MINMET PLC FTSE MNT

Opportunity to hedge your Irish Mining bets???
Buy both Providence and Arcon.
(Most of the UK based shareholders will not know
Moneybags(Phoenix Magazine) but you can be sure a substantial number over here do. He is the only decent source of technical analysis on Irish companies available to an investor who does'nt want to pay the broker sharks their horrendous commissions for very questionableh advice!!!)
Quote..........
Tony O'Reilly has been perplexing the market in recent
times particularly with the cat and mouse game played by Provident Resources with Island Petroleum over the Seven Heads gas field deal. However having quietly picked up the
big Blackrock gas prospect, Providence is now starting to look tasty, although not quite as tasty as Oreilly's other
exploration vehicle Arcon, which is now in possession of
the richest zinc reserves in the world. Both of these shares
Providence at 4 cents(Irish SE only) and Arcon at 6 cents(UK
code AIN.L)...are now good buys.


Hypocrite - 28 Dec'02 - 12:13 - 15 of 17 edit


Quote
It could be that Tony O'Reilly has at last had Lady Luck smile upon him down in Galmoy where Arcon has just discovered one of the richest zinc reserves in the world.Arcon has been working on it's new zinc discovery adjoining Galmoy for the last six months and each report it has made over the last three months has been better than the one before. Last week its ceo Kevin Ross confirmed not only are the veins in the new CW SOUTH orebody at 12.6 metres more than double the width of the main Galmoy mine itself but the zinc grades are now averaging an unbelieveable 28%. This is more than twice Galmoy's existing 12.8% grade ore body, making this new find not only twice as rich as anything discovered in Ireland, but almost certainly ranking up there as one of the richest in the world.
Kevin Ross says that at the rate of existing production this
new ore body will add five years life to the Arcon mine, but given that it is open on three sides, this is possibly the best news, that has ever come out of any mining company in Ireland.
As yet virtually no one has woken up to just how exciting
this new find down in Galmoy is!
With zinc grades at 28% even at current depressed zinc prices a mine like this would be hugely profitable. When you consider too that Arcon already has fully paid for its $100 million mining plant and that all this will be available to process this new ore body, all the pain O'Reilly has suffered in Arcon...which cost him $100 million to date....may now start paying off.
Arcon shares are currently lightly offered at 4 cents, but it is very likely that they will soon reflect the improved
outlook. If you are lucky you may still be able to get shares at 4 cents over the next few days.
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I cannot remember a stronger reccommendation in any financial publication....
Can Ye????