Fortbridge Media ReleaseResource Capital Research [RCR] - IMX Resources Limited (ASX:IXR)Resource Capital Research has released today an updated research report on IMX Resources Limited (ASX:IXR).
According to the report, while current focus is on renegotiating sales contracts at its Cairn Hill iron ore operations (51% IXR, current 1.7mtpa) the potentially large scale Nachingwea Ni-Cu project in Tanzania (IXR 53% beneficial interest, DFS underway) is considered to emerge as the jewel in IXRs crown.
Investment Points:
Flagship project is 51% Cairn Hill (SA): Magnetite and copper DSO. Cairn Hill Phase 1 now operating at 1.7mtpa and targeting A$79/t opex (FOB basis).
Cairn Hill Phase 2 (8.4mt resource) targets ~60% Fe upgraded product to maintain ~1.7mtpa after Phase 1.
Snaefell Project (100% IXR): goal is 5mtpa operation in 3-5 years. Resource 110mt @ 30.1%Fe, potential >200mt.
Nachingwea Ni-Cu (Tanzania): Near surface resource 181kt contained Ni, scoping study indicates US$207m NPV, low opex, full feasibility study to progress in 2012.
Nachingwea resource upgrade is imminent after main high grade zone extended with recent drilling.
Major drilling program on Mt Woods JV funded by OZL on six priority IOCG targets.
Assessed NAV is A$0.62/share (current share price is A$0.31). Value of Nachingwea seems to be ignored. Expected Nachingwea newsflow 1H12 and improved iron ore sentiment supports our A$0.45/share six month target.
To get the full report, go to
For further information, please contact:
or
+612 9252 9405