Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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... we're not expecting any RNS for another 2 months?
I guess I could ask when the placing is!??!!??
Why would I say it? Because although I'm invested that's what I believe will happen.
Minimal income, burn rate including solicitor fees, £400,000 isn't going to last them long. They not proposing producing 2,000 tonnes until June 2023. £400,000 may not last until they get money from that, and even then will the revenue from 2,000 tonnes cover all costs? It's a shambles and likely take the next 6 months to sort. I can see another placing including monies for washer. I know it said they were looking at non-equity issuing methods of funding it but who's going to fund edenville if we cannot pay back the loan payments because we have no or minimal revenue?
Well minimal production/income for the next 3/4 months of the wet season.
That should be an opportunity to organise the workforce for increased working hours to increase production .
They are confident to agree 2k tonnes pm. they should have no problems doubling that at the end of the rains with the existing equipment. They might just get things moving before the next short wet season.
Whatever happens I'm in to the end hopefully of this debacle and looking forward to the next update.
As a holder why would you say that ? The stock is at the placing price and the holders of the placing shares will hold fast .
The placing went mainly to existing holders who are in from much higher levels who like everyone else on here will want to make money on their investment.
Unless you want to give yours away I can’t see it
Heading for 5p?
Back to what I said before why has a new guy come in looking for coal? I thought they had found plenty originally. They already moved the operation becouse the first area wasn't very good how much coal have they access to where they are now.
Why talk about a second wash plant when we have been told the one we have will allow us to get to c10,000t per month? We can't even get to 2,000t. The current net profit suggests we would break even as operators at c4,000t per month. Why don't we just concentrate on getting to 5,000t before we even look at considering a second wash plant.
There are a lot of things starting to make no sense now. That worries me, as it either means the new BoD are out of their depth (again) or they are taking us for fools.
We actually need some honest statements from the BoD around what is really constraining our mining tonnage, because all we're getting is excuse after excuse after excuse. And they know it, as does the market. GLA
I have to say I am also disappointed with todays RNS I really thought the new BOD were better than the last but so far I'm not impressed.
I will give him the benefit of the doubt but this is the last time.
I don't see the point in giving my stock away at these levels as it could turn very quickly with some good news ...FINGERS CROSSED.
The only other positive is the placing clearly went into safe hands so no pressure ,that one piece of GOOD news will turn sentiment so ride it out time I think.
Sausage - we've all been telling ourselves that the next RNS would be a game changer for years.
There has to be an underlying problem with the mining that they simply aren't telling us. We have struggled to get to any level of economies of scale since 9th October 2017.
Perhaps there's a reason 270+ million tonnes of coal has simply been left in the ground since the 1920's and 30's.....
...the next RNS was the game changer. It arrived today and they are not even committing to 2,000 tonnes a month until June 2023, whilst thinking about a second washer crusher, trying to get some money back and worrying about an old bank account.
PROCESS SOME F COAL FOLKS!!!
I literally give up with this company, I thought Rufus Short had destroyed as much confidence as I could give Edenville, but the current BoD are doing their best to destroy what little confidence I have left.
Tax write-off did cross my mind...
The RNS contains no output figures for December or January. Why not? Are they that bad that the BoD are embarrassed to put their names to the output figures?
There is no update on the tender process, and whilst the BoD's defence will be Edenville are benefiting from all the revenue, there doesn't appear to be a lot of revenue to benefit from!!!! So is the tender process still going on? As a lot of times Edenville have simply stop referring to things that just get lost in history.
So they have agreed to commit to 2,000 tonnes a month from June 2023. Suggesting that at the moment they can't even get 2,000 tonnes out the gate, as they state "Prior to this date contract supply volumes under this agreement are subject to variation"
"The Company has been focused on stockpiling run of mine coal to mitigate" so they are telling us in a roundabout way that focus has not been on producing saleable coal. They may have produced some, but their focus is on digging it up.
"washed coal is expected to be reduced for as long as the rains continue" Well they appear not to be able to produce 2,000 tonnes a month, and production is going to fall from where we are now as long as the rains continue.
Can only see a placing happening to fund the new wash plant, they may look at all options, but can't see people hand over cash for coal that hasn't been delivered. They are going to need to fund it, buy it ship it build it, endlessly tweak it. 6-9 months? Then produce coal, can't see new washer crusher being effectively operational in 2023.
We still haven't got out money back, so how long will the £400,000 last before they have to raise again to keep the lights on.
Overall, my opinion, we have very little revenue coming in, we are digging it up and making mounds of unprocessed coal, but we are not focused on processing it because of the rains and possibly machinery issues. We are burning through the £400,000 placing because another company is holding on to our money and whilst saying they will pay, haven't. So we are paying more solicitors in Tz to get it back eating into the £400,000. We are trying to find out about an old unused bank account for some reason. Maybe monies have been misappropriated? How likely are we to recover any monies that have vanished? How much will we pay solicitors to try to recover monies that have vanished if that is the case. We are planning on getting another washer crusher, something I told them a year if not two years ago to go do. We know the timescales and faff that went with getting the first washer crusher in situ. The only fun part was watching, what I believed to be the container ship, travel across the world an ship tracking app.
Good luck all, once my SYN shares come good, with Roland in India meeting JV partners next week, I'll be out of here and using Edenville as a tax write off. GLA!!!
Followed by dumping of 30,000!!!!!!!!!!!!!
Well someone's read it differently and taken a punt!
The fundamental issue for me is what is actually stopping them getting to upwards of 5,000t per month.
If you believe their talk and our RNSs, we have the equipment and resources in place to do it.
So, why can't we achieve it? We've changed BoD, management personnel etc etc etc and still pretty much the same.
What is actually going wrong, or is that a question too far that they really don't want to answer while they're taking their salaries?
It is continued smoke and mirrors - that's how it comes across - and that's why the market has little confidence in us as a company.
More dilution on the way then... this rns was obviously a precursor to raise more cash. Pathetic company
IN our "Operational" update. It basically says that we are putting more effort, money and resources into legal and financial issues than we are mining and selling coal.
We are a coal mining company that is repeatedly unable to mine coal. It never matters who is in charge, that fact always remains.
It would appear the market no longer bothers even to read their RNS updates... :)))
Need to draw up a list of things to go back to them and ask.
The EDL annual Confirmation Statement, that all Limited companies have to submit to Companies House, has a comprehensive list of all our shareholders.
The section on the wash plant isn't totally clear, they're negotiating contracts for (up to) 10ktonnes pm. They are looking for a washer as that will be essential to increase production above 10k tonnes pm. They've previously stated that the existing washer has very limited capacity, so for me a new washer is necessary to produce up to 10k tonnes pm.
They couldn't even be bothered to put an update regarding the tender process for the mine.
And no, we haven't forgotten about it.
That says they have a rust bucket for wash plant and no real income this year apart from keeping the lights on.
Strange going on with the bank account?
The production less than 2k tonnes per month until June, if I've read that correctly.
What will the market think of that???
T72 - yes, it's an update but it doesn't really suggest any significant progress. We've had RNSs like this for years. Disappointing, again.
Well, it’s an update. And progress. Seems like they still need longer to unravel all the mess left behind.
Will have a re-read and think of some follow-up questions for NL.