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Also, did we not accept the deal for GF and BE at a relatively low slice for ourselves as the income from that whilst lower was to be imminent ? My understanding was that it would bridge the hole in revenue in the short term until FB was up and running. I hope the next set of figures show that the GF and BE deal has been doing just that. If Bird does not show all these on paper deals to actually be providing shareholder value then he is not effective for shareholders.
I've been thinking that myself of late LW - The deal was struck almost 18months ago and it appears it was just another deal that excited Bird which he's now lost interest with....How long before he gets bored of Bushranger?!
From the RNS:
· Xtract intends to commence a simple ore sorting programme, building up to a more significant ore processing operation within the next 8 months, with an annual production target rate of 6,000 tonnes of copper metal.
So, almost 18months down the road and it appears we are nowhere near a processing operation.
Another great job on this project Bird!
Blueballsnall... indeed. Or another O'Kief with our Zambia copper dumps. I was under the impression that cheap copper extraction should have been underway ages ago from the zambia dumps ? Or is that yet another forgotten piece of the puzzle now not happening ?
Just hope it's not a Moz alluvial senario
The only fact is that CB has whether deliberately or unintentionally mis led the shareholders over the hard rock Manica mine timings,and hence any income to the company,it will be interesting to note what is said to the shareholders when the next placing is issued,if Manica is further and further delayed and projects require extra funding. It is a bit of a shambles imo.
Although CB has clearly not yet delivered, he has, imo, substantially transformed the company from where we were 3 years ago. It would appear all the 'ducks are in a row' now.
The market has had enough of fine words and jam tomorrow interviews and now wants to see income. I think he will deliver significant income over the next 12 months, maybe sooner, and we will see the SP rerate.
It just wont happen exactly when CB says or by the amount he predicts - imo.
To be totally honest I have found the year to be exceptionally disappointing regarding Xtract, the only 'excitement' was when TW decided to promote the company mid year via his two online 'events' leading to the share price rise to 2.3p. When TW decided to mysteriously turn turtle and told his followers to sell Xtract shares performed poorly ever since.
I could write a very long resume about how I feel about Colin Bird, his 'enthusiasm' and antics, shall I just say I have sold out of every Bird related stock except XTR - will not be buying again. Made good money out of Jubilee a few years ago (buying in under 1p) but soon realised that Jubilee was run my a very shrewd and entirely focussed fellow called Leon.
In a nutshell, you never know what Colin's next move will be other than saying it rarely benefits shareholders, his timelines, his continued confetti placings, his deals with obscure entities, his City contact list that so infuriated TW and the next 'must do' deal has destroyed the confidence of the most avid follower and shareholder.
He was quite right about one thing in a recent podcast, the reason Xtract is materially undervalued is because he has failed to deliver, the market wants to see DELIVERY, 3 years now and nothing material at all.
The tell-tale sign that CB was not being 100% honest, imo, was when he announced, via both interview and RNS of the ‘Covid issues’ exactly when the borders were declared open. He had previously been saying that once the borders were opened then ‘we’re off’. The opening of the borders was the only hurdle for shipment. That obviously was not true, unless we are expected to believe that the new ‘Covid issues’ happened exactly at the same time the borders were opened !!
Further, the Aussie Project Man has been in lock down for some time (apparently) and well before borders were opened, so did CB not think his absence was going to cause / had caused delays? Why not mention this significant fact prior to borders opening?
CB tried to explain away this anomaly in the webinair interview when he said ‘I’ve probably presented a misconception’ (re shipment and timescales). I guess that’s one way of explaining it !
He was probably being honest in the webinair interview when he said that the contractors were waiting for the borders to be opened before committing money. They are now, probably, doing all those things he had already give us the impression they had already done months ago.
I hope Jeremy Read now starts to take a more focused and hands on approach. CB ‘spreads himself too thinly’ imo amongst so many projects and indeed companies. I think it’s time he had more support so all of our projects can now be delivered to completion.
Borders are all open LW. My assumption, now that Bird has seemingly told the truth WRT progression at FB, is that they will wait until the foundations are in place and signed off by the Aussie project manager.
Assuming the kit has been manufactured in Cape Town, the furthest big city from Manica, it's about a 29hr journey (~2520km). Let's say 3 days max to get the kit on site it's probably better where it is as there is no point having a cane onsite if the groundwork is not ready for instillation. (unless they're are charging us for storage)
Is the plant that has been fabricated in South Africa for FB ready for shipping ? I get that Covid has delayed things but is the border open or not ?
So.... is the FB bound equipment ready to ship or not ? Has the fabrication in South Africa been completed ? If the fabrication has been completed why is there a hold up ? Payment issues ? Once again I feel we are being subjected to economies of truth here.
Just went back to the two RNS's released on the 1st and 16th of August 2017. They both are updates regarding manica alluvial mine progress informing shareholders of how much equipment is on site and how the mine is progressing. Going by that I still believe we should be getting and update re the additional mines.
Well, if they investigate Bird's track record in terms of delivery, here, they're going to find it's pretty pi@@ poor Bb.
A fact he seems to find amusing based on his last interview!
It will be interesting to see if our Aussie contingent start off loading at the current share price, as it would say a lot about how they value the Bushranger project addition to the company ,and their faith in Mr Bird to deliver something positive. I'm sure they'll be exiting rather quickly if Manica kicks off
Understood.
Your use of the word 'income' made me think that was specifically is what you meant.
Tbh I am not expecting any update on free milling contractor progress, just income declaration. I'm taking the view, maybe wrongly, no update means all is progressing as planned???
Andrew i ment I'm expecting news that the mines are complete and they have started producing revenue. I don't expect figures yet, I just want confirmation they have stuck to the contract and are up and running.
CB is not late with income update....yet.
CB has said that we wont get any news re income for Guy Fawkes until early November along with the alluvial income. As alluvial income is not due until mid Nov, and because CB is always late with his guidance, I suspect we will get an income update for both, maybe at the same time, in mid to late November.
Boa Esp may also be included in the update ?
As the free milling ramp-up of production continues in November, we may not see a massive increase in income until the November output is declared in December?
No news on the additional income Colin! So what's happening with that? Are they late or have they pulled out? Are they having issues? What's the point in having a contract written up with set targets that are never hit? If these companies don't stick to the contract then what's their punishment? I suppose nothing because we are so desperate for the cash they know they can get away with it! It's a very poor show and even my optimistic view is started to fade.