CBH - CBH resources

西边雨

Ordinary Shares ：831M
Convertible Notes ：$200 M

Net profit last financial year : more than $38M

OUTLOOK FOR 2007/08
· Endeavor Mine production and ore grade to continue improvement as secondary stopes come on
line in central section of mine.
· Panorama Project site works to commence on receipt of final environmental approvals, expected
towards end of March 2008 quarter.
· Rasp Mine decline to reach orebody and mill construction to commence subject to receipt of all
government approvals.
· Sorby Hills project studies for new open cut mine.
· Drilling and feasibility evaluation for projects at Mineral Hill, Hera and Lennard Shelf.

[ 本帖最后由 西边雨 于 2007-10-1 22:47 编辑 ]

西边雨

Operations - Endeavor Mine

Development projects
     Panorama project:
         10.0 Mt @ 3.7% Zn and 1.5% Cu
    Rasp Mine Project, Broken Hill:
        10Mt @ 4.9% Zn, 3.5% Pb, 43g/t Ag
Evaluation Projects
    Mineral Hill Mine  
    Hera Deposit
        2.2Mt @ 3.4g/t Au, 4.2% Zn, 3.1% Pb, 0.2% Cu, 18g/t Ag
Exploration
    Cobar Basin
    Broken Hill District
    Mineral Hill
    Sorby Hills
    Panorama Exploration JV (60%)
    Napier Range (up to 70%)
   Constance Range(60%)
         BHP identified a mineralised body of 245 Mt grading 51.3% Fe and 9.4% silica (SiO2) for one of threedeposits outlined.

黑山老妖

CBH还是横着走。
resistance在150天均线和0.58。如果能过突破这两个关口就没问题了。
目前还看不到突破的迹象。

西边雨

从基本面来看，是不是被严重低估了？

黑山老妖

原帖由 西边雨 于 2007-10-2 09:05 发表
从基本面来看，是不是被严重低估了？

基本面很难说。除了已经在开采的矿以外，剩下的就不太好算了。
PE说才9.19算是很低了，但是探矿要很多cashflow而且risk也高。。。

西边雨

目前它的cash flow应该不是问题~~

Convertible Notes是不是债权人有权根据情况转换成股票? 是不是一定程度上稀释了

[ 本帖最后由 西边雨 于 2007-10-2 19:18 编辑 ]

黑山老妖

原帖由 西边雨 于 2007-10-2 19:14 发表
目前它的cash flow应该不是问题~~

Convertible Notes是不是债权人有权根据情况转换成股票? 是不是一定程度上稀释了

Convertible Notes可以convert但不一定要convert。还要看他convert的条件。不能一概而论。

西边雨

Additional drill results from Hera Deposit
The Company advises that screen fire assay results have now been received for the
previously announced intersection in hole CNYDD017 resulting in a substantial increase
in gold grade to 16.7m @ 80.6gpt Au (uncut), including an outstanding interval of 5.9m
@ 144.0gpt Au (uncut), 1.8% Cu, 18.2% Pb, 23.9% Zn and 77gpt Ag. This intersection is
located approximately 30m below the original discovery hole for Hera, PNDD002 (8.6m
@ 38.6gpt Au (uncut), 1.7% Cu, 10.5% Pb, 7.0% Zn and 68gpt Ag), and confirms the
presence of a very high grade gold and base metal shoot in the central section of the
deposit.
In addition, assay results have also been returned for a further two holes with good gold
values recorded in both. CNYDD016A recorded 1.5m @ 20.7gpt Au*, 6.5% Pb, 11.4% Zn
and 45gpt Ag, whilst CNYDD014 intersected 13.0m @ 3.6gpt Au*, 2.5% Pb, 3.7% Zn,
including 3.8m @ 8.7gpt Au*, 4.0% Pb, 5.5% Zn and 14gpt Ag (Figure 1).
Drilling of the central gold rich section of the Main Lens of the Hera deposit is
continuing. Results of this program to date are set out in Table 1

西边雨

慢慢往上爬~~

西边雨

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

西边雨

Panorama - Zinc & Copper Development
The Panorama Project is located 160km by road from Port Headland, 100 kilometres of which is a sealed highway. A concentrate loading facility is present at Port Headland.

