Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Started: theroot, 28 May 2024 20:07
Last post: theroot, 28 May 2024 20:07
Anyone know the procedure to get the shares in my current broker converted into Scotgold's Australian parent company share certs or transfered to shares in a brokerage that trades Australian shares. Is it even worth doing?
Last post: Andrew1987, 8 Mar 2024 16:22
Where is TB now telling us all how great it is. Thanks for the info shychap. A very sorry and sad end.
So next week's creditors meeting will consider "to consider the early destruction of books and records". Hard to think of a good innocent reason for that motion.
https://publishednotices.asic.gov.au/browsesearch-notices/notice-details/Scotgold-Resources-Ltd-127042773/8469a308-28fa-4de6-b9bd-1b14d71f926f?appointment=All¬icestate=All&companynameoracn=127+042+773&court=&district=&dnotice=
So long as you couldn't see his nuggets.
Started: Golddigger61, 5 Jan 2024 17:26
Last post: Goldpandan, 26 Jan 2024 19:59
Yes Sean Duffy resigned the same way Phil Day did.With a big push.
No longer a Director but still feeding Scotgold cash so they don't go into Administration.
NLR no longer director of SGZ Cononish.
New director A. Habib. Sean Duffy has resigned.
Looks like it's gone, my shares have now disappeared.. Very sad for the local community and staff. Commiserations to all
Started: gcstalker, 27 Nov 2023 12:46
Last post: Gazzleberry, 18 Dec 2023 10:23
A friend did some research on the possible new owner. I can take no credit for it
Company
CONONISH MINING LIMITED
https://find-and-update.company-information.service.gov.uk/company/15310690
People
KANSAGRA, Bhupendra Shantilal
https://find-and-update.company-information.service.gov.uk/company/15310690/officers
List of companies
https://find-and-update.company-information.service.gov.uk/officers/aUodWEruwol5FQBStVc6Mlajubg/appointments
Daily Mail
A British millionaire has been charged with manslaughter after 48 impoverished villagers died when a dam burst on his farm estate in Kenya.
Perry Mansukhlal Kansagra, 44, is a member of one of the UK’s richest families, who are worth an estimated £320 million. He denies the manslaughter charges but faces life imprisonment if found guilty.
Kenyan politicians have said the dam was built without either the required legal permission or heed to safety laws, a claim that Kansagra denies.
The Kansagras were listed as the 388th richest family in Britain in the Sunday Times Rich List.
https://www.dailymail.co.uk/news/article-6027053/British-millionaire-charged-manslaughter-48-die-dam-collapses-Kenyan-estate.html
Looks like he'll fit in quite well then......................
Yes but I think that was set some time back. In these inflationary days will it be sufficient? Don't gey much of half a million these days!
I read there is a ÂŁ0.5 million bond in place for restoration etc in event of SGZ failing?
That would.need to be researched. What you need to avoid is the mining equivalent of the ÂŁ1 takeover of BHS from Philip Green by some chancer.who hadn't even run a corner shop before. If a serious team, with both business and geological credentials were to put forward a plan with all company debt written off then it might be worth a punt. It would have support of the locals and the National.Park as they are the ones who look like they may foot the bill for the clear up and other fallout. I say that from a position of not having been involved here, though God knows I have suffered in other situations over the years!
If new owners took over under a new company, who here would invest in a new company knowing what they know now?
Also, is that how NLR will mask his take? By taking shares behind new owners?
Started: Greenfish89, 26 Nov 2023 16:41
Last post: Greenfish89, 26 Nov 2023 16:41
Started: diggit1gold, 25 Nov 2023 06:53
Last post: shychap, 26 Nov 2023 12:48
The same amateurs who couldn't even forecast the grade of the BPT stockpile; or make more than a few ounces of Scottish gold; or fake a gold pour so that anyone might believe it; or keep within their permitted mine boundary; or keep any promises; or…?
When SGZ bought licences in Portugal and France when they were skint, it was obvious that they were amateurs just playing themselves.
