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.
I really do not understand how one can think we can raise money with this mgmt team to get to the DFS. Let's first raise money for the short term and see. I believe CS is here to sell. Not get diluted. If they would have believed more funding to reach the DFS should be raised they would have waited with the merger.
The global supply of copper is running dangerously low, according to top commodities trading firm Trafigura.
Kostas Bintas, Trafigura's cohead of metals and minerals trading, said at the FT Mining Summit on Thursday that inventories can currently cover 4.9 days of global consumption and could finish the year at 2.9 days. For comparison, copper inventories are typically counted in weeks.
Copper is an essential material that is purposed for use in machinery, smart phones, EV batteries, plumbing, and even wind turbines because of its ability to effectively conduct electricity.
While the collapse of China's property market has weighed on copper demand, the growth of renewable-energy technologies more than makes up for that and will drive supplies lower, Bintas said, noting that the European Union has accelerated its target for doubling solar energy capacity.
Were any of you caught up in the Worthington/Whetstone situation?
If so, you may not have seen it but the FCA has eventually got round to prosecuting the perpetrators - it's taken them eight years!
I wasn't a holder but became fascinated by the story. It was even more blatant than the QPP saga, which I was caught up in.
Apologies for the O/T, but it crossed my mind some of you may have lost money in WRN.
And selling it would surely be less complicated than going to production ?
Q, agreed, but it's not beyond the wit of man and will not take that long to organise.
What I saying addicknt is we don't know the company structure. So if we were going to sell part of it, there is some work to do.
I think they’ll just sell the lot
No disrespect Q, but I've been involved with far more complex transactions than this. In fact, by comparison, this one is a doddle.
Has anyone thought about what selling Cascabel means
First of all it has to be defined as a separate entity.
We must define the employee's that are paid by this entity.
Also subcontractors and subcontracts.
Any company that has an agreement would require novation.
Plus a host of other things.
At one point it with be faster to construct Alpala and move to production than sell it off.
Sell Cascabel and move on to new targets. Pretty clear I thought?
If we don't sell, what are we? A job creation scheme for 800+ people with a little bit of drilling here, some exploring there, jam tomorrow for the next 10 years till the indigenous people tell us we can't mine there anyway?
I'm with the CGP boys on this one: sell and move on or face a slow lingering finance death spiral.
Bozi, agreed...I meant to say several parties. I wonder if the delay is due to the fact a potential buyer(s) wants to see all doubt removed from the transaction first?
rcgl, yes, that may be the explanation. As you know, NM has always said the tax situation is tricky, but he never provided any detail as to why.
Addicknt - agree with much of your post apart from the bit about one party taking all of CGPs stake.
I'm not saying that won't happen but there's nothing to suggest yet that it will. In fact, the longer it takes to announce actually suggests their 6.7% will be split amongst several investors.
If it were a single holder, we really should have heard the details and received a TR1 by now.
Better tax treatment for someone to buy Solg than for Solg to dispose of ENSA?
What solg shareholders are getting in lieu of the payment due from cornerstone?
Presumably Q nobody rushed to buy out Cornerstone as they would have inherited a huge liability..the amalgamation seems to simplify things all round
rcgl, that seems unnecessarily messy and costly when we already have the structure in place to sell Cascabel separately.
Think they leave Cascabel within the Solgold wrapper and offload the rest into a new entity? They already telegraphed this as part of the strategic review:
· a spin-out of assets, other than the Cascabel Project, to all shareholders of the Combined Group;
Someone could then buy Solg and get Cascabel and we are left holding the rest in the spun out entity. If we choose to keep holding that...
Q, I certainly agree that a part disposal is a real possibility, particularly as much of the rest of the portfolio is a mish-mash of unexplored concessions which, even to the largest of companies, looks like an unfocussed and undeliverable mess.
Copper, not sure I agree with that. In fact it could be said that under your scenario the CGP shareholders are simply jumping from the frying pan into the fire.
Agreed Copperpot that's a large part of it.
I don't think a sale is anywhere imminenent! All the happiness with CGP shareholders including Arren Wirwin is because a huge incoming expenditure billl has been averted....nothing more or nothing less! You can feel the relief from here. They can now dust themselves down and relax a bit more. I can hear the phew's from here.
GLA.
Morning addicknt.
The problem I see is anyone could have brought CGP beforehand, but didn't. Why was that ?
Could it have been because no one wants Solgold in it's entirety.
What they want is Cascabel/Alpala.
When Cascabel/Alpala is 100% owned by Solgold then this is easier.
However the price still has to be right.
So I believe we still continue to DFS and funding will be acquired to start construction.
arrangement with CGP is a very neat way of raising some working capital. Obviously, we don't know if there will be any further requirement for funds i.e the amount needed to get us to DFS, or whether this exercise is simply a precursor to a disposal.
Of course the really interesting bit will be to see the destination of the CGP shares. Who will buy them? They cannot be sold into the open market without completely tanking our sp, so I think it's fair to assume a placing with a single purchaser has been lined-up. But who and at what price? Let's hope it's not BHP/NCM.
I also wonder if we've halted our efforts to raise more funds. I would guess not, because even though the CGP deal looks pretty certain, there's many a slip between cup and lip and we can't run the risk of it not working.
Many of us have already said it, but it's worth repeating - Sangha et al would not have signed up to this unless it was aimed at delivering their ambitions...and we all know what those ambitions are.
Jeez let’s not worry too much about 2070 I’m more interested in 2023 !!!