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I think when us wakes up this will go to 65 interested in people's thoughts and result from 11th
No good if its going to get seized. Massive massive risk hope its not one of those spectacular pump and dumps !!!!!
That was my wild guess mixed with hope. I don't believe that any major shareholder would abandon AVM when the cash cost is around $1000 and gold is over $1300. The production restart and $1350 oz is likely to coincide. The last statement looks vague to me. Too many things are missing. 1. Including the 3rd quarter profit we should have had around $10 mln cash. Did we use them to repay some of the debts? 2. Managem SA. "It is anticipated that First Close will take place by the end of 2016" and we should receive an initial cash payment of US$4 million. By the end of December 2016 Managem should complete the first close and we should get that £4 mln, why the heck are we panicking? 3. Why there is no word about a rights issue if there is a need for cash and a risk of closure? The last statement is written by Negative Nancy.
Where does it say production will start at 1350$ oz ?
Think soon some (good) news ! ....
Good profit.
If Production restarts we will soon be again at 100.00 level ! let's hope....
We will resume the operation as soon as gold reaches $1350. This temporary production cessation may prove to be a blessing. D.J.Trump will do us a massive favour next week and things will be tickety-boo.
Just hit 1300$ oz
Looking at Technical Analysis Support1: 43.25 Support2: 35.98 Hope mid 40s level will hold. But rre we going to test 35 level?
read last paragraph in official recent RNS: highly unlikely that any value will remain for shareholders.
JUST GOT IN , JUST WAIT FOR THE BOUNCE BACK, POSSIBLY ?
... I am not sure what AVM has done wrong... Apparently was following all the legal procedures regarding any money due to ex-employees but they decided to act illegally by seizingthe gold consignment though bailiffs... there is a court case, and a court that will decide about it.... As the company will suffer some losses/expenses for the momentary closure they will have the right to sue for compensation.... It is not a nice state of affairs, but it is not uncommon with mining... In other words is this company a bad company or just unlucky?
at the start of august this share was over 120p and i thought to myself that is looking promising. nearly 3 months later this has happened. a complete joke. hindsight is the only perfect science. i also sold out today and reinvested in another share hopefully to make my money back. we shall see!!
Been here for over 7 years topping up and averaging down. The closure of Inata is the final straw. Wouldn't be surprised if Managem gets it all for next to nothing. I've made a big loss today and strangely I feel relieved I'm out of this company. To those that remain I hope things turnaround. GLA
A prolonged cessation of operations may mean that the mine cannot be re-started without significant investment, if at all, and will likely have a material adverse effect on both SMB's and the Company's financial position. In particular, funding will likely be required to support the Company's head office operations ahead of the completion of the Tri-K transaction (as detailed below), which, subject, inter alia, to shareholder and regulatory approvals, will result in the receipt by the Company of an initial consideration of US$4.0m (approximately US$2.5m after costs). However, meetings are due to be held in Ouagadougou, the capital of Burkina Faso, in the coming days between representatives of the mine, its workforce, and government officials to try to find a resolution to the situation and to avoid a prolonged cessation. If funding is required before completion of the Tri-K transaction and such funding is not available from Inata or the Company is unable to secure alternative funding, the Company will likely enter an insolvency process in which circumstance it is highly unlikely that any value will remain for shareholders.
ABSOLUTELY DIRE!! Excuse me if I don't seem surprised. Just another part of the history of problems at this company. Glad I completely sold out before yet another calamity!!
What are the workers due to? It can't be wages, they were on strike! Travel expenses to work, maybe, or pension contributions? This BOD need to GET A GRIP!
SMB management have advised workers and the government that if this matter cannot be resolved promptly, and cash cannot be realised from gold sales in order to pay for running costs of the mine, management will need to consider temporary cessation of operations. If such a cessation is necessary, production will be impacted and no payments will be possible to suppliers or workers until the matter is resolved. If the cessation continues for a prolonged period, it may mean that the mine cannot be re-started without significant investment, if at all, and may have a material adverse effect on SMB's financial position Technical analysis where strong support should be round 62-63 area? Support1: 62.75 Support2: 52.21
sub 60 good entry, but risky, as African nation shows, assets can be easily taken away until the court ruling.
great sub 60 today poxy aim
I can think of 2 reasons why AVM has no management buy-ins. 1. The SP is still weak and they don't want to cause a chaos by selling when they need money for whatever reason. 2. They don't believe in the sustainability of the price of gold.
Thanks mate....really interesting points you have raised. I have just read it out to a friend. I'm kicking myself for not selling outright and going over to SOLG. I was considering it when members of their BOD had made massive buy-ins to the company. I realise why now!!! The one thing that really riles me about AVM is the lack of confidence shown by the CEO Mr David Cather and the BOD in their own company. NO BUY-INs here!! I know other shareholders have issue with this from previous comments made. Even after ANOTHER rescue package has been thrown at them to develop mining at Tri-K. So my message is.....I've always said that until management show some confidence and leadership here, this companies going nowhere. Surely after an investment like this someone at AVM would show investors that they know what they are doing by investing themselves. But it's not happening and until they do I think there are much better choices around.
I feel your pain mate. Walking down the tunnel and not seeing a light for ages... Depressing and exhausting. We have to admit that this company could've easily gone bust without a miraculous gold price rise since January 2016. Currently, that's what keeps us in business or sinks us. I doubt the CEO can do much to push the SP higher if the gold price stays at this level. Teresa May's timing to trigger article 50 is for a good reason. In April and May 2016 France will hold presidential elections, which is just one month after we start exit talks. Those exit talks are timed to coincide with French elections, which can potentially play into the hands of Marie Le Pen who is also vowing to offer an in/out EU referendum. On 04.12.2016 there is an Italian constitutional referendum, which will oust the current Prime Minister should he lose it. His resignation will pave the way for euro-sceptic party Five Star Movement, which is also pushing for an EU referendum. The EU is doomed. It's just a matter of time. The EU crisis/collapse will set the price of gold skyrocketing with immediate effect. This world is no longer the world we used to know. Almost everything is going against the odds. Even Leavers didn't believe in Brexit. Leicester... which left Gary Lineker in his pants. I will be shocked if Trump doesn't win... It's perfectly possible that the price of gold can soar in a heart beat and we can repay all our debts within one year. All these may sound hypothetical, but once upon a time ago Leicester and Brexit also sounded hypothetical.
Continued dreadful performance of this company. The BOD and the CEO have to take full responsibility for this. They should all resign immediately shareholders have surely suffered enough. I just wish Elliott would intervene. Surely, they have had enough, as the major shareholder.