Independent evaluation of the Mankayan project in the Philippines, in which Aim-quoted miner Bezant Resources holds a 40 per cent interest, has significantly upgraded the mineral resource there to an indicated 1.1m tonnes of copper and 3.7m ounces of gold. That analysis was carried out to internationally-recognised (Joint Ore Reserves Committee) standards and concluded an additional, but less-confidently assessed, inferred resource of 0.2m tonnes of copper and 0.6m ounces of gold. Bezant has an option to acquire the remaining 60 per cent of Mankayan for $40,000 (£25,000).
Bezant has now concluded its two-year exploration programme in the Philippines. Independent laboratory test work conducted on drilling core samples indicates that excellent copper and gold recoveries of around 94 per cent and 74 per cent, respectively, could be expected there.
Away from the Philippines, Bezant has written-off £0.9m to cover its interest in the Mkurumu project in Tanzania, but has acquired 40 per cent interests in nine other prospective Tanzanian exploration tenements. Last month, Bezant also raised £1.8m through a placing to bolster working capital.
Forecasts have limited value for such an early stage exploration play. However, by comparing the copper resource against Bezant's listed peers, analysts at Edison Investment Research value 100 per cent of Mankayan at 111p.
| BEZANT RESOURCES (BZT) | ||||
|---|---|---|---|---|
| ORD PRICE: | 31p | MARKET VALUE: | £12.1m | |
| TOUCH: | 30-32p | 12-MONTH HIGH: | 36p | LOW: 6p |
| DIVIDEND YIELD: | NIL | PE RATIO: | NA | |
| NET ASSET VALUE: | 23p | NET CASH: | £1.64m | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2005 | nil | -0.09 | -1.00 | nil |
| 2006 | nil | -0.13 | -0.07 | nil |
| 2007 | nil | -0.69 | -3.31 | nil |
| 2008 | nil | -6.90 | -18.7 | nil |
| 2009 | nil | -1.77 | -4.52 | nil |
| % change | - | - | - | - |
