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Eureka remains an enigma, no mention for ages, so far not heard anything to suggest it will not be progressed.
So with what I just read is Eureka a no go for Xtract does anybody know please they did put out drilling resin September 21 so figured it must still be progressing but not had any more news on it .
The net result of these deals see nothing for shareholders but somebody is benefitting somewhere as cash gets shifted. Am I correct in thinking the deal with Kalengwa was at the same time as another of Colin's interests BZT ? Was the XTR deal done in some way to ease BZT in ? Is Eureka connected with that somehow ? Does Joel act for both XTR and BZT ?
Then there was the MozGold fiasco. I thought at the time that we didn't get a good explanation for giving cash to them after being told the benefit of having a stake was because Colin thought the alluvials were worth having a more direct interest in. We have had no where near what we were led to believe from the alluvials and yet that deal was done losing us money.
Manica wont give us a penny until MMP themselves declare a"profit". It almost seems like the aim is to use XTR to facilitate deals to benefit others.
We really do need to see some sort of shareholder value delivered Colin. The SP is marking the deals done to date as a fail.
I suspect within the next 12 to 18 month months CB will be saying
" that around 3m worth of equipment was required to progress the Eureka project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they we never intended to put that sort of cash up front."
I got impression at AGM in 2021, that around 3m worth of equipment was required to progress the Kalengwa project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they had never intended to put that sort of cash up front.
Edit. Sorry, shortly after the high court judge dismissed the application to dismiss the 2019 injunction the results of XRF were released. The Court papers were handed over some time after on site. Does not change the observation though as I’m sure the company would have been aware of the application.
Just an observation….
Shortly after the conjunction was restored with the handover on site of court papers, Xtract published the xrf results from the 6 previous recon holes drilled.
https://www.lse.co.uk/rns/XTR/reconnaissance-drilling-results-kalengwa-kafeqtwin222tiy.html
Colin Bird, Executive Chairman said: "Our JV agreement for the Kalengwa pit area allows us to mine and process material 500m either side of the old open pit……….
Just seems an odd comment to state, like he is distancing the company from any wrong doing on Xtracts part at least.
>> I cannot believe the Xtract BOD are ‘anything’ but blameless.
Ask yourself if it is likely that uk listed business would sink over 300k into a project that they ‘knew’ had a court directive in place that stopped all mining and exploration activities?
Doesn’t make sense, gotta be legal proceedings if is the case. Could be a way to leverage greater control or toward a overall buy out of eureka??
Just looking a bit further into the kalengwa saga if is of interest to any unfamiliar with what’s gone on.
Initial reports in Zambian media of the mining/exploration ownership dispute, where there was a response to the market by xtract in oct ‘20
https://www.lse.co.uk/rns/XTR/comment-regarding-zambia-media-reports-ydfyagthppx9udd.html
Below is what followed in ‘21 shortly after Xtract had drilled 6 recon holes.
https://m.facebook.com/themastzambia/posts/euro-africa-kalengwa-mine-director-warns-kpz-directors-of-contemptby-staff-repor/2988142031443834/
The one stand out bit is that the lawyers of KPZ were aware of the 2019 caveat that stopped any activities at the mining site.
Once trust has been compromised in business ……
I cannot believe the Xtract BOD are ‘anything’ but blameless
If at first you don't succeed try ,try ,and try again.
Oh and try again ??!!!!
Ben
If the two you are referring to our Kalengwa and Eureka as the two failures then its actually three failures as there was also "Kajevu" known as the "Matrix Project".
All three in Zambia
Money spent with 0 income which could have been used to do more drilling at Manica where we know there is recoverable gold - or used for more drilling at Bushranger.
CB does seem to have an affection for Zambia, which doesnt seem to be justified at the moment :)
There’s probably more to do with the JV with kpz than Kalengwa itself. It was mined originally for over ten years without power or haulage issues and is reported to have some of the highest grades in Zambia. KPZ having massive debts could be a clue.
Sometimes 5hit ’appens, a project success-failure ratio of 4 or 5-1 was mentioned. Hope is, it does not have a knock on effect with Eureka being under the same JV partner. So to drop Kalengwa with the hope eureka can be kept or bought out as is far more progressed being production ready, proven scope to extend existing pit along strike and at depth and has had more cash spent on exploration and development than on kalengwa.
