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CBH Resources - An Exceptional Growth Profile
26/10/2007 By: Ted Leschke
Investors will be hard pressed to find an established Australian metals producer with a growth profile as strong as that of CBH Resources (CBH). CBH is a minerals exploration, development and production company, primarily interested in base metals projects in western New South Wales and Western Australia .
CBH is set to grow from a one operating mine to a three operating mine company within 3 years. CBH’s currently operating zinc-lead mine, Endeavor, is now back to design capacity, the Rasp in Broken Hill is to begin zinc-lead production early 2009 and the Panorama mine is to begin zinc-copper production in early 2010.
This will see metal output grow 260% from 64kt in FY07 to 230ktpa in zinc equivalent terms.
With $219 million in cash at 30 September, CBH is well placed to fully fund the development of Rasp and Panorama.
CBH also has a number of “hidden” assets including a ship loading facility in Newcastle , the dormant Mineral Hill mine & plant as well as an earn-in interest in an iron ore project in north Queensland .
Endeavor – Zinc & Lead Producer
Endeavor is an established underground zinc/lead/silver mining operation in central New South Wales , 46 kilometres north of Cobar and 700 kilometres east of Sydney .
Operations commenced in 1983 and comprise an underground mine accessed by both decline and haulage shaft, and serviced by a concentrator, drying, storage and rail facilities. CBH purchased the Endeavour mine for $10m and paid $6.6m for the Newcastle Port ship loader in September 2003.
Mining operations were seriously set back after a large stope failure in October 2005. Whilst mining operations have now recovered, metal output is yet to completely recover to the same as previous levels due to lower grades of ore mined at depth. Despite this, operation economics have improved significantly with a significant rise in zinc and lead prices over the last few years.
Given that mining at Endeavor now has reach depths of 900m CBH has undertaken a number on initiatives that will enable mine rates of 1Mtpa of ore be maintained as well as keeping operating costs and metal recoveries in check.
Rasp Mine - Zinc & Lead Development
CBH also holds mining title (CML 7) over the central 3.8 kilometres of the Broken Hill lode system containing substantial tonnages of unmined zinc, lead and silver mineralisation. The Western Mineralisation, a zinc rich lode horizon, has been the focus of a detailed evaluation programme for a new mine development.
This new mine, the Rasp Mine, will have the benefits of significant existing infrastructure. A feasibility study has been completed and now requires board approval.
Final project approvals are also due within 6 months and commencement of plant construction is estimated to occur by May 2008. Commissioning is scheduled for late 2008 with first production early in 2009.
See Part 2 |
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