This mob couldn't have organised a scurry of squirrels into a nut raiding party on local back garden bird feeding tables. Shocking mismanagement of what was seemingly an ambitious but doable and ultimately profitable project. Shame on them, but the arrogant will "choff choff" it off with mutterings of peasantry in their smoke filled oak panelled drawing rooms. Another dram anyone"choff choff", damned peasants "blah blah blah". :o).
Started: shychap, 22 Nov 2023 07:37
Last post: Andrew1987, 22 Nov 2023 18:06
According to tb the masons were the great saviours to be trusted alongside the board who were extremely honourable. Now, he has vanished! Says it all really.
As for the cease on loan payments, I’m surprised he’s not looking to crystallise the loan and seek securities in lieu of repayment. I can’t help but wonder if he’s done this as he’s been riding rough shot over conflicts of interests for a considerable period.
Role on administration to blow the information wide open… I hope.
I do see it being a pre packet but perhaps the administrators will be duty bound to release info to other creditors such as shareholders.
I wonder how the Mason's feel having handed over ÂŁ0.5m 7 months ago?
Looks like they're keen to bring the curtain down before they have to publish their final results next month. Pity since shareholders haven't a clue where all the cash went from the fundraisings over the past 18 months. Obviously, none of it was secretly diverted out of the company.
Crooked scheming SCUM
Pre-pack administration imminent. Not sure how NLR managed to do that when the company hasn't technically defaulted on his loan yet:
"Bridge Barn Limited ("Bridge Barn"), a company owned and controlled by Mr Nathaniel le Roux, non-executive Director, and provider of debt funding to the Company, has agreed to postpone all interest payments that are currently due and payable by the Company to Bridge Barn up to and including 1 December 2023. The total of the interest payments being deferred is ÂŁ450,000." (RNS 5/4/23)
Started: shychap, 20 Nov 2023 10:49
Last post: Andrew1987, 20 Nov 2023 23:01
Even the burtons who owns the land are owed money. Geez oh
Daily Mail interviews the locals. "It was fun while it lasted," say Cononish landowners.
"Their luck seems to have run out with astonishing speed," observes the Mail, astutely.
https://www.dailymail.co.uk/news/article-12763513/Theres-not-gold-thar-hills-200m-Scottish-gold-rush-finally-lost-glitter.html
Started: sellsell, 18 Nov 2023 03:14
Last post: Rockhead, 18 Nov 2023 19:00
"It’s been too long for any announcements, makes me wonder what’s going on."
We once thought that from the St. Andrews Day gold 'pour' (button) until January with only a Twitter Xmas card to find out that the process plant was not working!!!
Never give up, Plenty ofJobs on the Horizon, Take your pick, Defense sytems, OIL FIELDS, Trawler Fisher, Land Rights, Spy Satellites, Dealers of Sorts, Gambling, Gold is Whiskey n Art.
Having been on the end of redundancy myself, I feel for the staff, especially those who travelled considerable distance to relocate to the remote area. They will be stuck with rent or mortgages with little chance of finding any work nearby. Only winners are the highly paid bosses who knew what problems they had, but didn’t disclose.
It’s been too long for any announcements, makes me wonder what’s going on.
Started: Andrew1987, 12 Nov 2023 22:46
Last post: Rockhead, 17 Nov 2023 12:11
At least we agree then that a prospective project (at whatever scale) trashed!
"NLR needed guys like me, baz, blakeney on the board, to ask them what the fike they're thinking at periodic intervals." Out of the frying pan, into the fire, ha,ha?
A good w/e to all, R.
RH. It's a turn of phrase when someone says, a public enquiry is due. Not an ACTUAL public enquiry. If anyone was going to be conducting anything, it should be the FCA or the Police.
Does noone else find it coincidental at best, that TB disappeared just before it went belly up. Or that there was significant sales prior to this. Inside info? What else can it be?
As for the mines potential. It could be lined with gold and diamonds, but if the muppets can't organise themselves to get it out in a timely, cost effective manner, then what's the point. The failing was always believing it should scale up to be something it was never going to be. A smaller operation with lower cost base to ride out the bumps would have worked. A small steady ship. But they took in too much cash, made too many promises and told too many stories for it to be a slow worker. It had to become this monstrosity that has to cherry pick stopes to stay alive. Because otherwise, how would they repay the cash, how would they make the promises of billions. Numerous mines etc.
