AUSTRALIA
AJM.AX
0,02 AU$
22,22%
(AJM.ASX)| Price = 17.5c | Target = 31c | The next spodumene concentrate producer | Strong BUY | Hig
Publié le 12 février 2017
Spodumene concentrate now over US$ 900/t |
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On 8 March 2016, GXY announced it had agreed to sell 60kt of 5.5% Li2O concentrate for delivery during 2016 at US$ 600/t (or $655/t for the standard 6.0% Li2O spodumene concentrate).
On 14 December, 2016, GXY announced that shipments for 2017, once 2016 shipments have been executed, are priced at US$ 905/t for 6.0% Li2O conc.
Beer & Co has adjusted our near term Li2O concentrate price projections.
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AJM has now received $A 41.6m in new equity |
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On 8 November 2016, AJM announced that Shaanxi J&R Optimum Energy agreed to invest $41.6m in new equity in AJM. This was approved at a General Meeting on 13 December.
AJM received a deposit of $4.5m in December 2016 and the remaining funds in 2 tranches, on 25 January and 31 January 2017.
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Mining Proposal re-submitted |
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On 7 September 2016, AJM announced that it had been granted Mining Leases for tis Pilgangoora project, and that AJM had subsequently lodged its Mining Proposal, the final permit to beign on-site works.
Following discussion with the WA Department of Mines and Petroleum (DMP), AJM submitted a revised Mining Proposal in December. It is expected to take about 2 months for review.
Click here for AJM initiation research report :
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First product in early 2018 |
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AJM has in place nearly all its requirements; AJM is in discussion on debt finance, which will be finalised after the Mining Proposal has been granted.
AJM has ordered its long lead time mechanical equipment.
Beer & Co has adjusted our estimate of first product from December 2017 to February 2018.
Click here for previous AJM research report :
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Beer & Co affirms Strong BUY, High Risk recommendation |
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Beer & Co has included AJM�s revised Resources and Reserves estimates, and revised our timing and near term pricing, giving a revised valuation of 31c.
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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au |
Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au  |
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