We would love to hear your thoughts about our site and services, please take our survey 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.
You were right the first time. Bushranger is set to become the 8th wonder of the world :)
Obviously meant "I"wonder, not 8 wonder
Very interesting trades all of a sudden, 8 wonder?!
also 500k at 3.4 and 500k 3.45 both just prior to the big £50K buy
News tomorrow??
It appears that a 1.4M Buy just gone through at 3.5p
For Colin to be so revealing of their intent, and on the tonnage, then to say we cant talk about it when we’re number crunching, just give me the impression he was maybe giving fair warning. We know he and also Jeremy Reid have in the past said that getting to the 2mt, or a position to declare the decision to mine was an important step for the company, and to get there as quickly as possible. At the AGM it was said by Colin that, “a sale can happen very quickly.” He also mentioned price of copper still being, not a bad price now. Worth bearing all in mind as it was generally a podcast he didn’t necessarily need to do.
There does seem to be a decisive plan and a bit more haste to get there now.
Haste being an apparent change of earlier plan to increase the early recovery phase. It must show there is already an economically viable starter project that will satisfy a major to take it further.
I'm pleasantly surprised that CB is going down this route.
After phase one it made sense to do phase two to prove the geophiz was correct across the whole area.
Now that's done we have arrived at the point where either drill the hell out of the place and take another
12 months minimum or leave some meat on the bone with the possibility that the buyer can prove up more value themselves, much like XTR did when they bought it.
It was always the intention to prove up hopefully 2mt and sell and given the unfolding story of Ascot CB has pretty much done what he said he would.
The next few weeks/months should be very interesting and hopefully very lucrative for us all.
Good find Andy. Always good to get independent corroboration of Bird's statements.
I see no evidence on NSW Titles Management Systems of any applications to drill new locations on EL5574 so this indicates they have no immediate plans to drill the new anomalies identified in the IP survey.
Also on TMS there is licence renewal application on EL8305 ( I also think this may cover EL8306) submitted on 18 August.
RC bigger than CB imagined.
Phase 2 drilling completed, inc infill drilling.
Model building continuing.
New JORC compliant resource and updated open pit conceptual study "soon", and decision to mine.
AA option to make an offer or reject.
Open market search for a buyer if AA don't make an acceptable offer.
500MT ore implies Cu of closer to 1 m tonnes than 2 million tonnes, but still, nothing to be sniffed at.
I personally would continue with a Phase 3 using Fairbride funds, but l get the feeling CB is in a hurry. He is 80 after all.
Iwantthatone,
My reading of his interview is that they have the IP survey results and there are new 'anomalies' which will not be drilled. The existing drill results are sufficient to imply that these anomalies contain Cu although how much is anybody's guess. They will however be valued very lowly due to the lack of evidence. It does however raise the question of why have we not seen the IP survey results? I know I would be interested.
That's the way I read it but it's only my guess.
Asian markets opened and £ still falling..
We may end up at parity after all !
At this rate by mid next year just a $100M buy-out may see us all £ millionaires :)
Don't rush that buy-out Colin !
Looks like I might get my money quicker than I thought.someone said I should just cash them in that’s not the way for me I’m here for the final countdown after all the years of patience and ups and downs I will hold out. Good luck to all I’m not as old as Colin but not much behind him.
Surely any purchase would be based on future projections for copper prices, not the spot price now?
Interesting interview. It certainly sounds like 500Mt of ore now, he said it both ways - 20 Mt pa x 25 years and 25x20. Personally I suspect a slightly lower grade than you Andrew so maybe 1.2-1.3Mt but these.are all guesstimates.
Several questions though. Did you get the impression that the infill drilling has been done already? He certainly seemed to indicate that additional drilling has been done to improve the granularity of the model. But now I’m confused about the large anomalies that they’ve decided not to drill - which is he talking about? Ascot? I note there was no mention of it, though he talked about the sale of the whole of BR, so do we assume Ascot will be left as is? He certainly said they could continue to drill the anomalies to prove up the 2Mt but won’t now, which supports the conclusion that RC is << 2Mt.
Overall he certainly sounded quietly confident.
My only regret for an early sale is that I expect the Cu price to still be low at that time. Not sure how much that will influence the price but it can't help!
Sunday roast today, talk about xtract at 1hr 6 mins in (2 min discussion)
https://audioboom.com/posts/8163008-the-sunday-roast-featuring-paul-griffiths-executive-chairman-of-predator-oil-gas-lse-prd
Cygnus
I agree with you re sp after Bushranger sale. I would think circa 3p after sale, as FB will be in full commercial production by then.
I hope you're right re earlier sale. Q2 starts in April so if you think the sale is going to be earlier than that, then that means a sale in the next 6 months.
I guess that could happen, but I would be very surprised, and delighted, if it did.
Also, as the timeline seems to have been accelerated, I wouldn't be surprised to see some buying tomorrow as the traders move in for the jam tomorrow delivery.
Andrew,
As the latest information from the podcast suggests that there will be no third phase I'm expecting the sale to be sooner than you (and I in a message I posted just a couple of days ago) suggest.
Also, I would expect the XTR shares we will still hold after the sale will be roughly similar to the current sp, i.e Bushranger is currently valued at zilch.
I won't be selling early but will be holding out for the buy-out offer as that will obviously be at a premium to the sp.
My best guess is this will be in Q2/Q3 next year?
I believe Kiwara was sold for 50% special dividend (cash to us) + 50% shares of buyer company at equivalent value. I expect the same arrangement again. I would then assume that the sp will then reduce to value of xtract assets less bushranger ie African assets?
That's my understanding of how it will work.
As PI 's control less than 25% of shares the decision to accept or reject the offer, will be out of our hands
Found the podcast quite uplifting in the light of the ongoing lack of news and depressing situation in Ukraine. I feel reassured that CB has a clear plan of action and a steady hand on the tiller. I would be most surprised if we do not have a decent uplift possibly starting tomorrow onwards. Many thanks for the informative posts and particularly to anyone being bold enough to indicate where the sp might soon be heading.
James,
I don't think that's the case in this instance. My understanding is that there will be a 'special dividend'.
My expectation is that this special dividend will probably consist of cash, presumably some shares from the miner purchasing the resource and still be left holding my original XTR shares. Does anybody think/know differently?
When you sell…..
Is anybody any wiser when do we get our money?