Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Currently stuck in the US due weather related flight delays and was rather expecting an update by now? Hopefully a agreement can be reached by the time I get out of here or it would seem that the AMCU self serving leaders have zero concern for jobs. ATB
I cannot understand why a small team could now be organised to get the mine clear of water and sort the road to rescue the drilling rig as we have been told finance has been sorted.
is taking far too long. Meanwhile back on the mine? News please.
Should we be expecting news in the morning?
Well we are seriously due some news. It is becoming a worry this lack of news and the mine needs urgent action.
Anything happening here guys? Are we likely to hear news on the deal this week?
No mate. I am sure he must have passed it on to Deloitte. At least it might have helped them to gauge interest out there amongst private investors in support of the company and incorporated all our feedback in trying to better negotiate a deal with both IDC and AMCU. Mr.P
Mister Positive, Out of interest, did you ever hear back from PL or Deloitte? Cheers
Yes an agreement would be most encouraging. Shareholders & creditors have been very patient thus far & with creditors on board, perhaps the Practitioner can now turn up the pressure on AMCU? As I've said previously, they only speak for own affiliated members & not the entire labour force. MrP's recent court ruling article also tightens the screws on Union's to a certain extent. I'm not going to apologise for my direction of thinking & lack of tact perhaps this is the time to thin the ranks of sh*t stirrers. (Definition of "Tact" - It's the art of telling someone to p*ss off in such a manner that they actually look forward to it.) Together, shareholders/creditors will stump up the cash required but DCP needs a strong committed work force that are prepared to give their utmost in order to secure future prosperity of the mine, in so doing, everyone stand to gain. “There is no royal road to anything. One thing at a time, all things in succession. That which grows fast, withers as rapidly. That which grows slowly, endures.” – Josiah Gilbert Holland ATB
DiamondCorp (LON:DCP) Suspended – Update on restructuring discussions with the IDC and AMCU • DiamondCorp report today on progress in respect to their corporate restructuring and negotiations with the IDC ‘Industrial Development Corp. ’and the AMCU union, which is known in South Africa for its militant stance. • All parties appear to be willing to do their part with respect to rescuing the Lace Diamond Mine, though we note: “there can be no assurance that an appropriate agreement with the AMCU can be obtained in sufficient time,”. http://www.proactiveinvestors.co.uk/columns/sp-angel/27185/today-s-market-view-birimian-diamondcorp-plc-medusa-mining-limited-strategic-minerals-tethyan-resources-27185.html
Well we've encountered almost all the plagues so might as well include the French, LOL. Jaf, I think best guidance to follow would be as advised in update; i.e. restoration of the rig +-6weeks from recovery underground. Ground work repair & remediation to take place simultaneously during rig rebuild +-1 month. That is of course subject to any additional work that may have "snow balled" due to current agreement delays. DCP will surely update on the actual timeline required once AMCU are on board & plan is published & a new assessment is carried out. As a guess given that It's a tough call without much info on current levels of escalation incl. water levels that need to be pumped before rig recovery - So to be at the realistic at this stage & in the absence of direct info as to the status underground, probably around 8 weeks? Underground repair works as well as overdue care & maintenance could be completed well ahead of the rig return if there are no conveyor or production plant hick-ups. The latter equipment have a lot in common with woman, they don't like to be shut down & take plenty of time to warm up again...., Oops, sorry... ouch! Just kidding dear.
That's no way to talk about the French.
We haven't got an elephant problem as well have we?
Good to see humour still alive einvestein! Yes the update was upbeat & perhaps now that IDC agreement is in place, the AMCU will get on board in near term so that remediation/repair can commence? Remember even if AMCU does not agree with terms, they only speak for affiliated members, not for other unions nor non-unionised labour. With the IDC, DCH, Laurelton and other creditors on board, a BRP restructuring plan put to vote is likely pass without AMCU if it comes to that. It is preferable to have the AMCU agree as DCP would not want any AMCU retaliatory strike actions or disruptions to detract from the restructuring process! Let's see if this week brings a common voice?
probably cos I see no elephants in da room, Valency. I thought this was a very promising rns anyway.
Gorilla in the room is "Carlsberg or was it Einvestein? LOL. http://www.diamonds.net/News/NewsItem.aspx?ArticleID=58616&ArticleTitle=DiamondCorp%2bAgrees%2bto%2bLoan%2bDeal
I has a supsicion it might be a joke but was rather hoping it was not. Thanks for the straight answer.
....lol....Carlsberg......that put a smile on my face today....taking me back to my student days.....he he
LOL. twas a joke. I suppose you never heard of carlsberg, a beer company, which created advertisments with the line "if carlsberg did something it would probably be the best in the world"
Like you macaumike I do not understand.
Hi Einstein for short. Forgive me for being sense but who is carlsberg and can you explAIN FOR MY DUMB BRAIN?
wow. If carlsberg released an rns .... It looks as though phase 1 financing could be done solely via IDC and without AMCU initial approval ....."The IDC Agreement is also subject to entering into such an agreement with AMCU, unless otherwise waived by DCH." It also states that PCF funding could be simply via idc or both. The second phase would include either the strategic investor or share issue to repay the phase 1 loan. I would prefer share issue although if a strategic investor comes in, they may takeover soon. All depends on how much initial investment and at what percentage.
Don't think they are looking for a buyer for the whole mine, but more like long term Investor to come on board and strengthen the balance sheet putting the company on a more stable footing. But you never know, what else could be going on in the background. May be De Beers shown some interest ?
Does this mean they are trying to find a buyer for the whole mine?
We might hear something on the EOI. There was a mention in 28 Feb RNS.... "The BRP may also continue to solicit expressions of interest for a strategic investor(s) in LDM". Who knows there could be interest here, but BRP would only provide an update when they can. So yes watch that space closely.