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Fair point Heid.. if I'm completely honest I actually missed the 'by nexus' part.. Regardless, they're still gone and it doesn't make much difference to me who decided the end the agreement, what matters is that they're not eating up our potential profits.
100% of the risk/reward from the alluvial project ongoing where we previously only had 50% under the agreement, I'm more than happy with that.
If you're looking for the reason they've 'bailed' as you put it, maybe we just became 'difficult' to work with, after all, it's our concession and our wholly owned subsidiary....
As Explorator gets the same share of the gold produced, regardless of the profit/loss made by Huafei then that should mean that we are now in a position to be turning a profit at corporate level rather than just an an operating level...That can only be good news :-)
"The Board of Xtract ("Xtract" or the "Company") announces that the Collaboration Agreement ("Agreement") between the Company and Nexus Capital Holdings PTE Limited ("Nexus") for the exploitation of the Manica alluvials has now been terminated by Nexus with an effective date of 2 December 2019. The terms of the Collaboration Agreement were previously announced on 30 October 2018, pursuant to which Xtract's net share of its wholly-owned Mozambican subsidiary Explorator Limitada's gold revenue and costs was 50%, the balance being for the account of Nexus. Following termination of the Collaboration Agreement, Xtract's net share of Explorator's share of gold revenue and costs will now be 100%...."
Makes sense for CB to use XTR shares as currency (again) in such a minefield of corruption, instead of hard cash. Dilution is never going to increase shareholder value. As least he's bought a few recently.
This was in 2016 fighting in the different parties are a bit of clannish effects but Fawazi’s was Illegal it says here but is three years later still in there doing business ?. Very big questions here and bigger who is who in charge. Euro Africa Kalengwa Mine Ltd, the rightful owner of Kalengwa Mine has six Directors who include Senior Chief Chizera of the Kaonde People of North Western Province. The six directors lead the Company on behalf of the people of Mufumbwe. Kalengwa Mine is not owned by Shawi Fawazi and his Lunga Resources as some media sites are still circulating. Shawi Fawazi’s long stay at the Kalengwa Mine was illegal and a product of corruption and conspiracy by some corrupt elements holding public office. The Supreme Court which is the highest Court in Zambia in two rulings the last being in March 2015 ordered Shawi Fawazi and his Lunga Resources to vacate the Kalengwa Mine tenement. Corrupt Shawi Fawazi though, using the might of money, as a tool to corrupt some weak individuals in both the Zambian legal system and some weak corrupt public officers and political maneuverings still pries around fighting and hoping for a turn of his fortunes. He will be the happiest to any illegal scheme or political decision that would break the law over Kalengwa Mine. President Edgar Chagwa Lungu the law keeper will never allow anything that will break the law. It’s a game over for corrupt Shawi Fawazi!!!It is a game over for those wanting to use politics to halt legal business transactions!!!
Some heavy selling today. I think CB needs to allay fears over the ownership of Kalengwa. Is there truth in this old article or are de-rappers at work. Sadly the lack of overall confidence means people fear the worst.
Xtract will pay KPZ USD200,000 to be settled through the issuance of new Xtract ordinary shares ("New Xtract Shares"). The share price used to determine the number of New Xtract Shares shall be the volume weighted average share Price. So how many shareholders in the company we might get a couple of dollars each haha.
Does this mean the shares issued to KPZ will be returned and dished out to he share holders like us that have lost a lot over this stupid period and the man Colin Bird should divi up some of his own shares among the holders as a recompense for his stupidity.
Does seem a bit funny unless it is in different area or location in Zambia or this was sorted as it states 23 August and this was agreed October 2019 But is a definite what is going on here ???????? The Board of Xtract Resources Plc ("Xtract" or the "Company") announces that further to the announcement of 15 July 2019, the Company has today informed KPZ International Ltd ("KPZ") that it intends to exercise its option to act as contractor for the Kalengwa Processing project on the copper large scale mining license number 24401-HQ-LEL located in the central part of the Republic of Zambia and the Company will pay KPZ UDS200,000 to be settled through the issuance of new Xtract ordinary shares ("New Shares"). A further announcement will be made as and when the New Shares are conditionally issued.
Hi Lucky,yes,you are correct,i would ideally like the price to drop,i just like to trade,i was waiting for the price to drop & i'm sure it will given CB's track record, lets trade you know it makes sense, happy christmas
Nice try!!! I was going to comment earlier but was in a bad signal area at work and I'm glad I didn't as when I got home I had a look at your previous posts pyo88. Your a deramper! I don't know if your a shorter or just want to buy in cheap......but Colin has already done the due diligence on the project. This story came out ages ago and caused a bit of a scare but it didn't work for you this time. Nice try though.