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Sorry to hear news guys, I`m in Plymouth and know people who held shares and one or two that have worked at the mine.
Local paper The Herald reporting police called in to stop looting. Go to Herald website for more info.
ps. I got a call from Randstad last week to work up there on the weekend.....thank ***k I didn`t take it, I`m Ltd Co so probably would not have been paid.
Bulent wrote: "Does this mean that the company will go into liquidation? Tell us please ???"
You got the answer today.
A couple months ago I asked you this: Is the CEO going to cover your losses?
Didn't he tell you the company was going to be profitable in Q2, Q3 at the latest? What does he say now?
Lessons learned (or, probably not):
1. Hope is not a strategy!
2. It doesn't pay to ignore the facts.
It is painful to see this devastating collapse, you are right Qd22 - cut your losses and move on. I was hurt when my 5 staggered stop losses were triggered on Friday 20th April - LSExchange doesn't show the depth of the glitch as it bottomed at 2.3p hitting all my holding of 2.1 mill. Loss was around 84k and I was in a stunned flummox for a month. I really believed in this mine and have been hovering around wondering whether to plough back in as the price kept sliding down.
I think I can understand the rampers who occupied and spoilt this board as they like me were sold on the PR dream of Hemerdon since 2014 and the videos of plant construction. There was so many things done right in terms of the ecological impact and the effort in landscaping and tailings disposal.
It beggars belief that the problems of the kaolin type ore and the separation of clay type particulate were not addressed right at the very beginning, surely there was enough historical data to give forewarning. Also the adequacy of the plant machinery from the crusher and the separation circuit - were these some knock off Chinese gear going cheap??
I will resist the temptation of taking a dig at the diggers with all that purported mining experience.
My condolences to all those who have lost investment and/or employment with WLFE - sad, sad days.
Guess now it looks as if Resource Capital Fund has the dilemma of to keep funding this project - take over - or abandon. Whichever it's the PIs that lose out big time.
WD43
Sorry to hear this news for investors and staff alike. Wishing every one the very best for the future. Such a sad day for Plymouth area.
Good luck to all former employees -very sad day.
kmufc77.
Trying to recall who was the "lone" Man U supporter ? Give us a clue.
Blitz, Callum gave the speech a few hrs ago, always found him ok tbh, sorry to all those that have lost money today
Totally agree. I worked there until very recently.
Would like to point out that Rupert McCraken was the "Project Manager" who was supposed to do the due diligence and who built the plant. Jeff Harrison was under him (General Manager) and had little say in how the project was set up.
Sad day. Sorry for all my friends who lost their jobs today, and for all those that invested. I've just spoken to one of the technical staff and they've all been told that the show's over and that they can go home.
Terrible leadership from the Executive at Wolf. A special shout out goes to my "friend" Callum Semple LOL. Well done !! Bravo !!!
So sorry. Wish you well.
Its true im afraid, i work there and ive just been sent home, gutted
See https://www.bbc.co.uk/news/live/uk-england-devon-45729175 : 11:44 entry by Neil Gallacher.
If the news of the collapse is true - and I expect most of us believe it - this is sad. Not only for those of us who have lost a lot of our savings, and some clearly have, but also for the local community and the southwest.
Me, I've lost some. Less than many. What can I learn?
My initial investment was fairly small in my terms [miniscule to some, a lot to others, of course]. But I topped up when it had fallen a lot, making it a reasonable stake for me for an individual company. So, probably all gone. As others have said: that's the risk we take.
I suppose my main lesson is the old saying: CUT my losers, run my winners. Because I am greedy and like a bargain, and believe in my initial ideas, I want to do the opposite. The trouble is that big winners can get way ahead of themselves: it's knowing when to take some profits, and when to invest more. Buffett apparently tops up his winners, such as Coca Cola: he has the skill to know when they are still good value and not froth.
But it's cutting the losers that is not easy. Unless I can be really self-critical [humble!!] I usually still believe in a share I have bought into. Are those reasons still valid? Bin it anyway?! I suppose the discipline of stop losses is a very good idea, and do it however much I am convinced by the share. There will always be others. Buffett again: 1st, 2nd, and 3rd rules of investing are all the same: 'Don't lose money'. :( 'Too late, too late, the well-fed walrus cried....'
Another lesson for me: listen to those on these boards I really respect. don't invest when those guys are absent entirely. Sorry to pontificate, friends. But it helps me!!
cancelled today - the previously cancelled Monday and Tuesday's blasts : https://www.dm-community.co.uk/blasting/
They really should have suspended on AIM at the same time as they did on ASX IMO.
Anyone seen any local press reports or coverage?
Sad to say I've just had a similar message.
Just got news from a worker...he says wolf has collapsed. not sure if its true . sorry to hear this .
Sorry Martina07.The problem is not the mining and geological side of the business.It appears to be exemplary. It is the failure of the processing equipment. it is not fit for purpose .It is not a conventional tungsten ore body and that why it is still there in the heart of a historical metalliferous mining area. The old boys could not process the ore body and it looks like neither can the new boys. One day.......
Well put and I echo your sentiment. We all take a risk when we invest, but we always hope for the best outcome. Sorry to all who may be affected by this, investors and workforce alike, gla and hope it can be turned around for you all.
Management need shooting - I agree - especially the original Project Manager who kept boasting - "this is a world-class mine" - no it isn't - it's a "world-class _ock up". I can't remember the name of the person in question - I think his last name was Harrison. He should have stayed and sorted out his huge debacle. I think it's tragic for shareholders, the local economy and, of course, the employees.
"However, should the Company not be able to satisfactorily conclude its discussions with those stakeholders within the next two days, it will not be in a position to meet its short term working capital requirements after that point in time."
TWO DAYS! Fresh money quick or it's gonna be all over now, Baby Blue!
A list of some of the nationalities of persons who worked at the Drakelands operation fyi. Sorry if I missed some:
Scots, Welsh, Irish, N.Irish, English, Australian, American, South African, Zimbabwean, German, Spanish, Polish, Romanian, Samoan, Dutch, Malian, Finnish, Russian, Ukranian, Brazilian, Thai, and many others. Oh yes, a few Cornish miners also !!
99% correct Tungder. Agree totally that the deposit is uneconomic. The 1% btw is due to the fact that there have been 3 prior attempts to mine the Hemerdon deposit before Wolf dived in too quickly without doing their homework properly :-).
As for you Martina07, you obviously haven't got a clue about mining operations in general, let alone the problems with Tungsten deposits. I would keep those kind of comments to yourself. I know for a fact that the Mining and Technical Staff at Wolf battled from the very outset with this deposit. All of them came with extensive experience from very profitable operations globally.
Yes, the Mine Planning Engineering , in conjunction with the Geologists (who should work firmly together) has been woeful. It was the Germans, who originally trained British Miners to work on a Tunsgten mine in the Lake District in the 18th Century. Perhaps they would have been useful here as well.
Either that, or just mine the slurry and then ship it to a processing plant in Europe, where they actually know what they are doing, as Galantas Gold do with their Gold Ore output from Northern Ireland (which goes to Xstrata in Canada).
Lessons all learned in hindsight !
IMHO. DYOR. GLA.
Martina07
You are so right...but next time the new owners will have spent a lot of cash sponsoring research to solve the mystery of how to process this ore before investing in a new plant. When they have the answer ( which they will definitely obtain) they will make their millions .
Not really, this is old news.
We want to see the Annual Report for year end 30 Jun 2018, which they are still creatively compiling.
http://www.wolfminerals.com.au/irm/PDF/2450_0/QuarterlyCashflowReportJune2018Quarter