It won't be for a while mate. Sorry to hear you have shares in Angel Mining. By the information thats been released to the public from the Administrators, it looks like the Creditors have agreed to let the Administrators do their restructuring. This could involve a bunch of stuff but looking at their debt level which is close to 30 million pounds, they won't be able to pay it back. Looks like Cyprus Capital will take a heavy lose. They will most likely sell the Black Angel project first to see how much they can get for it, then they will offload the gold mining project (they will keep this for as long as possible because it's their only form of revenue at the moment, though I'm skeptical it is making profits since they reported in December 2012 that they were incurring loses in the production and that is when gold was around $1500/ounce, now its the $1300/ounce range. The sad thing is that the mining industry is in a bear cycle and they will get less than a million for the lead/zinc project, Starfield Resources has a base metal project in Nunavut with over $4.5 billion in-situ value which was sold for $800,000. And the economics of that project are way better than Black Angel. Cyprus Capital will try to get as much as possible out of the liquidation, then write off the loan they gave Angel Mining for tax purposes. Unfortunately there will be no white knight looking to buy the company, its so far in the hole that those knights are vultures waiting for pick beaten projects up for cheap and of course not incurring any of the bad debt from someone else's mistakes and miss management.
can someone tell?
how will I know if whenever in future ANGM starts trading again.........shares have disappeared long before from my nominee account, and i am also going to detele ANGM from my portfolio as more i see it more it troubles me......however if anyone planning to sue NH pls let me knwo also...RIP ANGM
I'm all for wiping out the management team.
in SOLG, the time has come :)
Found this on iii Russian Mining Entrepreneurs See Big Opportunity in Greenland Irina Tarascova Reporting Tuesday 14th May 2013 Chinese dominance of the rare earth metals market could soon be challenged,recent developments in Russia with both the geo political sphere changing,and the country,s new liberal approach to the capital markets,has led to a number of leading figures in the resources sector casting their eye over the lucrative REE sector.Over many years China has been accused of restricting rare earth metal exports to the annoyance of many of their competitors,and has even led to official complaints lodged with the World Trade Organisation.This has now led to an urgent push by leading Russian business figures to redress the balance ,one business leader we spoke to quite openly suggested that china,s rare earth metal restrictions and tarrif,s are putting Russian businesses at a huge disadvantage in International trade deals. These leading Russian business figures have now identified Greenland as a potential answer to the rare earth metals supply problem,some recent studies suggest that the country could host as much as 40% of the world,s Rare Earth Metals Reserves, yet is currently significantly underdeveloped in terms of Mining.The combined investment that could go into Greenland over the coming years could exceed $80 billion,with Russia leading the way.One Russian Mining Entrepreneur we spoke to revealed that he is "in the process of concluding a number of deals" in the country that will involve purchasing a number of existing exploration blocks from their current owners and operators,and in one case is confident of buying a whole company that holds some key blocks,and get a London Aim Market Listing thrown in,he explained. Although Greenland is quite open to high levels of foreign investment into their Mining Industry,their government also has to consider the many green pressure groups that have voiced doubt.It may lead to a restriction in new exploration blocks being issued in certain areas of the country in the future .However the future for Greenland as a significant supplier of REE,s to the global supply chain does appear brig
RE: RE: RE:RE:RE: Meeting of credit
True, I would also thing the lower gold prices arent helping their cause. It seems like the production hasnt been really that consistent. I would think if it did survive, they would start to restructure the company, wipe out the management team bring in some new board members perhaps a big investor with board control and then build it that way. It is quite obviously that this management group should not be in charge of large sums of cash. And if they had any assets left, start to develop them or if they have none, start to acquire.
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