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Proactiveinvestors United Kingdom Frontier Mining http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Frontier Mining RSS feed en Tue, 22 May 2012 13:35:07 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Frontier Mining remains on track to start copper cathode production at Benkala in June ]]> http://www.proactiveinvestors.co.uk/companies/news/43127/frontier-mining-remains-on-track-to-start-copper-cathode-production-at-benkala-in-june-43127.html Frontier Mining (LON:FML) today summed up the progress made at its projects this year and reminded investors that copper cathode production from Benkala is only weeks away.

The Kazakhstan operating firm has achieved its daily mining target of 8,000 tonnes of ore at Benkala and remains on track to produce between 3,500 and 5,000 tonnes of copper this year with the plant operating at its normal capacity of 7,500 tonnes per annum.

The company plans to increase production to 20,000 tonnes by the 2014/15 fiscal year.

Frontier added that copper cathode production from Benkala, which the company says is a key milestone for the project, remains on target to begin in June this year.

In the meantime, the company’s Baitemir deposit in the north east of the country continues to show significant potential with the first results from the ongoing drill programme having met expectations.

Drilling will continue ahead of the preparation of a preliminary resource estimate, which is expected to be released in the fourth quarter of the year.

 

]]> Tue, 22 May 2012 08:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/43127/frontier-mining-remains-on-track-to-start-copper-cathode-production-at-benkala-in-june-43127.html <![CDATA[RNS press release - Publication of Newsletter ]]> http://www.proactiveinvestors.co.uk/companies/rns/120522fml8056d/ Tue, 22 May 2012 07:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120522fml8056d/ <![CDATA[News - Frontier Mining’s Benkala copper project achieves mining target, first production on track ]]> http://www.proactiveinvestors.co.uk/companies/news/42439/frontier-minings-benkala-copper-project-achieves-mining-target-first-production-on-track-42439.html Frontier Mining Ltd (LON:FML) reported that mining operations at its flagship Benkala copper project in Kazakhstan have now consistently achieved the 8,000 tonnes of ore per day target for normal operations.

The company remains on track to achieve the stated 2012 target copper production level of 3,500 to 5,000 tonnes, with the plant operating at its design capacity of 7,000tpa.

Frontier started production at Benkala last month, and first copper cathode production is scheduled for June.

Frontier has a 100 per cent interest in Benkala through its subsidiary KazCopper. It also owns Baitemir, a potential copper gold porphyry deposit in North East Kazakhstan.

]]> Tue, 08 May 2012 07:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42439/frontier-minings-benkala-copper-project-achieves-mining-target-first-production-on-track-42439.html <![CDATA[RNS press release - Benkala Mining Operations Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120508fml8228c/ Tue, 08 May 2012 07:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120508fml8228c/ <![CDATA[News - Frontier Mining's potential not recognised by market, suggests broker - update ]]> http://www.proactiveinvestors.co.uk/companies/news/41648/frontier-minings-potential-not-recognised-by-market-suggests-broker-update-41648.html  

- adds broker comment

Kazakh copper miner Frontier Mining’s (LON:FML) potential at both its Benkala and Baitemir is not recognised in the current share price, broker Westhouse suggests.

Frontier today confirmed that the production milestone of its first copper cathode from Benkala is expected in June.

Mining at Benkala is currently on-going at a daily rate of 1,500 tonnes per day of ore.

Production is targeted at 3.5kt to 5kt of copper in 2012 and expected to increase to around 20kt annually by 2014/2015. 

Frontier also has off-take agreements in place with ore currently stockpiled totalling approximately 25,000 tonnes. 

Westhouse, which is Frontier’s house broker, has trimmed its target price to 8 pence from 8.5 pence to take account of higher cash costs from an initial $2,300/t estimate but argues the market has yet to fully price in its move from development into production. 

Equally significant, says Westhouse, is that Frontier has a number of ways to add more value. 

Baitemir, its most advanced copper project in the Naimanjal licence area in north east Kazakhstan,  is expected to have a maiden independent estimated resource this year.

