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25-05-2014, 01:50 PM
(This post was last modified: 25-05-2014, 01:50 PM by Life is a game.)
I'm vested as well. Like the transparency of the company. Everytime got new development also post in sgx website to update investors. Think they are getting better in extracting gold from the ores they mine.
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26-05-2014, 12:27 AM
(This post was last modified: 26-05-2014, 12:28 AM by BlueKelah.)
can anyone shed light on where is the value or MOS in this counter?
Seems like their asset depreciation is very high and so is capex.
Also one of the directors was on the board of FDS Networks which went bankrupt and was delisted. Top shareholder is also from china and they are even sending some consultants down to the mine in malaysia to advise on how to improve things.
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26-05-2014, 11:59 AM
(This post was last modified: 26-05-2014, 12:02 PM by Life is a game.)
The China consultants were brought in by the father if I remember correctly. Back then they were having difficulties in extracting a decent percentage of gold from the ores they mine. The Chinese are expert in this area and the father invited them to provide the know-how and the gold extracted thereafter rocket which produces good profit for the firm.
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26-05-2014, 12:15 PM
(This post was last modified: 26-05-2014, 01:13 PM by BlueKelah.)
A few things i would have questions about this company :
1)Sounds funny that at this day and age someone would go into gold mining without getting experts in right from the start. When they first started prospecting they got the Aussie perth company to do the initial prospecting. so why not get further advice from the experts in australia when they first started extraction to maximize profits? Isn't that what a normal business manager would do? and the quarterly report says they expect 1 million tonnes of gold capacity by year end, where will that gold be coming from, recycled ore?
2) annual report says minimal environmental impact on the sokor river as reported by an independent 3rd party malaysian firm. sounds fishy, why? unless the river is already polluted heavily, it is unlikely silting from mines have minimal impact on the fresh water fish as clear water in streams is critical for egg laying and hatching. and i have gone to the forest rivers in west malaysian rainforest to do fish studies. even simple logging causes very bad erosion and wipes out a lot of bigger fish species.
3) in the latest quarterly report they included a lot of technical info on the drilling which is the first report i have read with so much technical stuff. Are they trying to confuse shareholders?
4) why are they trying to diversify into other metals? Should they not have included the testing for all these other metals in their initial survey and decided on what to mine? from what i know some ores need to be dry mined, not wet mined like gold and tin.
Valuation wise this company could only be valued on cashflow and earnings basis as NAV is way below the current price.
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Voyage research is the only firm covering CNMC at the moment and have them at 0.84 cents although I would advise you take it with a pinch of salt and do your own hw 