Hopefully some good will come out of this. I don’t think you can blame CB until the real facts, are known regarding the relationship with kpz
Eureka has great grades. Opportunity for exploration. Potential IOCG. Heard it all before. What sets this apart from the others? Why would anyone invest based on kakuye when the past two copper ventures have basically failed (they have brough 0 profit or shareholder value to Xtract since their acquisitions)?
I hope it turns out better than kalengwa which certainly didn't show CB's business acumen in a particularly good light.
The most significant comment on about 10 mins was if you look at the open pit at Kakuyu , there are grades of 25%, 10% an average of 3.5% but as these are smaller resources with shorter mine life the grades compensate for that. So particularly where the potential discovery of a new ore body to the NE of the existing pit that displays the same composition from sampling that showed a significant copper in soil anomaly. Is great for the potential longevity of mining operations to continue there over many many more years.
Getting these foot holds now in these fertile regions is testament to CB’s business acumen, with the ability and clout to make these deals in line with Xtract’s growth strategy.
The roast boys report back from their jolly in Africa. Xtract’s new JV acquisition Kakuyu gets a couple of plugs in first 15 mins from their guide Martyn churchouse, who is or was a company consultant with oversight of exploration and mine development programmes covering multiple targets and resources in Africa. He has just been appointed MD for one of CB’s other companies, Kendrick resources.
https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNjQ0MzcucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMy0wMi0wNTovcG9zdHMvODI0MjEwOQ%3D%3D
I know just the the place and mine that fits the description perfectly. Should they like to give me a call, then i would be more thsn happy to point them in the right direction:-)
What they need is a new large mine in a very safe jurisdiction to offset the risks of investing in volatile jurisdictions.
https://www.angloamerican.com/media/press-releases/2022/26-09-2022
Couldn’t agree more that the crypto coin digital currency frenzy is a ponsi scheme . Block chain technology may have some merit but bitcoin ethereum etc is as Warren Buffet says “rat poison”.
it is easy enough to lose money on Aim . I don’t need another way .
I don’t see crypto like bitcoin being a viable asset however tokenization will be the future , effectively just a digital share register . The crypto market will be regulated soon.
I was sceptical and I am cautious and personally the only crypto that I trust is XRP in the not too distant future every transaction will run on the Ripple ledger leverage of the XRP token as a digital currency instant transactions across all boarders no failure rate unlike swift and will usher in the new banking system if you see any news on CBDC from the Bank of England this is the technology that is going to be used throughout the world when you think or hear of digital cross border payments you now know of XRP .
Hi Cela24, generally I think your views are interesting to read, but when it comes to crypto, I'm a total non-believer. Wealth is built on labour or services supplied which increase the communal wealth. Investing is merely the supply of cash to enable that process to take place.
Crypto is all very clever but at its heart it's a Ponsi scheme. Yes, of course some are going to make money but each trader is relying on a following 'investor' to do the same - definition of a Ponsi scheme. Unlike traditional wealth creation, no labour or service is being supplied to enrich the community. In fact the very opposite is taking place. Resources are being used (it's often been quoted that the energy generation of a small country is being used to 'mine' crypto coins) to do what? Solve equations that do not need to be solved! If the effort was being used to define 'Pie' to another decimal point it would be of some use, but no, not even that. Once the 'equation' is solved, the whole process starts again - madness.
I have no doubt that one day Crypto and the trading of Dutch tulip bulbs will be uttered in the same breath.
No doubt I'll be told I have no idea what I'm talking about. Yep, maybe, but I'll be keeping my assets in more traditional forms while I wait for Crypto apocalypse.
Hi Ripple is the company behind the XRP token it is their technology that allows for cross border payments and any other type of payments that are to be made with the on demand liquidity that is the XRP token and what it was designed for , the Bank of England
Is soon to start CBDC transactions and Will harbour Ripples technology that has to use XRP as every transaction will have to go through ripples ledger each currency is converted into XRP and as it is instant and costs less than a penny to send there is no currency slippage this frees up the trillions bank have at hand and parked up in other countries to cover cross boarder payments and the beauty is ther is zero failure unlike swift system,the ECB is also going to start useing it ,all roads lead to Ripple and the XRP token being used I purchased XRP through EToro its well publicised that for XRP to facilitate all transactions worldwide it has to have a high value , a price of 10.000 dollars per token has been well reported in order to cover the liquidity needed , ODL is the future of Banking ,not financial advice
But are you investing in the crypto ‘coin’ or the company that owns the IP/ blockchain technology. That’s two very different things. A currency cannot work if it can appreciate or depreciate 40% in a day. The worlds financial transactions cannot be made in something so volatile.