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My hunch is that the mine doesn’t have enough ore in the ground and BoD knew this months ago. Tschudi is junk. We have all been hoodwinked!! Proper pump and dump.
It will be interesting to see whether Orion/the Administrator keeps Tschudi going. I am not sure how much (if anything) of an operational or financial nature gets disclosed when a company is in administration. Does Orion want to drain the pit to try to recoup some cash from sales of copper, or will it write off $100m+ allowing Tschudi to be abandoned and become Lake Tschudi? Either way, I do not see the benefit for Orion of putting the parent company into administration. Tschudi is an operational problem. Who is the administrator acting for?? If anyone can explain I will be grateful.
LoM 9 yrs on WTI website. Now junk because of water ingress to one pit. CEO bailed out weeks ago. Serious Fraud Office need a phone call IMO !!
Meanwhile copper is flying. You just couldn't make this stuff up!!
I smell a rat with all this sudden decline in fortunes. Surely the water ingress can be pumped out and it won’t ingress forever? Why did this water not show up on seismics? What about other/ new pits? There were lots of new pits planned. Dodgy as F***
Last minute finance deal which includes mine repair and purchase of new site - share price rockets to �4 a share on discovery of easy to mine gold deposits already shaped into ingots. On the basis of the above being true I will sell my remaining shares at 50% (�2) to any takers...
Maybe you are right Headly. But it wont look good if they buy the assets/operating subsidiaries from the Administration for a pittance and leave the PI's with nothing. Orion have a reputation to maintain. Remember also that Orion are a related party, I think there are rules about their conduct.
I have assumed that WTI called in the administrators as a reaction to Orion putting a stop on the $10m facility. Orion got tough after the latest water issue and WTI pulled the plug - but no the one at the bottom of the pit, unfortunately!!
by all of this. I do not see how Orion stands to benefit by allowing WTI to fall into administration. It does not solve any of the operational issues, or give them direct control of anything. And they were pretty much in control anyway! Even if they get direct control of the operating subsidiaries, they are no nearer to getting repaid. There has to be something else behind this, but I cant see it ATM. Are they resigned to writing off $100m? This seems hard to believe. Why not allow WTI to drain the flooded pit and then (hopefully) recoup some cash generated until it becomes un-economic in 2020?
With no further funding from Orion it will depend on whether they can afford to do this. But wouldn't that be result!
Well if they really get Tschudi back online its economics have improved considerably today with copper back above $7,000 per tonne and the USD/ZAR rising nearly 2% (horrendous GDP data indicating decline compares to expected rise in GDP). Who knows if this continues all might not be over yet...
I can only imagine that WTI and Orion had a good falling out over this - but I still feel aggrieved at all the Kitumba debacle and so on. What on earth were WTI thinking entering into such an idea - it led investors well and truly up the garden path. They were quite simply in no shape to enter in such agreements at all. Hard to believe that Orion let that one happen.
If such a thing could happen then Orion would be a shareholder too, along with other major holders and Pi's - that would surely be like Orion saying to WTI to forget about the loans and go and carry on elsewhere? But that cannot happen regardless, now this is in administration. I assume that Orion have little say now and are in the line for whatever can be salvaged from disposing of WTI's assets. So they are well stuffed on this one, I would think, along with everybody else. Meanwhile Cu rises!
Does anybody have a view whether 65% of Berg Aukas was or still will be bought? There is a scenario where WTI would be able to survive by offloading Tschudi and re-emerging with clean slate to focus on Central Operations and Berg Aukas.
Subsequently it was announced that the Directors of Weatherly have appointed Simon Kirkhope and Andrew Johnson of FTI Consulting LLP ("FTI") as administrators to the company.
Yes Polo RNS much more forthcoming than WTI have been. Unless WTI can drain Lake Tschudi it’s over.
TDT ..No just surrounded by them...Galileo....
As much as I would love this to come back I'm slowly thinking now that there will be no rescue, read the POLO RNS as it states that WTI have appointed administrators which is not good at all. Also the offer period for sale of WTI has been withdrawn. Hope is all we have of some kind of agreement with Orion, but that is only a very very slim chance.
Guys is this the end of wti? What happens if they get brought out? Is there any kind of return for current investors?
W..k.rs
For the reactionary keyboard jockeys. Shaaaafty bunch, no ! ...loaded, lazy and Kleva.Where do you invest...your own backyard....UKOG.....UMMMMM EUROPE ...AST.....AUSSIE....GGP.....AFRICA....WTI.....the guys in the field are possibly sharper than you....why does a city boy buy ABM....OH and the pi who took all of you for a ride of sentiment on SML.....yep only been here for a year....inevitably AIM is tarnished due to the ' investors ' who are sharks ...don't forget we keep company with them....look way back at one of my few posts encouraging folk to invest in NCCL....and look where she is now.....rest my case....bunch of ******s.
Looks like the BoD have misled us investors (including Orion) for months. Hopefully someone will take legal action if a crime has been committed. LoM 7rs to 2 yrs to zero in a few weeks. This episode takes pump and dump to a whole new level !!
to be fair, he did emphasise the r/r ratio. Did he ever say he'd sold out? I actually made money on this, sold when they announced the acquisition, seemed mad when the price went up on that, thus seemed manipulated. Truth is, the wolves, who ever they are, need the sheep to make them money, and theres enough wolves prowling twitter, and you know who they are, know there are even more sheep blindly ready to go for the slaughter.
Anyone who read barondaytrader would have read his frank comments that this was the highest risk share in his portfolio. He also aaid it had potential to bring most reward. But he did not shy from saying it was very high risk. Unfortunately the risk has not paid off. Not barons fault.
I'd say over.