The whole thing was a farce. NLR needed guys like me, baz, blakeney on the board, to ask them what the fike they're thinking at periodic intervals.
Who is going to bring/fund an enquiry? No-one I can think of.
Shares are a device to transfer money from those of modest means to those of greater means or their projects. The only investors that make money out of them are those that box clever or get lucky.
Baz is right that no-one left at SG will care as they will be too busy looking after themselves. I disagree that Cononish did not add up as for me the geology was sound and the BFS stated what was needed to sustaimably mine for P1 production. It was never achieved except in short bursts with short cuts. The tortoise and the hare spring to mind!
Regards, R.
Baz, if he has any plans to extend the life of the mine, he may need to keep the locals and national park on side.
It may end up being mothballed for decades. Who knows.
''How nlr thinks his reputation will survive this one, is anyone’s guess. '' I don't think NLR will care about his reputation. Any road, I think he was conned just like everybody else. The original figures did not add up for me,too little gold to warrant a whole mine.
Started: Eck71, 9 Nov 2023 15:46
Last post: Rockhead, 11 Nov 2023 16:07
Another lesson might be to never trust ANY share and hold it, but be prepared to trade it. I learned that lesson in the privatizations of the 1980s. Love the music, but not the instrument!
There's a lesson here someware.... never let a man from dorset who builds attic's tell you how to mine gold in the highlands of Scotland. Who'd of thought it.
Sad day for tyndrum. Surely the village must now know that any future economic benefit has long gone. No matter who takes over, it will never match the spin put on it.
As for the national park. I hope the NPA have taken enough in bond payments to cover restoration as last I heard, payments were behind. Surely the good public shouldn't foot the bill for restoring a private disaster.
As tyndrum boy once said.... NLR is a "very honourable man" and will no doubt ride to the rescue... for the benefit of.... NLR!
Amongst other "victims" of this fiasco, it's the National Park and many of the locals I feel sorry for. They held firm against the expected kneejerk opposition of various members of the "eco lobby", and after a very, very protracted process, which must have cost them huge man-hours of work and deliberation, gave the green light to a project which they, like we, were given every surety of success for shareholders, workers and the local economy alike.
Don't worry about the recent prose. It's how you get after 13 years!
I can't decipher some of the prose in recent posts, having not picked up on this until recently. Sadly I don't think there is any chance of there being anything left for equity holders. The project may survive, with a much changed balance sheet after being sold off by administrators or through a liquidation process. If not then someone has to clear up the site in what is a National Park. Not sure who would foot that bill but it would need to be done for safety let alone (from what I have seen) aesthetically. Sad situation, my commiserations as it is a project I may have been drawn to had I known about it. GLA.
Started: shychap, 8 Nov 2023 12:29
Last post: Rockhead, 9 Nov 2023 20:06
Could the future be NLR Ltd or even a UFO?
Wonder where all that silver went!!
If NLR screws over retail shareholders he should be made to feel the consequences of that on a personal basis. Everything he does, everywhere he goes. Other people he does business with.
Make it personal.
Them's the risks of screwing people over I'm afraid.
@Andrew1987: I agree NLR pre-pack, having milked us for all he thinks he can get. But i doubt there's anything that'll get even close to court.
Them's the risks of AIM i'm afraid.
Not one bit of insider trading in any photos of course. Nothing learnt the average punter wouldn't know of course!!!! Court time now I would suggest.
Started: shychap, 8 Nov 2023 07:36
Last post: Gazzleberry, 8 Nov 2023 14:13
Not the first time GB has let everyone know he got out early.
Even apologised last time so it's odd to mention it yet again.
I'm sure there will be plenty of others checking in to tell us how lucky or smart they were to bail out at the right time.
Nat le Roux switches sides as the curtain falls, citing: "unavoidable conflict between the interests of the Company and my personal interest as the major secured creditor".
Today's RNS announces his resignation as SGZ Cononish "heads towards administration".
Started: Bigbadbaz, 7 Nov 2023 08:09
Last post: Slacker246, 8 Nov 2023 10:09
Mate there's plenty of sheep that need shearing, I want my money back you lying deceitful c un tz!
