NRD.TO, I'm done buying...
Here's the latest from a call with the guy handling the permit for APEQ (Arizona Environmental Quality)... not sure I got the acronymn or agency name right, but...
The permit is in the comment period. There have been no comments yet. The hearing is next Tuesday. If nothing comes up, the permit could be granted in time for the quarterly announcement on Thursday next week.
The permit guy says its hard to tell when comments will come in, but in this case, because the NORD mine is so far away from anything he doesn't expect any comments and he doesn't expect anyone to show up at the hearing except himself and the NORD guy.
Here's the latest from the call with NORD Investor Relations:
Quarterly results should come out next Thur, the 14th. Hopes to have the permit along with the quarterly results.
If things go according to plan, new ore should go on the leach pads and production should start ramping up by the end of the year.
The guidance for 2009 is 25 million lbs of copper.
An expansion study, which should be positive, to increase production is due to be announced in about 3 months.
I'm pretty jazzed because this thing is grossly undervalued, assuming they get the permit and don't blow it on the startup. I think that there's better odds on not blowing the startup because:
o This is 45 miles from Tucson Az. If they need a part or something they can get it overnight.
o I think (correct me if I'm wrong), that a heap leach operation is a lot simpler to startup than a mill / concentrate operation. All you have to do is grind the ore up, dump it on the pads, sprinkle the juice on the ore, apply electricity to the juice that drains out the bottom and you get copper cathode ready to sell.
o They've already got at least most of the pads filled with ore and have gotten at least some of the "apply electricity to the juice that drains out" part going using old ore.
If you think copper can hang in there for another 6 to 8 months (and you don't mind having your money tied up that long), then NRD.TO looks pretty promising to me.
Monty
