The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Cheers for that Millsy, much appreciated. Sounds quite intriguing. Look forward to more info on that!
Good work andy, as always.
Thank you
Thanks millsy, it's been bothering me for ages.
Don't understand why it has not been mentioned regardless of how small it is.
Hi Ben
It's been niggling me too.
I asked a few weeks back and got a response below from Xtract. I think Colin had discussed it at the AGM with some attendees, unfortunately I wasn't at that meeting. I didn't ask about the magnitude of the income but would expect it to be in the segment analysis in the upcoming 2021 annual report.
Question
It would be much appreciated if you can provide any more detail about the copper income, which in recent interviews sounded like it was, from "Chongwe" but it is not clear which Xtract asset this relates to as Chongwe is not on the Xtract website or mentioned in the 2020 annual statement. Grateful if you can provide clarity on this point?
Response
Copper income from Chongwe will continue and we hope will last at least another year. Chongwe was an opportunity where a small project owner asked the company to assist and understand what he had and where we might share benefit if there was any potential. It was more exploratory than a deal, but our findings are fairly positive, which if confirmed, will take us into an ongoing definitive arrangement, which of course will be announced.
This is the 3rd or 4th time that Colin has mentioned Chongwe. As far as I can see, there is nothing on the website and nothing mentioned in RNSs about this mine. Anyone any idea where it is? What is the potential? I'm getting a big fed up with the references to something which has never had mention on the website or official statements. Eureka too is so wishy washy as I've said before.
All in all though, I can't complain. Positive and professional interview. Please can someone just blooming ask a follow up question to his waffle about Zambia!
Either sell, move on and buy something safe like UK 10 year gilts or just accept we need to be patient. Colin went as far as could to explain the doubts. It is a rough market at the moment but a good time to bring Fairbride online.
I liked yhe bit where 600-900k per month after expedature from Fairbride wasmentioned.
I'll Pop the bottle of Champers once the RNS states "sold"
Good interview Steady as she goes, first stop 10p
F100
Colin states and believes we could have a multi porphyry asset per name dropping Cadia, Boda etc . Colin also stated previously and in multiple interviews that 2mt and decision to mine were coincident before the latest revelations of gold at ascott. I believe we have now diverged, the catalyst being the recent assays from ascott, and contained copper not being the best way to trigger a buy out of what could be a potential multi porphyry district. In my view you then either play the decision to mine defensively if you want to avoid having AA as a partner or aggressively if you want to keep them.. just some thoughts.
Positive interview today with CB. For me, the interview confirmed that sale negotiations are already underway. Listen to the language:-
"only months" when asked how long we might have to wait for a sale announcement.
"I don't want to get into a sale discussion, as trying to conduct my negotiation on a podcast on this sort of platform is very, very dangerous" Note he refers to "my negotiation".
"we're being watched".
"everyone who's interested knows what the Bushranger project is".
"there's two parties to a sale", suggesting timescale/terms being dictated by another party.
He appreciated shareholders might be "unhappy about a couple of months" of additional proving up, but suggested it would pay to be patient.
"I'd like to ask our shareholders to hang in there, because we're onto something".
Sounding like we're working towards a positive outcome at Bushranger and a little patience is all that's required.
The lack of shareprice reaction continues to surprise me. The interview sounded good to me. No wild claims but answering the points raised on here. A bit of patience to get a bigger overall project in a good location. And maybe the chance to add to it at Footrot. Can't be bad. And virtually all being given for free at the current shareprice.
Okay here is the link. It's hardly rocket science to post one that works is it.
https://audioboom.com/posts/8096984-midweek-takeaway-with-colin-bird-executive-chairman-of-xtract-resources-aim-xtr
I don't care if he loses his marbles. As long as he finds my copper and gold.
"We intend to issue a release shortly that gives an interim summary of the Racecourse and Ascot prospects."
This is what we were told on 27th May. There was then an Ascot specific summary released on 31st May. Are we now still going to get a summary for the Racecourse prospect? or is Mr Bird losing his marbles!!
