 months. It would still be undervalued comparatively at those prices.
I suggest you have a look at this very good opportunity. the management are world class and have proven track records. they will do future capital raisings following the prefeas and have hinted at a TSX listing which does wonders for companies with world class projects.
Current inground value before resource upgrade is $124 per share. Now trading at around 40c.
Statements by the company have stated that they have a 'similar amount' of pre jorc resources as they do current jorc resources, which stand at 371Mt at around 0.5% Cu eq.
If this is correct then we will have a resource of 742Mt of 0.5% Cu with an in ground value of 37 billion AUD. that is a very large number and will make this a certain takeover target by the large mining houses looking for long term projects.
The resource upgrade is due mid may. the pre feas study due by the end of june. prefeas is based on inital base case of 20Mtpa which would generate revenue of $1 Billion AUD per annum. I expect the market cap to rise from the 50m it is at now to around 300m once the prefeas numbers show a profitable very long life operation even at lower long term Cu prices. that is the share price will rise to between $2.20 and $2.50 in the next 6 months. It would still be undervalued comparatively at those prices.
I suggest you have a look at this very good opportunity. the management are world class and have proven track records. they will do future capital raisings following the prefeas and have hinted at a TSX listing which does wonders for companies with world class projects.
Current inground value before resource upgrade is $124 per share. Now trading at around 40c.
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Re: MGO - Marengo Mining
I have cashed in majority of my investment in MGO having made about 175% in 1 month,
Those who followed my intial analysis on MGO would have been able to buy MGO close to 20c and MGOO around 6-7c
For those interested I see FNT as another highly undervalued PNG Copper play, see the thread
Cheers
I have cashed in majority of my investment in MGO having made about 175% in 1 month,
Those who followed my intial analysis on MGO would have been able to buy MGO close to 20c and MGOO around 6-7c
For those interested I see FNT as another highly undervalued PNG Copper play, see the thread
Cheers
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Re: MGO - Marengo Mining
I would say its close to tax time and the market is down for the day 230pts for materials, a good time to buy if Monday doesn't follow in todays footsteps...
I would say its close to tax time and the market is down for the day 230pts for materials, a good time to buy if Monday doesn't follow in todays footsteps...
Re: MGO - Marengo Mining
Trading Halt pending announcement.
Should i be worried that someone sold down a medium to large parcel just before close on Friday? Oh well, nothing that can be done now.
If its a good resource upgrade then market should be happy. And i'll be happy.
Trading Halt pending announcement.
Should i be worried that someone sold down a medium to large parcel just before close on Friday? Oh well, nothing that can be done now.
If its a good resource upgrade then market should be happy. And i'll be happy.
Re: MGO - Marengo Mining
do u recall the volume Ruprect? could be js a speculator getting out on profit incase the annoucement is sour? and single order is prob nothing to worry abt.
do u recall the volume Ruprect? could be js a speculator getting out on profit incase the annoucement is sour? and single order is prob nothing to worry abt.
Re: MGO - Marengo Mining
Sorry, i dont, it was over 100k, but less than 200. There looked like 2 trades at market. I just missed out on picking up another small parcel at .35 even though they took most of that out.
But you are right, it looked like only one seller, so its nothing to worry about. Maybe i'll be disappointed i didnt get that extra parcel!
Sorry, i dont, it was over 100k, but less than 200. There looked like 2 trades at market. I just missed out on picking up another small parcel at .35 even though they took most of that out.
But you are right, it looked like only one seller, so its nothing to worry about. Maybe i'll be disappointed i didnt get that extra parcel!
Re: MGO - Marengo Mining
Am I the only one getting frustrated over teh delay in announcement? its already tuesday night, still nothing came out. i mean surely the directors r holding on the reports now and prob having a nice cold beer relaxing at the pub, while we axiously waiting here for nothing...
Am I the only one getting frustrated over teh delay in announcement? its already tuesday night, still nothing came out. i mean surely the directors r holding on the reports now and prob having a nice cold beer relaxing at the pub, while we axiously waiting here for nothing...
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Re: MGO - Marengo Mining
with the trading halt it said the announcement will be released to market on Wednesday being tomorrow, didn't it?
with the trading halt it said the announcement will be released to market on Wednesday being tomorrow, didn't it?
Re: MGO - Marengo Mining
I doubt the directors are in the pub. I understand that several of them are currently in Canada presenting to brokers and investors ahead of a possible TSX listing. As I understand it they will be there until early June. I would suggest the time difference between Aus and Canada may account for the 2 Day trading halt.
What ever the resource estimate comes in at for Yandera tomorrow we know that this is really just the beginning. We know she should be somewhere in the order of 500 mil tonnes tomorrow with a cu/mo equivalent grade somewhere between .5% and .6%.
In drawing comparisons the Michiquillay Project in Peru has just been sold to Anglo American via auction for US $403 mil. “Michiquillay is one of the best undeveloped copper prospects in the world with significant upside potential” said Cynthia Carroll, CEO of Anglo American, in a statement. It has 544 mill tonnes at .69% plus some gold and silver credits. Yandera is in the same ball park.
