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in https://www.youtube.com/watch?v=gPT8sUDLwPc&feature=youtu.be
Maybe there is some hope for the employees getting their jobs back - maybe not all of them. No hope for PI shareholders though.
for UK mining' - Alastair Ford : https://www.youtube.com/watch?v=I4b2wPBuqV0
So I kept watching and the disaster evolved exactly as I had feared. Please tell us, Mr. "I guarantee you I know a lot more than you do", what exactly did you know, eh?
Ophidian: "@richam - I'm not going to debate/argue with you. Neither am I going to share 95% of what I know, but I guarantee you I know a lot more than you do..."
Richam: "Keep watching" is what shareholders are doing for years already. It's always the next few months that are supposted to bring a breakthrough but it never happened. The consequence is we're losing money all the time. Almost 3 years after handover the plant's output is barely 50% of what it is supposed to be and Wolf keep amassing losses. The debt load is TWICE of what it is supposed to be already. Not much of a breakthrough from my point of view! From Wolf's latest press release it is very clear: TIME IS RUNNING OUT! There won't be a 4th year to mess around with the plant. Once the debt is being "restructured" shareholders are likely to be ousted and their losses to be made permanent."
No, my Dear. The hindsight is for you. I had the foresight and told you all along given actual production rates this project was unsustainable. You didn't listen and elected to insult everybody who didn't buy your fairy tales. Now your money is lost. Well deserved IMO.
Not wishing to offend anyone but what were the main reasons for the failure of the company.
Tungsten prices have been quite buoyant of late.
More pain to follow following WLFE's collapse as whoever (if ever) takes over Hemerdon will have to provide assurance to the Environment Agency that the re-instatement of the country side and turning the pit into a tree lined lake as assured by WLFE in 2013 is fully funded for end of mine life. That requires some quite deep pocket and eliminates most contenders from taking the project over.
Sorry board as this is MVHO but if the APT price goes substantially higher then there is chance of a contender taking the risk after due diligence.
Big question is can the Hemerdon project return a profit from the current infra structure with fully recognising the problems with ore type.
I really hope that will happen as the disaster of it being mothballed will be a blight for generations and a larger catastrophe for the Plymouth area than it already is.
Anyone with further analysis please?
WD43
Hindsight is a great thing richam... the fact that you can LOL at a time like this has confirmed you have always were and will be a worm
Bulent74: "RL spoke to me on the phone a year ago and told me that everything was going well. These people are the scum of the earth"
At that time you've been told that you MUST NOT take at face value what RL had said. In response to it, you labeld the people who warned you scum of the earth. LOL
This is a case that the administrators will be in fast and see if they can re organise the loan.. if a restructure is agreed then the share will come back live to trade... my opinion is that NO agreement will be met and the company will be liquidated and the main project that was intended will come into effect, which is the lender will take over the company for peanuts and continue production. The reason they bought in RL the accountant was to see this through.one day justice will be served for scum like these people. RL spoke to me on the phone a year ago and told me that everything was going well. These people are the scum of the earth
Is there any chance that PI's will recover anything out of this? ATB
Of a very sad chapter for all the employees and PI's that have lost money. I haven't posted here for a very long time, but as an interested retired geologist, I have followed this project since 2012 and made a modest profit 2014 to 2016, but as time passed without progress, I sold out for a small loss. For what it is worth, my DYOR suggested that this should have had a bulk trial processing and not relied upon the old one done in the 1980's and small-scale tests of drill core. Others here may have better knowledge. I do hope that RCF or new investor will have the bottle to get this going again for the sake of the SW and UK which really needs development of it's natural resources that have (IMO) been neglected for decades.
Regards and good luck to all here, R.
Just been told they have called in the administratiors as they have not been able to raise funding.. what a scam.. sorry To is all who have lost out
Looking very grim... anyone have any news ?
They got rid of Andy a couple of months ago
"We do have a nice new road to drive around though......"
Turn it into a TOLL road to pay the share holders back !!!!
Can somebody tell me what happened to the Mine Manager named Andy Bond - I thought he was doing a good job
Held on lost the lot on the 11.25 am RNS ceased trading i saw a few warning post on various sites it was going and unfortunately have seen it before to stubborn for my own good . Had topped up a few times after first buy in 2012 .
@ 1.24P could of got back approx £1300 .
It doubling a month ago gave me false hope.
I had noted previous RNS coming out around 11.40 ish this mourning .
This one 11.25 am
The posts on here @ 11.05 by tavilad then the confirming @ 11.08 by sycmith gave 20mins to deal .
I'm surprised only one deal for approx £400 went through at that time.
Hi Spindok
I also took my loss a good while ago. It was probably one of my best investing decisions. I held all the way through plant construction and for a year thereafter. It was pretty clear from early production that the plant design was not fit for purpose. I had assumed that aussies would know something about mining and ore processing: my mistake. I remember going on hot copper after the first quarter's results and the comments were scathing. On the first fund raise the Company blamed the APT price with no mention of the plant performance. Only six months into production was there any acknowledgement of processing under performance and then they blamed it on the wrong ore
RCF will get this company. They will have to deal with the other private shareholder but the free float shareholders are screwed.
I had a barny with DT13 when I suggested that RCF would make a takeover offer at 5 to 6p. We were both wrong, now they will get it for nothing.
The Plymouth Howler
I fear this is just the start of a very dismal winter. Britain needs successful start up companies but this was not to be. Sadly I feel our politicians are taking their eye of the ball. Not in this case because this was a operational cock up. Still Jaywick has one new resident methinks. In investing losses are easy to rack up but profits are much harder. I took my loss here ages ago but still feel for those who hung on in belief..
I have a good friend who was one of the last people working for Amex before the old mine closure. He knew the area very well and many of the foreseeable problems. Three times he approached Wolf with information and advice only to be sent away with a flea in his ear. He applied for a job with Wolf on numerous occasions but never got taken on. I invested in this stock against his advice. He reckoned it was doomed from the start. Do you know - I think he may have known a thing or two. We do have a nice new road to drive around though......
And what does that have to do with the race of the workers ?
What’s that go to do with racism ?