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Wonder whether the agreement with AA has a ‘change of ownership’ clause. Such a clause might potentially mean a new owner of AA would no longer have an option over BR…… have seen such clauses many times and which are used so that a company retains control over who its prospective partners are. Granted, more usual in a joint venture situation, but anyway just a thought.
X marks the spot !
Perhaps elaboration is better left to good creative writing types with big twitter followings Mr J. Zoo :-)
I've not heard that one NtoM, care to elaborate ?
Speaking of good stories; how many of you have heard the one about Anglo American looking to increase their booked Copper Inventory in short order towards helping BHP come back with an improved offer.........
....And Anglo American Senior Management giving Mr Colin Bird a call back regarding his long requested chat about exercising their option to buy out a significant scale copper porphyry in Australia that goes by the name of Bushranger
The overpromising involves some very good stories along the way too Paddyboy.. and many - including myself- like a good story, in fairness.
But plenty have memories longer than CB would like them too, alas.
Still, here's to some new audience involvement and another captivating story from the one and only Mr Colin Bird !
“ Over promise and under deliver” - that’s CB’s mo.
1st or 2nd qtr 25 will see income.
First need news in the development.
News please......
Spin? Just offering a rational explanation based on what has been put out and said.
My understanding is that what started out as a small scale ready to mine development project that revenue will pay toward a small sustainable mine that its cash flow will pay for to increase LOM
After evaluation the project has turned into a much bigger proposition that now first requires an initial major exploration programme that needs paying for likely through a fund raise.
CB has also said that any fund raises will only come as a result of major exploration.
There was talk that the potential scale of operation could or will warrant it ls own processing plant…..Now consider Manica’s development.
Kakuyu does not have a defined resource so exploration is potentially starting from scratch to create any kind of business case.
It could take far longer and cost more to monetise than the licenses positioned in the highly prospective western foreland where M&A activity will intensify.
Has been mentioned before that cb likes to buy a plaything with other people's money & when gets bored goes & buys another one.
Enjoy the day
Zap, what I take from that is:
a) "However, with the priorities lying now in the western foreland"--> Distracted by a new play thing and possible elephants, CB has become bored by the hard work required at Kakuyu.
b) "Alternatively, Colin also said it would be reckless to start a mining operation without first fully understanding the geology" --> Best way to understand the geology is by drilling. We had money to drill. He has mentioned drilling 3 times in 15 months. At one point it was scheduled. Why has CB not done what he said he would do or if he has, why has he not updated us with drilling results?
"Agreement ‘reached’ with Kabwe refinery for treatment and sale of ore" --> 3 references to this in 15 months and no income/progress on this front.
-"Geological contractor and grade control team employed on a permanent basis." Are we still paying for this?
Doing a decent job of Spin Doctor here, Zap. 15 months of overpromise and underdeliver is what I take from the above.
If you put yourself forward for XTR's PR job at next years AGM I'll vote for you howie.
Just for info
- “Samples sent to external consultant for metallurgical testing -why no news on this?”
From Feb 23 presentation
-Mett test work was completed through Jubilee metals.
This before agreement would have been made with refinery, indicating positive results were returned for compatibility of ore.
Hi Ben
Not to overlook from the FeB ‘23
Corporate presentation on Kakuyu.
-Agreement ‘reached’ with Kabwe refinery for treatment and sale of ore.
-external contract miner engaged.
-Geological contractor and grade control team employed on a permanent basis.
-Full-time in-house mining engineer employed to oversee operation.
Clearly then states that regional exploration is underway targeting further life of mine extensions.
So you would be led to believe that operations have been underway.
However, with the priorities lying now in the western foreland, it may be that a mining operation at Kakuyu that was stated that the project would be payed for from its cash flow, may have been shelved for now due to no guarantees can be made at this time toward fulfilling project development from outcome of any significant discoveries to continue a sustainable mine. Best to wait until they can be fully committed.
Alternatively, Colin also said it would be reckless to start a mining operation without first fully understanding the geology.
Take your pick on theory, but the project being shelved is almost definate imo with the projects exclusion from the latest corporate presentation. But it certainly doesn’t mean it is another duffer.
Yesterday, I offered it would be a bad idea for a youngish ? man like yourself, Ben 'Owell, to be taking any of the 'appy tablets .. Today, after that post, I'll offer just the one a day might be an ok level to go with :-)
Generally, imho best not look to write about what Mr Bird has swept under the carpet - across al his AIM entities - over the years...else À la recherche du temps perdu might all of a sudden look like a short read :-)
What is surprising about colin not updating shareholders?
I've just had a quick trawl through RNSs since the Kakuyu update on 26th January, 2023, i.e. 15 months ago. I was very surprised to see that it has been so long since a Kakuyu-specific update, but it does speak volumes perhaps about how little exploration has been going on over the past year. For anyone intending to see excellent progress in our new Zambian licences, the following tale could bring you down to earth with a bump.
26th January 2023
The following was described (a condensed version):
- There are several copper targets.
- Sampling and drilling required on the southern side of Kakuyu Hill
- Work is under way to push back the existing ramp access to the pit to expose in-pit extensions of higher-grade
- A 250t bulk sample has been delivered to the Kabwe Refinery ahead of negotiations.
- Samples delivered to an external consultant for metallurgical work.
- The Company is now sourcing a drill rig to test the potential extensions to mineralisation
Lots going on you would think. Fast forward to Final results, 6 months later (!), 29th June 2023.
- The phrase used is "Work is underway". I should hope so bearing in mind the Board described such work 6 months previous. What a great way to lower expectations!
- Reference is made once again to drilling ("We are scheduling drilling to assess the ore composition at depth")
- Reference also again made to "pushback to expose ore in the former open pit"
- Two bulk samples of high-grade ore have been dispatched to commercial concentrator operators for assessment (presumably this is the 250t)
- There is also reference to "the presence of random and variable amounts of cobalt, which we are investigating with a view to selectively mining the higher-grade cobalt areas."
Fast forward 3 months to the Half Year Report on 29th September 2023
· Work is underway at Xtract's newly acquired Kakuyu project in Zambia
(work underway again!)
- Reference is again made to them undertaking pushback
- Reference is again made to a 250t bulk sample being sent for processing at the Kabwe Refinery and metallurgical testing.
(the wording is almost word for word from the RNS 9 months before)
- Reference is made to targets requiring further sampling and drilling
Takeaways:
- The progress here is painfully slow. 15 months since initial RNS and much of that reported has not been reported on since.
- Drilling was mentioned in January '23. In June, it was "scheduled". Do we get to see any of the results?
- I'm flabbergasted by this one. 250t sample apparently sent in January '23 for testing. Almost the exact same wording used 9 months later. Why does Colin think he can regurgitate language 9 months later? 15 months later, we have had no news on this.
- Samples sent to external consultant for metallurgical testing -why no news on this?
- They have found cobalt -no news on this?
All in all, the lack of information here is ridiculous. We should be careful not to expect miracles in Zambi