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搞到个paterson内部分析给持有POS的人看看
Paterson Reviews
Poseidon Nickel Limited (POS) $0.16/sh
Recommendation: Speculative Buy
Analyst: Simon Tonkin
Tel: +61 8 9225 2816
Event
Poseidon Nickel Limited (POS) has announced studies have commenced to examine the restart of the Black Swan concentrator and mine. POS has placed several contracts to undertake work for an integrated operation that includes up to 600ktpa of Windarra ore and 500ktpa of Black Swan ore, a total of ~12ktpa of nickel, to be processed through the existing plant. Work is intended to be completed by the end of July 2014. Scope of the work includes: Geological Review: Golder Associated Pty Ltd (Golder) has been awarded a contract to analyse the Black Swan resource base and report the Mineral Resource estimate to JORC 2012 guidelines. Golder will also verify the condition of the current tailings dam and complete a transport and logistics study.
Plant Recommissioning: GR Engineering Services Limited has been commissioned to develop a detailed scope of work, cost estimate and schedule for restarting the processing plant.
Operating Cost Budget: Simulus Engineers have been commissioned to produce an overall integrated operational mining study for the combined Black Swan and Windarra projects which will determine likely operational and capital costs.
Impact
* We view this announcement as positive. The completion of the pre-start engineering studies by the end of July should provide a positive short term catalyst if results prove to be favorable. We note the level of production being contemplated (from a combined Windarra/Black Swan operation) is higher than that envisaged in the April 2013 Windarra Definitive Feasibility study (9.6ktpa Ni metal).
* Optionality: The studies will provide POS with the ability to pursue different options to the offtake arrangement that is currently in negotiations. We note that the Black Swan nickel project and associated infrastructure is ~300km from POS’s Windarra nickel which is within trucking distance. We believe, as part of the studies, that an option to relocate the plant to Windarra would also be considered.
* Key Offtake Deal Pending: The key deal for POS remains the offtake arrangement with another processing plant (likely BHP) as this provides short term cash flow to POS. In the Black Swan case the plant would need additional capital and refurbishment before any restart.
We rate POS a Speculative Buy with a 0.38/sh price target. Table 1: Windarra Nickel Project Ore Reserve Statement Source: Poseidon Nickel Limited Table 2: Windarra Nickel Project Mineral Resource Statement Source: Poseidon Nickel Limited 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 |
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发表于 2014-7-21 15:04
