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Poseidon Nickel Limited (POS) $0.097/sh
Recommendation: Speculative Buy
Analyst: Simon Tonkin Tel: +61 8 9225 2816
Event
•Poseidon Nickel Limited (POS) has announced the purchase of the Black Swan nickel project from Norilsk which includes the processing plant and open pit mine containing 185,800t of nickel metal.
•The processing plant has a proven throughput capacity of 2.2Mtpa and would be able to process Mt Windarra ores in addition to the large remaining nickel inventory on site (26.3Mt at 0.7% Ni for 185kt).
•The purchase price of the project is subject to confidentiality, however, we note that POS has paid a 10% deposit and will not require to raise funds to purchase the project.
Impact
•Black Swan Provides Optionality: The purchase of the Black Swan nickel project and associated infrastructure provides POS with optionality. The project is located approximately 300km from POS’s Mt Windarra nickel project and is within trucking distance. At the same time there is a sizable resource at Black Swan which could be processed using the existing processing plant. The plant’s capacity is 2.2Mt which is significantly larger than the 700ktpa capacity contemplated in the Mt Windarra feasibility study in April 2013. We understand POS will need to conduct trade-off studies to determine whether to leave the plant in its current location or relocate the plant to Mt Windarra (high grade). With nickel prices up 49% this year this provides some impetus for a plant restart.
•Potential for Significant Cost Saving: The acquisition of the Black Swan processing plant has the potential to deliver a significant cost saving, as a reminder in the April 2013 Mt Windarra feasibility study, the processing plant was $98m out of the $197m to restart the project. The relocation and refurbishment has the potential to provide a significant cost saving.
•Purchase Price: While the purchase price was undisclosed POS has stated that it will not need to raise further capital. POS has access to at most $6.6m ($2.9m end March and a placement of $3.7m). Therefore it is likely a small sum ($1-2m) compared to the original acquisition cost that was paid to LionOre in 2006. At $2m this equates to 0.5c/lb of resource which is significantly cheaper than the 1.9c/lb that other non-producers trade at. We believe this is a function of Norilsk’s strategy to exit its Australian assets.
•Key Offtake Deal Pending: The key deal for POS remains the offtake arrangement with another processing plant (likely BHP) as this provides short term cashflow to POS. In the Black Swan case the plant would need capital and refurbishment before recommencing processing.
•We rate POS a Speculative Buy with a $0.22/sh price target.
Disclosure: Patersons acted as Joint Lead Manager to a share placement that raised $3.7m at $0.08/sh in May 2014. Patersons received a fee for this service.
Simon Tonkin Senior Resources Analyst
D: +61 8 9225 2816 | M: +61 400 761 382 | F: +61 8 9421 1335 | E: STonkin@psl.com.au | W: www.psl.com.auPatersons Securities Limited AFSL No. 239 052
Level 23, Exchange Plaza, 2 The Esplanade PERTH WA 6000
GPO Box W2024, Perth, WA 6846 |
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