OTCPK:BRNGF - Post by User
Post by
DAbramovon Mar 10, 2008 12:01pm
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Post# 14632746
Moly Deal by POSCO
Moly Deal by POSCO$170M for a project that will commence production in 2010
for 20% of 1.3 Billion pounds of proven & probable reserves. Construction set to begin in Q1 of 2009 with production beginning in late 2010.
20% of 1.3 Billion pounds is essentially 260 million pounds of Moly (proven & probable) for $170M.
If we take Cannivan Gulch at (225+165) and Bald Butte (150+105) = 645M pounds of Proven & Probable reserves.
Means that BRU's realistic value (if management brings the company's assets to realization) is $421M (at 71M shares o/s) translating to a share price of: $5.90/sh.
Need I say more? Let's see where she goes from here.
D-man
https://english.chosun.com/w21data/html/news/200802/200802200009.html
General Moly - Mt. Hope details: https://www.generalmoly.com/gmo1dir/assets_mthope.htm
"POSCO to Invest in U.S. Molybdenum Mine
Korea's largest steelmaker has decided to explore a molybdenum mine in the U.S. in order to secure a steady supply of the raw material. Molybdenum is used to produce high-end steel products such as API steel for oil pipelines and stainless steel.
POSCO said Tuesday that it has signed a deal with General Moly, a U.S.-based molybdenum mineral exploration and development company, to create a joint venture to develop the Mount Hope mine in Nevada.
POSCO, the world's fourth-largest steelmaker, plans to acquire a 20 percent stake in the project by investing US$170 million through its Canadian branch POSCAN and its subsidiary Samjung P&A. This will give the Korean steelmaker the right to buy 20 percent of the molybdenum produced from the Mount Hope mine from 2010."