http://clients.westminster-digital.co.uk/minesite/microsite/events/50/video/index.aspx?companyId=50_1
=">http://www.proactiveinvestors.co.uk/pdf/brr.pdf
http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=39359&sn=Detail
www.braemoreresources.com
http://www.investegate.co.uk/Article.aspx?id=200711010702217873G



Powered by IST's


http://www.fsponline-recommends.co.uk/page.aspx?u=rhpsl1007&tc=ERHPCB02&PresentationsID=21147065172&
http://www.proactiveinvestors.co.uk/audio/img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=BRR&Size=460&Skin=BlackBlue&Type=2&Scale=0&Span=YEAR1&MA=&EMA=25;50;200;&OVER=&IND=&XCycle=&XFormat=&Layout=2Line;Default;Price;HisDate&SV=0">

http://www.resourceinvestor.com/pebble.asp?relid=38513
http://www.proactiveinvestors.co.uk/articles/art.php?BRR2
cyril

should be a soft landing .... bit like jumping out of the ground floor window

cynic there is a poster on another ste saying this is one big fraud and whether what he has said is true mud always sticks he also mentions Althona mining and others.

confess i was totally gulled at their agm several months ago when we were told the company would be profitable within about 2 years .... fortunately i sold out 2/3 months back, albeit at a thumping loss

Good for you cynic that makes 2 of us when Hamish left it was a sure sign something was wrong.

I can't believe how clever cynic and mitzy are, you both sold out at 15p after I flagged up a warning, yet you failed to post any response. It doesn't take much to say THANK YOU!, I'm gutted.

Have a nice weekend.

sorry canada ...... got out 6/7 months ago but can't remember if it was on your advice or, as is more likely, that i just found it necessary to have a clear out of general shit shares

Have any of you been to the 28Nov08- AGM? - Was it positive, or just Jam Tomorrow, as is so often the case with mining tiddlers....?
Fraud seems a bit strong, yet easy to say - any "evidence" - typically this needs lots of good publicity and a strong sp at IPO, maybe with someone that is well-known in any area, that gets punters excited and only later do they realise the co is worth only a fraction of the MktCap...Provided they don't run out of Cash they could yet be good....but there is little "positive" here. - Also ther sp graph looks like it is...

Hangon, Wendy Durham who writes for Proactive gave a very good report and was
very positive, i will see if i can find it for you. Seems they're waiting on confirmation
concerning BEE involvment and they've dropped the 35MW furnace in favour of several 10MW's.
cyril

Hangon here's her report,

As promised, some scrappy notes from the AGM:

Senior company officials present were CEO Leon Coetzer and ex-CEO (also acting as representative of largest shareholder Atomaer) Clayton Dodd. Dr Mathews Phosa was busy in SA with (a) BEE finalisation and (b) elections brought forward by four months.

Key point on the future of platinum - both Coetzer and Dodd said they were expecting REAL demand figures to start filtering through soon, which will demonstrate clearly that the price of platinum is now totally unhooked from its fundamentals. Leon said that "at home" they were all very bullish on the price of platinum.

They expect it to return to levels which will more properly reflect ACTUAL demand rather than the FEARED demand (i.e. bugger all!) that is presently influencing the price. IIRR Clayton mentioned $1400.

Personally, I think that fairly shortly we could see the dollar start to weaken as repatriation slows, and gold start to rise as the "safe haven" effect really starts to kick in. It's already hard to buy physical gold. And platinum usually follows gold - although it's usually almost double the price, instead of practically at par!

Coetzer reckons that of the companies working on the Bushveld today, only 50% will survive. That will play hell with supply in the future. IMO, the best projects of the failed companies will of course continue, perhaps under new management or after consolidation, but they will be substantially delayed.

He also made clear that the DME and the SA government are solidly behind Conroast and Braemore. They see it as the only way to UNLOCK (a word he used several times) mid-stream and down-stream processing on the Bushveld from the increasingly unacceptable domination of Amplats and Impala. "Use it or lose it" was the first step in unlocking the land itself - so the BEE juniors all now have their land and their projects - but they can't go any further. That's it - they mine and produce concentrate, and must then hand over control to Amplats, Implats or Lonmin and lose the rest of the profit stream. They are also totally dependent on the smelters re: the price they get for their concentrate - particularly if it's high chrome, where heavy penalties are applied. They are "price takers" - stuck with what they can get.

