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Production has stopped at the mine as run out of key supplies to keep the mine going, apparently it’s only temporary but it doesn’t bode well
Yeah. Either that or closing for a cheap takeover....?
Yep looks like we r gunna get shafted, seen this play out like this so many times before
Update on Financing and Operations
"Rambler <...> announces an update regarding its progress on financing and the status of operations. "
There is literally NO update on financing. They are mocking the shareholders.
A cheap takeover would be a favourable outcome at this stage IMO. Not sure it’s going to happen though. Unless it’s very cheap.
During admistration suppliers are guaranteed to be paid over above all other creditors.
This is a protection that administration provides.
Obviously RMM aren't in administration and suppliers don't want to get shafted (they come far behind secure creditors).
If the secure creditors want to get their money back Administration is probably their best option.
No more BoD or shareholders.
I think you are totally wrong when a company goes into administration suppliers are not guaranteed to be paid that’s total rubbish, they will post probably sign a pre pack agreement
You meant to say the new suppliers when the company has gone into administration are first in line to be paid
It is almost impossible to see Rambler surviving now.
If a financing agreement were to be reached, it would be in place by now. I cannot see any benefit of Newgen allowing the mine to cease operating to then subsequently offer finance. 99% sure the game is up
>>You meant to say the new suppliers when the company has gone into administration are first in line to be paid
Yes, make that clear. The Administrator has to guarantee the best outcome for the creditors, so continued profitable operation must continue.
Creditors can also to asked to continue funding if its in their best interest.
Know contact me plz thx u
Moon ****** KnowO has tried to contact you him on several occasions after you’ve asked him to, but you have declined ****** moon
It’s done moon I’m afraid, it looks done….
Zero production, overheads (Bod salaries…etc) still going out the door, suppliers evidently not being paid, gold not delivered as contracted, Newgen not paid, AP not paid
Why only suspend the mine for a week?
It's just the next step before being wound up. The use of word "pending delivery of key supplies" suggests those supplies are far from certain to ever come. I'd imagine local suppliers have been unpaid/shafted like Elemental and are now refusing to provide goods/services to the mine, this probably won't change as the financing won't ever come
Sounds like they’re out of fuel, propane, explosives, spare parts, and pretty much anything you need to run the mine effectively. Which means the suppliers got totally fed up and RMMs claims of “saving $1m per month” were probably just them putting lipstick on a pig.
Wealthy people like Sir David Cameron might find that prospect very attractive Moose. xD