Each one in plain English, with the numbers worked through for a shareholder.
13 Apr 2011resource reserve update▲ GoodMajor
On April 8, 2011 the company reported results of the expanded Wengfu feasibility study (1.2 million tonnes a year of MAP/DAP), with pre-tax NPV of US$4.8 billion, pre-tax IRR of 27.9% and development capital of US$1,775 million. This is the expansion study that was due by end of Q3 2010. The base case NPV rose from US$1.5 billion to US$2.2 billion on higher CRU price forecasts. The company says a process run by Nomura has a shortlist of interested parties doing due diligence, and it expects to partner with a major fertilizer company 'in the coming months'; no partner or terms are named, and Wengfu's equity role is not mentioned.
On February 24, 2011 the company reported its first SEC-standard reserve estimate, for Paradise South: 196.1 million tonnes of as-mined ore at 14.6% P2O5, and 55.5 million tonnes of recoverable phosphate rock concentrate at 33% P2O5. At 600,000 tonnes of DAP a year, the company says this supports about 59 years of operation, or 29 years at double the rate. This converts part of the earlier resource estimates into reserves, as the July 2010 study said would happen. The filing also says current DAP spot prices are above the US$445 per tonne long-term price assumed in the feasibility study.
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 23,431,180 shares (10.35% of votes) in a periodic institutional filing.
Attara Capital LP, Attara Fund, Ltd, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 30,820,900 shares (13.61% of votes) in a periodic institutional filing.
On July 23, 2010 the company released the economics from the Wengfu feasibility study of the Paradise phosphate project, the study flagged in the March, May and June 2010 updates. The base case (600ktpa DAP/MAP, 15ktpa aluminium fluoride) shows US$11.0 billion revenue over 30 years, a pre-tax NPV of US$1.5 billion, a pre-tax IRR of 25.5%, and development capital of US$808 million with a 5-year payback. Wengfu will settle its equity role and help with financing after the expansion study due end of Q3 2010, and the company says other fertilizer companies have also approached it about investment; no financing is agreed. The resources used (81 Mt at 18.1% P2O5) are not SEC-defined reserves, and the filing says reserves are to be estimated later in 2010.
On June 30, 2010 the company announced the Wengfu feasibility study was completed on time and on budget, concluding the project is 'positive and robust' against several fertilizer market scenarios. It covers a 600ktpa sulfuric acid plant, 300ktpa P2O5 phosphoric acid plant, 600ktpa DAP/MAP plant and 15ktpa aluminum fluoride plant, fed first by Paradise North ore and then a Paradise South beneficiation plant. No economics are given yet: details are promised July 23, 2010 with a New York meeting on July 26, and a second study on a 900ktpa P2O5 expansion is due end of Q3 2010. This delivers the study flagged in March and May.
On May 10, 2010 the company reported a first inferred JORC resource for part of Paradise South (formerly Lady Annie) of 72 Mt at 17% P2O5, about 80% above the historical tonnage for that area (company was targeting around 40 Mt). It also signed non-binding MoUs with Mt Isa Mines (Xstrata) on sulphuric acid supply and with Coogee Chemicals on a possible sulphuric acid and storage joint venture, and signed native title and access agreements for the D-Tree North and Paradise North mining leases, now passed to Queensland for granting. The Wengfu feasibility study is said to be on track for completion in June. The filing notes inferred resources are highly uncertain and are not SEC reserves.
On March 16, 2010 the company reported progress on its Queensland phosphate project. Wengfu (Group) Co. Ltd, a Chinese fertilizer producer allied with Legend since November 2009, gave positive initial findings, and the company will become an equity partner after a positive feasibility study (due Q2 2010). Wengfu recommended deferring the decision to mine and ship direct shipping ore until that study is done, so the Q4 2009 DSO start flagged earlier has not happened and the timeline will be reissued. The filing also gives a first Paradise North resource estimate of 7.3 Mt at 28.1% P2O5 for the drilled central core, and says land of over 740 acres has been reserved near Mt Isa for a phosphoric acid plant. It restates the intent to spin out the diamond, gold and base metal interests to shareholders pro rata, leaving a pure phosphate company; no terms are given. IFFCO is described as still willing to take rock and fertiliser products.
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 23,431,180 shares (10.35% of votes) in a periodic institutional filing.
Atticus Capital LP, Atticus Management Limited, Timothy R. Barakett reported no remaining LEGEND INTERNATIONAL HOLDINGS INC shareholding in its periodic institutional filing.
On September 24, 2009 the company reported first drill results from Paradise North (formerly Lady Jane): results for 45 of 108 holes, 33 with intercepts above 10% P2O5, and several thick (~7m) intercepts above 30% P2O5 under about 12m of overburden. It says the Paradise North mining lease application (MLA 90191) got a 'No-EIS' decision, a pilot beneficiation plant started operating, and Ausenco Minerals was awarded a bankable feasibility study for a 1 Mtpa beneficiation plant. The filing says Paradise North should now be the priority for direct shipping ore, a change from the D-Tree-first plan with Q4 2009 production told earlier, and that this also affects the DSO timeline (the text is truncated, so the new timeline is not shown). A resource estimate is promised by end of 2009, and the filing says the historical estimate is not an SEC-defined reserve. Paradise South was granted August 28, 2009 and drilling there is planned from October 2009.
S.S. of Kisan International Trading FZ, S.S. of Indian Farmers Fertiliser Coop reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 51,300,464 shares (21.10% of votes) in a periodic institutional filing.
S.S. of Kisan International Trading FZ, S.S. of Indian Farmers Fertiliser Coop reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 45,399,500 shares (18.70% of votes) in a periodic institutional filing.
S.S. of Kisan International Trading FZ, S.S. of Indian Farmers Fertiliser Coop reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 45,399,500 shares (18.70% of votes) in a periodic institutional filing.
S.S. of Kisan International Trading FZ, S.S. of Indian Farmers Fertiliser Coop reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 51,035,050 shares (20.30% of votes) in a periodic institutional filing.
On May 14, 2009 the company announced a first inferred JORC resource at D-Tree of 135 Mt at 13.8% P2O5, bringing the combined D-Tree and D-Tree West total to 305 Mt at 15% P2O5. It says its D-Tree direct shipping ore project is on schedule to start production in Q4 2009, with forecast operating cost of A$100-125 per tonne FOB Townsville and capital cost of A$10-15 million. This delivers the resource estimate promised in February, though the filing warns inferred resources are highly uncertain and are not SEC reserves.
S.S. of Kisan International Trading FZ, S.S. of Indian Farmers Fertiliser Coop reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 48,662,650 shares (19.40% of votes) in a periodic institutional filing.
On February 25, 2009 the company reported drilling results at its D-Tree phosphate project: results back for 470 of 476 holes, with over 250 holes showing intercepts above 8% P2O5. A formal JORC-standard resource estimate is promised by the end of March 2009. The filing states the historical estimate is not an SEC-defined reserve, and that Legend holds 80% of the D-Tree tenements under a heads of agreement with Mt Isa Metals Ltd. It also expects permits for the Lady Annie project in the third quarter of 2009. This follows up the D-Tree purchase and the phosphate push.
Atticus Capital LP, Atticus Management Limited, Timothy R. Barakett reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 13.68% of votes in a periodic institutional filing.
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 23,431,180 shares (10.35% of votes) in a periodic institutional filing.
