AUSTRALIA
ELT.AX
0,07 AU$
0,00%
(ELT) | Price = 1.0c | Target = 3.7c | BUY | High Risk | Profitable at current tin prices
Publié le 03 novembre 2015
Cleveland, Tasmania |
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Cleveland is a tin-copper deposit that was mined by Aberfoyle (ABF) until 1984, and shut when the tin price collapsed. It is about 60km from Burnie in North-West Tasmania.
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ELT�s Development Plan |
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There have been significant advances in tin metallurgy since Cleveland was first developed, with advances in gravity technology for finer grained material, plus flotation and leaching. ELT�s testwork confirms modern gravity and flotation technology with re-grind and leaching of the tails should recover 47% of the tin to a concentrate grading 51% Sn from the tailings.
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Later Stages |
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ELT has published Resource estimates of
- 840kt in an Open Cut, grading 0.8% Sn and 0.27% Cu
- 6.6Mt under-ground, grading 0.63% Sn and 0.25% Cu; and
- A separate tungsten Inferred Resource of 4.0Mt grading 0.3% WO3.
These will be developed subsequently.
Beer & Co�s analysis shows that ELT will generate sufficient cash from the tailings operations that it will not need to raise further equity for later development.
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Beer & Co valuation and Recommendation |
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Even at current price, Beer & Co has a positive valuation of ELT. At our base case prices, which are consistent with prices in 2014, our valuation is more than 3x the current share price, with significant value growth over time as the projects are progressively de-risked.
Beer & Co is bullish on tin. ELT has low capital cost and significant upside potential at Cleveland. We affirm our BUY recommendation.
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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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