We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
“ could “ be final jaunt - but hey you could read that eh 🤫
Final jaunt eh, IKN? 8th May TiCk ToCk
I.E - investing within Russia would have to be contravening sanctions irrelevant of monies held within Russia/cyprus held subs.
The resolution in itself is not a bad idea BUT, if EUA are “ mining “ currently OR it is the smaller % owner carrying out works, this is for good reason.
Forgetting why any investors think this should be the case, allowed or other …. The public statement of “ no mining “ in 2023 or 2024 is within a legal RNS.
We could argue “ stripping “ isn’t mining or “ stripping “ is technically mining due to the fact this work has to be carried out for mineral extraction, but there has to be good legal/deal reasoning to publicly state such.
My view of such is that why not carry out such works / smaller holder carry out works or even buyer/s making a little headway but not publicly acknowledging such based upon maybe sanction contravening/ bringing any authority’s into looking/ Russia wanting to see movement forward etc etc, there could be multiple rationale to such that’s for sure.
EGM for a subsidiary won’t be unimportant that is also for sure, coupled with many other factors over the last yr or so could be the final jaunt in this trip.
I for one wouldn’t want to see any development with this muted continuing with Monc area as this COULD risk any deal with any slight sanction contraventions based upon activity currently going ahead in WK but not publicly acknowledged.
I think one of the key frustrations is that the Board's official reasons for doing, or not doing anything, seem counter intuitive, like why should continuing to develop a mine be mutually exclusive from potential sale of said mine?
Then we have diligent researchers on BBs like this, who find way more plausible reasons, but the Board refuse to confirm or deny those.
It's the same with sanctions, what sanctions, we're not impacted just waiting on the price to go up before we sell any concentrate (like we control it...).
The rationale CS comes up with in official statements is just laughably bad, followed by silence for months on end. Its like he has given up but can't bring himself to end his salary and shuffle off.
The reason given for not producing in the interim update was:
“Site preparation work was completed during the first quarter of 2023, but due to the sale process being Eurasia's main priority, no metal concentrate has been produced at West Kytlim since the end of 2022.”
This approach baffled me due to the risk of running out of cash if no sale.
What did come out from the tax case was that the higher rate made producing unprofitable in some cases so maybe not producing helped to make the case that was eventually won:
“The unjustified application of the coefficient to the extraction of gold-platinum concentrate has led to the amount of the tax, which in many cases makes production unprofitable.”
https://www.pgplaw.ru/news/press-releases/yuristy-pepelyaev-grupp-zashchitili-interesy-klienta-v-vs-rf-v-ramkakh-spora-o-ndpi-pri-dobyche-zolo/
DLA Piper and UBS have been advising and Bern doing for years.
“ suggest war in 2022 had a major influence …”
? - in what way exactly ? - i don’t think bombs have been falling up there, yet ? - do you think that the war in ukraine somehow rendered the mine in russia unprofitable? - or do you think they couldn’t retain mining staff as they were all needed for the meat grinder? - or do you think sanctions prevent them from doing any mining at WK? - or is the metal ore just hiding deeper in the ground now because it’s scared now there’s a war on?
“ … potential buyers may have had some input…”
? are you are imagining that a potential buyer asked EUA to close down a [supposedly] profitable mine owned by EUA at the end of 2022, just while the potential buyer had a good long think for a couple of years (or more) whether or not to bid, but without actually making a bid or giving EUA financial compensation for two years of lost mining activity??
…. i very much doubt glencore or rio would ever agree to close down a profitable mine they owned for a couple of years + at the request of some third party who just wanted to spend a couple of years um-ing and ah-ing while they kick the tyres a bit.
Spikeyj,
Very condescending reply, wouldn't expect anything less, suggest war in 2022 had a major influence in carrying on mining, plus potential buyers may have had some imput, i don't know, just guessing like the rest of us.
Bill EUA are exploratory mining company first and foremost
Lenoman 15:00”. “It is beyond my comprehension…”
yes, perhaps so.
? take it in simple small steps, that might help? - pace Aubery 14:23: “WK … with no production expected on site in 2024, as has been the case for all of 2023.”
