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Just ……,. But only if you can afford to suffer a total loss.
Well done Colin , master of disaster .
Kalengwa is not worth anything to shareholders. Its not a case of damned if he does damned if he doesn't. Its a case of being honest with his shareholders !
There is no reason to remove Kalengwa from the website as it technically it is still on the company books , they have just parked it up for whatever reason, to prioritise other activities elsewhere. Costs spent have been stated as being impaired, it doesn’t mean these have been written off either.
The website was updated with some new pictures of Fairbride only a few weeks ago! And besides, If you consider the flip side of the coin, there could simply be an air of confidence in the company and are happy with current development of assets and don’t feel the need to drip feed the market with constant bits and bobs.
CB is damned if they do and damned when they don’t.
Mistakes are bound to happen if you regard a company with a £17m M/cap as just one of your part time jobs instead of employing someone to look after your (and our) interests in it.
The potential here is a big secret as far the world's investors are concerned.
Disappointing if not surprising.
Not too sure if leaving Kalengwa on the official Xtract web site is an example of the company being economic with the truth, but probably more a case of the tardiness and unprofessional nature of the company not updating the website.
I doubt there are many or even anyone looking at the website who is not familiar with Xtract and therefore they will know the situation re current projects.
The company is implying that some of these projects are still active and of value to potential investors in XTR. The company choses to keep Kalengwa for example on the official Xtract web site. Why is that ? An image that the company is doing far better at creating shareholder value is portrayed ? Economic with the truth at best.
Xtract Resources Plc is a United Kingdom-based resource, development and mining company. The Company focused its activities on its Bushranger copper-gold exploration project in Australia and copper-gold exploration projects in Zambia. The Company’s projects include Bushranger Copper-Gold, Eureka Copper, Kalengwa Processing Copper and Manica Gold. The Bushranger Copper-Gold project is located in the Lachlan Fold Belt (LFB), New South Wales, Australia’s, a copper-gold province. The Eureka Copper project, comprising of approximately 345 hectares, is accessed by an approximately 100 kilometers (km) dirt road from Kabwe, west of the Zambian Copperbelt district. The Kalengwa Processing Copper project is located in the North-western province of Zambia approximately 800 km north-west of Lusaka and 400 km south-west of Kitwe. The Manica Gold project is situated in the Odzi-Mutare-Manica Greenstone belt, with an approximately two million ounces of gold previously mined in the area.
Will it start giving ASAP
CB having a PR drive of his various companies, with podcasts in fairly quick succession-
Kendrick 1st feb
Galileo 3rd feb
African pioneer 6th feb
By the weekend could he have rounded up the rest with Bezant and Xtract following release of the updated study one wonders!
So a seasoned explorer didn't know beforehand that it needed 3m worth of gear ?
Smelly.
Eureka remains an enigma, no mention for ages, so far not heard anything to suggest it will not be progressed.
So with what I just read is Eureka a no go for Xtract does anybody know please they did put out drilling resin September 21 so figured it must still be progressing but not had any more news on it .
The net result of these deals see nothing for shareholders but somebody is benefitting somewhere as cash gets shifted. Am I correct in thinking the deal with Kalengwa was at the same time as another of Colin's interests BZT ? Was the XTR deal done in some way to ease BZT in ? Is Eureka connected with that somehow ? Does Joel act for both XTR and BZT ?
Then there was the MozGold fiasco. I thought at the time that we didn't get a good explanation for giving cash to them after being told the benefit of having a stake was because Colin thought the alluvials were worth having a more direct interest in. We have had no where near what we were led to believe from the alluvials and yet that deal was done losing us money.
Manica wont give us a penny until MMP themselves declare a"profit". It almost seems like the aim is to use XTR to facilitate deals to benefit others.
We really do need to see some sort of shareholder value delivered Colin. The SP is marking the deals done to date as a fail.
I suspect within the next 12 to 18 month months CB will be saying
" that around 3m worth of equipment was required to progress the Eureka project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they we never intended to put that sort of cash up front."
I got impression at AGM in 2021, that around 3m worth of equipment was required to progress the Kalengwa project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they had never intended to put that sort of cash up front.
Edit. Sorry, shortly after the high court judge dismissed the application to dismiss the 2019 injunction the results of XRF were released. The Court papers were handed over some time after on site. Does not change the observation though as I’m sure the company would have been aware of the application.
