Thanks Bob for taking the time to take more pics on your 4th of July Holiday.
Yes, website was ok for a startup- had been as it was ever since I first saw it late 2009 I believe and production began probably Sept 2010 w Nov 2010 PR announcement of full production Nov 5 2010-but was due for updating.
From the Apr 13 PR
Other noteworthy news: the Company has contracted PowerScreen of California to build a heavy-duty 8ft x 30ft x 0.05mm cylindrical Trommel screening plant capable of screening out the small iron chips accumulated since the project went into production in November 2010. This equipment should be on-site and ready to begin processing a shipload of sinter fines within the next couple weeks. The balance of iron minerals less than 0.05mm in size shall be sold into the organic mineral fertilizer industry.
The June 25 PR also mentioned this
As CWRN posted sometime ago Bob had estimated 35-40% of the 200k tons of 0-1mm to be processed by trommel was iron chips-which would be ca 75k tons (37.5%).
I had posted an independent article a long time ago which indicated sinter fines brought a price ca 85% of the larger iron product.
The 0-1mm have already been through the regular magnetic separator to remove dirt etc, but go again thru a magnetic separator as we have seen here apparently to remove small particles of dirt missed by the regular separator or which was ensconced in the chips etc.
I dont know how much dirt is left for this separator to remove but if 2.5% of the 75k tons iron chips that would still leave 73,125 tons iron chips times current spot price posted by iggy (135/ton) times 85% ,which is $8,391,000 for the sinter fines.
The fertilizer product as per peoples dd,including Sunnys dd and info posted by CWRN, goes for 90 /ton as is to up to 550/ton if processed further by onsite processing plant-as mentioned by CWRN in March- havent heard anything further on that-
last 2 PR's just say fert is sold into the organic fert market. If fertilizer is 62.5% of the 200k tons (100-37.5%), then would be 125k tons fertilizer less any dirt removed from the fertilizer-but dont know if any remaining dirt would be removed from the fert- unlike the sinter fines some residual dirt wouldnt likely matter-so if they just sold as is for the lowest general price of 90/ton that would be 11.25 million for the fertilizer plus 8.391 mill for the sinter fines iron chips for a total of 19.641 million dollars for this initial tranche of waste product.
So roofer 2, I would agree the trommel is a money maker. Also shows continued maturation of the mine. Until they had revenues from the 1st ship they had to concentrate on and just process the main product-then 3-18mm.
Then w 1st ship revenue they bought expensive processing machinery (April-May 2011 PR'S) so they could process the 1-3mm fines in 1 pass=-the Powerscreen 2100 etc.
Now processing the waste of the waste with the trommel- not too many industries/enterprises achieve that kind of income from the waste of the waste-which greatly reduces CWRN's cost of production. As noted from independent articles some jr miners have a negative cost of production because the extra income from the premium ore ($5/ton for every % over the 62% benchmark) exceeds their cost of production.
38524 tons Kriton plus 36002 tons Loreto plus an additional 80k tons (so 154526 tons for that total) that we know of paid for (43800 tons of that shipped to Bao June 13 as per June 25 PR).
Most juniors have cost of production (that does not include shipping and trucking) of less than 25/ton.
If we guess 25/ton for CWRN's cost of production -Bob is very thrifty but unknown startup costs can be assumed and if have ca 140k tons of inventory (in addition to the 200k tons of 0-1mm) and 154526 sold that we know of plus the extra amount trucked already (45k tons at port plus 43829 tons just shipped minus 80 k tons is 8829 tons) there is ca 300k tons either sold or trucked or in inventory times a 25/ton cost of production would be only 7.5 million for cost of production. Even if such cost was 40/ton that would be 12 million cost of production (trucking was 9.24/ton for 2nd ship I believe as calculated from a PR)
So if this 200k tons of waste processed by trommel brings anywhere near 20 million-see above calculations- it would more than pay for the cost of production (which doesnt include shipping/trucking) which is not that surprising when you consider some juniors have negative cost of production due to premium ore alone.
