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Thanks mate for a positive and optimistic post. Sorry for negativity. You're absolutely right.
This deal is a vital string to our bow. It will hedge our bets and significantly reduce the risk of going bust. Admittedly, without Brexit we could have lost our investments. Brexit is a blessing for AVM shareholders. Up until recently, the Tri-K project was looking like a financial burden rather than an asset as it was costing us £100K a month. Things are progressing and seemingly gathering pace. Folks, nothing good comes easy. Long waited patience will eventually pay off. This deal will tip the scales and from now on it should be upwards and onwards. P.S. Looking at SOLG, one maybe kicking himself for not having bought their shares earlier. It looks massively overvalued and it could be a flash in the pan. You all know that slow and steady wins the race.
Better late than never....as they say! Sent the share price rocketing...like a damp squib. Think many shareholders gave up on company along time ago....can't blame them...wish I had!!! Just poor management over the years. Still reckon they should get the broom....and have a good clear out.
great RNS
I'm sorry for being negative fellow Avers ....but..... I sometimes wish Elliott would call their debt in .....and putall well us out of our misery with this company who are .....laden with debt...seemingly going nowhere and never meet deadlines....oh...and have been racked with operational problems over the years. Wish now I had moved all my investment to SolG!! Hope you patient investors out there are all well...X
Think it says in the last report (please correct me if Im wrong) that if talks with potential funding partners become prolonged (go on past September), Elliott may lose patience and call in their debt. This would be the end for this company as a going concern. They have failed yet again to meet the end of September deadline to bring shareholders news of developments as they said they would. Anyone as sick as me of this companies failure to deliver?
Managem casts lustful eyes at Semafo and Avocet Mining. Already operating in gold in Gabon and Sudan, the Moroccan mining group Managem appears intent on planting its flag on Guinea’s Birimian formation. (You need to have a paid subscription to read the full article, unfortunately I don't). No smoke without fire. Avocet must have been burning something else along with our money (just joking, this time). This rumor suggests that Managem SA is one of the interested parties which has been in talks all the time and this is the first leak from them. Thus, we should expect some decent news during the next few days.
Avocet Mining PLC ("Avocet" or "the Company") notes recent press speculation regarding the interest of Managem SA, a Moroccan mining group listed on the Casablanca Stock Exchange (ticker: MNG), in its Tri-K asset in Guinea. The Company confirms that it has held discussions with several interested parties, including Managem SA, but that negotiations remain ongoing and no transaction has been concluded. Avocet has been considering all options to fund the development of the Tri-K project since the submission of its feasibility study in September 2013. Further announcements will be made in this matter as soon as appropriate.
I agree totally GB. Avocet expect costs to rise in Q3 between $950-$1050 an oz. In H1 their costs were $913 with an avg realised price of $1213. I'm hoping the increased costs will be offset with the increased price in AU as so far it has not dropped below $1300 in Q3. If this continues it bodes well.
Yes, I get that Bitybit. Being able to reduce debt should take some of the pressure off Avocet. They are working on a report on how long the existing mine will last. So lets hope the gold price holds up.
Hi Goldenballs Please remember than we will be a minority share holder in Tri-K when operational so we can pay back debt to Elliott have increased cash flow. Its a blow that we will lose most (or possibly all) of Tri-K but if debt it reduced I guess that's a start. As always the price of AU will determine the future of Avocet until we are on a more level playing field! Let's hope that is sooner rather than later
Yes str123 - Thanks for posting that good news. Shareholders will be encouraged by the progress. If news is released on funding for the Tri-K Mining Permit, and work can start there, we should see a significant rise in the share price. When this share was falling people posted many negative comments and called the directors names. Now it has turned around it has all gone quiet. How about some positive comments now that things have improved?
Avocet Mining PLC ("Avocet" or "the Company") announces that it has received written confirmation from the Government of Guinea that it will not enforce its right to withdraw the Tri-K Mining Permit on 27 September 2016 for a further three months (to 27 December 2016), in view of the fact that the Company is in advanced discussions with interested parties with regard to the financing of that project. The Company welcomes this extension, and expects to be able to announce the terms of a deal to finance Tri-K in the coming weeks.
spot price just did a strange crash and then rebound : financial markets if I could rewind 3 years with the knowledge I have now all markets would scare me shitless, especially AIM type shares, that just get wiped out. Any way AVM got the kiss of life this year and the patient is doing well, in this metaphor , AVM should be up and about and should be able to see its grandchildren develop and flourish. Yes I mean those little darling Tri K and Souma, Come on AVM let's use these H1 results as a springboard, for starters you Directors should show that you have confidence and actually buy some f**king shares.....................a*seholes!