Just an observation….
Shortly after the conjunction was restored with the handover on site of court papers, Xtract published the xrf results from the 6 previous recon holes drilled.
https://www.lse.co.uk/rns/XTR/reconnaissance-drilling-results-kalengwa-kafeqtwin222tiy.html
Colin Bird, Executive Chairman said: "Our JV agreement for the Kalengwa pit area allows us to mine and process material 500m either side of the old open pit……….
Just seems an odd comment to state, like he is distancing the company from any wrong doing on Xtracts part at least.
>> I cannot believe the Xtract BOD are ‘anything’ but blameless.
Ask yourself if it is likely that uk listed business would sink over 300k into a project that they ‘knew’ had a court directive in place that stopped all mining and exploration activities?
Doesn’t make sense, gotta be legal proceedings if is the case. Could be a way to leverage greater control or toward a overall buy out of eureka??
Just looking a bit further into the kalengwa saga if is of interest to any unfamiliar with what’s gone on.
Initial reports in Zambian media of the mining/exploration ownership dispute, where there was a response to the market by xtract in oct ‘20
https://www.lse.co.uk/rns/XTR/comment-regarding-zambia-media-reports-ydfyagthppx9udd.html
Below is what followed in ‘21 shortly after Xtract had drilled 6 recon holes.
https://m.facebook.com/themastzambia/posts/euro-africa-kalengwa-mine-director-warns-kpz-directors-of-contemptby-staff-repor/2988142031443834/
The one stand out bit is that the lawyers of KPZ were aware of the 2019 caveat that stopped any activities at the mining site.
Once trust has been compromised in business ……
I cannot believe the Xtract BOD are ‘anything’ but blameless
If at first you don't succeed try ,try ,and try again.
Oh and try again ??!!!!
Ben
If the two you are referring to our Kalengwa and Eureka as the two failures then its actually three failures as there was also "Kajevu" known as the "Matrix Project".
All three in Zambia
Money spent with 0 income which could have been used to do more drilling at Manica where we know there is recoverable gold - or used for more drilling at Bushranger.
CB does seem to have an affection for Zambia, which doesnt seem to be justified at the moment :)
There’s probably more to do with the JV with kpz than Kalengwa itself. It was mined originally for over ten years without power or haulage issues and is reported to have some of the highest grades in Zambia. KPZ having massive debts could be a clue.
Sometimes 5hit ’appens, a project success-failure ratio of 4 or 5-1 was mentioned. Hope is, it does not have a knock on effect with Eureka being under the same JV partner. So to drop Kalengwa with the hope eureka can be kept or bought out as is far more progressed being production ready, proven scope to extend existing pit along strike and at depth and has had more cash spent on exploration and development than on kalengwa.
Hopefully some good will come out of this. I don’t think you can blame CB until the real facts, are known regarding the relationship with kpz
Eureka has great grades. Opportunity for exploration. Potential IOCG. Heard it all before. What sets this apart from the others? Why would anyone invest based on kakuye when the past two copper ventures have basically failed (they have brough 0 profit or shareholder value to Xtract since their acquisitions)?
I hope it turns out better than kalengwa which certainly didn't show CB's business acumen in a particularly good light.
The most significant comment on about 10 mins was if you look at the open pit at Kakuyu , there are grades of 25%, 10% an average of 3.5% but as these are smaller resources with shorter mine life the grades compensate for that. So particularly where the potential discovery of a new ore body to the NE of the existing pit that displays the same composition from sampling that showed a significant copper in soil anomaly. Is great for the potential longevity of mining operations to continue there over many many more years.
Getting these foot holds now in these fertile regions is testament to CB’s business acumen, with the ability and clout to make these deals in line with Xtract’s growth strategy.
The roast boys report back from their jolly in Africa. Xtract’s new JV acquisition Kakuyu gets a couple of plugs in first 15 mins from their guide Martyn churchouse, who is or was a company consultant with oversight of exploration and mine development programmes covering multiple targets and resources in Africa. He has just been appointed MD for one of CB’s other companies, Kendrick resources.
https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNjQ0MzcucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMy0wMi0wNTovcG9zdHMvODI0MjEwOQ%3D%3D