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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: koan11/13/2006 11:52:47 PM
   of 78410
 
Good write up on some BWR stuff:

BWR recognizes earnings on some
shipments well after the fact.
In their Q3 report they state
that they have shipped 32,000 tons
of "concentrate" which has not
been priced yet. The final price
will be determined about Nov. 30.
The Net Smelter return on this zinc
as of Sep 30 was expected to be
$35M CDN (with zinc at $1.50).
With $2.00 US zinc I figure the
NSR rises 33% to about $47M
(an extra $12M approximately -
all profit to BWR). As of Sep. 30
BWR sates that they had expected
to earn ~$20M on this Q3 shipped
zinc. That will increase to around
$32M i.e.($20M+$12M).
For a complete estimate of Q4
profits we need to add in
earnings for zinc that will be
both shipped and priced in Q4
(some is). If this zinc amounts
to another 30M tons of concentrate
(which is possible since they do
have inventory and prices are great)
then that could possibly add another
$32M in profits for a Q4 total of
$64M or about .19 cents/share.

If zinc goes up to 2.25 then BWR
could add another $15M or
(4 cents/share more) in
profits on top of the $64M.

They have also sold some lead
and gold in Q3 for which has
not been priced (see the Q3
report). They had expected
to earn about $6M on those
shipments. The price of those
commodities has gone up since
then also - i.e. more profit
than expected).



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