+ Watch CDY
on My Watchlist
The Company focuses on the acquisition and development of large ore deposits throughout the Americas.
Hold on a minute,
Own in Real Life, its got some major volatility, take your eye off the ball in any month you could be up 50 % or down 50% could play this as a swing trade and clean up. I see this company being bought out by one of the larger coal mines in the area, its got the recipe. Patience and buy below 75 cents would be my advice. If you are interested in this stock invest in small amounts 1/4 each time whatever max total you want to bring. Been Trading this since $1.89.
Great Prospects. Below book value
From Td Ameritrade Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU)(NYSE Amex: CDY)(FRANKFURT: CR5) announces that Emmaland Resources Limited, its Ghanaian joint venture partner ("Emmaland"), has received from the Government of the Republic of Ghana, through the Minister for Lands and Natural Resources (Ghana) ("Minister"), three prospecting licenses covering lands located in the Zabzugu-Tatale District in the Northern Region of the Republic of Ghana, and referred to as the Sheini Hills Iron Project (approximately 400 square kilometres in aggregate). Cardero Ghana Ltd., an indirect wholly-owned Ghanaian subsidiary of the Company ("Cardero Ghana"), has now signed joint venture agreements with Emmaland pursuant to which Cardero Ghana can acquire a 100% joint venture interest in each of the three licenses.Proposed Work ProgramCardero Ghana is the operator under the joint ventures and will, in collaboration with Emmaland, manage the work on the property. In accordance with the requirements of the prospecting licenses, Cardero Ghana has designed a preliminary exploration program that will, subject to the issuance of the required permits, commence in Q1 2012.The purpose of the program will be to explore the entire 400 square kilometre licence block, within which iron formations have been already been mapped as outcropping over at least 35 kilometres of strike. The aim is to explore for pockets of direct shipping iron ore within the greater area of known iron formation.An airborne geophysical survey, comprising V-TEM, magnetic gradiometer and radiometrics has been scheduled for Q1 2012 and the survey is designed to map physical rock properties that will help target higher-grade pockets of haematite-dominated iron formation at surface. In tandem with this, acquisition of high-resolution photo imagery and satellite imagery has been completed and interpretation of the data is in progress.Cardero Ghana has also signed a contract with a drilling firm in Ghana and drilling is expected to begin in Q1 2012. The initial drill contract is for 10,000 metres, with potential for additional metres thereafter. Construction of the field camp that will support this program has already begun.The planned program will also include preliminary metallurgical assessment of the upper oxidized and lower primary banded iron formations. Large diameter core is being drilled to facilitate this testing. This work is slated to begin in Q2 2012.Joint Ventures with EmmalandCardero Ghana, has entered into three separate joint ventures (one for each prospecting license) dated December 12, 2011 (the "Effective Date" of each joint venture) to explore and, if warranted, develop the lands subject to the prospecting licenses.Under the joint ventures, Cardero Ghana will have the right to earn a 100% joint venture interest in each license, subject to (a) a 10% NPI in favour of Emmaland and (b) a 10% fully carried interest, in favour of the Government of Ghana, in the portions of the license areas that become the subject of one or more mining licenses subsequently issued to Emmaland. In order to earn its interest, Cardero will fund all expenditures under the particular joint venture and make the following payments to Emmaland:For each of the Sheini Hills North (157.5 km2) and Middle Sheini (157.5 km2) prospecting licenses: -- USD 25,000 upon the agreement to enter into the joint venture (paid)-- USD 250,000 as an initial joint venture payment (paid)-- USD 1,000,000 upon the Effective Date of the joint venture agreement (paid)-- USD 1,000,000 six months after the Effective Date-- USD 500,000 one year after the Effective Date-- USD 1,000,000 two years after the Effective Date-- USD 1,000,000 three years after the Effective Date-- USD 500,000 four years after the Effective Date-- USD 500,000 five years after the Effective DateFor the Sheini South (87.5 km2) prospecting license: -- USD 3,000,000 upon the formation of the joint venture (paid)-- USD 1,000,000 one year after the Effective Date-- USD 1,000,000 two years after the Effective DateCardero Ghana will have the right to purchase the 10% NPI held by Emmaland