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Orkun is this the firm that are contracted to the mine? if so they are Turkish just like MNG, talk about keeping it in house
well that appears to be the confirmation of the reversal........ closed in auction too
next piece of news SHOULD be positive saying terms agreed with workers and mine back in operation
dilution of mine probably already priced in by some of the privileged on drop to the low 100s
Hopefully bags from here... DYOR etc
i sold at 29 yesterday, thinking it was going down....glad i got back in now at 34p! hopefully make my 20% loss back and some :) GLA
They will be back to work next week, imo
wont take long to sort this out, a bit of carrot dangling and they will be all shovels to the fore,
GLA LTH Hanging on to these, if the get the economics right , Divi,s could be back on the table in a year or so
They won’t be having mine back anytime soon , in for average 30p which in my opinion going to be at least a 3-bagger
I can wait till the strike is over , shouldn’t of dropped it so far trying to mug the holders
GLA LTH Can see this back above a £1 on a resumption of mining
was doing dummy sell only 4000 shares
as soon as i put decent amount of shares buy price moved to 37.75
sneaky mm
been NT to buy for the past hour... seems like the market were waiting for today's 'bad news' to be out of the way?
Assuming any news now will be more positive...
offered 37.515 to sell and 75.5 to buy crazy
Now looks good for an afternoon blast into 40s
It's going to take a lot to turn this around from here - much higher costs than forecast for the rest of this year along with lower production. Even before these problems with the mine it was generating negative cash flow and debt was rising - debt is now very high compared to the market cap. Plus a funding shortfall of at least $25-30 million for the current year isn't going to be easy to finance. I would definitely be very cautious after these latest updates as this has the potential to go badly wrong very quickly from here.
Exponentially now seems to be getting stronger and massively oversold
to build a nice little holding , 50,000, will wait for the re-rate to begin over the next few days and weeks,
GLA LTH
Agree entirely, give it a few weeks and no doubt an RNS will land informing th market that operations have now resumed. Lovely AIM
it happens all the time in industry , nothing new there, Sir P.Green, is trying it on with his Landords, with the threat of closure if he doesn't get a reduction and 1,0000, s of job losses, so its nothing new, we don't know how much of a reduction in wages it means to the workers, they have the right to walk away, im sure there will be plenty more out there who are willing to take their place,
The Market always wins in the end , Supply and demand, just economics at work,
GLA LTH I reckon couple of weeks and they will be back to full production, once the beer money runs out they will be knocking on the door, for a job
Clearly this is bargain basement,
Rehiring workers on a lower wage should make for a happy workforce!!
As I understand it, Avesoro sacked 300 workers and have signed a contract with Orkun Group Sarl to perform the mining on a contract basis.
Orkun Group Sarl are expecting to rehire some or all of these workers, probably on a lower wage.
Surely the liability is on the mining contractor Orkun Group Sarl as they should have made adequate arrangements to ensure they have workers available and that they can complete the mining as per the contract! Avesoro should sue them if this is not swiftly resolved.
moving in at this level, Bargain Sp, imo
GLA LTH Surprised the Directors not snapping these up, Still time,
The Company's CEO is working closely with senior management of Orkun to resolve the situation.The Company remains confident of a positive near-term conclusion, however gold processing operations have now been temporarily suspended at Youga. Mining and processing operations will recommence upon successful conclusion of these negotiations.
https://www.investegate.co.uk/avesoro-resources--aso-/rns/operational-update/201906120700058881B/
34 now
looks like it going to turn out to be blue day?
well not the drop i was waiting for but hey ho upwards and onwards !
33 to buy so any cheap shares dont look likely
good chance to bag extra shares though at stupid price -or loose fresh cash you chucked at it?
ASO is not in a good position and has shown how easy a company loses over half its value in less than a day, just a morning.
Opportunity to pick some more cheap stock up , this will be resolved eventually just letting the locals sweat it out a little longer , eventually they will give in to Company demands
Which in turn will realise significant savings going forward , maybe they can introduce a bonus scheme for the workers the more gold they pull out the bigger the bonus
GLA everyone deserves a share in the Company Profits
i see it as a positive they are standing there ground the mine needs to be profitable or it would be pointless ,
i recon a deal will be reached by this week or next possibly tops any short term drop will be snapped up.