Der befreundete User sinsala1986 hat im Wo Forum einen wie ich finde sehr interessanten Beitrag zu Indo Mines eingestellt, den ich hier mit seiner Genehmigung veröffentlichen darf .
Um das Ganze mit der heutige News auch ins rechte Licht zu setzen, muss man zum Einen die Vergangenheit von Indo Mines aufarbeiten und zum Andere die zukünftigen wahrscheinlichen offen stehenden Optionen abwägen.
Zur Vergangenheit lässt sich eindeutig feststellen, dass es eine klare Hinhaltetaktik des Managements gab. Dauernd wurden neue Zeitziele erneuert und nie ein Grund für die Verzögerung genannt. Hier mal eine Chronik:
- News per 03.05.2007:
o Scoping Study released and „shows an NPV ranging from US418 million to US$ 658 million assuming sales at US$300 to US$350 per tonne for pig iron respectively from the production of 1 million tonnes per annum of pig iron.”
- Company Presentation per 04.06.2007
o Major Milestones:
„BFS for concentrate by Sept 07, desing & construction commencing in Oct 07 for commissioning Mid 08.”
- Quarterly Report published 26.07.2007
o „The company is now progressing Bankable Feasibility Studies to bring the project into production in 2008.”
- Annual Report 2007 published 30.10.2007
o „[…] Indo Mines has commenced a Bankable Feasibility Study […] due for completion late in 2007.”
- Quarterly report published 30.01.2008:
o Construction of a Pilot Plant has commenced in Jogjakarta to generate a 50 tonne concentrate sample for large scale confirmation test work by Outotec in Germany. The results of this should be available for inclusion in the Bankable Feasibility Study for the 1 million tone per annum Pig Iron Plan that is due for completion in the second half of 2008.
- Quarterly report published 28.04.2008:
o Construction of a Pilot Plant has been completed in Jogjakarta and it has commenced commissioning trials. The Pilot Plant will be used to generate a 50 tonne concentrate sample for large scale confirmation test work by Outotec in Germany. The results of this should be available for inclusion in the Feasibility Study for the 1 million tone per annum Pig Iron Plant that is due for completion in the first half of 2009.
- News per 20.06.2008:
o Concentrate Sample for final smelting test work has been dispatched to Germany for full scale smelting tests. Construction of the Concentrator Pilot Plant for the flagship Jogjakarta Iron Sands Project was completed in April 2008. The Pilot Plan was fully commissioned in May 2008, and a 50 tonne concentrate sample at 55% Fe has been made and dispatched, together with a 120 tonne sample of coal, to the testing plant at Outotec in Germany.
- Annual Report 2008 published 30.10.2008:
o GR Engineering Services continued to progress the Bankable Feasibility Study for the Concentrator Plant; this is due for completion in late 2009.
- News per 05.11.2008:
o Managing Director Phil Welten said: “Receipt of this level of approval [Contract of Works] is a key to securing foreign investment support and allows us to proceed with full confidence to the next phase of development, and the completion of our feasibility study by the second half of 2009.”
- News per 23.03.2009:
o Indo Mines is continuing with a Bankable Feasibility Study for a 1 million tone per annum Pig Iron Plant that is due for completion in early 2010.
- Company Presentation September 2010:
o The BFS will be completed at the Beginning of Q3/2011
o Construction will start at the Beginning of Q4/2011
o First Concentrate will be produced at the Beginning of Q4/2012
o First Pig Iron will be produced at the Beginning of Q4/2013
- News per 20.09.2010
o CEO Martin Hacon said: “The capital raising [17.5m shares @ A$0.20] positions the Company to further progress the Jogjakarta Iron Project under the direction of the new management team. The placement will strengthen the cash position of the business and enable the Company to fast track the advancement of the Project Feasibility Study, including the environmental approvals which are well progressed.”
- Quarterly Report published 29.10.2010
o Highlight: “Feasibility study commenced on the production of saleable iron sands product from the Jogjakarta Iron Project with the strategic aim of securing early cash flow, ahead of pig iron production.”
