Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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https://www.mining.com/web/lula-campaign-mulls-new-mining-royalties-in-brazil-spooking-industry/
"The special royalty could hurt mining investment in Brazil while boosting rivals including Canada and Australia, several specialists and market participants said.
“Creating a special mining royalty is going to scare away investors and make our competitors happy, especially the Australians,” said Rinaldo Mancin, head of institutional relations at the Brazilian Mining Institute (Ibram).
https://www.mining.com/web/bhp-weighs-boosting-a8-4-billion-bid-for-oz-minerals/
Majors will be buying up all the Junior assets they can as their project pipelines are exhausted.
BHP weighs boosting $5.6 billion bid for OZ Minerals
"The biggest miners are universally bullish on copper, expecting surging consumption in cities and electric vehicles as the global economy decarbonizes. Earlier this month, Rio Tinto Group reached a definitive agreement to acquire all remaining shares of miner Turquoise Hill Resources Ltd., owner of a giant copper mine in Mongolia."
Thank you James, it does make sense. For the Valmin code to be in effect ( in this case? ) there must be the need then to show a certain level of geological confidence in the resource which ultimately adds weight behind the financial model where there is a decision to mine. So wether it be through a third party consultancy firm or any other major valuing the resource and mining concept a ‘fairer’ value will be reached I would have thought.
Thanks
Guy
Hi Howezap
At the AGM I asked CB how XTR could declare a decision to mine, as I never really believed this as a realistic option (due to lack of finance to back up this etc). Apparently the valmin code dictates what’s required to declare a decision to mine (and having the money isn’t part of it although I’ve not read the code myself) however he emphasised that a key component was that a certain % of the resource needed to be indicated.
Cheers
James
Just to add that a 100% increase is highly unlikely with a copper porphyry deposit ;-)
I’m not suggesting that at all.
One further question then, that comes to mind from the reasoning behind the extra infill drilling.
There is an argument against it being the only reason why there is the need to extend the early recovery phase.
Not only will it improve and support the economic viability, it is also one sure way of increasing the resource estimate for whatever reason. There was some uncertainty before in a podcast where Colin said he didn’t know, ”if the 2 million tons was all gonna come from racecourse.” so maybe the extra infill drilling that’s planned is a double edge sword and maybe is another indication RC is closer to 2mt than many believe.
You can find examples if you look where an infill drill programme has upgraded part of a resource and increased the resource estimate by over 100%.
Be interested to find out how just much of the inferred resource (71mt) will convert after all the infilling, as there will be a targeted minimum category of indicated they will be looking to achieve. This will be required, more than preferred I would have thought as the indicated part of the resource is necessary to support the financial evaluation that inferred simply does not, as the geological confidence is considered too speculative to support the economics to the level needed.
So there are very good reasons why a company will infill, the initial recovery phase is looking to be increased as has been mentioned by Colin, not only will this further increase the indicated level, it will further increase the resource estimates as the levels of confidence increase.
With anticipated 20mtpa mined in the high grade early recovery phase which is looking to be further extended from 4-6 years for up to 8 years, we could expect then, up to 100mt firstly, will have converted to indicated. Increased up to a ‘minimum’ of 160mt later after further infill drilling.
That simple?
Andrew, thank you. Maybe they are trying to set a pattern of releasing the quarterly results a week before the end of the following quarter. Hang on, that would smack of professionalism.
Eastern
They have not been cancelled and I'm sure they can't be legally cancelled as this info, good or bad, must be given to shareholders.
The latest they have ever been released is 3 months after the period ending - so in theory they could still arrive end of September in 2 weeks time.
I suspect they will be released next week and maybe just before the interview on Tuesday??
Historically the later the results, the poorer the results. That said, Q1 results were late but they were decent to good.
I'm wondering if the additional complication of incorporating GF and BE into these alluvial results is delaying the release now?? If so, then the usual belief of "later release = poorer results" may now not be true.
I guess we'll find out if that is still true very soon !
Are we still expecting Q2 Gold results or have then been cancelled ? I note from the last results posted on the 22nd June that we expected full production by the end of Q3, some 14 days away.
>>Predictions of 2m tonnes and $7-800m price tag<<
There has already been much infill drilling through phase 2 at particularly racecourse. Where results will have expanded the size of the initial 71mt 0.44CuEq @0.3%Cu cut off JORC resource ‘before,’ all the remaining resource definition holes have been added that have potentially increased the resource to around 450-500mt tbc which basically, the open pittable extremities will more or less envelope.
