Sht....let it be...if they give us 900, we would be very happy!!! On Mon, Feb 16, 2009 at 1:07 PM, SyIFA Fund <syifa.f...@yahoo.com> wrote:
> Ohh...ML just CAUTIOUS like usual. Underground mining is > difficult?come on...ML analyst should go to Aceh and Kalimantan and should > see that underground mining is no longer difficult...just hire the > Australian to do that. > And IF you guys carefully read this ML analyst report, you can see too many > conflicts in her writing. That make me CAUTIOUS also..hehe...PEACE. > > > > Regards, > > > SF FM > Where you can trust your fund > > --- On *Mon, 2/16/09, simon bolenang <simon_bolen...@yahoo.com>* wrote: > > From: simon bolenang <simon_bolen...@yahoo.com> > Subject: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential > difficulties offset attractive price > To: "obrolan-bandar yahoogroups" <obrolan-bandar@yahoogroups.com>, "saham > yahoogroups" <sa...@yahoogroups.com> > Date: Monday, February 16, 2009, 5:46 AM > > > > > *Muted reaction to recent gold asset acquisition* > ANTM has signed a Heads of Agreement to transfer ownership of PT Cibaliung > Sumber Daya (CSD) from Arc Exploration to ANTM. ANTM will settle Arc's > US$8mn debt to ANZ. The move should effectively make ANTM the sole owner of > the undeveloped Cibaliung gold mine, in which CSD has a 95% stake. While we > think the price is attractive, our reaction is muted given past project > delays and > mining difficulty. Mining is by underground cut-and-fill stoping with > decline access. > *Cibaliung mining not straightforward, in our view* > True, ANTM might get Cibaliung for a cheap price: US$8mn for a 95% stake in > Cibaliung, which has 412,000 oz reserves (US$20.4/oz) . And we understand > Arc > has spent a substantial amount to develop the mine. However, considering > project > commissioning has been delayed for around two years on capex overrun, some > financing difficulty and some development phase delays, we are now at the > "wait > and see" stage. ANTM is targeting to spend an additional US$35-40mn to > bring it > into operation in 2H10. > *ANTM still largely a nickel company after the acquisition* > We view Cibaliung more as a replacement for ANTM's Pongkor gold mine rather > than a significant addition. As of December 2007, Pongkor gold reserve was > 742,750 oz, which we estimate can last for another 3-4 years based on > historical > peak production. By 2011 we expect ANTM to still be largely a nickel > producer, > with nickel contributing about 70% of total revenue. > *Our stance: still cautious near term* > We have yet to see a rebound in nickel price with LME inventory still > creeping up > and the global economy yet to recover. We await FY08 results to get fuller > details, > and indicators to what lies ahead. ANTM has warned of a potential > derivative loss, > which we believe could negatively impact its cash position. As of Sep 2008, > its net > cash was ~US$260mn. > > This message and any attachment are confidential and may be privileged or > otherwise protected from disclosure. If you are not the intended recipient > please telephone or e-mail the sender and delete this message and > all attachments from your system. If you are not the intended recipient you > must not copy this message or any attachment or disclose the contents to any > other person. > > E-mail transmission cannot be guaranteed to be secure, error-free or > virus-free. The sender therefore does not accept liability for any errors, > omissions or consequences which arise as a result of e-mail transmission. > This message is provided for informational purposes and is not intended to > nor will it create any binding legal relations. If verification is required > please request a hard-copy version. This message should not be construed as > a solicitation or offer to buy or sell any securities or related financial > instruments. > > > > > > >