By my very rough calculations Anglo has paid approx 4.8 US cents per pound on copper in the ground. Extrapolating that Yandera on 500 mil @ .5% would equate to US $247 mil = approx $1.80 per share on a diluted basis for MGO. While not guaranteeing my calculations as they are rough they do highlight the immediate potential of MGO and how significantly under valued it is. By tomorrow MGO should be able to show that Yandera is in the same class as Michiquillay.
One final thought. Among the other 17 pre-qualified bidders for Michiquillay there were Barrick, Xstrata, Southern Peru Copper, Compania Minera Milpo, JOGMEC, Zijin Mining and Nippon Mining & Metals Co., Japan's largest smelting company. Given they have all missed out on this major deposit I wonder what doors they could knock on next ??? Food for thought.
DYOR
I doubt the directors are in the pub. I understand that several of them are currently in Canada presenting to brokers and investors ahead of a possible TSX listing. As I understand it they will be there until early June. I would suggest the time difference between Aus and Canada may account for the 2 Day trading halt.
What ever the resource estimate comes in at for Yandera tomorrow we know that this is really just the beginning. We know she should be somewhere in the order of 500 mil tonnes tomorrow with a cu/mo equivalent grade somewhere between .5% and .6%.
In drawing comparisons the Michiquillay Project in Peru has just been sold to Anglo American via auction for US $403 mil. “Michiquillay is one of the best undeveloped copper prospects in the world with significant upside potential” said Cynthia Carroll, CEO of Anglo American, in a statement. It has 544 mill tonnes at .69% plus some gold and silver credits. Yandera is in the same ball park.
By my very rough calculations Anglo has paid approx 4.8 US cents per pound on copper in the ground. Extrapolating that Yandera on 500 mil @ .5% would equate to US $247 mil = approx $1.80 per share on a diluted basis for MGO. While not guaranteeing my calculations as they are rough they do highlight the immediate potential of MGO and how significantly under valued it is. By tomorrow MGO should be able to show that Yandera is in the same class as Michiquillay.
One final thought. Among the other 17 pre-qualified bidders for Michiquillay there were Barrick, Xstrata, Southern Peru Copper, Compania Minera Milpo, JOGMEC, Zijin Mining and Nippon Mining & Metals Co., Japan's largest smelting company. Given they have all missed out on this major deposit I wonder what doors they could knock on next ??? Food for thought.
DYOR
Re: MGO - Marengo Mining
Great report Danash, and welcome!
Report just out - expect a re-rating tomorrow. MGO has traded in the same range for the past 2 years. This announcement will be very postive for the sp imo. A 78% increase in previously announced resource tonnes!!!
Updated resource totalling 660Mt at 0.48% Copper Equivalent (2.9Mt or 6.3 billion pounds of estimated recoverable copper metal equivalent), representing a 78% increase on the previously announced resource tonnes
Includes an Indicated Resource of 163Mt at 0.49% Copper Equivalent, within the Gremi Zone, with the balance of 497 Mt at 0.48% Copper Equivalent as an Inferred Resource.
Potential for “starter pit” identified at Gremi based on higher-grade, near-surface mineralisation.
Yandera Pre-Feasibility Study progressing well, with current activities focused on optimisation of the conceptual Yandera “starter” open pit.
Great report Danash, and welcome!
Report just out - expect a re-rating tomorrow. MGO has traded in the same range for the past 2 years. This announcement will be very postive for the sp imo. A 78% increase in previously announced resource tonnes!!!
Updated resource totalling 660Mt at 0.48% Copper Equivalent (2.9Mt or 6.3 billion pounds of estimated recoverable copper metal equivalent), representing a 78% increase on the previously announced resource tonnes
Includes an Indicated Resource of 163Mt at 0.49% Copper Equivalent, within the Gremi Zone, with the balance of 497 Mt at 0.48% Copper Equivalent as an Inferred Resource.
Potential for “starter pit” identified at Gremi based on higher-grade, near-surface mineralisation.
Yandera Pre-Feasibility Study progressing well, with current activities focused on optimisation of the conceptual Yandera “starter” open pit.
Re: MGO - Marengo Mining
MMMmmmm 2.9 Mt's Copper
Im not entirely sure, but isn't this even worth more $$ than the Bullsh*t resource amount CDU came out with last year.
2,900,000 tonnes at say $6,500 (being conservative) = $18.85 Billion.
will be interesting to see tomorrow.
might buy a few thousand bucks worth, just to make sure my thinking is right..
Spartn
:viking:
MMMmmmm 2.9 Mt's Copper
Im not entirely sure, but isn't this even worth more $$ than the Bullsh*t resource amount CDU came out with last year.
2,900,000 tonnes at say $6,500 (being conservative) = $18.85 Billion.
will be interesting to see tomorrow.
might buy a few thousand bucks worth, just to make sure my thinking is right..
Spartn
:viking:
