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Yep ….. wish I’d followed him -
I guess he sold around 30 - I stayed for the fall to 19 !!!!
Only one year lost and another 15%to find until I catch him up
"The Company no longer holds a material investment in Jupiter Mines"
ITS JUST MORE OF THE SAME THOUGH.....
Sampling, drilling, ongoing sampling, firming up, confirming, and then more drilling so that we can firm up and confirm more....
YES, i sound frustrated...... but, i think WE ALL have good reason for this!
Red Rock Chairman Andrew Bell comments : "Our reverse circulation drill programmes in Kenya and the Congo, where we have recently announced results, achieved their objectives, and we are already planning and costing the diamond drill programmes to follow up these successes.
We still have the gold drilling results from our diamond drilling programme in Victoria, Australia, to look forward to, and we also await the full results from a gold sampling programme across our Ivory Coast licenses, as well as results from lithium and tantalum sampling in Zimbabwe.
We also look forward to the listing of Elephant Oil Corporation, a group in which we have been a longstanding shareholder (currently holding under 4%) in the U.S. The value to us of this holding upon listing is expected to be a multiple of book value and WILL UNDERWRITE SOME of our continuing activity.
We have had two groups of assets in the DRC. One we recently drilled. When we acquired our other JV interests in the DRC, the fact that we could in our internal assessments based on previous work identify a quantifiable high grade deposit exploitable from surface and within easy distance of processing facilities created in our mind a potential route through an early transaction or by mining out of the small company trap. Our success in negotiating the replacement of the original assets offered to that JV with better assets unfortunately created too great a temptation for some of our associates, and the extent of the misbehaviour became evident late last year. We would hope to obtain returns through compensation as opposed to those we should have enjoyed through mineral extraction and sale; the pursuit of our legal rights in the DRC is progressing.
Decent update
I see Glencore are raising £785m tonight. Would be ‘helpful’ if that was partly for RRR
February of which year? Or even which decade? Incredibly, when you stop to think about it, this debacle has now been going on through 3 different DECADES!
This fluff of ‘results coming’ has been going on far too long, and there has to be serious accountability at this stage. The amount people have been paid here to non-perform is surely due for a serious audit. Time is ticking, and it’s not months, it’s weeks before there will surely be heads turning unless something is shown for the 10s of millions burned and totally false hypotheticals, if indeed, proven yet again to be so. It’s been 2 years since one particular posted has said ‘next month’, ‘next few weeks’. There’s only a certain amount of times one can do that before very real accountability is directed.
I'm sure you said that in February
First set of Australian drill results should be up soon.
Well red rock is methodically chasing all the people who have wronged us in DRC. He said in the Feb 2019 interview that he was absolutely thrilled with this asset and luck often played a part. The questions I would like to ask AB is how much money does he realistically think we will get and when re DRC. Bit disappointed with AB when asked why someone should invest in us. He said we are certainly worth investing in. Thought he would have been much more bullish.
Another one
https://twitter.com/RRR_RedRock/status/1506290621052600327?s=20&t=4RoXFK2mwEht-qle82Tbsw
Great interview. Now that he has said it I can say it.
Our friends at G did a backdoor deal with VUP via Gecamines in which they agreed to pay somewhere between $150mil and $250mil for Musonoi plus the other licenses. How much would did they think they were saving by doing a back door deal rather than a front door deal? If they were willing to pay those sorts of monies, what was Musonoi worth?
Well go back to the original interviews that AB gave about Musonoi: this one is interesting https://www.youtube.com/watch?v=qV1DxsWKXKI
So RRR was going to get a JORC pretty quickly but was frustrated by VUP and their games.
RRR intended to bring Musonoi into production pretty quickly but was frustrated by fraudulent activity.
Gecamines intended that there would be 400k+ tonnes of copper and 20k+ tonnes of cobalt at Musonoi.
In our tort claim against G what matters is the loss to RRR of not bringing the assets into production because they were stolen. Work out what 400k tonnes of copper and 20k tonnes of cobalt might be worth in the current market.
DYOR
Thanks
I can't find an interview from today: where did you see it?
He said the company has been 100% successful so far in the DRC legal cases
You are obviously skilled at disagreeing with and objecting to things that people haven't said.
Elephant Oil provides RRR with a liquid quoted asset that it can sell and use the proceeds from to fund exploration activity.
You need to go back and read the RNSs re VUP and listen to the interviews. There are three elements to our situation re Musonoi and VUP. The damages, compensation and costs awards. The $15mil still at Gecamines. The claim against Glencore. VUP was suing Glencore and Gecamines jointly for the $15mil. Glencore had paid the $20mil to Gecamines and for some reason Gecamines only paid over the $5mil to VUP. The court has held that the owner of the assets (Musonoi plus two other licences) was the JV not VUP.
It is not that difficult if you stop making stuff up.
DYOR
According to Bell today, Elephant Oil will be listed on NASDAQ in the next 2 to 3 weeks.
He also says further progress has been made in the DRC legal cases and sounds very confident that RRR will receive a very large payout
AB is pretty much a one man band which presents a high risk in itself................but sometimes a dreamer gets it right, he did with the manganese.
For a "Great RNS......" it hasn't exactly generated many buys......
What we need is the news of a well funded JV partner and some hard cash materialising from one of RRR prospects/royalties/shareholdings, the combination will significantly derisk RRR and the reliance on AB.
Yes because no-one in the world can do what AB does. Give me a break. He speaks a bit of French and knows some local spots in a few African countries. Fantastic.
Funny how you point to Elephant Oil as the pivot. Not even a principal activity of the company, rather an investment in a company run by Lofgran of NTOG infamy. Who cares who's in charge of RRR if Elephant lists? AB is not adding any value to that. There's a good chance by the time anything actually happens, US will be in recession and oil will have crashed again.
All the things you list in the last paragraph also won't happen if he's voted in again, so why bother? Why reward failure? Seems like AB still has the gift of the gab to carry on fooling retail.
Ok so who’s taking over? As this is a one man show, how does it go on without AB?
Moan as much as you want but he’s done a good job this year - this company now pivots on elephant oil giving the cashflow to develop the projects we have to a value point for a JV - we are not there yet!
Would I like to sell something, YES - Would I like some mining revenue Yes - Would like a ban on new projects -Yes - Would I like a proper company structure Yes - Would I like him to appoint a number two who’s not a puppet Yes - but getting rid of him is not the answer ……. at this time.
I honestly don't know why you think this settlement is such a slam dunk. It could take years to get any proceeds if at all.
The point about drilling is that after 16/17 years, RRR is still drilling just to prove up a resource. It has achieved so little. AB was billing these and the DRC drilling results as knockout - market reaction tells you all you need to know. There's always potentially a much bigger resource, if only we could drill some more or if conditions would allow or raise more money or wait for this or wait until such and such happens or...
More drilling is always required except in the case of failure.
Potentially there is a large resource at Migori. To prove it up needs drilling: it is how exploration works.
The value has already been crystallised in DRC. The crystallisation happened when Glencore entered into the transaction with VUP. What is happening now is enforcing payment from VUP and /or others in respect of the award, dealing with the $15m still at Gecamines and then Glencore. The claim against Glencore will be for hundreds of millions.
DYOR
Yes Helpful it IS time for Bell to get in a JV partner, talk is cheap and Bell is very good at that - including canoodling up to the major shareholders with promises of good value creation times ahead if only he can issue more shares via the bucket shop city spivs, hopefully authority to raise without shareholder approval will be blocked or pulled like last year, we will soon see.
Still no comment from Helpful concerning the voting intentions of the major investors, so what say you on motions 5 & 6.
So after all the bluster and endless paid interviews we are at the same situation where more drilling is required. Same old story every time. It's a sad state of affairs when the biggest crystallisation event on the horizon is a hopeful settlement in the DRC (of all places).
Don't be fooled by Bell's top cheerleader on this board - the guy needs to depart. 5 years of failure shouldn't be rewarded with another term leading this company, let alone 16/17 years.
I'm sure he'll use the excuse of a weak market now for the lack of IPO's even though all manner of cr4p was floated last year in a massive IPO boom. AB just wants to potter around poking holes in the ground, he has no interest in creating shareholder value.