In addition, the current life of mine schedule at Benkala is based solely on the 183kt of oxide resource, while there are additional 1.38 Mt of JORC compliant copper resources in the sulphides.

Independent estimates have suggested the sulphide resource could be as high as 2.62Mt. 

“Further development of the sulphide deposit is likely to, therefore, increase its value significantly,” says Westhouse. 

 

]]> Wed, 18 Apr 2012 13:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41648/frontier-minings-potential-not-recognised-by-market-suggests-broker-update-41648.html <![CDATA[News - Frontier Mining kicks off production at Benkala ]]> http://www.proactiveinvestors.co.uk/companies/news/41632/frontier-mining-kicks-off-production-at-benkala-41632.html  

Frontier Mining (LON:FML) today confirmed that production has begun at its Benkala copper project in Kazakhstan, with the milestone of its first copper cathode expected in June.

Mining is currently at an on-going daily rate of 1,500 tonnes per day of ore, which will ramp up to 8,000 tonnes per day as normal operations are established. Current stockpiled ore totals approximately 25,000 tonnes.

Frontier added that its first 660 tonne shipment of sulphuric acid has also arrived, which will enable it to begin leaching operations while the railway storage complex has been connected to the main railway line along with on-site acid storage facilities.

The leaching process is expected to begin 30 days after the crushing operation has settled down to normal capacity. 

First production in June 2012 would be as as previously scheduled. 

The 2012 target production level is expected between 3,500 to 5,000 tonnes compared to the plants operating capacity of 7,000 tonnes per annum.

Erlan Sagadiev, Frontier’s chief executive said: "With the first copper cathode production at Benkala fast approaching, we are advancing towards a key milestone in Frontier's history. 

The company's construction and operations teams are working at full capacity to ensure the smooth start of production as quickly as possible, accelerating towards our goal of establishing Frontier as a premier mid-tier copper producer."

Frontier has a 100 per cent interest in Benkala through its subsidiary KazCopper. It also owns Baitemir, a potential copper gold porphyry deposit in North East Kazakhstan.

 

]]> Wed, 18 Apr 2012 08:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41632/frontier-mining-kicks-off-production-at-benkala-41632.html <![CDATA[RNS press release - Benkala Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120418fml5344b/ Wed, 18 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120418fml5344b/ <![CDATA[News - Frontier Mining believes Baitemir in Kazakhstan is commercial copper discovery ]]> http://www.proactiveinvestors.co.uk/companies/news/40716/frontier-mining-believes-baitemir-in-kazakhstan-is-commercial-copper-discovery-40716.html Frontier Mining (LON:FML) expects to announce a commercial discovery later this year from the Baitemir copper project and has provisionally scheduled a first resource estimate for the fourth quarter 2012.

The company today released what it called very exciting first infill drilling results from the project in north-eastern Kazakhstan.

Investors liked the news, and by 9.00 am, the stock was trading at 6.375 pence, up 4.5 per cent from yesterday’s close.

Frontier has undertaken extensive exploration on the project in recent years and in 2011, completed nearly 7,000 metres of drilling and 7,500 metres of trenching.

It needs to drill a further 1,000 metres to complete the first stage of exploration drilling, which will then allow it to start work on resource definition.

Exploration on Baitemir has resulted in the discovery of a significant new copper mineralized footprint with associated gold, silver and molybdenum of a total length of 2,000 metres and a width of 400 metres.

The mineralisation zone was intersected by a series of eighty drill holes of between 50 to 500 metres depth on 100x100 metre grid spacing. In addition, trenching was undertaken over the mineralisation zone every 100 metres.

Frontier expects a continuous flow of drill results from the project this year, with initial results including intercepts of 26.1 metres with average copper content of 0.77 per cent and 42.7 metres with 0.83 per cent, with the latter including an 11.80 metres interval with average copper content of 2.02 per cent.

It also found 60 metres with 0.62 per cent copper and 211 metres with 0.61 per cent, including 27 metres with 1.30 per cent.

