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Member Info for V1d-

Member Since: Fri, 17th Jun 2011

Number of Share Chat Posts (all time): 837
Number of Share Chat Posts (last 30 days): 16

Last Posted: 15 Sep '14

Post Distribution over the last 30 days

15 Sep '14

scyther - I think that you/we/one needs to separate Jim Mellon the person from Regent Pacific. At the time of the investment by RP, MC was not dealing with Jim, but the clever-dicky CEO. Jim would not have been involved in negotiations - too incestuous - although he might well have been instrumental in getting them involved and left MC to do the negotiating.

I take your point about Central Bank manipulations, but at the level at which IFC is operating with Condor, it's just way, way too small for them to be bothered about 10p a share/£300k in total. These guys are primarily interested in trying to give Nicaragua a leg up and won't worry about their entry price. However, they do have to get the investment past Board inspection, so if the Broker placed part of the deal has to be repriced, theirs will have to have been also.
15 Sep '14

I agree wholeheartedly about the involvement of the IFC. It is a massive feather in Condor/MC's cap, not the least because of Condor's Environmental, safety and social efforts. There has been an Environmental and Social Impact Assessment study going on for some 18 months so far. IF Condor does take the project on to production, then we can be pretty sure that we have the provider of the Funding package already on board conducting its Due Diligence.

JG - I think that we can be certain sure that there has been no underhand activity from IFC, nor any from Jim Mellon. IFC are interested in the project from Nicaragua's socio-economic point of view, and Jim Mellon ain't going to pi@@ on his chips for what, for him, is peanuts (apart from which MC is his mate).

The leakage is, if there was one, IMO, almost certain to have come from either the Broker's staff or one or more of their clients who they will have approached about the placing. Shares were being bought at 100p last Tuesday, which could have been committed placees pre-selling shares, but at that point the placing price was still 100p. MC said that he had to re-negotiate the placing price downwards AFTER he'd already got £2m on the books at 100p.
15 Sep '14

Tester - I agree that B2G seem to be diversifying out of Nicaragua. However, now that the IFC are involved (assuming that Due Diligence and Due Process are completed), the geopolitical risk is greatly reduced. I'm sure that the Nicaraguan Government are grateful for an involvement of a subsidiary of the World Bank as well.

There are hundreds,maybe thousands,of artisanal miners, so I think that mining is "in the blood" locally, reducing the risk of environmental pressure groups creating opposition.

Even if B2G want to diversify out, there will be many mid and large players who will want to get into Central America, and using Condor is an ideal way in.
15 Sep '14

There is an ongoing dispute between Condor and B2G about a Net Smelter Agreement which B2G seemed to have "forgotten" about when agreeing the concession swap which effectively gave Condor the La India District. (see note in MC's Half Year Report).

Clive Johnson has already let loose a diatribe against "Financiers" who were overvaluing their exploration assets and how any deal he struck would have to be "accretive" for B2Gold - ie daylight robbery (Denver Gold Forum 2012, from memory). I don't know whether he was aiming this at MC/Condor, maybe not.

Clive is very much a "dirt-under-the-fingernails" miner, somewhat arrogant it seems, and certainly has no time for non-miners in charge of mining assets. It just seems to me that it will have to be a very cold day in Hell before CJ would buy Condor, no matter how sensible the concept might be. Too big an ego, I think. However, just my view.

However, we know that there are other interested parties, and for sure MC will be updating them over the course of the Denver Gold Forum which is underway at present.
15 Sep '14

B2Gold on the move again - to merge with ASX listed Papillon Resources.

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