RE: RE: RE: RE: changed my point of view..Mengapur has to be viewed first of all as a polymetallic open pit mining operation. Since it is low grade the processing volume has to be at least 30K T/d Even then the economics are questionable (see my previous comments). I am not really interested in the other aspects like the low grade iron ore overburden, nor the pyrrhotite roasting acid plant phosphate fertiliser aspect of downstream operations. Even the mining project alone looks to me a very expensive undertaking (300 M ++ perhaps?). And that for maybe 200M $ of annual production of Cu concentrate containing some Au and Ag ?
The financing through a private offering to ONE man giving away 140 M shares plus 140 M warrants fro a measly 70 K + whatever the warrants bring??? Plus 10% "finders fees ???
Instead we could be looking at producing Au at a rate of near 100 K oz/y by the end of 2012 giving us 150 M $ of gold in a year instead of maybe in 3 - 4 years another 200 M $ from Mengapur with MAJOR capital investments and additional mining and processing cost involved.
Just for comparison: Copper Fox (CUU) has secured approx 1.4 B M T of ore on their NI 43-101Shaft Creek Property, also a low grade poly metal deposit (Cu porphyry deposit in BC) with additional values still to be verified. This it is much much larger than Mengapur and it is in CANADA. Planned production would be <100 KT/d if they go ahead with it, likely inconjunction with Teck Corp who has an option agreement with them. Initially they would mine the core deposit, NI 43-101 containing about 0.7 B T of ore of higher grade. Now that's what i would call a good concept of a large scale open pit polymetallic mining operation. (I do not hold any CUU right now). Just more food for thought here.
My 2 cents worth, Wolf E
und frohe Weihnachten und einen guten Rutsch, und Prosit!