Firering Strategic Minerals: From explorer to producer. Watch the video here.
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I've e-mailed the company to request a personal briefing. Haha - not quite just asked them whether they are aware of the news, market and share price reaction and whether they are going to respond.
I'll let you know of any response....
If it's an on-going event - i.e. Mine rescue underway for a potential survivor (however unlikely) the company would have difficulty informing the market fully whist respecting the relatives of a potential victim until he is found. If he's under a fall of ground then his chances of his survival are slim IMO, but we can hope. We're best being patient until accurate news can be given.
Of course., if it is untrue then the company should clarify immediately.
I was right with my earlier post about the obligation to report it first to the stock exchange -
"The COMC states that making or failing to make statements or disseminate information which is likely to be regarded by the regular user of the market as relevant to determining the terms of transactions in listed securities is "behaviour" falling within the scope of the market abuse regime (MAR 1.3.1E(5)). As a result:
If a listed company issues this sort of information selectively, without an announcement to the market, both it and officers of the company who are involved are at risk of proceedings for market abuse unless there is a justification for their actions." From -
https://uk.practicallaw.thomsonreuters.com/6-101-7488?transitionType=Default&contextData=(sc.Default)
With regard to JTD's point about respecting the relatives - TSG could make a preliminary announcement expressing sympathy and say they will make a full statement later.
NoelS - "preliminary announcement expressing sympathy and say they will make a full statement later."
Yes that would do it respectfully.
They just have to acknowledge whether the report is correct and will report back to the market with further details in due course. That would be both respectful both any bereaved families and shareholders alike.
It's not difficult to draft such an RNS either way....
It could well land today or tomorrow morning, and still be ASAP.
very sad if somebody has been killed in a mining accident here.. but best we wait for official confirmation of that (or not)...
also this has had a good run recently and seems prone to punchy retraces after good run ups as a rule.. those retraces have often proven good topping up opportunites too.. and I for eg would add a bit more if this goes under 100p again ..
( generally, even if this sad event is true, this share should, in due course. go to 150p and plenty beyond after that too ..imho..this remains one of my favourite stocks in my p/f .. but,as ever, DYOR )
2 dead apparantly, 3 escaped. Do we expect the authorities to close the mine for a period while it is investigated?
Of course they will close the mine whilst an investigation is undertaken, other parts of the mine may be able to operate or operate under restricted conditions.
Remember it is a collapse of ground and there is the possibility that the roof may collapse again.
From an investment perspective, it all depends where the fall occurred (have they lost workings and what level of incompetence is assigned (hence punishment for the company). It could be the new area or the old main section (where I believe they lost working before through a collapse), hence working lower grades.
I suspect it may be a while before we know, hopefully the mine can get back to normal reasonably quickly and when the outcome is known, the poor guys didn't die through neglect.
From Dohnuts - "What an awful day for those poor men and their families and friends work mates , tragic does not begin to describe it." - and it struck me that either today or tomorrow is Christmas Day in the Orthodox church - the true Christmas actually - so the men's families must be in agony at their loss. "tragic does not begin to describe it" indeed.
They may shut the mine for months. And have to do a full structure survey. Sad day for the families and the company.
Not likely to close the mine and put hundreds of local jobs at risk. Mining will stop short term, but processing will continue IMO.
You were correct. They seem to have it totally under control. And now the news has been announced. That they are supporting the family’s. What a good company. Gla.
Have followed a number of these tragedies over the years, usually they do not effect mining operations beyond a few days, there have been a couple of incidents like what has happened today at Trans Siberian with Caledonian Mining over the last few years, in both cases families were supported and mining operations continued, soon recovered to full production levels.
The market usually drops the share price but within days the share price recovers.
DYOR etc.