PIECES of CAKEs, I'll love it
--- On Mon, 2/16/09, indeksbei3...@gmail.com <indeksbei3...@gmail.com> wrote:
From: indeksbei3...@gmail.com <indeksbei3...@gmail.com>
Subject: Re: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential
difficulties offset attractive price
To: obrolan-bandar@yahoogroups.com
Date: Monday, February 16, 2009, 6:13 AM
Yup.
900.. Come on ML
Bring it on.
I am READY..
Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...!
From: Rei
Date: Mon, 16 Feb 2009 13:09:29 +0700
To: <obrolan-bandar@yahoogroups.com>
Subject: Re: [obrolan-bandar] ANTM (TP Rp900) - Merrill Lynch: Potential
difficulties offset attractive price
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_bolenang@ yahoo.com> wrote:
From: simon bolenang <simon_bolenang@ 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.
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