- News per 15.12.2010
o “[…]the Company will commence production of commercial trial volumes of iron concentrate within a designated area of the Jogjakarta Iron Sands Project site. It is anticipated that operations will begin in the first half of 2011 targeting production of up to 250,000 tonnes of iron concentrate for sale to potential off-takers generating early cash […]. Indo Mines is undertaking a feasibility study to assess the potential of the Jogjakarta Iron Sands Project to support a 2 million tonne per year iron concentrate operation with first production from the expanded development scheduled for the December quarter 2012.” CEO Martin Hacon said: “[…] The production of commercial volumes of iron concentrate well ahead of our target is an indication of the excellent support we have had from our local Joint Venture partner and the local community. It also demonstrates the commitment of the new board, management team, and employees in realizing the Company’s potential.”
- News per 16.12.2010:
o Appointment of Feasibility Project Manager
o “Peter [Hinner] and his experienced team of engineers will undertake the feasibility phase of the Jogjakarta Iron Sands Project with a target completion of June 2011.”
o “[…] it is a further demonstration of the new Board and Management’s commitment to achieving our accelerated development targets.”
- News per 11.01.2011:
o Environmental and Socialisation Approval granted by Government
o “Production of commercial trial volumes of iron concentrate will begin this year ahead of the targeted commencement of full-scale operations in June 2012.”
- News per 20.01.2011:
o “A Bankable Feasibility Study (“BFS”) for iron concentrate production from the Iron Project will be completed in mid-2011. A separate BFS for the production of pig iron is expected to be completed in mid-2012.” CEO Martin Hacon said: “The full-scale production of iron concentrate from the Iron Project in 2012 will generate significant margins and free cash flow, however we continue to believe that substantial additional value can be created through a complimentary pig iron product. We […] continue to push aggressively towards completion of both Bankable Feasibility Studies.”
- Company Presentation 30.05.2011:
o First Pig Iron will be produced at the Beginning of Q2/2014
- News per 06.07.2012
o CEO Martin Hacon said: “The capital raising [18.6m @ A$0.55] has strengthened the Company’s cash position to enable the business to move into early production from the Jogjakarta Iron Project and assess new growth opportunities adding value to shareholders. This is an exciting time for the Company as we look to transition the business from an exploration company in to a significant producer of steelmaking raw materials”
- Quarterly Report published 29.07.2012:
o “The Company is currently completing the process and engineering design required to finalise the Feasibility Study, which is anticipated for completion in mid August 2011. The Company has also progressed the development of a commercial trial plant […]. This plant will target production of 20,000 tonnes per month of iron concentrate.”
- News per 29.08.2011
o A Milestone achieved: Feasibility Study completed that shows robust economic basics.
- News per 08.09.2011
o First Pig Iron Cast at Outotec Trial Smelting Facility
o CEO Martin Hacon said: “This is a very exciting time for Indo Mines as we move rapidly to becoming an innovative producing company.”
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Des Weiteren sollte man sich auch die dilutive Historie von Indo Mines anschauen, die vor allem wegen dem fehlgeschlagenen Mangkok-Kohleprojekt sehr negativ auffällt. Das Mangkok-Kohleprojekt war schon durch eine BFS durchlaufen und trotzdem hat man es vor die Wand gefahren und massivst Shareholder Value vernichtet. Zudem musste man sich aufgrund der zahlreichen Verspätungen ständig waren für die Akquisition des Pig Iron Projektes notwendig.
- 25.05.2010 + 11.06.2010: Ausgabe von 20mio. + 14,4mio. Aktien für Fireside Vendors für die Projektakquisition des Kohleprojektes
- 11.06.2010: Umschichtung von 20mio. Class B Performance Shares zu Aktien für Fireside Vendors durch Erreichen des Milestones, dass das Kohleprojekt in Produktion gegangen ist.
- 22.09.2010: 17,5mio. placement @ $0.20
„To fund the accelerated progress of the feasibility study in relation to the Jogjakarta Iron Project and to provide general working capital.”
- 23.12.2010: $5,4mio placement, Einstieg Rockcheck mit 20mio. shares @ $0.27
In gleicher News wurde gesagt: „Funds raised from the placement will be used to provide working capital and allow the Company to expedite the commencement of production of commercial volumes of iron concentrate from the Jogjakarta Iron Project […]. Operations will begin in the first half of 2011 targeting production of up to 250,000 tonnes.”