Slacker, I think the men and women that were given no notice of the lay-offs and have been left without pay or information for the last 5.5 weeks should be the priority for getting “anything that’s left”. The treatment of staff has been nothing short of criminal and at the very least, they deserve a half decent pay at the end of this month.
Cabbage coming up........
Does anyone think they'll be anything left for share holders?
It's still a gold with mining permission!
What do they still have to discuss?
Why all the delays to the inevitable?
A sad day all round for those who were honest. Seen it coming a long time ago and I hope I helped save some people some money when they either didn’t invest or mitigated their investments. As for tyndrumboy, where is he now telling everyone how to spend their cash or offering tours. His face will forever be shamed.
Started: Andrew1987, 5 Nov 2023 00:02
Last post: Andrew1987, 6 Nov 2023 22:07
How many years does the licence to mine the national park have left? Because based on these articles, you may expect a significant objection to any extension or renewal which would cap the life of the mine.
Started: diggit1gold, 5 Nov 2023 21:15
Last post: diggit1gold, 5 Nov 2023 21:15
Very informative Andrew, doesn't exactly inspire confidence in SGZ to be able to continue as a going concern even in a limited way. C'est la vie!. :o).
Started: diggit1gold, 16 Oct 2023 08:26
Last post: gravelguy, 1 Nov 2023 20:19
Salutations of the day Sir
UK law states that workers on unpaid leave can apply for redundancy cash after 4 weeks if they so choose. That deadline has now passed so Scotgold could already have a redundancy liability which they can't pay - although the Govt will pay a basic amount if a company goes bust.
It's taking a long time which is probably slightly positive but I can't see how Scotgold can be negotiating from a position of strength.
Happy birthday and many congratulations of the day.
Happy Halloween to all still here. Good fortune has enabled me to reach my 77th birthday. Sadly, Scotgold has not (yet?) been blessed with good fortune and all we are left with is pumpkins! Employees and shareholders of SG and the community of Tyndrum deserved better. I hope that something will come up for them all.
GLA, R.
Started: diggit1gold, 17 Oct 2023 09:26
Last post: Rockhead, 17 Oct 2023 21:16
'...many hurdles...'? Sadly the last hurdle or last ditch!
Just for info.
Beinn Udlaidh was no 'deception' as it has the geological potential to be as good or possibly better than Cononish. That from historical sampling and limited drilling, doctoral research thesis, plus the ion leach surveying by geos Charlie and George a couple of years ago:
https://www.scotgoldresources.com/wp-content/uploads/2021/01/Exploration-and-Production-Update-29.01.21-WEBSITE-PDF-VERSION.pdf
As no recent drilling was done by SG, it remains a 'pipe dream'.
It also showed the evidence for further veins nearby Cononish, first identified by a previous owner and the topic of more recent controversy on this board about PD's reference to another vein. There are a number, of which a couple were drilled, though none has been proved to have mining potential.
Ironically this RNS also contained the first admissions of the abortive production start-up after the St. Andrew's Day gold button and papered over by SG's Twitter Xmas card!
However, as Andrew has previously posted, all the potential is for nowt if you fail to get it mined and processed.
Perhaps a miracle needed:
https://www.youtube.com/watch?v=JIN36NweL6I
They do happen. I got married that year! LoL!
GLA, R.
Diggit, I would agree with that sentiment. One of the saddest aspects is the community was promised massive investment, economic growth and hundreds of jobs. Generational wealth.
Now, it's almost no investment, little economic benefit and the jobs arn't much better paid than others, if they're even suitable. For example, some workers have left to become mechanics. Mining jobs should always be better payers than car mechanics but here they arn't. The conditions arn't great either from what i've heard.
A lot of locals also invested at the start, and no doubt they're will be a lot who lost never mind gained. The people of tyndrum have been let down.
Blakeney, I think the Ben Luaidh story was either a pipe dream or a deception to keep interest in this hole.
Even if a funding partner is found, and even if it's a viable mine, which i'm yet to see.... the terms of the new partner will be onerous. It won't be the 2.5% on your mortgage from 5 years ago rates.