— so if EUA own a mine at WK that is fully operable and is indeed genuinely profitable to mine, then why did they stop mining it after 2022?
And the silly sausage crew has arrived in earnest now… Not giving them the airtime but anyone with serious questions about the resolution please feel free to continue to ask them 👍
Spikeyj, re your 13.24, Please enlighten us all, how a company with a PFS, and then a DFS, presumably indicating grade values etc, etc, tben go ahead and decide to invest millions in dirt and gravel, thats cost more to dig out than value of metals extracted. Obviously initial investment to achieve said aim is costly and P&L's reflect this, hence loss making, until value added is achieved. It is beyond my comprehension that a Company would proceed on a such a scale, just to provide to possible buyers a continuous loss making entity, unless you are saying that these Directors of Eurasia are just plain stupid, or as some would say on here, con men living a lavish lifestyle at the behest of shareholders investment.
Lets get it out there and say which is it.
I don't suppose you can hold it against the local workforce for fecking off......I mean......who would hang about for years in th3 hope that a company with more offices than mine operatives is going to actually decide to mine?....
P45ski's all round!
Whatever the plan is or isn’t, they still appear to be advertising for truck drivers, excavator drivers and bulldozer drivers in addition to the mining master job they’d advertised in March. All meals provided on-site too at the company’s expense 👨🍳🍜
Could just be a lot of site prep but hopefully there more to it.
https://ekaterinburg.hh.ru/employer/8964792?hhtmFrom=vacancy
WK
‘The mine and all of its machinery and infrastructure are being maintained in a sale ready state, with no production expected on site in 2024, as has been the case for all of 2023. The stockpile of inventory from the 2022 mine season is being held in secure storage off site. As previously notified, discussions regarding the sale of the 2022 concentrate remain ongoing.’
That was Dec 23.
No production. And no plan B if the sale doesn’t happen.
Pwlx, you think it’s “silly” to try to take into account the costs of processing, storing, marketing and distributing, when trying to consider mining economics and the profitability, or otherwise, of any given mine?? - wow.
if a mine is uneconomic, then mining it faster with ‘bigger diggers’ just loses money faster.
Hi Spikey.....nobody knows what they are digging up at the moment.
The working theory that the lumberjacks in the W.K area are filling their boots with free logs is as plausible as any other theories st the moment....the BOD need to clarify the situation
Looks like some Americans are going to make a lot of money
JUST BUSINESS: US eases sanctions on 10 largest Russian banks
The American Ministry of Finance has authorized transactions with Russian banks for payments “for energy,” including for oil, gas and timber.
@spikeyj and I’m back to not responding to silly comments 👍
Yeah LIB, S.D should probably chill a bit.
I'm not sure ejecting Stretch would be fair?.....or keeping him in might not be fair?.....no need to make a decision just yet 😃
Pwlx, re your 10:52 …
a “big digger” presumably can indeed dig up more volume … but they are not digging up pure metal chunks, they are digging up [dirt & rock] which needs to be processed to extract metal content - & that costs money.
if the overall cost of digging up the [dirt & rock], processing it into saleable metal products, storage, distribution etc. in total costs more than EUA can ultimately sell the end product for, then digging up even more [dirt+rock] will just *increase* the size of the loss they make; they will simply end up with a really, really big waste pile (& an bigger hole to remediate), & run out of cash sooner.
(hint, there’s a reason EUA stopped mining —> it loses them money when they mine).
if the grades being dug up from a mine are just too poor to break even, then digging up more dirt with a bigger digger or even an absolutely humongously huge digger wouldn’t change that.
You created your user name with the name of a EUA board member - Embarrassing
Cheers Bill. What is up with you scotty? It's just a bit of fun, think ridiculous posts need to be called out, im in for calling out the euajaygee video as just rubbish. Anyone can win, it's better than Ian's game where one can have multiple guesses and Thursday is the day( what happened to that?!)
Bill, think best to eliminate stretch, it's no competition for the rest of us. He will always win. Will be good if IKN wins you can make up for the Welch.
You still call yourself "Scottydogg" - Embarrassing.