Chief executive Erlan Sagadiev said: "We are very excited by these early results, obtained through the Baitemir exploration drill program, outlining a potentially significant new discovery for Frontier which is consistent with our previously announced expectations.

"Based on these encouraging results, we will be conducting further drilling to further define the mineralized zone and begin metallurgical testing to characterize the ores and evaluate potential processing options. We expect to announce a commercial discovery later in the year of both oxide and sulphide mineralisation."

The group is about to start producing copper from its flagship project in the country, Benkala.

]]> Mon, 26 Mar 2012 09:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/40716/frontier-mining-believes-baitemir-in-kazakhstan-is-commercial-copper-discovery-40716.html <![CDATA[RNS press release - Infill Drilling Update - Baitemir ]]> http://www.proactiveinvestors.co.uk/companies/rns/120326fml0191a/ Mon, 26 Mar 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120326fml0191a/ <![CDATA[News - Frontier Mining well placed for re-rating, says XCap ]]> http://www.proactiveinvestors.co.uk/companies/news/38555/frontier-mining-well-placed-for-re-rating-says-xcap-38555.html XCap Securities analyst Tim Freeborn expects to see a re-rating of Frontier Mining (LON:FML), which is about to start producing copper from its Benkala project in Kazakhstan.

Freeborn said one of the best times to buy a mining share is in the run up to production and Frontier is currently at that stage.

Freeborn said it was complicated in Frontier’s case as the company deferred the start-up from last autumn to March 2012, but the company now has a clear schedule.

The analyst also addressed funding concerns that have held the share price back. Frontier has recently sold its Maminskoye gold mine for US$37 million and secured total facilities of US$29 million from Russia’s Sberbank, which Freeborn said banished the issue.

Another issue that depressed the group’s market value was selling by lenders to two large shareholders. BMF International and Teratorn, which hold a combined stake of 9.4 percent in Frontier, have pledged their shares to their lenders.

Of the total 175 million shares, 160 million have been sold back to the two companies as the lenders are obliged to return the shares back to the holders when their three year loans are repaid.

“This means that not only is the source of selling largely exhausted but there is also the prospect of a serious squeeze,” said Freeborn.

Earlier this week, Frontier secured all construction approvals and permits, allowing it to commission all the equipment in the plant at the Benkala project.

Once the mine is established Frontier plans to expand production, taking it from 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

Speaking about the mining operation, Freeborn said the surface oxide mining at Benkala is “literally only scratching the surface” as the sulphide ore directly below holds seven times as much copper.

The analyst estimates capital expenditure for mining this ore at between US$250 and US$400 million.

Under the current copper price, Freeborn expects Frontier to be able to fund this fully by 2017 using the oxide cashflow.

XCap currently has a 10 pence target price for Frontier, which values the company at £186 million, compared to the current market cap of £64.6 million.

]]> Fri, 03 Feb 2012 10:53:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38555/frontier-mining-well-placed-for-re-rating-says-xcap-38555.html <![CDATA[RNS press release - Notification of re-organisation of Joint Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/120201fml5501w/ Wed, 01 Feb 2012 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120201fml5501w/ <![CDATA[News - Frontier Mining receives approvals and permits for Benkala copper plant ]]> http://www.proactiveinvestors.co.uk/companies/news/38389/frontier-mining-receives-approvals-and-permits-for-benkala-copper-plant--38389.html

Frontier Mining (LON:FML) told investors that it can now commission all the equipment in the plant at the Benkala copper mine development.

This morning the company reported that all construction approvals and permits have now been received. It will now commission all the equipment on site.

“This represents for Frontier the completion of another key milestone in the Benkala project timeline,” said chief executive Erlan Sagadiev.

“Progress at the site continues at pace as we enter the next stage of commissioning prior to the commencement of production."

Earlier this month Frontier unveiled a new US$29 million financing arrangement that will help support the development of the Benkala mine.

