The week got away from me in terms of time. But not much to report since my last round up.
Highlights from my portfolio:
Ortac Resources (LON:OTC) - my share certificate has arrived. Hurrah. I ended the week up some 121% on my investment in the compnay before listing. Much strumming on the table as to what to do now. The expectation is that we will shortly get a resource update that will take the resource oz's towards 1m (from 750k). Mining will not be cheap but even taking a worst case $300 profit per oz, the 100,000k oz they plan to mine per year will be generating cash of $30m per annum. The idea is that mining will start as soon as late 2012. The mine will doubtless be funded by a dilutive equity raising but if gold &GBP stay where they are, the current cap of £17m it looks a strong hold for more....ah the joys of fear and greed. I will hold for now.
Devro (LON:DVO) - looks strong
Davis Service Group (LON:DVSG) - regains £4 again. Will it hold? There's an investor day in November. It's a dull company, I doubt they would be organising an investor day if they didn't have something to say.
Minco (LON:MIO) - attended an investor lunch. Ireland's second biggest ZINC deposit. 24% ownded by Minco, 76% owned by Xtrata. 24mt's (million tonnes) JORC resource with drilling taking place to take that towards 30-40mt (they hope). Value in the ground, they say, of $4.8bn. If value out of the ground is only worth 10% of that then that makes Minco worth about £72m. Lots of ifs and buts but it looks cheap, particularly if we get good news from the 16 drilling rigs currently on-site. I hold
And nothing esle much happened.
I closed the week at an all time high.
