someone convince me
Errr....you'll get a brand new share certificate number, which nobody has ever had before?
[Don't want one of those dirty old used certificate numbers, do you? You never know where they've been!]
yeh i know the bar is open now,i dont know what IDC management was thinking to release a SPP with a low dicount to market prices
A poster on here was convinved that there are problems with the natives at Mt Kare. I know nothing about it.
Just read your posting
I was up in PNG and te high;lands couple of weeks ago and met quite a few of the Land Owners from Mt Kare.
No, don't believe things are problematic with the Mt Kare land owners.
In fact, quite the opposite.
Relationships between landowners and IDC are working well.
It appears that the customary land owners of Mt Kare are only too pleased that new blood has come in to develop the Mt KLare project.
By all accounts the company is right on target in terms of Land Owner issues and relatiosnhips seem to be strongly focussed on getting to the mining stage.
Hope that helps with a better picture of whats happening out there.
In general its all pretty exciting up there.
The project is likley to be optimized at some where nearer to 3,000,000 onz plus very good exploration [potential.
At 17/18 cents a share, fora company with a plus 2,000,000 oz JORC resource I have snapped up quite a few Indochine shares.
They already apprently have the financial backing to get to the mining stage.
I think IDC is good for about 70 Cents within a relatively short period (i.e. feasabiity) and in he longer term about $A1.45 or better (decision to mine).
If properly optimized I suspect they can reach about 170,000 ox per year no problem.
At A$1,650 per optimized oz this gives the company huge growth potential.
Land owners get 10% of net mine gate profit so they will be happy too!
Lucky we have a slow market right now.
Interesting. Thanks for that.
Looks like the completion of the acquasition of Mt Kare has gone unnoticed.
Not much said by the company, just the most essential advice to the market under the disclosure rules.
Must be about time for a further resources uprade but I think IDC is now off the radar.
Looks like this company has seen the bottom.
Not a dead cat at all.
Looking for the update on their resource re-statement.
Expecting it to be set at an oz value of about $1,550.
Shares a cheap, and IT HAS a 2,000,000 oz plus JORC equiv asset.
For all the noise SR is actually low in PNG.
Logistics are an issue but not huge.
One to watch, I am putting a position on this company for a 24 month period, should see through to FS.
yes, looks promising and a pretty good buy.
1) Breaks it's downtrend since Mt Kare acquisition in April.
2)Wee bit of volume off bottom, but has not runaway with interest yet.
1) 30cps oversubscribed cap raise for Mt Kare acquisition. Some HC comments re firesale acquisition from Canadian company in some trouble with GFC. Overall shareholding is 45% with instos, 10% insiders. Possible entry now at 18cps.
2) Known 2007 Mt Kare resource (Canadian NI43-101) 1.9Moz equiv, based on low $300/oz gold price, will rerate to JORC on gold price increase and revised cut-off grade. Have been targeting JORC around now, based on historic data. News due.
3) Metalurgical and infill drilling since around late Jul. No results yet.
4) 4000km2 Cambodia tenements. 2000m2 drilling completed mid july. One assay result for 0.3g/t 240-440m, incl 8m and 9m intersections at ~1g/t. 15 hole results awaited.
5) Cashed up for a year or two - thru to Mt Kare BFS
6) Timetable: Revised JORC due around now, PFS complete six months from now, BFS 9-12 months away.
Quarterly should be interesting.
Mt Kare Revised JORC
They now have revised geological model incorporating historical data and recently interpreted structural controls
all integral to the JORC resource assessment "now underway".
so, waiting to see if this rerates hard with anticipated JORC upgrade. The question mark is should there be a question mark at the end of this posts header ...
tight registry (lot's of landowner shares in escrow, plus lot's of instos) and cap raise to instos was much higher than here
Mt Kare drilling delayed, relative to prev quarter comment - "planning to mobilise drill rigs in July-August". Excuses are competition for resources; high demand. Ready to go now with prepayments made to secure required support incl helicopters. "Initial results are anticipated in December/January."
results still awaited
suspect 'delays' are legit.
Freida River, Wafi Gopu, and Crater Mountain coming on stream, hence no choppers, drill rigs for the last 18-24 months.
IDC now has team from Freida River/Xstrata.
IDC's plotting high grade zone critical to BFS, due about this time next year(i.e. 5-8 gpt).
PFS to be completed by June '12.
expect 15-20% increase on current 2,000,000oz.
Currently less than 20c
1 JORC RS - Nov/Dec '11
2 PFS - June '12
3 DFS - Sept '12
4 DTM - Nov '12
My expectation, 55-60c @June'12, 75-80c @Nov '12
IDC targeting initial production of about 150-250,000 ounces/year.
They have now identified a high-grade zone of 750,000 @ 5 grams/tonne (these are good underground grades) but excellent open cut grades.
