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Yes, Xenor, I would have thought so - particularly as a mine already producing gold and copper, with the latter’s continually increasing importance in electrifying the world, and its ensuing shortage (the broad consensus); with an increasing copper price allied to a steady-state production (not to mention the scope to expand output), operational costs should decrease over time, potentially burnishing to would-be suitors its future potential to generate healthy returns. Surely, therefore, this operation has to be significantly worth more than the current market-cap - how much would it cost to obtain permits, explore, construct, and operate a similarly sized mine in its area?
>We were all hoping for £1 a share a year ago. Even factoring in debt and the needed investment in the mine this should be worth far more in a sale than the 5p share price trading was halted at.
Agree. I was actually quite pessimistic up until today, but now less so. Am I the only one? I also find it interesting it reads like they are selling the whole thing, as opposed to, say, just Little Dear, or even just a portion of it (intentional typo as a homage to moon).
What happened to the unsold gold?
We were all hoping for £1 a share a year ago. Even factoring in debt and the needed investment in the mine this should be worth far more in a sale than the 5p share price trading was halted at.
The obvious question is, what are those assets worth?
Nothing to do with luck! Market value of a developed producing mine with extensive copper reserves minus debts and costs minus other external costs like sorter and mill and power lines etc..... remainder is?????
If we're lucky they'll be some money left over for PI's after they sell the assets.
Any hope for this share - I only have a small number of shares but don't like losing out?
What do you know moon? Probably better talking on the discord group as they probably have thier rats patrolling LSE...
Insider is in newgen
>>Well done sir, you called it.
Fukurokuju79 is obviously a poster who know WTF he is talking about. I think it was what he said about the C1 costs that made me sell up a week before suspension.
On the other hand I would have never invested in RMM if it wasn't for CornishKnocker(?) who was impressible knowledgeable about copper mining (possibly less so about mining finance) and recommended it at the CUSN board.
A delist doesn't mean your shares disappear, though. We are already in a position of not being able to trade.
Micru, unfortunately yes.
Waco regarding timelines my understanding from some research is from after the SISP order is obtained to the closing of the transaction approx 15 weeks is assumed.
Clearly the process has some flexibility so it's not necessarily that time but gives a broad brush expectation.
It's on this basis I suspect the SISP to not be completed before the suspension 6 month term arrives at end April.
It was on this basis I suggested I thought after an SISP was announced its likely the next milestone will, sadly, be a delist.
Just my opinion.
Atb
Reading that it seems like a long old process..
Assets to be sold to pay the creditors.
>I then expect them to initiate an SISP.
Well done sir, you called it.
Not sure if that tells us much
It’s the mining industry… everybody knows everybody. I don’t think there are any real nefarious actors here just some **** poor management flogging a tired project/mine year after year.
They could never sex the place up enough to get serious money to come in and do things properly. It’s a good orebody on paper, but the geometry is miserable, the infrastructure is aging and rambler has likely done themselves very few favours over the years trying to squeeze some value out of it. Brad Mills and Plinian/CE are some pretty serious losers here based on the amount of capital they’ve dumped in without seeing anything for it.
>They all know each other, and there's likely dodgy dealings going on to basically steal the company from us.
Small community up there, reckon they have some Eyes Wide Shut type parties?
Interesting read. Some hope yet then.
https://www.dundaslife.com/blog/what-is-ccaa
The CCAA does not cover the following:
companies that have already been declared bankrupt or insolvent
companies that have been adjudged insolvent under the Winding-up and Restructuring Act or that have already started the bankruptcy process.
And it can be extended a number of times if the company demonstrates a credible plan to pay back the creditors.
Yes Fuku.
Agree it's looking dire now. I did read an interesting view elsewhere.
Basically the idea that NGen were a stalking horse, for unnamed loaners. That were basically looking to acquire the resource from some time back.
If the 5 Mill is more, but in from the same to secure... So from those still " interested" parties. That would make sense.
The resourse, at up to 2% Cu in a few years time. Will be a more than tidy sum, we all appreciate.
But likely now, for whomever requires/relaunches the company (Brad maybe, or AN Other?).
If they can take the mining advances, inject the capital, and run it professionally..... It will bring to a great earner IMO, and not just mine....
But existing holders look like toast sadly.
Big F*cks Small it seems?
What a shambles.
The examples I have earlier should help you look into real life examples.
As I said earlier my personal expectation is you're likely to see the approval fairly quickly....this week IMO tomorrow m maybe next day.
Doesn't seem unusual for a loan at point of CCAA.
I then expect them to initiate an SISP.
SISP is a sale and investment solicitation process in an insolvency proceeding under the Companies' Creditors Arrangement Act (Canada).
Then delist. That's just my view.
Regarding the CEO getting an unfair wrap. I agree he has technically improved operations but he hasn't IMO been across the broader business and under his stewardship he hasn't had a handle on the finances enough. While other people are responsible for the financials in the company, the CEO is accountable.
Anyway it's a mute debate now.
Atb