Sandur Manganese

I am also following Sandur and GPIL.

Sandur does have some near term triggers but there is question about lease mining expiring in next 10 years but I also read it somewhere that at the time of renewal, preference is given to the player who has captive consumption.

On the other hand, GPIL has lease till 2060. Moreover, GPIL is more into value added products as compared to Sandur, plus the quality of iron ore in case of GPIL is better than Sandur and hence GPIL enjoys premium over other ore. But the issue with GPIL is, whatever CAPEX they are currently doing is not going to move their top-line (most of the CAPEX is towards captive sourcing of power). In fact management has themselves called out that they are not expecting any significant top-line growth for next couple of years. As per my understanding GPIL story will become interesting if they announce some CAPEX which will be positive for topline as well.

I have prepared my notes on Sandur & GPIL. Sharing those notes here

Sandur Manganese fv.pdf (2.0 MB)
GPIL Presentation fv.pdf (1.9 MB)