Am very much hoping 2mtCuEq will not be too far off from RC alone when the lower economic cut off is then applied. Then there is the adjacent Ascot resource 1.5km away that is about the same size but as yet not drilled to the extents of Rc but has a lot higher gold and silver content. Potentially open pittable too……
$360m is a ten bagger from here, a more and very realistic estimate I would have thought. Certainly not to be sniffed at, but I’d be happy to wait another 6-9 months for $750m if the gold systems at Ascot are significant as the potential suggests from the assays and core analysis of the discovery holes.
Are you still there????
Investors : 1
Derampers :0
Kullybahia
>>XTR Aus assets are poor grades 0.3-0.4% of cueq, and non commercial.<<
Uninformed nonsense! The whole Racecourse drilling phase was targeted toward open pittable depths, with mineralisation across the deposit starting from as little as 11 metres down.
Open cut mine is by far the cheapest method of mining, in a nation that is supportive of mining activity, waiting on the updated resource estimate, but the financial modelling is expected to show 0.15%Cu economic cut off, 89-90% recovery rate from initial met test work with a very favourable strip ratio tbc
As has been said it’s not the grades that determine wether a resource is economic, it’s what is recoverable from evaluation many different factors
"Not worth much unless you have a operation nearby"
You mean like Cadia mine with similar geology, owned by Newcrest just 50 miles away :)
I'm also invested (to a much smaller extent) in ARCM .... but I try not to post my opinions there.... purely because the responses from the frequent posters are often personal in nature.
The contributors to this board on the other hand usually manage to keep a much better tone.... even when disagreeing.
And I think there are a lot of realists on this chatboard..... no need to spit blood and feathers to make a point.
Roll on the model update in only a number of weeks and then we shall get a clear idea on who will buy the asset.
>> not a fan of it's poor, unprofessional and immoral leadership
Well, you should probably sell then ! Unless you are just trolling on a board for a share you don't even own?
If it helps I'm not attacking XTR-I'm just not a fan of it's poor, unprofessional and immoral leadership.I wish all investors here well.AIM is precarious enough without having rogue management at the helm.
Also, interesting that the ARCM crowd are back attacking XTR - usually a good sign :)
>> Kwandonku telling it as it is. Dilution by a thousand cuts
I didn't really need to get any further than this. We haven't had a raise in fifteen months, we have cash in the bank and a producing gold mine in Moz, plus an RNS from two months ago saying we wouldn't need a raise in the next financial year.
2/10 for de-ramping. Please do some research and come back with a better line of attack. Also, grades probably isn't the way to go given the recent sale of Jose Maria for $500m, with similar grades but at 4000m in the Andes :)
Although I do think 'Kwandonku' was inspired !
Kwandonku telling it as it is. Dilution by a thousand cuts, yet peeps utmost confidence in a man of 78 years and resembles Biden in the way he talks. How can a man run so many companies and not get commercial deals done? XTR Aus assets are poor grades 0.3-0.4% of cueq, and non commercial. Predictions of 2m tonnes and $7-800m price tag, for lesser grades than some tailings dams left by Majors? Unbelievable that peeps can think that XTR will get that kind of offer? Kiwara was sold to FQM for $250m, after $20m spent on drilling. CB was the man who negiotated a resource of 5m tonnes of copper over a decade ago. Still living off that deal, even though it was so cheap. FQM have never looked back at such a low ball offer. Majors don't pony up big money, unless you have a Royal Flush , 10,Jack,Queen, King and Ace of spades. Not worth much unless you have a operation nearby, that is willing and running out of mine life?? Can somebody please fill me in on why any mid cap would buy the asset??
When I first saw the MoU caper in Zambia,I did post on here just to make people aware (I would want to know of dubious practice by a director ) and got grief for it.That's OK ,but I cannot disagree with anything kwadonku says and it will be interesting to see if the Zambian cadestre relaunch will have any ramifications-
In case it wasn't obvious from the posts, kwadoku is a serial stalker of Colin Bird who has had a variety of different accounts - I think Pops1980 was an early one - and has been attacking Colin and his companies consistently for many years. I don't know the original cause, but I assume he lost money at some point in the distant past and has apparently suffered some sort of permanent psychological issue because he is still complaining bitterly. We are probably going to see 'Son of Kwadoku' at some point, carrying on his father's eternal quest.
is that YOU colin ?
From my view I see 78 years of fantastic experience building, proving and formalising some fantastic assets in a depressed market.
That depressed market is about to come alive. Time to add in my opinion.
I'm sure we all like to have a salary, why shouldn't CB. He is clearly working very hard and giving all our investments the wealth of his knowledge and expertise. Its great to see and hear someone excited and enthusiastic in what they do.
Market economics are building in favour of this asset and company. This is bigger than the excellent CB, though we should be greatful to have him.
If you want to merge, by stocks in them all.
Something happening,
An over enthusiastic deramper is in da house.