This will pretty much guarantee the project goes ahead on schedule.
Latest stories coming out of PNG (Mineral Resources Authority) are that IDC is the "darling" of the Mining Industry in the eyes of the PNG government.
IDC have apparently done everything right with the land owners at Mt Kare (the biggest legacy issue) and are very much in favor with the PNG government for the manner in which they have gone about re-establishing the project and fast tracking it toward mining status.
It looks near certain (given the advanced status of the project at the time of acquisition) that the company can complete PFS/FS in the next 12 months.
IDC's numbers are better than some but if a comparison were to be made with an equivalent sized operation in Australia at about the same stage of development (see RRL/Moolart Well, for example) by about:-
June of 2012 IDC @.50 cents;
December 2012 IDC @.75 cents,
June 2013,IDC @$1.30-1.60.
November 2013, IDC @2.30.
Unlike RRL there will be no share consolidation required.
THERE is a breath of fresh air and winds of change blowing up the Mt Kare valley where it attracted one of the biggest modern-day gold rushes in the late 1980s and early 1990s.
New developer Indochine Mining Ltd, yesterday told the mining and petroleum conference in Port Moresby that Mt Kare was expected to be the next big gold mine in PNG.
One of the biggest hurdles in working the prospect was the constant landowner disputes between the Paelans in Enga province and the Hulis of the new Hela province over the mountain area, which was once a no-mans land until CRA Minerals geologists led by John Batram walked in, set up camp and in the process of digging a latrine, unearthed pure gold nuggets.
The word leaked out and the rest was history.
CRA pulled out after its camp was raided by Engan hooligans financed by certain politicians and since then various companies like Madison went it, drilled some holes and left because of constant landowner hassles.
Now, there is hope in what is dubbed the Melanesian Way through the engagement of a Fijian mining engineer George Niumataiwalu, who was recently appointed the Mt Kare project director by Indochine.
This man is credited for managing the Hidden Valley project in its early days and was the key player in addressing landowner issues and setting up the basic social and technical infrastructure that Harmony Gold of South Africa and Newcrest were riding on.
What we are doing is different from the past I am taking the Melanesian approach to resolve conflicts, he said of Mt Kare where about a million ounces of gold nuggets were taken out during the alluvial rush.
When the company went in recently, it set up camp away from the former Madison camp as a tribal fight was taking place there and eventually worked their way through wanbel discussions with the locals.
We must be friends to all the parties, and not deal only with selected few landowners, he told The National on the conference sideline.
There area had no road connection although it is 15km south of Porgera gold mine and the logistics of getting supplies in were tough.
He said helicopters were refusing to fly in because landowners were threatening to shoot them down.
Even Papua New Guinean workers refused to go and work there and the weather, compared to his sunshine islands, its brutally cold.
He said there were now changing perceptions in the area with winds of change, with the people welcoming a project thats been on and off for many years.
The people feel they wanted the project because of the PNG LNG project in Hela and the Porgera mine in the north, Niumataiwalu said.
They feel its their opportunity now to get their project going.
Niumataiwalu said Mt Kare presented to PNG the possibility of the next big gold mine.
He said they were lucky to also recruit a few geologists from other companies to work there, although it was initially difficult.
He spoke about Mt Kare after a brief introduction by his boss, the Indochine chief executive John Promnitz, who prefaced their presentation with Developing the next world-class gold mine.
They said the prefeasibility study was underway and was expected to be completed by the middle of next year.
While they worked on a estimated two million ounce deposit of gold and silver, they strongly believed that the drilling programmes would prove up more reserves as Mt Kare had the same ore body and geology as Porgera mine which had 30 million ounces of gold and was producing up to 1.5moz per year for the next 20 years.
There was significant upside to their drilling.
Past drilling results included 34.5m at 7.2grams/tonne of gold, 139g/t of silver and 16.5m at 11.8g/t of gold and 19g/t of silver.
Indochine was now repeating the drilling programmes to ascertain the deposit size and said it was looking positive.
They said it was a challenging environment in a boom time.
Mt Kare was managed by an experienced team, which developed projects in the past in PNG with Niumataiwalu as the leader who has done this before in PNG where he took the Hidden Valley project from feasibility study to permitting, and successfully signed on landowner agreements using the Melanesian way.
Gold looking good in 2012
US inflation and Chinese fear of holding paper should see gold through to +1,880 and onward
IDC has JORC base resource now but substantially inferred
Pending current drilling for both met and definition.
Should get to 2,500,000 'measured' + 'indicated' by July 2012 ending PFS.
Let's see how this stock performs in Q2 and Q3
Suspect a break out May or June 2012
Further the Province this is in is alcohol barred area,you may say what that has to do with it, well it solves a lot of problem with the indigenous population where it is not bared that is the areas in PNG you would not what to invest in.
