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Online Share Trading

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klapka
Super Contributor
Buy/sell for 5 million shares at 154c this morning. mmm
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8 REPLIES 8
partridge
Super Contributor
Well 10m were bought earlier in the month -one of the 4 musketeers ( asset manager shareholders) ?
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Not applicable
Well, at this price, given rand exchange rate and gold price - you are getting that chrome tailings project of theirs for free. So now it really depends on what that is actually worth - because the value of the gold business is fully priced in - by my rudimentary NPV calculation.
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klapka
Super Contributor
Yes, I think you're about right. Unknown, not so far away future value is that Manica mine too. $100m is being thrown about but that is just be a thumb suck? It is certainly going to increase cash inflow.
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Not applicable
Nah, I think that Manica mine is smoke and mirrors. Poor grades scattered all over the place. I don't think it is viable - else they would have developed it by now - but that is my own personal opinion.
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klapka
Super Contributor
Well I'm very pleased that you're wrong.
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Rams
Super Contributor
Who's Monica
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partridge
Super Contributor
I see their plant commissioning is on track and under budget.
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Not applicable
never known a mine to say anything to the contrary. But again WRT Manica, it is worthless. They haven't even taken it to BFS stage yet since by their own admission it is yielding around 1.3g per ton on the exploration drilling. That is basically not feasible to mine, and shareholders have appeared to tell PAN the same, since they are talking about a separate listing - so as not to dilute current shareholder cashflow. PAN is a cash cow (and a damn good one), but must be evaluated as such. It has no real decent growth projects - so a DCF model is probably the best way to value it IMO.
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