Once the mine is established Frontier plans to expand production, taking it from 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

]]> Tue, 31 Jan 2012 08:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38389/frontier-mining-receives-approvals-and-permits-for-benkala-copper-plant--38389.html <![CDATA[RNS press release - Benkala Construction Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120131fml4294w/ Tue, 31 Jan 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120131fml4294w/ <![CDATA[News - Frontier Mining completes acquisition of South Benkala copper deposit - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/38115/frontier-mining-completes-acquisition-of-south-benkala-copper-deposit-update-38115.html ---Adds broker comment---

Frontier Mining (LON:FML) today confirmed that it has completed a deal to acquire additional land near the Benkala copper mine in Kazakhstan.

The land hosts the South Benkala deposit which is estimated to contain 609,600 tonnes of copper.

The deal was originally agreed in May last year and today Frontier confirmed that it has now been approved by the Kazakh authorities.

Frontier has now paid US$2.5 million to the vendor PromSnab2030 LLP and the acquisition is now complete.

South Benkala is located 10 kilometres south of the existing Benkala operation.

Frontier plans to incorporate South Benkala’s copper reserve into its current Benkala project development. This will see the life of the mine’s SX-EW plant, which is currently being built, extend from seven to eleven years.

Or alternatively South Benkala’s oxide resources may expand Benkala’s production capacity from 20,000 to 30,000 tonnes of cathode copper per year.

Earlier this month Frontier unveiled a new US$29 million financing arrangement that will help support the development of the Benkala mine.

Plant commission work began at Benkala last month following an official opening ceremony. The final approval on all construction and infrastructure is expected shortly.

Once the mine is established Frontier plans to expand production, taking it up from 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

Mining analyst John Meyer at City broker Fairfax said: "This is a significant addition to the Benkala copper project and should add meaningful value to the mine and to the company."

He pointed out that the firm had recently agreed a financing package for the expansion of the Benkala mine to 20,000tpa (tonnes per annum) of copper.

"The mine started commissioning in mid December and news of new production is expected shortly following the official opening of the mine last week at the 7,000tpa," said Meyer.

]]> Mon, 23 Jan 2012 13:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38115/frontier-mining-completes-acquisition-of-south-benkala-copper-deposit-update-38115.html <![CDATA[News - Frontier Mining completes acquisition of South Benkala copper deposit ]]> http://www.proactiveinvestors.co.uk/companies/news/38096/frontier-mining-completes-acquisition-of-south-benkala-copper-deposit-38096.html Frontier Mining (LON:FML) today confirmed that it has completed a deal to acquire additional land near the Benkala copper mine in Kazakhstan.

The land hosts the South Benkala deposit which is estimated to contain 609,600 tonnes of copper.

The deal was originally agreed in May last year. Today Frontier confirmed that it has now been approved by the Kazakh authorities.

Frontier has now paid US$2.5 million to the vendor PromSnab2030 LLP and the acquisition is now complete.

South Benkala is located 10 kilometres south of the existing Benkala operation. 

Frontier plans to incorporate South Benkala’s copper reserve into its current Benkala project development. This will see the life of the mine’s SX-EW plant, which is currently being built,  extend from seven to eleven years.

Or alternatively South Benkala’s oxide resources may expand Benkala’s production capacity from 20,000 to 30,000 tonnes of cathode copper per year.

Earlier this month Frontier unveiled a new US$29 million financing arrangement that will help support the development of the Benkala mine.

Plant commission work began at Benkala last month following an official opening ceremony. The final approval on all construction and infrastructure is expected shortly.

Once the mine is established Frontier plans to expand production, taking it from 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

]]> Mon, 23 Jan 2012 08:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38096/frontier-mining-completes-acquisition-of-south-benkala-copper-deposit-38096.html <![CDATA[RNS press release - Frontier Completes Acquisition of South Benkala ]]> http://www.proactiveinvestors.co.uk/companies/rns/120123fml9669v/ Mon, 23 Jan 2012 07:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120123fml9669v/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120118fml7343v/ Wed, 18 Jan 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120118fml7343v/ <![CDATA[News - Frontier Mining has overcome a major obstacle, says broker ]]> http://www.proactiveinvestors.co.uk/companies/news/37732/frontier-mining-has-overcome-a-major-obstacle-says-broker-37732.html In securing new debt financing Frontier Mining (LON:FML) has overcome a major obstacle that faces most junior mining companies, according to XCap Securities.