This is where he brought in the Apple slogan (he used it several times!) "think different". Processing the low-sulphide, high chrome output of the new juniors can't be done with conventional technology. The only way the majors are doing it is with blending and a few superficial tweaks, some of which - like Lonmin's No 1 furnace - have never worked properly. Braemore had the bottle to "think different" and bring in Conroast. The others had all turned it down - including Amplats, and Leon himself was part of the group that decided against it! This is because you can't just dump a Conroast furnace into the middle of an existing process flow. There is too much modification and re-engineering required - lots of capex - and until Atomaer/Braemore got hold of it it was in any case not proven to be scaleable. Too risky - and the majors daren't think different on that kind of scale.

Coetzer also described in simple terms how a Conroast furnace works and why it is so much better. In a conventional smelter the electrodes are submerged and generate intense heat throughout the molten mass. It's all hot as hell. Conroast is a bit like hitting the concentrate with a lightning strike - it all melts, but the heat then reduces as you move out from the centre. This means that the furnace walls don't get the full blast. And it is then tapped at only just above melting point. With a conventional furnace, any breach or crack or spillage releases high temp molten metal which is just about unstoppable - it runs as fast as water. Just as happened at Polokwane. Any breach in a Conroast furnace will spill metal which is only just above melting point, and can be quickly solidified - he says they demonstrate this with a simple air blower. So there is a big safety increase as well as better efficiency.

His view on Bushveld power was that with fewer projects being developed and the huge generating investment now being made belatedly by Eskom, power SUPPLY will not be a problem. But power infrastructure - having it where you need it - is a different matter that will take longer.

It seemed to me that he knocked the original plan for a big 35MW Conroast smelter on the head. In answer to a question, he said that they would be more likely to locate several 10MW units where they "fitted" customer/partner requirements. It seems that the 10MW smelter is now the "product" and will be deployed as and when required.

Lead time for the 10MW unit was originally 24 months. Now, with the slowdown, components are more readily available, so build time more like 18 months and dropping - and cheaper.

"Think different" also came up with reference to Leinster. Low grade tailings cannot be treated as you would treat raw sulphide ore. It just can't be done either effectively or economically. The tailings have already been through conventional processing, which failed to get their metal content out! So again, you have to think differently. And you have to look at PROFITABILITY, not necessarily the technical challenge of getting max recovery - very relevant due to acid price. You take the profitable nickel out using the fastest residence time and least acid consumption, and leave the rest. So it's fast, cheap, affordable nickel - not necessarily ALL of it. I also suspect they are moving away from the concept of producing 65% sulphide for BHP's refinery. Leon talked of refining facilities becoming available due to the long nickel downturn - which could be bought for a tenth of what it would cost to build new. Looks like the end aim is metal, not sulphide or hydroxides, though all options are open. The project is still very much alive in spite of the crap price of nickel. I meant to ask his views on nickel pricing but forgot! Final-final-final scoping report goes to BHP mid-Jan - BRR have asked them to make a decision within 3 months, but I guess they will take their own time over it....

Overall he said BRR was secure enough financially to see it through "these times". 3 mill in the bank which is "protected" by the profits from Randburg. Conroast capex would be raised in SA from SA banks. As Conroast had strategic support from the government, finance from government sources might well be available (IDC etc ???). BEE partner would also contribute its share. They have no doubt that finance will be forthcoming. JSE will contribute the institutional "longs" when the time is right - Clayton Dodd thinks it will become the dominant exchange for BRR.

On the question of BEE, there will be one partner at a corporate level (by which I assume he means they will take 26% of Braemore Platinum) and several at project level (by which I assume he means individual BPt projects).

The main BEE partner they have targeted has been carefully chosen because it is a business which is complementary to Braemore's own business, not just for the sake of having any old BEE partner. Negotiations are close to fruition, but he would not be drawn on timing.

