(MENAFN- ProactiveInvestors)
Australian stocks staged a late recovery today with the All Ords closing up 2.2 points to 5873.7.
China has cut its growth target for 2015 to about 7% the slowest expansion for a quarter of a century while the Australian latest Intergenerational Report predicted that local GDP growth will ease to 2.8% from an average of 3.1% over the last 40 years.
Mining stocks were some of the biggest losers today with () down 0.7% to $33.07 while () fell 0.4% to $2.28.
Newcrest () dropped 0.4% to $13.72 and (ASX:RIO) is down 2.1% to $61.10.
Market action here…
() is up 33.3% to $0.02 with more than 1.3 million shares traded.
Last month Manas updated the economic parameters for its Shambesai Gold Project in the Kyrgyz Republic confirming that it is a low-cost high-margin project that can be commissioned quickly for a low capital cost.
Based on a gold price of US$1300 total life-of-mine costs (C3) after capital and tax are estimated to be US$720 per ounce of gold and an expected pay back of just 10 months from first gold production.
The Post-Tax Net Present Value is estimated at US$103M with a recalculated Internal Rate of Return of 106%.
Capex to first gold pour is estimated at US$41 million.
Net cash flow after capital taxes and royalties is projected at US$138 million from production of 241000 ounces of gold over a 4 ½ year mine life at a US$1300 gold price.
Average life-of-mine cash costs (C1 costs excluding revenue based royalties and taxes) of US$416 per ounce of gold placing Shambesai in the lowest quartile of cash costs for gold producers worldwide.
Permitting is largely completed allowing a start of plant construction immediately upon financing with a 9-month construction time to commissioning estimated.
Shambesai has a Ore Reserve of 2.4 million tonnes at 3.7 grams per tonne for 279000 ounces of contained gold and an overall Resource of 17.3Mt at 2.2g/t or 1184000 ounces of contained gold.
() rose 20% to $0.03 while () is up 14.3% to $0.008 with almost 2.7 million shares traded.
Blue Chip Stocks
Oil and Gas
Oil Search () down 0.1% to $8.06
() down 0.8% to $7.87
() up 0.1% to $35.13
Big 4 banks
ANZ Bank (ASX:ANZ) down 0.1% to $35.50
() down 0.2% to $90.91
() up 0.0% to $38.10
() down 0.1% to $37.87
Other banks financials and industrials
() up 1.6% to $6.50
() down 0.9% to $13.85
Bendigo and Adelaide Bank () down 0.7% to $12.63
() up 1.3% to $74.50
Suncorp () up 0.6% to $13.58
() flat at $6.32
Retailers
JB Hi-FI () up 1.7% to $17.62
() up 1.2% to $43.77
Woolworths () up 1.6% to $29.83
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