The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Sounds like all the necessary 'i's and T's' are being crossed and dotted! BIG INCREASE in resource caught my eye look forward to hearing what this is in due course. No wonder the new director was keen to buy in i wonder if this will be his last investment or whether he wanted to buy more?
Great stuff.
Cossy,
Tend to agree with you and suspect it's for other party/ies probably more or as much as for us. You know - showing that regardless of what's going on in the background they're still progressing the project.
Otherwise - why no mention of the elephant in the room?
That's all I can come up with anyway.
There is virtually nothing in there that we did not know or expect.
Nothing more than a bit of waffle to shut us up and to stem the number of e-mails to the company.
Why couldn't the 2018 drill results have been announced? It is not in the interest of entities unknown to have them released.
The TEO to be submitted in December '20. That means we shall trundle along at these price levels for another 15 months ... unless the road financing or some sort of investment in AMC is confirmed .
Thought we scrapped the DFS on the advice of Medea who stated the PFS was sufficient for our objectives. Were we not working on the DFS years ago and then halted this.
We dont have much left in the way of funds so what is going to happen here?
So much of this work should have been ongoing for years.Do they expect us to accept all this has been done during this year.what the heck have they been doing.as you said sansavatar “waffle”
Once again the big increase in resource carrot is dangled on a stick
Great stuff someone said sporting a very bron nose
MD
Three words describe that RNS.
"Patronising, platitudinous and mushrooms."
ftsedow, we all know it's not an overnight job. That's absolutely no excuse for not releasing the 2018 drill results.
Sorry for the typo,should have been Brown that’s shoe polish brown
MD
Don't forget this, from official RNS, 22 March 2019.
"I look forward to providing a more in depth perspective of the strategic partnering plan in the very near future."
And here we are 16 September 2019, back end of Q3, no perspective given and still no 2018 drill updates, shocking display of utter contempt for shareholders.
This guy doesn't even care that he consistently fails to deliver on his own promises.
But the disciples will no doubt attempt to defend the indefensible.
Must be all these NDA's RY has signed.
-------------------------
"The information within the TEO will be included in a Western Definitive Feasibility Study ("DFS") which will be progressed in parallel with the TEO. As various components of the study are completed, the Company will be compiling appropriate portions of the DFS."
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Submission and completion of TEO Dec 1. Meaning something similar for DFS, so actually not that far away (compared to where we might have thought we were for DFS).
I'm a LTH, but agree with many on here. This update actually contains very little, and do I have faith in Dec 2020?
As the owners of the company, we deserve much more detail on a number of things.
A poor show Robin.
I'm more interested in who's going to be paying for this lot.
My take on this is that AMC has submitted all the necessary info to Oreol for them to compile. Therefore, whilst the deadline for the TEO to be submitted is December 2020, we might find that we submit ours before then. All depends on how quickly Oreol can do the work.
I agree that there isn't much in today's announcement that we didn't already know, but isn't it good to hear from the company that the necessary work is being completed?
Just need to stay patient with this, we'll get there.
Going with the majority of posters here - this RNS is an insult. What happened to the “living document” PFS that hasn’t been updated since February? Where are the 2018 drill results that could and should have been released well before now? RY has been anticipating “a considerable increase in the resource and reserve inventory due to the newly discovered mineralisation identified during the 2018 field season” for a year now - what’s to anticipate any longer? It’s inexcusable not to publish that info and to fob us all off with vague words about what you’ve been doing for a TEO with a December 2020 dateline when you’ve been silent for seven months.
according to this document
http://www.imcmontan.ru/eng/files/CN-_-AT-_--Mine-Design-Stages-in-Russia---ENG.pdf
the TEO reduces the margin of error from about 25% (our current PFS level) to about 10-15%... more in line with a DFS level.
Time scales are typically 9-12 months... So with luck this will be completed July next year. The fact we are demonstrating compliance to Russian and International standards only broadens the scope of potential partners. I think this is all very good news.
M
Within the next 3 months we will be due the AGM. Like with previous years, this is likely to lead to an authority to issue another 200m shares ....... so, who will be paying for this lot ? .... shareholders .... with more dilution.
OTL
As I understand it , IG Copper had a TEO done.
I think what's happened here is that yes, we thought a PFS would be enough following Medea's advice. We produced a PFS, and perhaps any forthcoming financing offers weren't that attractive.
So Plan B, get Bowens in. He'd have advised that getting a TEO done is necessary: he did the exact same for IG Copper and got an offer. I'm guessing that's whats happened here.
If that's the case CBS, then when was the TEO completed by IG Copper because RCC commenced the offer in June 2018 and I am not so sure the TEO was completed at that stage.
Patiance poor why dont you telefone the nomad for amur. They are sp angel and number at the bottom of the rns. I rang on friday asked 1. Why havent the price sensitive drilling results 2018 been released 2. If you cant advise me due to an nda would you be allowed to tell me this. They said they would come back to me probably monday as they had to contact the company.
I look forward to you getting a response gwm121. Personally, I take nothing as true from AMC now unless it’s in an RNS because RY’s words have too often failed to match his actions.
Here’s another example of poor faith in the latest RNS - it references the “and statement of the final analytical results 6 February 2019” without referring to the fact that this statement included no info on what those results were in terms of resources. And that feb. 2019 document on AMC’s website stated that “the final drill results for the last five holes completed at the end of the 2018 programme have also been reported and include the QAQC results derived for these five holes.” Which means that the PFS with the 2018 drill results could have been released any time since then. So why isn’t it public?
I was never expecting drill results and associated details by this point so today's RNS hasn't caused me any concern. In fact, it's shown what is happening over the coming year. Agree with others that the TEO shouldn't take to Dec 1st 2020 and is good news that the DFS is being produced simultaneously. We're covering all bases and getting on with it.
Hey Nolo
I've tried pinning down an exact date but it's not that transparent unfortunately.
What I can find is a report by Wardell-Armstrong which seemed to have been commissioned by Freeport McMoran and IGC.
I pasted a link to the report and my post was blocked so I shalln't do that again.
but from the report, which you can find online, it was published in July 2015 and contains the following para (among others related to a TEO):
"IGC has also advised that the Project's "Technical-Economic Justification (TEO) of Temporary
Conditions" report has been accepted, and that the “prospecting phase” of the Malmyzh exploration
and mining licenses has been successfully completed. Consequently, the Malmyzh and Malmyzh North
licenses are in good standing for this stage of the Project's development according to the laws of the
Russian Federation."
Ok thanks Cbs.