This morning the Kazakh focused miner unveiled a new US$29 million financing arrangement that will help support the development of the Benkala copper mine.

The firm’s subsidiary KazCopper has agreed the loan with Russia’s Sberbank. Through the arrangements it will receive a US$20 million investment loan and a US$9 million working capital credit facility.

Frontier has already used some of the cash to pay off its debt to HSBC and the rest is being earmarked for the expansion of the Benkala mine, once production is in full swing.

“Today's announcement is significant for Frontier in that not only will the refinancing of the existing HSBC loans marginally reduce the current interest expense but demonstrates the progress the company has made at the Benkala project with the SX-EW plant currently in the final stages of construction,” said XCap analyst Sam Brindle.

“Securing debt financing is a major obstacle for most junior mining companies, particularly in the current economic climate. 

“We believe this financing demonstrates both the robustness of the project and provides equity investors with some comfort that additional cash calls will not be required in the short term.”

The loan will last for 48 months and it carries an interest rate of 9%. Meanwhile the working capital credit facility lasts 36 months and its interest rate varies from 7.5 to 8.5%.  

Frontier said that the loan has already been partially drawn on to fully repay the company's US$8 million loan with HSBC.  

The rest of the funds will be put towards the Benkala project's expansion, in particular to help pay for the ongoing drilling programs at Benkala and South Benkala.  

Plant commission work began at Benkala last month following an official opening ceremony. The final approval on all construction and infrastructure is expected shortly.

Once the mine is established Frontier plans to expand production, taking it up to 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

"In spite of the worsening credit markets we have been able to significantly increase the credit available to the company and improve its terms,” said chief executive Erlan Sagadiev.

“We believe these new facilities reflect the progress achieved in construction to date; as well as in the financial and technical robustness of the Benkala project and represent an excellent start to 2012."

 

]]> Thu, 12 Jan 2012 10:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37732/frontier-mining-has-overcome-a-major-obstacle-says-broker-37732.html <![CDATA[News - Frontier Mining agrees US$29 mln financing for expansion of Benkala copper mine ]]> http://www.proactiveinvestors.co.uk/companies/news/37712/frontier-mining-agrees-us29-mln-financing-for-expansion-of-benkala-copper-mine-37712.html  

Frontier Mining (LON:FML) today unveiled a new US$29 million financing arrangement that will help support the development of the Benkala copper mine in Kazakhstan.

The firm’s subsidiary KazCopper has agreed the loan with Russia’s Sberbank. Through the arrangements it will receive a US$20 million investment loan and a US$9 million working capital credit facility.

"In spite of the worsening credit markets we have been able to significantly increase the credit available to the company and improve its terms,” said chief executive Erlan Sagadiev.

“We believe these new facilities reflect the progress achieved in construction to date; as well as in the financial and technical robustness of the Benkala project and represent an excellent start to 2012."

Frontier said that the loan has already been partially drawn on to fully repay the company's US$8 million loan with HSBC.  

The rest of the funds will be put towards the Benkala project's expansion, in particular to help pay for the ongoing drilling programs at Benkala and South Benkala.  

The loan will last for 48 months and it carries an interest rate of 9%. Meanwhile the working capital credit facility lasts 36 months and its interest rate varies from 7.5 to 8.5%.  

Plant commission work began at Benkala last month following an official opening ceremony. The final approval on all construction and infrastructure is expected shortly.

Once the mine is established Frontier plans to expand production, taking it up to 7,000 to 10,000 tonnes a year, and later expanding to 20,000 tonnes a year.

 

]]> Thu, 12 Jan 2012 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37712/frontier-mining-agrees-us29-mln-financing-for-expansion-of-benkala-copper-mine-37712.html <![CDATA[RNS press release - Additional Benkala Project Funding ]]> http://www.proactiveinvestors.co.uk/companies/rns/120112fml4226v/ Thu, 12 Jan 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120112fml4226v/