I wonder if the strategic investor has looked at the embarrassment that was the video of the AGM.
Would you invest big bucks in those guys?
As for what new funds would be used for....that Ben Luaidh (is that right?) was supposed to be massive and it's been mentioned for years. So have the other areas contained in our licence area.
Imagine the f*ck up this shower could make of something vastly bigger than Cononish!!
The first thing the new (diverse, of course) procurement team should buy is a giant broom to sweep the place clean. The shops should be full of them in the run up to Halloween.
Let's hope Andrew that for the sake of at least some jobs being retained, and for the local micro economy that SGZ survives in some shape or form. Only ever been there as a stopping off point/watering hole 🍺on the road to bigger places. :o).
Started: Dibs61, 16 Oct 2023 07:20
Last post: Dibs61, 16 Oct 2023 07:20
Better keep all your fingers crossed. If this guy pulls out…
Started: Bismarck, 6 Oct 2023 22:46
Last post: Rockhead, 13 Oct 2023 21:07
Thanks for your response, Shychap. You're right, I don't much do Twitter as I put little reliance on what is posted and so was not aware of your source.
I take your point on mining experience as I'm sure you do mine on management in the last few years. Let's hope someone can salvage this project.
Have a good weekend, R.
Rockhead, I take it you haven't been following the Scotgold whistleblower on Twitter?
As for training, it doesn't give you experience. I'm not willing to take a 400 mile road trip in difficult conditions with a driver who has just passed his test. Most of Scotgold's miners were catering workers according to the mole.
Of course, Scotgold had promised to give jobs to local people so they were hoist with that petard. It also saved them money since experienced miners don't come cheap.
Shychap, who alleges shortcomings of the workforce? If so, it would come down to inadequate training.
Surely this pales beside management/executive failings? The St Andrews day gold button followed by silence papered over by the Twitter Xmas card was the start. Ripping the 'eye teeth' out of the richest parts of the mine with CAF1 and 2 while not pushing on with development and LSH preparation prompted my withdrawal before the winter floundering. Then the damage was done and even the revival of production by LSH1 and 2 this summer to nearly P1 level came too late.
Oh well, perhaps a predator will pop up like AAL did with SXX Woodsmith mine and as they previously did with the now ICL Boulby mine back in the 1970s when ICI no longer wanted to put in any more money. If so, it might benefit employees, but not shareholders.
Anyone want to buy a gold mine for a song? Sugar daddies preferred!
GLA, R.
According to my understanding, but i might be wrong, if the mine is dormant for 12 months, restoration of the land automatically kicks in, which would make reopening virtually impossible. Can anyone confirm this?
If this is the case, they better get a shift on with administration as the clock is ticking.
I may have been a bit out on my dates Baz. I remember my father telling me several decades ago that typical pay on the coal face was around ÂŁ20K and I assumed that was 80's, but could equally have been 90's.
Looks like the going rate on coal face was ÂŁ40K in 2012 https://www.bbc.co.uk/news/uk-england-15445418
Started: Goldpandan, 8 Oct 2023 20:53
Last post: Andrew1987, 8 Oct 2023 21:32
Disgusting. The employees should get a representative and go to the papers. By the time this is carved up, any redundancy money will be long gone.
Scotgold have made it abundantly clear that their staff will not be paid during this period of “garden leave”. What hasn’t been made clear is how long this will go on. This equates to the employees being ineligible to claim benefits or redundancy pay to cover their inevitable bills/rent/mortgage payments, as technically they are still employed. How does Mr Duffy sleep at night knowing the situation he has left these men and women in? Soundly, I suspect as he has been completely void of any empathy towards them thus far.
Started: diggit1gold, 4 Oct 2023 20:00
Last post: Andrew1987, 6 Oct 2023 21:42
hope and faith in what exactly? what part was giving you hope? tyndrum boy? the bod? the debt? the constant raises? or perhaps the bbc?
if you call telling the truth demolishing your hope and faith, then you'll be waiting a long time for me to lie to keep you comfortable rockhead.
this "geologically good prospect" means exactly zilch if you can't extract the "geologically good" part in an economical way. there's millions of tons of gold in space, does that make it geologically good too? or would talking about the prospects of that be uncomfortable too.
you propped up the talk on here of how good things were, while it was a complete **** show. and for that, you my friend, are complicit in the losses some have experienced. i wouldn't class you as the next tb, but please cut the crap about anything to do with this being in any way good. it is disingenuous at best.
as for south african veins, i don't think they were as contorted as this connonish vein and they definitely didn't operate in the same climate with labour, fuel, tax costs etc.