I almost choked on my coffee when I read the grades
I work at Porgera in the early days setting up the mining camp there and these grade are as good if not much better at this stage also silver grades find me better.
Bit of an update on what I have managed to find out from PNG re Mt Kare over the last three months.
Now growing institutional support for IDC after last two weeks, apparently contrary to those who say, in relation to the history of Mt Kare, you cant polish a turd.
By all accounts IDC is pushing ahead on schedule despite lost time in 2011 (due to Xsrata and Newcrest sucking just about every drill rig and chopper in PNG onto their projects).
Apparently, though its not on the radar, IDC has been setting up the arrangement for community engagement, skills audits, and equity participation and the final sign off for the grant of a Mining Lease, probably early next year, once optimization is finalized.
This is huge.
IDC seems to have broken the jinx on one of the most problematic projects in PNG simply by looking at past mistakes, both government and corporate, and landowners.
As you would appreciate, historically in PNG there is an almost total dis-connect between land owners and the state.
So to be fair, the former head of Regulatory Operations in the PNG MRA really must be given a huge vote of "thumbs up" for the fantastic job he did, single handed, over 2009-2010 in getting the land owners and the project sorted.
He also put in place a time table and structured path toward sign off with land owners and completion of feasibility.
So things in the lower Porgera Valley (i.e. Kare) are more or less sorted, it seems and apparently the path taken by the company has set a precedent in PNG and Melanesia which was recognized last week in the Industry Best Practice award bestowed upon IDC in Hong Kong as a recent Industry convention).
The State of PNG is also apparently pretty impressed with the progress to date, so it is reported.
National Planning Committee is talking about supporting the project by putting a connector road from Porgera through Kare to Tari, (probably running SW-NE from the Highlands Highway to the west of Tari, plus power from Tari.
This is a huge step forward given the history of the project.
Its going to bring a gain to the economics of gold costs at Mt Kare too.
I am pretty sure that first stage drilling WILL be completed by the end of April, metallurgy no later than the end of July, pre-fease end of August 2012.
There is a suggestion, supported by past geological work at Kare, (its not due as an announcement made by the company) that there may be anything up to another million oz of crystalline gold in the eluvia immediately adjacent to the hard rock resources in the Roscolite zone.
Its going to be interesting to see where the resources numbers get to but suspect that the drill out will get some-where in the order of about 2.3 million (not including the potential further 1,000,000 in elluvial gold).
This is a robust project with good grades (6.5 grams equiv per cubic meter).
Estimate production to be about 140,000 oz pa.
Cash costs (I predict, based on Tari/Hides gas fields/fuel/power) at about $670-700 giving a pre-tax profit of about A$125,000,000 BUT with a potential upside in the order of about A$155,000,000 pre-tax (or more) depending on what gold does in the years to come.
Then, there are there are the other (blue sky) gold anomalies identified within EL1093.
I new about Mt Kare 20 years ago I flew by chopper with some indigents from Porgera they took me to the near by river where alluvial gold was found on the surface. I flew back to Porgera with a small container full. I did not know the sorce at that stage wished I did LOL.
I think your estimate are at the low end also the silver grade is high also.
IMO this will be better than Porgera I will try to find its old grades at the same stage and I will get back to you.
I know my numbers are low.
Better to be understated on day one and have a happy surprise.
But youre right.
This is a hugely undervalued stock.
Not for much longer.
The simple fact is that once the breakout comes the sheep will be gnashing their teeth once again.
Dont ever like to make predictions but there really is no reason why IDCs shares should not be trading at 50 cents by the end of June/July.
F.C.S, they have 2,100,000 oz right now and completing feasibility by the end of the year but they have deliberately kept off the radar.
Now coming into view with volumes increasing weekly.
Well I picked up a number today IMO I think .18 will be the last we see of it very soon any ann and this will Zoom.
I check the drilling for Porgera at the same stage it is hard to gauge as we can drill deeper now but on average MtK is in front at the same stage by 25%
I will see if I can up load the figures. I not quite shore how it is done but I will have a go!
On your numbers so far Inick, it has the coy at a sp of about $3 up there with RRL & SLR nice
Ha we cracked .18 at last
Good numbers buying this today is going to explode very soon.
I might fly up there and have another look what has happen after 20years I will get back to you
Great drill results Gold Silver and not in the best holes either.
12.6metres(m)at10.1grams/tonne(g/t)gold,104g/tsilverfrom 72.7m, and
9.7metresat7.8g/tgold,587g/tsilverfrom 58m,within a zone of
36.4metresat6.2g/tgold,232g/tsilverfrom 56.8m(Drillhole 123SD11);
10metresat4.4g/tgold,7.6g/tsilverfrom 74m (Drillhole 126S
We will see what the market think