Any links to this interview that work please.
Also are we still due to get a progress summary of the Racecourse prospect as we have already got for Ascot.
I thought the interview was excellent. The little bits of doubt I have will always be there. They are always there with any share I'm invested in so nothing new. But it sounded extremely positive and helped settle most of the doubts for a while at least.
Iceberg! Last year you posted that you thought the sale of bushranger would be at a minimum of 10p. I remember CB being a little annoyed at that valuation. That was before the Ascot discovery. I was roughly thinking 20p at that time. Rising to 25p when Ascot was found. Footrot is really important to me now when looking at future valuation. What do you value Bushranger at in its present standing?
Thanks again to all posters on the board. Excellent knowledge
>> getting the impression it wasn't overly positive
Depends what you call positive. I get the impression that Racecourse is probably not 2mt (although given Colin is being so guarded I might be wrong) and there won't be an early sale, but the overall licence has much greater potential than originally believed.
I don't believe that CB was trying to spin bad news as good, because he definitely wasn't in sales mode. The fact he was so 'professional', as many have noted, suggests he is comfortable with the assets and comfortable with the financial position. It is now a case of patience while they complete the drilling and modelling. I for one am very happy to let them explore more before any sale.
He thinks they’ve closed the racecourse off to the south which to me must simply mean is all they needed to have done do to close it off, as there is clearly a huge anomaly they couldn’t possibly have touched to the south I can’t imagine the new IP would’ve shown anything less than the old IP that they working off. He referred to mineralisation joining up to Ascot not potentially being commercial but surely cannot be referring to the whole southern anomoly.
Now from Zak’s interview of 20mt x 20yrs to 25x10 to 25x25yrs seemed a comment to throw naysayers off the scent.
Could very well have the 2mt, but clearly with decision to mine it is not a necessity.
Take your pick to suit your agenda!
The comment about the width of the pit being 150m, he was either mistaken or possibly meant that would be the dimensions at the bottom of the pit. As 600m deep by 150 wide at the top it would almost be a sheer face!
Overall, there is your “another bonanza” with hopes of that quick, quick sale put to bed, but for every right reason. A little more patience.
Still on course for a sale by Q4 if other party plays ball potentially for the more optimistic.
I think they squeezed as much as possible from Colin good job fellas.
It was a much more measured and circumspect interview. As some have said - more professional. The question is - is that because CB has now changed his approach or because he's trying to row back on his previous very bullish comments?
I said recently that it would just as telling what he doesnt say as does. No mention now of the 2mt or target date for open pit model. Using CBs poker analogy, the positive spin on this would be that hes holding his cards close to his chest. May be.
Again very little info on Eureka. Its always about to go into production or going to contribute to income soon.
The good news, and news that we can be sure about, is that FB will be in production very soon and by August income levels will be substantially higher.
IMHO Prospects are very good over next 6 months, but it remains to be seen if they will be as good as we were all led to believe earlier in the year.
Not had a chance to listen yet, getting the impression it wasn't overly positive and hopes of a sale to AA is not as close as some of us thought?
Personally I'm hoping that they will be used to prove up all that there is to find at BR. I know that's not everybody's wish but as CB himself said "we don't want to sell and then find 6 months down the line that further porphyries have been discovered" - or words to that effect.
Folks apologies if this is obvious, but will the profits from Manica and other assets be used for further drilling in RC and Ascot or will they go straight back into the pot at this stage to increase the SP, as the figures quoted by Colin seem fairly hefty sums, now the rains have stopped?
I wonder if CB was referring to our normal geo team (who are very good) when he made the comment 'and we've got some experts around this one'.
'I actually wondered if the burst of positivity and information a few months back in the interviews ' - I've thought that too.
Conspiracy theory: Was he trying to ramp up the SP, by giving a June completion date, to get a raise? - Obviously nothing he's said recently has moved the SP and a raise, at say 4p, would have tanked us.