The project is based on developing the Sulphur Springs copper-zinc ore body. Additional resources have been identified along strike from Sulphur Springs and these are being evaluated as additions. In total there are six mineralised copper-zinc deposits along a 20km strike length with exploration in progress targeting new resources for the Panorama Project.

A bankable feasibility study has been completed and environmental approvals are being finalised for a 1.5mt pa open-cut mine and ore processing plant to produce 20ktpa of copper and 50ktpa of zinc. Project capex is estimated at $213 million. Site construction is scheduled to commence in the June quarter 2008 and commissioning of the project is scheduled for the second half of 2009.

Open pit reserves stand at 10mt 1.5% Cu, 3.7% Zn and17g/t Ag. There are additional resources below the open cut and along strike that will add to the project life. CBH is currently earning a 60% interest in the Kangaroo Caves deposit (6.3mt @ 3.3% Zn & 0.5% Cu) through the expenditure of $4m on exploration of which $1.25 milliion is outstanding.



Mineral Hill – Copper & Zinc Evaluation
The Mineral Hill mine, acquired through the takeover of Triako, was placed on care and maintenance in September 2005. Between 1995 and 2005 the mine produced 369koz gold and 21kt of copper in concentrates.

The mill has the capacity to treat 200ktpa. CBH is currently investigating the options to bring this operation back into production treating underground developed copper reserves with possible extensions to zinc and lead resources and mineralisation. An upgraded Mineral Hill operation would provide the processing capability to treat ore from the Hera Deposit located 100km to the north.

This resource currently contains 2.2mt @ 3.4g/t gold, 4.2% zinc and 0.2% copper and 18g/t silver. Recent drilling has resulted in a number of ore grade intercepts which may enhance resources.

Napier Range & Sorby Hills – Zinc & Lead Exploration
CBH is managing a joint venture with Teck Cominco WA to explore and develop zinc-lead-silver deposits in the Napier Ranges in northern Western Australia . The project is located 150 km east of Derby within the Lennard Shelf zinc-lead district, a west-north-west trending belt of shallow marine sediments hosting Mississippi Valley Type (MVT) deposits containing pre-mined resources of >40Mt @ +10% Zn equivalent.

The Sorby Hills project was also acquired through the takeover of Triako by CBH. CBH now has a 100% interest in this undeveloped lead-zinc deposit.

The project has published resources (non-JORC compliant) of approximately 10Mt @ 6.4% lead, 0.9% zinc and 66g/t silver. The bulk of the resource occurs within thirteen discrete pods of which the largest is estimated to be 2.8Mt @ 6.6% lead, 0.6% zinc and 119 g/t silver.

Constance Range – Iron Ore Exploration
CBH is earning a 50% interest in Constance Range iron ore project by completing a BFS. The project is located in the far north west of Queensland , adjacent to the Northern Territory border and 45km west of the Century mine.

More than fifty years ago the iron ore deposits were identified and drilled by BHP which estimated a non JORC compliant resource of approximately 250Mt @ 52% Fe.

CBH has almost completed a diamond drilling programme to obtain mineralised samples for metallurgical test work (grinding and WHIMS) and to allow the generation of a JORC compliant resource. There is no reason to expect that the resource will be much different to BHP's figures given that BHP drilled over 200 holes in the area and sunk two exploration shafts.

Given the low Fe grade this project will require a concentrator and a transportation solution will be have to be worked out. This asset would be prime candidate for a spin-off. This project could be worth around $150 million undeveloped or $75 miliion (7cps) for CBH's share - not a big kicker, but in this market iron ore developments are attracting attention.