Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Starts today it seems.
Back trading at last! Glad they sorted thier accounts out and can start making money again!
6th June 2017 - "The Company has requested the restoration of trading of its shares, which it expects shortly." The full 2016 accounts are available on AVM's website.
I see prices quoted here again, are LSE jumping the gun, or have we been re-admitted (or unsuspended, whatever the word may be!)? Probably not a popular call, but it looks to me as if we may be starting to turn a corner at last.
Avocet has released its 2016 Accounts. They are available on their website. The whole document is a whopping 107 pages long and repetitive towards the end. Now they should be able to apply for relisting and trading. I'm surprised this is not shown on this sight as news. The conclusion is that Avocet's survival depends on negotiations for debt repayment terms and the price of gold. My gods are powerless to help.
Avocet has released its 2016 Accounts. They are available on their website. The whole document is a whopping 107 pages long and repetitive towards the end. Now they should be able to apply for relisting and trading. I'm surprised this is not shown on this sight as news. The conclusion is that Avocet's survival depends on negotiations for debt repayment terms and the price of gold. My gods are powerless to help.
I think someone's watching me and laughing, guess the RNS tells as much as can be told!
Anyone got any idea when or if this will start trading again? Folk seem to be getting behind Gold again, which is not too surprising given the political climate, if that carries on then we should start to see some margin on this mine, particularly if the creditors are starting to cheer up!
i don't profess to fully understand all this but i fear this is going to end well
Avocet Mining PLC, (‘Avocet’ or ‘the Company’) is pleased to announce today that its subsidiary Société des Mines de Bélahouro SA (‘SMB’) that operates the Inata gold mine in Burkina Faso, has entered into a standstill agreement with its major trade and financial creditors — a key milestone in SMB’s balance sheet restructuring process. As announced earlier, SMB is in discussions with trade creditors, banks and government to stabilize SMB and with a view to restructure its balance sheet. In this process a key step has now been achieved: SMB, its major trade and financial creditors — together representing approximately seventy per cent of SMB’s debt — have agreed the terms of a standstill agreement for the duration of two months as strategic options are being explored in connection with a financial, debt and corporate restructuring of the SMB. Pursuant to this agreement, SMB’s major trade creditors and its bank shall refrain from exercising their rights and remedies, and taking any legal action to protect and preserve such rights and remedies, in relation to their outstanding debts. In turn, SMB agreed to a payment scheme for deliveries of services and goods during the standstill period that provides for payments thereof in sync with the receipt of the gold proceeds by SMB, once the mine has resumed its full operation. The standstill agreement is part of a complex process. As SMB moves on with the implementation of the agreement, it will have to ensure the support of all stakeholders. All of them (including creditors, government, key operational stakeholders and employees) will need to contribute to achieve a consensual restructuring solution. The backing of SMB’s major trade creditors and its bank is greatly appreciated and gives the process momentum.
Yes. It's in the RNS section.
?? Has trading been suspended ??
Phew! That's a lifeline for Avocet. That should keep pushing things in the right direction.
22 May 2017 First Closing of the Tri-K project completed Avocet received the decree signed by the Guinean President ratifying the Mining Convention for the Tri-K project earlier this month. Following this, the so-called ‘First Closing’ was completed today and the Company has received from Managem USD 4 million for 40 per cent of its interest in the project.
Avocet has received the Presidential Decree which ratifies the Mining Convention for Tri-K project as an Act of law. “First Closing”, whereby the Company will receive $4 million from Managem for 40% of its interest in project is expected to happen on short notice. A further announcement will be made at this point.
Auditor needs more time! AVM need a new auditor. Nothing we can do now but wait........
:-(
What is going on ? With this gold price should be much higher ......
Appointment of new Chief Executive Officer The Company is pleased to announce that Boudewijn Wentink has been appointed Chief Executive Officer with immediate effect and will join the board as an Executive Director. Boudewijn has a wealth of experience in managing businesses in challenging circumstances, most recently with New World Resources plc, a coal mining group based in the Czech Republic. He served as New World Resources’ finance & legal director, and executive director, from 1 September 2015 until 3 November 2016. Boudewijn’s primary strategic objective will be to achieve the refinancing and restructuring that is critical to the future of the Company. David Cather will step aside as Chief Executive but will remain on the Board as Technical Director in order to provide oversight on technical and related matters.
08-Mar-17 13:47:47 62.5079,580 Buy* 63.00 49.74k Somebody splashed out almost 50K on a company deemed as a dead duck by some people. AVM might have received the $2.5mln cash from Managem and is about to release the news. Or something else. Either way significant news could be on its way.
Soon... sos signs are on the wall. 30p post merger.
We are now in the second leg of this rally and based upon current technical models, it should culminate with gold prices at least at $1280 or higher...
Stuart. Take a look back at the Tri-K reserve estimates and plans. My guess is that the management are kind of running around like headless chickens trying to get enough cash to stop this from folding entirely, so are not really focused on explaining tech documents to us. They're worth reading, the 1MOz reserve estimate doesn't appear unrealistic based on samples so far taken. The costs are, so far as I can tell, not yet known - there have been various options put forward varying from building new onsite processing through to increasing truck inventory and processing alongside the new Souma pile. Given that M now have 70%, they will be very much in the driving seat, so keep an eye on what they are saying in their own news flows.
Right, so let's assume Inata will go on until 2019 with the increased reserves and gold at $1200, the profits will pay for running the business and repay the debt. Tri_K will need funding to bring into production. Presumably we can borrow against the asset and then enjoy 10 years of income assuming Managem increase the find to 1Moz as expected. Hopefully AVM will continue exploring to add to that. I'm just surprised at the lack of info from the board. They report a deal but don't say how it benefits us and where the funding is coming from. I would like to see at least some sort of plan for bringing Tri-K to production and a projection of it's profits. They must have discussed such things before deciding Managem was a good idea. Managem is selling the project to it's shareholders as a great idea but our board haven't done the same with us. All our board do is warn of pending doom at every opportunity as if they're planning to take the silver and run. Nice!
Hi Stuart, I am no expert in gold-mining, but I will try to enlighten you. In and of itself, Tri-K looked like a lifeline for us when it was granted in March 2015. The permit also had a condition that we were expected to start a construction by March 2016. If we didn't, we would start paying $100K each month to the Guinean government, which we did. If no construction started within 18 months from the date of permit (by September 2016), the government had a right to withdraw the permit. We got an extension till December 2016. Had we failed to strike a deal with Managem, Tri-K would have gone down the drain. As you know we couldn't have started a construction on our own as we are as poor as a church mouse and hardly making ends meet. No one wants to lend us money, because AVM is already staggering around West Africa in patchy pants. 30% stake may look like a bad deal, I personally would prefer 30% to nothing. In my view Manacet is a godsend. Inata is looking alright with its $900-$1000 cash cost for 2017. We are a gold-price dependent miner and any hike in gold price would push the SP upside and that's what we all want. Upcoming French and Dutch presidential elections may well play into the hands of gold as the EU may fall apart if Le Pen wins it. AVM could prove many so called experts wrong and we may end up having the last laugh.