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Hello Mog
Thanks for pointing this out.
Smickster, I wouldn't worry about the past cash burn, it's about what Solg have planned for the first six months of this year, I posted this a few days ago, and hence based on that report we are going to spend $10m per month
"If you look on Page 35 of the MDA report, you can see what the expenditure is required to take us to end of June 2020, which is approx. $60m, and we only had $23m in the bank at the end of Dec 2019, so at the moment we are $37m short"
http://www.solgold.com.au/wp-content/uploads/2020/02/2019.12.31-MDA-2019-to-2018-comparison-FINAL.pdf
Last qtr cash burn was $4.5 mil
Gold rising fast today over $1600oz currently bodes well for solg imho
Bhp diversifying imho
Intresting indeed ,its coming soon imho
Thanks Sheff.
Interesting this.
Wonder what exactly they're funding up to.
E.g. rest of feasibility or poss even up to BFS completion.......
Another informs me CGP is down significantly today............are the two linked?
e.g. if SOLG has financing sorted up to BFS completion then it brings ever closer the need for CGP to start n coff up the readies........and SOLG the opportunity to buy CGP out for $3.5m.........as NM readily reminds us all........
interesting developments........
R's
BN.c
Apologies, the last sentence didn't copy n paste. Its a fairly important sentence:
SolGold's cash on hand declined from $US27 million to $US23 million between December 2 and December 31, and the company has typically consumed more than $US20 million per quarter over the past 18 months. But SolGold said it was working to reduce its cash burn and had temporarily halted drilling at its Cascabel project.
I did larff however re engaging with its investor base..........
us minions clearly dont count............
Thanks Shef' ;o]
R's
BNc.
All roads lead to:
Best bang for your buck. BHP want it,and best way to sell to them is to get a funding package in place first that does not involve them.
If this plays out the way we hope. Cheers Nicky boy I owe you a beer!
Thanks Sheffield
Fraid I can’t get past the paywall but I think someone, maybe mog, knows a simple way to prevent the paywall popping up.
FULL ARTICLE:
BHP's exposure to thermal coal has continued to shrink, with the miner quietly selling a portion of its port capacity and shareholdings at one of Australia's biggest coal export facilities.
Confirmation that BHP has reduced its shareholding in Newcastle Coal Infrastructure Group (NCIG) comes amid expectations that BHP will soon seek to exit its thermal coal assets, and as new chief executive Mike Henry presents half-year profits on Tuesday.
NCIG has a major coal export terminal at the mouth of the Hunter River, and BHP last reported its shareholding in NCIG at 35.47 per cent.
But that stake has since declined, with BHP confirming it sold a portion of its shareholding to Whitehaven Coal for an undisclosed sum.
The transaction in September is estimated to have reduced BHP's stake in the port to below 28 per cent.
Aside from shares in the infrastructure company, BHP has also transferred some of its port capacity to Whitehaven. BHP's willingness to sell Newcastle port capacity highlights the company's lack of interest in growing its NSW coal business, which is centred on the Hunter Valley's Mt Arthur mine.
The company has been studying ways to exit Mt Arthur and its stake in Colombia's Cerrejon coal mine, but the process is complicated by low coal prices, a limited number of suitors and the value of tax assets linked to Mt Arthur.
The divestment of Newcastle port capacity also suggests a plan to upgrade the energy content of coal produced at Mt Arthur will be permanently adopted, with those upgrades set to dramatically reduce the volume of thermal coal produced by the mine.
Mt Arthur's coal output in fiscal 2020 was forecast to be 18 per cent lower than last year, but the decline may be larger because of operational disruptions from bushfires and heavy rain.
The strategy to reduce production volumes at Mt Arthur in favour of producing coal with higher energy content means the mine is producing barely half the volumes permitted by the NSW government.
While thermal coal shapes as the most obvious divestment during Mr Henry's time at the helm of BHP, copper explorer SolGold could be an acquisition, with BHP building a 14 per cent stake in the junior over the past 18 months.
SolGold has been working on a major fund-raising in recent weeks, but has looked beyond BHP and its other major shareholder, Newcrest Mining, for the funds. Some shareholders fear SolGold may seek high-cost finance in a bid to avoid giving BHP and Newcrest too much control of the company.
SolGold management broke their silence over the weekend, saying they were considering "alternative" financing options.
"SolGold is in advanced negotiations on a number of traditional and alternative financing options and continues to engage proactively with its investor base," the company said.
SolGold's cash on hand declined from $US27 million to $US23 million between December 2 and December 31, and the company has typically consumed more than $US20 million per quarte
Aye - also thanks from me too Pad.
Think I fluked access to the previous report - but can't get access to this one I'm afraid...........
If u have the time can you post the full article?
R's
BN.c
Thanks Pad, are you able to share rest of the article please? Also echo's WI comment on twitter last week
Our destiny will soon be known. GLA
Peter Ker and AFR seem to be in the know!
https://www.afr.com/companies/mining/cashed-up-bhp-s-coronavirus-caution-20200218-p541qr
"SolGold is expected to announce a major fundraising initiative within weeks and has been looking beyond its two biggest shareholders, BHP and Newcrest …."