The offtakes with Amplats and Northam - which were completed after extensive due diligence by both miners - were targeted to send a message:

1. BRR is not competing with the majors - it will work with and alongside them to help solve their problems
2. CONROAST WORKS - fully endorsed by Amplats the biggest major and Northam the biggest junior/mid-tier

Leon Coetzer is a supremely competent man at the top of his profession. 21 years in the business. South African by birth and domicile. SA is his home, not just where a project happens to be located. I believe his aim is to build and drive forward, in his own country, a new major player in the PGM industry - but this time independent and with significant black ownership - to ultimately go up against Amplats and Implats. I simply can't see him taking it along a few stages and selling out for a quick 25p or so. So I simply can't see Braemore being sold until Leon has achieved his ambitions for himself, his industry and his country. And he is pretty powerfully incentivised by his golden-hello options - a quick freebie to start with, but the rest are high priced and he will have to make a great success of Braemore in order to benefit from them.

Somebody said "Frighteningly competent." Just about sums it up....

I came away wanting to buy more. However, the important business of the day - the Braemore Shareholders Tapas Bar Lunch - intervened and prevented me from sinking next month's housekeeping into still more Braemore shares....

cyril

Braemore Resources Plc ("Braemore" or "the Company"; AIM: BRR, JSE: BRE) is pleased to update the market on progress with the Leinster Nickel Tailings Project, following receipt of the preliminary results from the independent consultants and the completion of the scoping study.

A detailed overview of the scoping study is provided later in this announcement. In summary, the main findings are:

project viability confirmed at average production rate of 12,500 tonnes per annum (tpa) of nickel as intermediate product;

preliminary results indicate low operating costs in range of US$3.85/lb to US$4.07/lb; and

preliminary capital expenditure in range of US$415m to US$444m.

As previously announced, the final scoping report will be presented to BHP Billiton ("BHPB") by the end of January 2009 for review over the following months.

Leon Coetzer, Braemore's CEO, commented:

"Braemore is confident of Leinster's future given that the scoping studies have indicated a number of strategic advantages, including the potential low recovery cost of the tailings, low processing costs and high sulphur recovery rates.




"We believe that additional reductions in capital and operating costs are achievable in the future through the continued refinement of the project. In addition to copper and cobalt credits, there are significant by-product credits from the production of magnesium oxide (MgO) from the sulphur recovery circuit."




Scoping Study Overview




The revised scoping studies include independent validation by leading consultants of the flowsheets developed by Braemore and revised estimates of capital and operating costs to a +/- 35% accuracy. The scoping studies have assumed a conservative 66.65 million tonne resource at an average grade of 0.35% nickel for 235,318 tonnes of nickel over a life of mine of some 12.25 years. These studies were presented to the Braemore Board ahead of presenting the final review to BHPB by the end of January 2009.




The study was divided into five sub-projects, each with a responsible consultant:




1) Mineral Resource Estimate - CSA Global Pty Ltd

2) Tailings Recovery - AMC Consultants Pty Ltd

3) Sulphur Recovery - Atomaer / SNC Lavalin Pty Ltd

4) Acid Plant - SNC Lavalin Pty Ltd

5) Nickel Refinery - Bateman Engineering Pty Ltd




Each of these sub-projects have been evaluated in detail within this review, collating the results to facilitate a detailed analysis of capital and operating costs to enable selection of the most viable flowsheet for the project. The project has been investigated at different nickel dissolution rates (60% and 70%) and as either a nickel sulphide or nickel hydroxide producer. The ensuing anticipated acid consumption rate will be around 150 kg/t for 60% recovery and 250 kg/t for 70% nickel recovery, and the acid consumption costs will vary accordingly.




1) Mineral Resource Estimate - includes the updating of the previous Mineral Resource Estimate to include additional tailings deposited in the past two years and to consider the grade and deposition rate of future tailings over the expected mine life.




2) Tailings Recovery - studies were concluded over the most effective mining method from the three storage facilities. Different mining and transport methods were examined, with Slurrytrack being identified as the most cost efficient method.




3) Sulphur Recovery - current testwork for the acid recovery flowsheet and modelling by SNC indicates sulphur recovery at 70% of plant demand is achievable. A combination of SO2 recovery and burning elemental sulphur will determine the required scale of the acid plant, whose capacity is set by the percentage nickel dissolution selected.




4) Acid Plant - studies into scale and options for acid supply were investigated. These include burning elemental sulphur to generate SO2 gas, recovery of sulphur units from the waste leachate solution and direct purchasing of acid.




5) Nickel Refinery - various flowsheets have been investigated at different percentage nickel dissolution rates to produce either nickel hydroxide or nickel sulphide intermediate products. Braemore's flowsheets are well established in the industry and did not contain any fatal flaws.