in a joint venture at any time for an amount representing the net present value thereof, as calculated by an independent engineering firm, or such other amount as is acceptable to Emmaland.The Company has agreed to pay a finder's fee of 2,000,000 common shares to an arm's length British Columbia company. The shares are to be issued in stages, as to 500,000 upon execution of one or more joint venture agreements on the Sheini properties, and an additional 500,000 shares after 6, 12 and 18 months, provided that at least one of the joint venture agreements is still in effect and that further work is planned. Issuance of the shares is subject to acceptance for filing of the finder's fee agreement by the Toronto Stock Exchange, which has not yet occurred.Prospecting LicensesEach of the prospecting licenses is dated December 8, 2011, and is an initial term of two years. Each license requires the completion, during the initial term, of a work program with expenditures of not less than USD 3.06 million (USD 9.18 million in aggregate for all three licenses). Each license may be extended for an additional year without any reduction in area, provided that the requirements of the license (including the required work program) have been complied with and that the additional time is required for the holder of the license to make an informed decision concerning the renewal of the license. Each license may thereafter be renewed for a further period of up to three years (as determined by Minister upon recommendation of the Ghana Minerals Commission), provided that 50% of the area subject to the license must be surrendered upon such renewal. Emmaland may, at any time prior to the expiration of a license, apply for up to three mining licenses over some or all of the area subject to each license. Mining licenses are issued for a maximum of 30 years (subject to extension for an additional period of up to 30 years) and are limited in size to approximately 63 square kilometres. The 10% interest of the Government of Ghana comes into effect upon the issuance of a mining lease.About GhanaThe Republic of Ghana is located in West Africa and is bordered by Cote d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south. The population is approximately 24 million people with a labour force of 11.5 million people. Ghana is rich with natural resources and was known for its gold in colonial times, remaining one of the world's top gold producers today. Other exports such as cocoa, oil, timber, electricity, diamonds, bauxite and manganese are major sources of foreign exchange. Ghana remains one of the more economically sound countries in all of Africa.Ghana operates politically through a stable parliamentary system yet also honours an historic chief system with a complex hierarchy branching downward from an Ashanti king, through four "paramount" regional chiefs and then down to district and village chiefs. Ghana is a modern developing country with strong economic ties in West Africa and with Europe and North America. It is West Africa's largest gold producer and a top-ten gold producer globally. It is also the world's second largest cocoa producer and is emerging as an oil-producing nation through newly discovered offshore fields."As a major undeveloped iron deposit with world-class potential, Sheini represents another excellent opportunity to increase the Company's value and exemplifies Cardero's strategy to generate shareholder value through the acquisition of large-scale bulk-tonnage iron and metallurgical coal deposits," stated Michael Hunter, Cardero's CEO. "I believe Cardero's determination and commitment to become a bulk commodity producer is demonstrated by the Company's two recent acquisitions - amidst major competition, Cardero successfully acquired the Sheini iron project in one of the best mining regions in Africa and the Carbon Creek Metallurgical Coal Deposit in the Peace River Coal District in northeastern British Columbia."About Cardero Resource Corp.The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-Amex (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company, readers are referred to the Company's website (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.On Behalf of the Board of Directors of CARDERO RESOURCE CORP.Michael Hunter, CEO and PresidentCautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements regarding the anticipated content, commencement and cost of exploration programs at Sheini, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such exp
Sinch. Carbon Creek in 2013
Cardero has a major find of metallurgic coal in British Columbia and there is a definite shortage of that type of coal. Could be a buyout candidate as we've already seen some of that going on in the coal sector.
