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Really? an investigation triggers a suspension In Canada or the US at best it would disclosed but any punishment would be AFTER a trial or at least a hearing
Next news will be suspension following financial investigation by FCA
It's all a con. 2 months being imminent.
'Bell end' is the Bernie Madoff if AIM
Mr Bell needs to get back on a plane to the DRC and be handed the written document and announce in an RNS...
"The arbitration hearings have been completed. We have indicated to us what the decision is...we have not seen it in writing; and of course, those that lost .."
In other words, RRR have won the case!
Strong Buy under 0.4 imo....
Robins, the delay is partly AB's style but his concerns are legitimate.. Projects are political and we want as far as possible to avoid being dragged into local politics.
The reason we nearly lost Migori was local politics. He is also concerned about maximising value and part of that is timing, waiting for some hypothetical better conditions. My view is do a deal and move on, same with RRAL.
RRAL needs a pre-IPO round and then IPO. The pre-IPO pays the cashburn, the IPO costs and some drill costs. My view is list Feb post drill results. As elsewhere getting drill rigs is more difficult than it used to be. But not my call. If someone turned up with a cheque book, I would sell either or both and move on.
DYOR
BB so wrong. He has already indicated in one of his interviews that he had a potential JV partner for Migori and turned them down some time back.
What they would have paid was a multiple of your number. JV partners can problematic.
DYOR
If newly acquired Berringa license expires in Nov and New Ballarat already said they will file to renew would the IPO be delayed until granted to eliminate that uncertainity? or is renewal pretty much certain?
lol AB is far from desperate since he is getting paid and has a pile of options and shares in the event any of the pending events (2 IPOS and Congo) actually happen. IMO it is the current RRR shareholders who getting desperate
Helpful really sorry but if AB could get $1m for Migori it would have been sold moons ago. I'm afraid you valuation is well OTT.
AB is desperate and unfortunately the cupboard is bare.
totally with your comment about AB not completing projects which is why I point out that AB/RRR has identified 3 projects (Congo, USA-IPO and Australia IPO) which completion is either soon or imminent. RRR in an RNS said Mid Migori would neither of those but would be not targeted until after certain events.
Also during this same time frame RRR got involved in 2 other projects again with completion of previously identified 3 projects to be completed "soon' or 'imminent'
Spec this is the problem with AB. He always has several plates spinning but never completes a project. Too late for me as I am 98% down but I would hate any newbies to buy in here on his rhetoric. Sorry to be negative but he has done me.
Robins previously AB said nothing would happen on Mid Migori until after elections and new ministers were appointed
Election was in August, ministers appointed afterwards. Then any potential partners/buyer would make site visits, review data, meet with government etc
IMO AB has a full plate with Congo, IPO in USA and IPO in Australia etc etc At best he is spread too thin and things like Migori do not get the attention it needs and deserves
Helpful have you any idea why we have not sold the Migori mine to date or JV?
The valuations in that report are well out.
The standard metric for gold is $30 an oz for gold in the ground. The grade at Migori isn't the best so you might apply a small discount. On the other hand, they didn't update the JORC post the last batch of work and there is a lot of upside there.
So call it $30 an oz and that gives you $21,690,000. At the current exchange rate that is £19mil. So the £3mil valuation is well out. What it is saying is that it values the JORC gold in the ground at $4.73 an oz.
The reason $30 an oz is used as a valuation metric is that the is the deemed discovery cost. ie., it will cost $30 an oz to find new gold.
If RRR put Migori up for sale at $4.73 an oz it would have no shortage of buyers.
That $4.73 gives nothing for the exploration upside or the gold and silver at the Macalder tailings dam.
I think that RRR might get $50 an oz in an outright sale and $40 an oz in a JV. Buyers pay more for control.
From RRR's point of view it would be better to get a sale with a decent royalty.
AB thinks that there is up to 10mil oz at Migori but the good grade is deeper: it will take a lot of drilling to prove that up and it will be more expensive to mine it. The deeper RRR has to go the more it costs to mine.
DYOR
We have748,000 oz Not 748
Ajaye read the technical report It iS NOT 748 -unless the 000 are omitted which sometimes they are in technical reports or financial statements just for easier reading
Agree - also from memory in the text we only have 748 ounces of gold in Migori. Not 748,000 ounces as in the table - take the document as a good description of assets held, that’s all
'DRC issue is law and politics. Both. These aspects both being dealt with. Apologies if this sometimes seems like a hostage negotiation, where not every detail can be played out in public, and sometimes things appear to slow.
If we needed to revise our guidance, we would.'
obviously wrong. It shows sloppy work on both research note and RRR's website
IMO another PR/promo push is coming. Its been a long time since this type of "research report' has been issued. I hope its timing on a late Friday will be followed up with a RNS next week on Congo status
Somebody needs to check these figures.
Barclays Direct Investing Nominees Limited - 621,410,444 - 4.89%
4.89% of the shares in issue is 61,425,599.
The mistake is on the RRR web site as well so its hardly surprising this paid for research note has got it wrong as well.
TDT
my opinions on Congo and AB
1-AB in his interviews is far more positive than the RNS. In hindsight more weight should be given to the RNS than any posts or interviews. Hype or lie hindsight says it was misleading.
2)AB/RRR have not explained the arbitration process- is this because they dont know or for some other reason?
3) VUP using AB/RRR comments regarding possible improper actions. RRR actions against Gecamines is exactly that-improper sale Keep in mind that at face value VUP was also damaged by the eventual sale to Gecamines VUP at most was looking to keep $20 million but VUP would have % of $420 million which would have been much greater
3) Congo/improper actions. I am not going to say bribery because AB is vague-inducements can mean many things both legal and illegal at most any comments to that effect would mirror statements made in legal proceeding. In any event I think it be hard for any opposing party against RRR to be able to prove the actions in Congo depriving RRR of property rights were proper as evidenced by the court awarding RRR judgement on the first $5 million paid
Current status- $15 million is held by 3rd party who wants to receive directions on how to pay those funds out.
We dont know what type of directions will be sufficient. What authority does the arbiter actually have? does VUP have any legal recourse if they disagree with the decision?
Bell glosses over these issues either because he thinks they are not relevant or meaningful or as some here have posted he is just a shameless promoter.
Zumore I think VUP must have no credibility with any right thinking person as we have proved we owned 51%. However AB is so stupid as we know. Where is the money Bell we want to know and do not say stuck in a Cypriot bank or similar.
Specinvestor what do you think of what Bell said when he was interviewed in the 23 August Stockbox interview?
"The arbitration hearings have been completed. We have indicated to us what the decision is...we have not seen it in writing; and of course those that lost ..have been busy trying to offer inducements to change things..but i don't think that is going to work. I think we'll be able to say things quite shortly"
....
On reflection i don't think he should have said the above because Arbitration, Gecamines and VUP could all take a dim view on what Bell said. I think most people would think Bell is suggesting attempts of bribery are taking place. If VUPs legal team had seen what Bell said i'm sure they could use it against Red Rock.