Projected capital costs as per scoping studies




The percentage of nickel dissolution selected and the intermediate product produced (sulphide or hydroxide) are the main determining factors for capital costs. Estimates of total capital expenditure arising from these studies are in the range of US$415m to US$444m for intermediate nickel hydroxide and sulphide respectively. The acid plant is anticipated to cost between US$181m and US$185m depending on the scale of the plant and the sulphur source.




There remains significant scope to further reduce capital costs by tendering and specific engineering design to support the final flowsheet.




Projected operating costs as per scoping studies




Recovering the tailings using a Slurrytrack system will result in mining costs of between US$0.40/lb and US$0.50/lb. Braemore is confident that these are among the lowest mining costs for nickel sulphide in the industry.




Operating costs could be further reduced by:




a) substituting the sulphide precipitation stage with hydroxide precipitation;




b) substituting purchased limestone with by-product MgO from the sulphur recovery process; and




c) on-site generation of hydrogen sulphide (H2S)




The operating costs for the various sub-projects were combined and total operating costs range between US$3.85/lb and US$4.07/lb for intermediate nickel hydroxide and sulphide respectively.




There remains significant scope for reductions in operating costs through classification of the tailings and further optimisation of the leach circuit.




For further information please visit our website at www.braemoreresources.com or contact:



Braemore Resources Plc



Leon Coetzer, Chief Executive Officer
+27 11 875 6540






WH Ireland: (Nomad and Joint Broker)



James Joyce
+44 207 220 1666






Mirabaud Securities: (Joint Broker)

Some good news at last,

Shortage of platinum after Japan buying spree
Families are rushing to invest in the metal as faith in the Government's ability to handle the economic crisis dwindlesLeo Lewis, Asia Business Correspondent
Tokyo bullion dealers are reporting an unprecedented drought of platinum ingots and coins, blaming the economic downturn and dwindling faith in the Government for a rush by middle-class Japanese families to buy precious metal.

With dealers turning away would-be platinum customers for lack of stock, retail investment interest is turning towards the even rarer Canadian Maple Leaf palladium coin.

Some dealers are predicting volatile palladium prices as Japanese investors compete with the car industry, palladium's main industrial buyer.

A government think tank is predicting that Japan's economy shrank by an annualised 10.59 per cent in the final quarter of 2008 - rather than the 5.14 per cent contraction they were predicting four weeks ago.

Related Links
Japan slows down amid record output fall
Gold price to rocket if China sells dollar
Record 9.6% fall in output sparks Japan fears
As if this was not enough for concern, there is a growing sense that the Japanese Government is not responding adequately to the economic crisis.

Jonathan Allum, chief Japan strategist at KBC Securities, is among a number of analysts with deep scepticism over the plans laid out by Kaoru Yosano, the Economics Minister.

Some of Mr Yosano's previously expressed views do not wholly inspire confidence. This is a man who said on January 28 that a rise in the consumption tax could lay the foundations for increased consumption', he said in a note to investors yesterday.

Although precious metals dealers are thriving, Tiffany's said yesterday that it would cut prices in its Japanese stores by 9 per cent - a reflection of the stronger yen and dire times for the mainstream jewellery industry.

Platinum sales at Tanaka Kikinzoku, the largest Japanese bullion dealer, have soared by 430 per cent over the past 12 months.

The World Gold Council's latest figures suggest that total Japanese gold bullion sales for investment purposes soared by 61 per cent last year. Platinum is popular because the price is about 50 per cent lower than it was this time last year.

cyril

News of a minor explosion, downtime and repair costs of 110k and the price is up! Weird.

Max a slmilar accident happened to a steel plant close by,where molten metal was poured on water in a convertor, the result was a massive explosion with the loss
of life. It was the second time it happened,many years ago a camera crew were wiped out filming at the time.
Yes i thought we might see 1.5p so pleasently surprised, i think its so undervalued a reluctance to drop the SP?
cyril

Don't they carry insurance covering such accidents?

BRR spiking is their some news coming?

Still some life in this old dog up 50%+ today!

Indeed its a buy today.

It'll still be 2011 before this company really takes off?
aimho
cyril
ps check out CHL def in breakout, just look at those trades.

Maybe some news due from BHP.

momentum taking the sp up another 15%-- any news?