„Indo Mines is currently assessing the potential to produce 2 million tonnes of iron concentrate per year from its Jogjakarta Iron Project and is targeting commencement of full scale operations in June 2012.”
- 14.02.2011: Issue of 10mio. shares:
“To expedite the commencement of production of commercial volumes of iron concentrate from the Jogjakarta Iron Project in Indonesia and to provide general working capital.”
- 07.06.2011: $10,2mio. placement, 18,6 mio. shares @ $0,55
“Funds raised will be used to expedite the development of the commercial trial iron sands concentrate plant at the western end of the Contract of Works area in Jogjakarta, Indonesia. Additional funds will be dedicated to working capital and the assessment of new project opportunities including the Halmahera Iron Project announced on 24 May 2011.”
- 20.12.2011: $13,2mio. placement, Einstieg Rajawali mit 57,3mio. shares @ $0,23
„The significant cash injection from the Rajawali Group provides cornerstone funding to the Company to assist in completing construction and commissioning of the demonstration plant at Karawuni, additional testwork required for development of the iron sands project and completion of project finance due diligence.”
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Die ganzen Placements darf man ruhig mal zusammenrechnen und dann dagegen halten, was an echtem Shareholder Value in diesem langem Zeitraum realisiert wurde. Stand man Ende Juni 2009 noch bei 81mio. shares, waren es Ende Juni 2010 163mio. shares und momentan stehen wir bei 288mio. shares. Nach dem jetzt angekündigten $50mio. placement wären wir bei 538mio. shares. Was dann letztendlich an Shareholder Value langfristig verloren gegangen ist, rechne ich euch die Tage aus. Habe heut erstmal genug geschufftet.
ÜBER DIESE MASSIVE DILUTION BIN ICH NICHT ERFREUT!!!
Und warum hatte man Anfang diesen Jahres die Credit Suisse mit an Bord geholt?
News vom 06.02.2012
Headline: Indo Mines appoints Credit Suisse to assist with Funding Alternatives
“It is a credit to both the fundamentals of the Project and the strength of the team at Indo Mines that a global leading investment bank with the number one track record in Indonesia will be working with us to define the funding alternative that best meets the interests of our shareholders.”
Mit heutiger News bleiben eigentlich nur 3 Optionen offen:
- das war die komplette Finanzierung und man fängt mir einer kleineren Anlagen (500,000t/jahr) an, um sich dann kontinuierlich zu steigern. Ein BB hatte darauf schon mal hingedeutet. Wenn das aber die ganze Finanzierung wirklich sein sollte, dann war dies sicher nicht Shareholder-freundlich, denn kein Cent konnte trotz der hochgelobten Rajawali Group über Kredit gestemmt werden. Was war dann die Finanzierungsalternative?
- die heutige Finanzierung war der Equity-Anteil für eine noch folgende Kreditfinanzierung über $100mio.+, die über die Credit Suisse noch abgewickelt wird.
- die heutige Finanzierung war erst der erste Teil der Equity-Finanzierung. Andere Institutionen folgen noch mit weiteren sehr dilutiven Placements. Die Aktienanzahl steigt gen 1mrd. Stück. Worst Case Szenario!
Dass es auch anders und sehr sehr Shareholder-freundlich geht, zeigt eine andere Finanzierungsalternative, die ebenfalls im Eisenerzsektor erst neulich erfolgte:
- London Mining entered into an agreement with Blackrock World Mining Trust whereby Blackrock World Mining will pay an upfront sum of US$110 million for a 2% revenue related royalty calculated on any iron ore sales from the Company’s Marampa licence ML02/09 in Sierra Leone (“Marampa”) over the life of mine.
http://www.londonmining.co.uk/LM-completes-110m-royalty-agre…
Besonderes Lob nochmals an die beiden BB's für die Verkaufsempfehlung am All-time-low, grandios. Ich bin zwar über die Entwicklung von Indo Mines nicht erfreut, werde aber dabei bleiben. |
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