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Maddog re "Has anyone ever asked Colin what is the advantage of having lots of small projects in Zambia spread across his various companies ?"
Obvious. More opportunities for the team to award themselves bonuses and cheap share options.
The Year of the Small Miners.
Merry Christmas Ebenezers and Rampers alike!
I will take the silence as a clue that maybe a good answer is not imminently available :-)
no go on... try me. What advantage has there been for shareholders with the acquisition of Kalengwa and Eureka. You are probably correct though in that I'm beyond explanation for the MozGold deal so just stick with Kalengwa and Eureka for now ;-)
hi, no i didn't mean to imply a huge vein, thats not it at all . really busy at moment but will try later to put some links up, but definately NOT a huge vein . :)
"Perhaps ZM could enlighten us all with what advantage there has been to shareholders by acquiring Kalengwa and Eureka ?"
I don't think you are open to the answer to that, so enlightenment will have to be something that blesses you at some point, or it doesn't.
Perhaps ZM could enlighten us all with what advantage there has been to shareholders by acquiring Kalengwa and Eureka ?
I hope neither Art123 nor Littlewing are planning to start their own businesses anytime soon. With that attitude the prospects would look bleak indeed.
"Has anyone ever asked Colin what is the advantage of having lots of small projects in Zambia spread across his various companies ?"
Lots of carrots to dangle are harder to keep track of by those pesky shareholders ?
Colin said in that last interview that website pictures would paint the picture of Fairbride operations.
I would also suest the website is tidied up to to remove Kalengwa and perhaps outline the narrative on Eureka. That one has been kicked down the road too often.... at least we need to see if it is still a can ....
Copper futures fell to the $3.7 per pound level, hovering firmly below the one-month high of $3.9 touched on December 14th as increasing concerns of a global recession hampered demand expectations. Major central banks delivered hawkish outlooks on monetary policy to curb inflation, while soaring Covid cases in top consumer China are expected to limit the extent that businesses want to reopen fully, despite eased lockdown rules by authorities. Still, threats to global supply softened the retreat in prices as lower production in South America continued to drive concerns of shortages. Output from top producer Chile slid 6.7% in the first three quarters of the year and mine protests in Peru hamper activity. Commodity trader Trafigura warned that global copper stocks have fallen to record lows with current inventories enough to supply world consumption for just 4.9 days, and mining giant Glencore estimates a supply shortfall of 50 million tonnes in 2023.
• tradingeconomics.com
Hi Dani,thw 992k oz is the underground stuff at Fairbride that will likely be targetted after the openpit comples, it is not a vein, and was always there inearlier models, just not included in the feasibilty study :)
Oak trees from acorns!
Has anyone ever asked Colin what is the advantage of having lots of small projects in Zambia spread across his various companies ?
I'm not even bothering to learn the name of the new acquisition. I'm assuming Eureka has gone the way of Kalengwa too. Does Colin seriously think that shareholders are to be excited about something which in all probability will be thrown on the rubbish dump pile in a few months ? It seems Colin is still driven by the excitement of acquiring opportunities regardless of whether or not that translates into shareholder delivery. XTR is the mining licence equivalent of the garden rubbish removal outfits at the mo where Zambia is concerned. I still hope Bushranger is not a branching out of that operation.
Maybe Tesco should charge full price and change the slogan to every little don't help
3 trades so far on the strength of that boring news/acquisition and no doubt a further fall in the share price over the coming weeks.
Maybe CB should have shunted this latest project into one of his other smaller African based companies and found something of more potential for XTR.
Andrew - Eureka looks to have been mothballed at the vey least. Maybe they will revisit once there are some coffers in the bank and regular income. I would certainly favour that for now.
Yes, below 200kt for the first MRE at Ascot would feel like coming up short again. We can only hope that CB had the sense, after the disappointment of Racecourse, to set the bar low so they can clear it easily.
"but anyone have a clue what happened to Eureka income stream ?"
I don't believe we will be getting any income from Eureka. I think it needs too much work and money and it is playing out same way as kalengwa. Less and less mention of it so it slowly drifts into the ether. Then a quick one liner on it by CB saying its not now being progressed. At the same time, as cover, some good news is announced re FB or Bushranger project.
"If we have 200kt+ at Ascot after so few holes it will be great"
If it is less than 200K then I think the RNS was misleading, at best, by using the phrase "significant increase". 10% increase is not significant, just an increase. CB can shoot from the hip with loose comments in interviews, but not in an RNS
Personally, I would prefer XTR to acquire another sizeable asset, on a par with the Bushranger Project, probably in AUS rather than Africa, where there is an opportunity to prove up a larger resource and the share price can multi-bag as it did in the early days of the Racecourse exploration. Get the SP up to 10p or so, and still be holding Bushranger.
Just a reminder that kwaks share price figure, before Colin bird took over Xtract and the current share price, does not take into account the effect of the dilution and the potential value of the assets acquired in that time. As well as any growth opportunities that have resulted from ‘previously’ necessary fund raises.
Income from Zambia would of course be welcome but anyone have a clue what happened to Eureka income stream ?
Last update from Chairman statement in y/e 31 Dec 2021 report published on 30 June 2022 stated:
"In Zambia we have identified and modelled a potentially mineable resource at Eureka and are carrying out trial mining.
The initial trial mining produced a very high-grade ore, but metallurgical testing proved to be very refractory. Further
drilling and test mining has shown this to be a local phenomenon and we intend to commence operations during the
3rd quarter 2022."
If we have 200kt+ at Ascot after so few holes it will be great. I've said it before and will say it again... 369 drill holes were completed at Cadia Hill in order to quantify the resource, optimise the pit design and begin mining. Ascot has absolutely massive potential.
I am also really hoping (I know I should know better!) that CB has learned his lesson and, during those post-MRE interview, set low expectations for Ascot in order to over-delivery when they are finally released. No 7am RNS today, so Monday maybe?
As for the latest purchase... I was totally dismayed when CB said they were in 'acquisition mode' but this appears ready to go, may quickly start delivering profit and has potential to expand. As others have said, two years ago this news would have been well received by the market but XTR currently has a bit of a 'getting things over the line' reputational issue to address.
Apologies for the spelling I really should put my specs on before posting!
In the last 2 years he kas moew than doubled his share holding through purchases so hardly a cash cow! Seems he really believes Bushranfger was going to be all he hoped. We will see if he is proved right soon enough!