I want some of what TMFSinchy has been smoking.http://caps.fool.com/Blogs/why-im-addicted-to-cardero/679269
Honestly following Sinchurina on this play, however, it fits well with my energy portfolio:CLFWLTANRJRCCPCXKOGSD
bought more in RL today. Sinch article helpedhttp://caps.fool.com/Blogs/why-im-addicted-to-cardero/679269
Please see my recommendation of Cardero Resource here, issued 12-13-11 when the stock traded for $1.08.http://caps.fool.com/Blogs/why-im-addicted-to-cardero/679269Excerpts:At the heart of the market's ongoing confusion, I believe, is Cardero's retained portfolio of non-core projects and equity investments that do not fit neatly into analysts' preconceived notions of what a focused met coal play looks like. In addition to Cardero's core Carbon Creek and (recently added) Trefi met coal deposits in British Columbia's Peace River Coal Field, the company also dabbles in: iron ore assets in Ghana (the Sheini Hill iron ore project) through a trio of proposed joint ventures, an iron sands project in Peru (Pampa el Toro) that will soon be 100% owned, and a pair of promising iron / titanium deposits in Minnesota called Longnose (option to acquire 85%) and Titac (100%-owned). Drill results from those deposits have been very solid, and an initial resource is imminent to follow-up on BHP Minerals' historical characterization of Longnose as "the largest known ilmenite resource in North America".http://www.cardero.com/s/news_releases.asp?ReportID=479228Cardero recently optioned its Organullo gold project in Argentina to Artha Resources, but Cardero retains a right to retain a 45% interest in the project.http://www.cardero.com/s/news_releases.asp?ReportID=478405Cardero had previously optioned its Pirquitas silver project (partially surrounding Silver Standard's mine of the same name) in 2008 to a company called Davcha Resources, whereby Davcha could earn a 55% interest. Those options later transferred to Artha Resources.http://www.cardero.com/s/news_releases.asp?ReportID=457883http://www.artharesources.com/s/NewsReleases.asp?ReportID......Cardero optioned a trio of silver/lead/zinc properties in Mexico to Ethos Capital in 2008, whereby Ethos earned a 70% interest. Of those 3, Santa Teresa has become one of Ethos' primary targets in Mexico.http://www.ethoscapitalcorp.com/s/santa_teresa.aspAnd this entire motley assortment of projects and optioned properties is completely apart from an array of recource equity holdings that themselves demand their own chapter of due diligence. We'll dig into those a bit deeper when discussing Cardero's valuation later, but for now here is the list:International Tower Hill Mines (THM)Trevali Mining (TREVF)Wealth Minerals (WMLLF)Dorato Resources (DRIFF)Indico Resources (IDIFF)Balmoral Resources (BALMF)Corvus Gold (CORVF)Abzu Gold (ABZUF)Ethos Capital (ETHOF)The largest holdings according to market value are, by far, International Tower Hill Mines (nearly 4m shares worth $17.2m) and Trevali Mining (11.2m shares worth nearly $9.3m). As of today, the combined equity portfolio alone carries a market value of $31.8m, or a full 31.8% of Cardero's puny $100m market cap.Because of all these "extras", I suspect Cardero's met coal story is getting lost in the noise, but I do not expect that condition to last. These extras are non-core assets that either have been or likely will be partially or completely monetized in due course to fund fast-tracked development at Carbon Creek and Trefi. Cardero's assets in the Peace River Coal Field are as sweet as they come, and just yesterday as I began drafting this post, the company released a preliminary economic assessment for the Carbon Creek deposit that crystallizes the significance of the deposit and clears the way for fast-tracked development.
I've traded in and out of this stock a couple times. I really like this price point of $1.82. It is at the bottom of its 2011 trading range. I did a pretty extensive write up on this stock before on the pitch and nothing has changed since that write up to the negative. On the positive side, I like the recent acquisition of coal hunter mining corp.At some point this year I expect this stock to breakout above the $2.30 high mark.
No debt, lots of working capital, and easily exploited resources.
Global demand for both thermal (used in power plants) and metallurgical (coking - used to make steel) coal is booming. Thermal coal prices have risen 48 percent since January and cold weather in Europe is driving energy demands even higher. India and China also continue to consume huge quantities of both thermal and met coal.An interesting Stockhouse article: http://www.stockhouse.com/Columnists/2011/Jan/27/Old-King-Coal-Worth-Big-Bucks
ready to soar
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