Johannesburg (AFN/BLOOMBERG)-gold miner AngloGold Ashanti has the past six months its profit more than doubled. The third largest miner of the precious metal in the world took advantage of the rise in gold price. By the financial market turmoil, investors were looking for the last period frequent refuge in gold, which widely is seen as a safe investment in hard times. In addition, AngloGold also benefited from the depreciation of the South African rand, whereby costs are lower than expected.
We don't have to wait for Christmas - Avocet Mining H1 2016 Interim Results will be released on 26 August 2016.
The volumes have dropped recently so not much going on with this share. I've watched the price hover for a while and this is because of the very low price that some bought in at earlier this year. The share goes up a little, then profit is taken ,an exceptionally goo profit.............well done! Once these investors are shaken loose , this share will go a lot higher. The half year results should be very positive based on POG.
The volumes have dropped recently so not much going on with this share. I've watched the price hover for a while and this is because of the very low price that some bought in at earlier this year. The share goes up a little, then profit is taken ,an exceptionally goo profit.............well done! Once these investors are shaken loose , this share will go a lot higher. The half year results should be very positive based on POG.
My purchase was indicated as a sale on" Live Recent Trades". It's most annoying to know that you can't trust the information that you're given. The more instability there is in the world the higher the gold price & hopefully the higher AVM's share price but it is a volatile business & a bit of a gamble with this company but hey, so is Racing.
Bought at 108.90
Having read the FY results of 2015 this is a little worrying that no update on this has bee provided (P11)? Loss of Tri-K permits Under the terms of the Guinean Mining Code, if the holder of a mining permit has not commenced construction activity within 12 months of the award of the permit (ie by 27 March 2016), it can be liable to penalties commencing at US$100k per month. If such activity has not commenced within a further six months, then the permit may be withdrawn by the government. The Company has held a number of meetings with senior members of the Guinean government, at which extenuating circumstances were discussed (notably the bear market for mining finance, and the ebola crisis in Guinea). Nevertheless, if the securing of financing for the project is not secured, then there is a risk that the Government of Guinea will apply penalties (which may in itself discourage investment in the project), and may ultimately withdraw the permit. Moreover, any deal involving the external financing of the project will require the approval of the Guinea Government – not only if such proposals involve alterations to the construction plan, but also because any material change in ownership requires approval under the terms of the Mining Code. Based on the discussions held with interested parties as well as senior Government representatives, the Board has a reasonable expectation that, provided financing terms can be agreed upon, the Government is likely to be sympathetic to proposals that result in a mine being constructed at Tri-K of at least the scale and economics outlined in the Feasibility Study.
Totally in agreement with you guys, good positive, meaningful stuff. Always have my doubts about negative posters.. They always turn up.... Whatever the weather! I always laugh and switch off when someone throws the Royal.... WE.... type comment into a sentence...Zzzzzzz! Let's keep it upbeat... Things are going really well! X
Sorry for the typos: If this holds they may be able to consider opening their other licensed mine.
str123 I agree with your comment. The percentage rise in profit margins is now much higher, thanks to the rise in gold prices. It this holds they may be able to consider opening there other licensed mine. Quote: We currently operate one gold mine, Inata, in Burkina Faso, and have a pipeline of exploration projects in Burkina Faso and Guinea. Avocet's exploration licences at Bélahouro in Burkina Faso cover approximately 1,660 km2. Our other main project is Tri-K in Guinea, which is currently in the feasibility study stage. All of Avocet's exploration mining licences are located within the highly prospective Birimian greenstone belt that dominates West Africa's geological landscape.
Cheers for the heads up. However, I would argue that at this gold price only a mad shareholder would abandon Avocet. When the POG was below $1100, Elliott continued propping up the company. Now it's heading towards $1400. Sorry mate, I respectfully disagree with you. In addition, all the cost cutting measures, which were implemented a year ago, are kicking in now. The cash cost of each ounce in the 1st quarter was $925. With the same cash cost, if not even lower than that, in the 2nd quarter the company should post around 5mln profit. The investors, who gout out at sub 10p SP, must be having second thoughts or kicking themselves. If we fall short to repay some debts, the worst case scenario would be a rights issue and that wouldn't a tragedy.