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Finally someone has pointed towards the Chinese influence in Africa, the Chinese currently doing $500b of trade in Africa and they can put pressure on the system to control it. The authorities hope for more trade with China because a large part of their debt is held by Chinese financial companies.
MyIPA , strong buy , have you seen the SP , has any coal, coke been sold ???
InvestorPA - Look all over Africa for examples of this - looks like you haven't done your due dilligence on timescales nor how things actually work for mining explorer developer. If you are glencore you're fine, or potentially a french company, but otherwise this no bribary rubbish means non-Chinese companies find it impossible to do normal business in Africa. Just look at the corruption index. If you want a mine, you'd better pay the right people for it.
Looks like this Groves chap is right on the money in how to deal with a Chinese firm, given his backround highlighted to by Worldwidepleb.
Tapman - joking right? approximately means to pretty much every single person who has ever done a tax return: 116,000 +/-500 USD($115499 to $116499). just not possible to misunderstand that. Also. immaterial in the extreme.
"Contango Holdings Plc, the producing London listed natural resource development company, is pleased to confirm it has received approximately US$116,000 from a large multi-national company ("MNC") as payment for the previously reported circa 1,000 tonne bulk sample of washed coking coal. Over half of the bulk sample has been mined, screened, washed and is ready for collection, with the balance due later this month."
As for payment, they stated they have received it. They then also state that half of the sample is ready to be collected (as shown in pictures) and the other half of the sample will be ready in short order (later this month meaning within the next 11 days - probably enough time for the fleet to drive to SA, drop it, have a break for Christmas, drive back, and collect it so probably a week thursday).
Esprey and Groves , same old
Progress with given the complications around the current offtake partner, TransOre, which has not yet provided further orders or payment for washed coking coal as envisaged under the July 2023 offtake agreement.
Jrolmax: Please don't mislead: the RNS states: " . . . is pleased to confirm it has received approximately US$116,000 from a large multi-national company ("MNC") as payment for the previously reported circa 1,000 tonne bulk sample of washed coking coal. "
Now, of course, the qualifying word here is 'approximately'. Does that mean US$110, 000 or 120,000 or something else. Yes, I too am very sceptical and now wish I had gone with my gut feeling when I bought in at 0.72 but them's the breaks. But if you are going to quote an RNS, please do so responsibly. EoL.
Lots of us in the same boat mate, not selling as it’s only a loss when you sell. The bidder may surprise us all, part of the rns I think was saying get a move on and buy it or we will look elsewhere for revenue.
Just add one more thing before I get on with my miserable day (and it is miserable as I look at the significant loss I'm sitting on atm), I've never heard of so much money and resources and time being spent on building a mine and the owner then struggling to sell any of the commodity / product that is mined, be it coal, copper, gold or anything else. This really is a first for me. Maybe something like this has happened before but not that I'm aware of.
Complete and utter destruction in shareholder value about these f****** idiots. Had an offtake with AtoZ which clearly was not genuine and only "existed" to enable the company to raise the £7.5m last year. Now the TransOre offtake looks like its been complete BS as well. And now the company is back to square one with an alleged "world class" asset with coal that nobody is buying. Absolutely hilarious stupidity from these lot. No wonder people have been selling.
They could sign an offtake with the MNC tomorrow for 100,000 tonnes per month. But would the market believe them after all that's happened so far? I don’t think so. The only way we recover imo is if Carl is replaced as CEO with someone more reputable because Carl's reputation is in tatters now and I for one do not believe anything he says.
No trust with this company, that is apparent by the sustained selling pressure. esprey has a checkered history and Groves as a shareholder is even worse. Too many shenanigans going on here. Maybe a trade but becoming uninvestable.
Read the rns again, it says “ waiting for payment “
LOL
On 18 Dec 2023 09:55 I wrote:
"Quite clear to those of us with common sense these idiots are potentially going to release an annoucement via RNS saying "we're pleased to announce we have decided to abandon the offtake with TransOre in favour of a much bigger offtake with the MNC who we can now reveal is XXX"
If this does happen then it'll be crystal clear that the initial sale in August was all b******* and that this board of directors have consistently been lying to us."
Looks like they've decided to get ahead of it instead of waiting to sign the offtake with the MNC. Also it means they've not sold any bloody coal since August, if they did indeed sell any to TransOre to begin with. I sense a lot of lies and deception up to this point. They've certainly not been completely honest with us so far. Will that change going forwards? Hmm.....
They just had a 1 million unsecured loan and now this 116,000. No need for cash at the mo
Find this company smoke mirrors, finding harder than thought get this mine into production, further finance required I feel in time,
No mention of the buy out means that it’s still on the table otherwise they’d have said the deals off
*coking
Auto correct
I also unfortunately found this yeasterday.
‘If’ it is our potential offtaker then the share price decline tallies with the sell off and starts to make sense.
They import around 70% of Zimbabwes coming coal and are significantly reducing ops.
I hope not. Lets wait and see.
You know what they say- 8th time lucky
https://www.bloomberg.com/news/articles/2023-11-28/arcelormittal-to-cut-3-500-jobs-in-south-africa-as-growth-slows
No more TransOre? Groundhog Day again.
Now no mention of the potential buyout, even in passing…
Lots of buys going thru today.
makes a nice change from the sea of red.
Someone. Is confident
19.2k buy soeones confident
The guy in the picture is Jacques Cormack who works for Monaf Investments, the mine operator.