Past year: ▼ 48%(0.01c – 5.75c USD)
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2011resource reserve update● Neutral
Geovic furnished the NI 43-101 technical report on Nkamouna and Mada (dated June 2, 2011) and restated the reserve figure in US reporting terms: 68.132 million tonnes of proven and probable reserves, the same figure as in the April feasibility study. The filing says the mineralized material estimates (as of October 14, 2009) are unchanged from the 2010 annual report. This completes the technical report open thread and adds no new reserve change.
19 Apr 2011resource reserve update▲ GoodMajor
Geovic said the final Nkamouna feasibility study (by Lycopodium) was received and accepted by it and by Geovic Cameroon, resolving the thread that slipped to end-April 2011. It shows proven and probable reserves of 68.132 million tonnes, initial capital of $617.2 million, an after-tax NPV of $669.6 million at an 8% discount rate (Geovic's 60.5% share $405.1 million) and a 22% after-tax IRR. The refinery is dropped from the plan, with a mixed sulfide product to be sold instead. Financing is to be secured later in 2011, with construction planned for early 2012.
21 Dec 2010resource reserve update▼ BadMajor
Geovic said the updated Nkamouna feasibility study will not finish by end of 2010 as planned, and is now projected for end of April 2011. Initial capital plus working capital is now expected around $600-$650 million, versus a $417 million estimate in the September 2008 study, excluding a refinery that would cost at least $150 million more; deferring the refinery is being considered. This continues the earlier project delay and the mid-2010 update timing given in October 2009 has slipped.
16 Oct 2009resource reserve update▲ GoodMajor
Geovic reported that, after a 2008 drilling program of 2,045 holes, estimated mineralized material at Nkamouna and Mada combined rose 97% to 120.6 million tonnes. This is non-reserve material (includes existing reserves), not proven reserves; updated reserve estimates are expected in early 2010 and a Feasibility Study Update by mid-2010. GeoCam is now described as 60.5% owned.
5 Dec 2007resource reserve update● NeutralMajor
Geovic reported the Nkamouna feasibility study, prepared by Washington Group International, delivered as promised in the October filing. Compared with the 2006 pre-feasibility study, it shows pre-production capital of $398 million (up from $129 million), after-tax IRR of 33% (down from 77%), and higher annual cobalt (9.2 million lb) and nickel (7.0 million lb) output. GeoCam plans a further optimization study to cut costs, with major construction starting mid-2008 subject to debt financing, board approvals, a water use permit and a land lease.
15 Oct 2007resource reserve update● NeutralMajor
Geovic said its 60%-owned Geovic Cameroon (GeoCam) expects to release the Final Feasibility Study for the Nkamouna cobalt-nickel-manganese project in November 2007. The study assumes processing 2,000 tonnes of concentrate per day, 33% above the 2006 pre-feasibility study, and capital costs are stated to be significantly higher than in that earlier study. Production is targeted for the second quarter of 2010, with a construction contract to be awarded by December 2007.