I and 'cohorts' here had had hope and faith, even though mine waned earlier. It is not comfortable to stomach someone else to come along and try to demolish that, even if they in time prove correct.
Thanks for the promise of profits, but I'm not greedy as I've already had mine. I wish all here luck in getting back their money by whatever means, but hold little hope of that.
For those that remain invested or employed, it will take rather more than hope or faith. I would still like to think that Cononish will have the chance to survive and revive fortunes as I still regard it as a geologically good prospect. Despite your misgivings about 'narrow veins,' even the South African 'reefs' (sub-horizontal seams) where I once worked, were only ~0.5 to 1.5m thick.
A good weekend to all, R.
Nothing scarier than this horror show.
Happy to pay out on those odds rockhead. As soon as I get my money back from sgz, you’ll be the first I send the profit too lol.
I was right though. Unfortunately. All the crap I took for months and I was right. Just a shame you and your cohorts never joined me as we could have saved a lot more people from investing.
The name Donaldson will stink out the glens for generations to come.
'Odds of rockhead admitting I was right about it heading for administration 150/1.'
Yes, Andrew, you called that one right. Odds revision needed?
Andrew giving up his fixation with TB, 200/1?
Andrew giving up his OCD on this board, 500/1?
Halloween is my 77th birthday. Odds on me making it till then, LoL?
GLA, R.
What other normal shareholder do you know who had the BOD on speed dial, or who could organise a mine tour, or who knew more than any other shareholder, or who disappeared miraculously after 14 years just before it went wrong, or who invited people looking to be recruited to contact him first, or who had gold on his mantelpiece from the mine etc etc etc.
And most importantly, who, off the back of this knowledge, pumped the stock to others then tried to delete the threads on here to hide the evidence.
The answer is, what’s going to be done about it. Stinks.
Started: diggit1gold, 5 Oct 2023 11:51
Last post: diggit1gold, 5 Oct 2023 11:51
Good to have a laugh as the ship sinks prior to the obese female gendered one bumping her gums by vocalising. :o).
Started: Duncandisorderly, 2 Oct 2023 12:07
Last post: BlakeneyP, 4 Oct 2023 16:09
Remind us how much he syphoned off for a salary.
Scotgold hasn't been run properly since Chris Sangster left. It went down hill straight after that.
So if it’s definitely administration. Who’s buying it up? In what format and at what price. Will shareholders be offered 2p per share?
Why would a majority shareholder let it face administration and risk loosing his investment if he didn’t have plans, one way or another.
Even then, will a new or current owner be able to run the mine at profit? Or run it at all?
Bond payments with the national park, time running out on permits to mine, is there even an economical way to extract gold from narrow veins in this country.
Anyone staying for the ride after 14 years of misery. Not me. Time to put my energy into more productive things I think. Good luck all
On Friday only "confirmatory diligence" remained to be done.
Over the weekend LOL or very early this morning LOL potential investors changed their minds.
Keep the receipts. People need to be jailed for this.
1800 ozs produced in July, that's a healthy business and whoever takes it has to pay off existing shareholders
My advice speak to the National Park authorities and ask them to stop Ă ny further activity until this matter has been resolved satisfactorily formally parties involved
In my time SP had been 10p - 150p, I would settle for 50p, that's my break even on a substantial loss at the moment
Started: diggit1gold, 2 Oct 2023 11:34
Last post: diggit1gold, 2 Oct 2023 11:34
Realistically and to state the bleedin' obvious "it's not looking good from where i'm standing". Sorry for all who've lost here (myself included). Learned a long time ago though not to have all the AIM eggs in one basket so my financial hit isn't/won't be anywhere near catastrophic. A bag or 3 elsewhere in my PF will recoup losses on SGZ. GLA. :o).