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How much funding would they need to raise to pay off Newgen plus enough working capital to get back on the road? About $15Million?
'Fully maintained' should mean the pumps are still running. Thank you, publican.
But I would hazard a guess that the supplies needed include diesel (or whatever) for same.
Looks like a high stakes standoff, clock ticking.
Wealthy people like Sir David Cameron might find that prospect very attractive Moose. xD
Sounds like they’re out of fuel, propane, explosives, spare parts, and pretty much anything you need to run the mine effectively. Which means the suppliers got totally fed up and RMMs claims of “saving $1m per month” were probably just them putting lipstick on a pig.
Have they turned off the pumps?
If they have, that's goodbye. If not, maybe not.
I think it was mentioned before there was a group of shareholders in a separate chat group and with some contact with our CEO. Does anybody know of this? I think, there are very serious questions to our CEO over his communications shortly before announcing financial problems. I am just interested in hearing what people thoughts on this are and what avenues are open to the shareholders.
Brad mills just let mine go like that ge largest shareholder
I agree with Iluvise68. This is just the latest in a string of errors/bad news and it's only a matter of time now until the inevitable happens unfortunately. Any potential buyers will surely be put off by everything that's happened.
It's a massive shame that it looks like it will end like this. Personally I'm pretty cheesed off with BoD, I feel like we've all been taken for a ride and their communication when it really mattered has been poor to say the least. But hey-ho, it just goes to show, you do your research and put your faith in the people at the top but there's no guarantee that everything will work out.
I've always sat in the background but if it does all go South (I mean we are already in the South Pole) then I will miss this board. It's provided years of entertainment!
if it was going to be sold off next week why suspend production - any buyer would not be happy to see unnecessary uncertainty with the markets and creditors and suppliers..
Hi Strummer, I have worked for a couple of Canadian mining companies, and I am pretty sure I am right in saying that Canadian law intentionally makes it extremely difficult for a creditor to sell a company's assets to repay a debt, more difficult than most other jurisdictions in the world. Which is why I don't see a firesale of the underlying asset as an option for Newgen.
Moon you have knowO’s number. Call him.
Am positive nxt bit in play. I was disappointed with certain talk … So my point are path was already been discussed. Long ago not finical advise
A good spot.
I guess another way of seeing it, is that.... If it's about to be sold at a bargain price, to pay off the creditor(s).... Then now no need for them to be mentioned as re doing a loan...?
What is missing, I think for the first time is the sentence "However, there can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan". I'd like to think that that implies things are about to be resolved, obviously not to our advantage... no mention of any thank you to the shareholders for "bearing with us"; never any acceptance that management were at fault for misleading the market, failing to hedge at a high price, or raising capital when they could have. Just confirms that they don't understand capital markets or give a flying f*ck about the owners of the company. Whatever the outcome, I am going to keep my shares at least until I can vote them against the re-election of any of this appalling BoD.
OK Moon. I will play the game.....
So if so positive. Why did they now further hedge at 4.20+ ?
If you can't answer that. Then what makes you positive after the last two blows ( not delivering the Au, and now closing production).
For normal people that seems negative tbh. As much as those invested would like to see it otherwise
But you know .... What?
I am very positive
Is this the end - or will Newgen refinance on what is, fundamentally, a valuable mine producing a sought-after metal the world needs for electrification?
Waiting continues... come on BoD, put us out of our misery already!
It's a game to speed financing deal .
Yeah. It's looking like a bu*mer.
I am pretty close to researching on HMRC how to declare an article of negligible worth. So if accepted to use the loss to offset other Capital Gains in this and years to come elsewhere. I think that says where I feel this is most probably going now very sadly The bulk of my holding though is in ISAs. Where even that course of action is irrelevant.
Let's see. But the lack of that further hedge as Cu hit 4.20 the other week was a big red light to me as said previously ...
I am still confused by that Nomad interview as suspension started though..... He seemed pretty chilled about it all, and should know more than all of us.
But I supposed he was looking at the interests of existing share holders..... Not those to come!
"Rambler appreciates the ongoing support and commitment of its employees, service providers and suppliers."
....all the shareholders who lapped up our at best grossly inaccurate and at worst deceptively misleading communications, well, you can go f7ck yourselves lol
I’m so f…ing angry with how this has turned out. A conveyer belt of **** after ****.
It's just the next step before being wound up. The use of word "pending delivery of key supplies" suggests those supplies are far from certain to ever come. I'd imagine local suppliers have been unpaid/shafted like Elemental and are now refusing to provide goods/services to the mine, this probably won't change as the financing won't ever come
Why only suspend the mine for a week?
It’s done moon I’m afraid, it looks done….
Zero production, overheads (Bod salaries…etc) still going out the door, suppliers evidently not being paid, gold not delivered as contracted, Newgen not paid, AP not paid