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NewGen seem clearly to want out as they do not appear to want to extend and pretend their loans or take a haircut. Easiest way out is for RMM to have a rights issue and open offer, followed by a new CEO.
Company is continuing to produce 550 tonnes a month as expected. Based upon prior figures provided for June in respect to costs looking at least a million plus in income over costs. Since then reduced production but there has been significant reduction in costs. In addition price of copper has increased in excess of 25%. This should be sufficient to make a major dent in the accounts payable which should help address the ongoing issues with equipment supplies holding back mining and ore processing.
Currently its all about the copper price and they look to be looking to hedge further which will assist with forecasting more accurately.
Lastly its a question of restructuring debt with Newgen and current price of copper should be assisting with making these negotiations easier as there is more confidence in long term price of copper even if there is a drop this year.
As investors we need a break so keep those fingers crossed.
The business has generated a positive EBITDA over the Quarter but timing of cashflows affects day to day operations. The copper price improved over the Quarter and two opportunistic forward positions which lock in a favourable margin were taken at US$8,330 and US$8,300 per tonne respectively with a strategy to take further positions when the market opportunity arises.
The start of 2023 has seen renewed optimism in the markets and the copper price has responded favourably. This further bolsters the viability of the Ming Mine operation.
The Board is confident that the total indebtedness in the Company is far outweighed by the intrinsic value of its assets and operation, notwithstanding the lack of working capital and the ongoing default in respect of the loan from NewGen.
We remain in conversations with several groups as we seek to restructure the finances of the Company. Central to this process is Newgen as our principal secured creditor. However, there can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan. We will update the market on the outcome of our financing discussions in due course."
RMM took a 3 year bridge loan an defaulted. The term state that the lender controls all assets until loan interest and fees are repaid in full.
If Copper surges to 12k/ton it will take two years.
If not, 5 years or sell off of assets
https://www.mining.com/web/trafigura-plans-to-take-large-amounts-of-lme-copper/
The current copper price will save RMM. They should hedge a full year at this price to see them through and build an ore sorter. The hedge will guarantee loan repayments and allow NewGen to give them a favourable outcome. I'm surprised it is still suspended.
I may buy back in when I am able to, depending on the price. But as long as TB is in charge I won't hold this longterm again. If I can trade the peaks and dips to get my losses back I'll be happy.
Copper back to $4+ .you dnt have to worry about rmm dj,by summer sp will be 30p+ and by q3 2023 40p+ . If you sold out why r you here ? Do you want a cheap entry ? Thats not going to happen...
This is because he deleted and set up a new account as the Publican77 or something like that…
Moon. You have goaded Know0 several times saying to contact you but when he makes the effort to do so, you hesitate and ignore him. Why? It is in the interests of all investors that we work together so please contact him.
While crypto continue go up closer to goal as said earlier.
Moon the Loon
Depends on a few things
Mmmm what could they be that you actually have some money and the wardens will let you out of your padded cell.
Yes know contacted me yes hv not replied as of yet. Also regarding rmm state tr1 not yet don’t try put something tht not happen yet. It will do in due course. Depends on few things in play.
Moon what happened to your name in tr1 ? I knew from the beggining whatever you say is all rubbish .you never vista canada ,you dont have any big invest in rmm shares . All you do is post some general idea based from other good investors ...be honest Thomas and contact know0 if you have guts . He did he message you directly so show some decency and contact him if you really know anything about rambler . I am sure all your chatting is utter rubbish .
Going to be big borrowing nxt round not finical advice
It not end until march
Plenty of mining plays and other stocks enjoying an upsurge. Would be nice if these a**holes would end this suspension…
Moon. How's Brighton
.......to those providing actual RESEARCH on this board.
However, to the rest of you, grow the 4 cup.
I haven't logged in here for a while and what I'm met with is, frankly, embarrassing.
If you have nothing (of value) to say; say nothing.
Have you got in touch with know0 yet
A simple question: when China cranks up to near pre-pandemic production-levels its numerous industries, will the world possess enough copper to feed its voracious appetite - particularly when at present only about two weeks’ worth of visible global copper stocks seem to be available?
Hopefully Everyone at RMM is working their ******* off to save the company and they will relist soon with a price many times above the suspension price .The current Copper prices are now at such a level to get this Company back on track and to realise it’s full potential .
If Moon is in Newfoundland then I'm on the moon :)
Rucking stinks this. Everyones making money apart from shareholders!
You are up nice and early Moon. What route did you take? With the high copper price, if we come out of this ok then I might join you!
Everything explained in rns so wht u worrying am nt