Just bought into this stock, anybody else a shareholder?

Sub 26p to buy,looks a bargain to me? My only problem is i've enough as a long term hold and don't want to commit anymore cash at this minute.
cyril

Sunkar Resources plc (AIM:SKR) is pleased to announce an update on its wholly owned Chilisai Phosphate Project in Kazakhstan.



Highlights

The Company's target extraction of 1 million tonnes per annum of ore was achieved in 2009 and the Company is in full compliance with its subsoil use contract;

Beneficiation operations have been in development with 180 thousand tonnes of ore having been processed by the end of 2009 producing 90 thousand tonnes of >17% P2O5 concentrate;

The Company has commenced building a milling and railroad loading complex and targets sales of direct application rock ("DAR") in Q3 2010;

The cash position at 31 December 2009 was US$18.5 million; and

Negotiation of the Bankable Feasibility Study ("BFS") consultancy agreement nearing completion.



Mining



Mining operations in 2009 were in line with the Company's plans. A total of 1,020,749 tonnes of ore was extracted, meeting all current obligations under its subsoil use contract.



Since commencing mining in September 2008, the Company has furthered its experience and knowledge of the main factors affecting the mining operation in NW Kazakhstan and confirms that year round mining is possible.





Beneficiation



The beneficiation process is a simple dry crush down of the run of mine ore to below 25 mm and screening out fines at 2mm. As planned this has consistently produced a 17% P2O5 content concentrate at a P2O5 recovery rate of approximately 79%. At 31 December 2009 a total of 180 thousand tonnes of ore had been processed resulting in 90 thousand tonnes of concentrate.





Milling and railroad loading facilities



Chilisai 17% P2O5 concentrate was used in Soviet agriculture before the historic operations ceased in the early 1990's. The Company has had the milled concentrate tested by a local institution, to certify that it complies with the Kazakhstan national standard for DAR (or 'flour') as a low grade fertilizer. In addition, the Company supplied some DAR to agricultural institutions for field testing on 2009-2010 crops and has also obtained expressions of interest to supply this material to Kazakh farmers.



In 2009, the Company sought to conserve cash by outsourcing grinding of the concentrate to cement plants mills; however the cement plants in the area have been kept busy by their core business, due to the continued Kazakh government sponsored construction program and were reluctant to switch their mills to other products. Accordingly, no outsourced milling arrangements for bulk quantities were available and therefore in late 2009 a decision was made to invest in the Company's own milling capacity in order to produce DAR in 2010.



Currently a milling and railroad loading complex is under construction which will be connected to the main rail line that crosses the deposit. The mills have a design capacity of 280 thousand tonnes of DAR per annum and the entire project will cost US$7 million (US$2.5 million was spent in 2009). This facility is intended to be operational by the end of Q2 2010, and the Company expects to start selling to local farmers in Q3 2010.



Bankable Feasibility Consultancy



The Company is currently in the final stages of negotiating a consultancy agreement for a Bankable Feasibility Study for ammoniated phosphate fertilizer production. A further announcement will be made once this is finalized.



Serikjan Utegen, CEO of Sunkar, commented:



"I am pleased to report that we are meeting our targets thanks to the commitment and hard work of our staff. We have made significant progress and gained valuable experience which will help us face the challenges of 2010.



We have laid the groundwork for two strands of our business strategy: firstly to develop a direct application rock business to fund and sustain our early mining commitments, and secondly to move forward with the Bankable Feasibility Study for our longer term plan to build an integrated ammoniated phosphate plant."

cyril

told you CHESS this was a dud

down from 51 to 21 . Of course, being in the Russian sector doesn't help.
Sirrius the other one in the sector that I was looking at is down a similar ratio from 20.5 to 9.6.
what are your views on the prospects for a rebound ?

chess i persomal thing they will go back to highs by xmas ?
i will ask a few questions from my info guy

Well, there is certainly one thing that has not changed.
That of course is the need to maximise world food production. Increased use of fertilizers seems to be the only answer.!

chess water is the problem the population is out of control
the red cross and oxfam are killing the planet

and people giving them money are to blame let nature take its course
1950 2.6b now nigh on 7b in 60 years .theworld is turning to a desert

chess he says they will start to rise very soon .so i am buying some

The chart suggests that the bottom has been reached. picking up today.
A speculative BUY in last issue of Shares..
Same is probably true for Sirrius. ( You cannot be serious!)

Nobody likes a bottom picker!

That's why I leave my arse alone!

Let's face it, the stock is down from 50 to 20. If that doesn't suggest a buying opportunity, what does .
Up 10% or so today.

Uncrossed off the highs - a close above 24 and I'm in.

If I knew what that meant, so would I be in!

Harry - it uncrossed @22.75 in the closing auction - high of the day was 23.5 (not withstanding plus trades).

HC
i didnt know that either, so thank you to s for the explanation. still not sure if i understand.
maybe i am too old for all this new stuff, maybe i need to re learn?
probably do.
i do understand,i think,that short term retracements ,or even DCB's usually occur with diminishing volume.hmm! seems not to apply here.where would a good stop loss be?
what is risk reward ratio if i am wrong?
now that i do know about.
regards to both of you and to all
jkd

jkd - depends on your definition of too old - I'm a child of the 50's - so certainly no spring chicken!

s
me neither. we seem to have 2 threads , dont know why.
anyway, this could well recover from here and if you do buy in i wish you every success.
its not one for me however.
good luck to you and to all.
regards
jkd