George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
1984, maybe the fact that we don't keep talking about re-investing might be a start.
And then an actual RNS that says we've had a bid.
I'm of the firm belief that there is no offer imminent, although I admit I can't explain today's activity.
But then, it wouldn't be the first time we've had shennanigans re Solgold's SP.
Well, I must be the world's second worst investor then.
But I'm currently 11.4% up here after today. Averaging down has worked well for me. Not that any any nous was needed. It was always way to cheap at sub 10p.
While 56p, which is exactly what I've predicted for about a decade, would be great, don't believe this tool.
Tbh, I'm not even seeing the reason for why the SP is rising in the way it is, as I'm seeing nothing to suggest there's a bid incoming imminently.
Indeed, talk of $30 mill a year hardly sounds like we're even selling???
So you're looking to buy in again then, I take it?
You should know how this share works and you should know that this price is a bargain.
Put it this way; I average 9.866p and while I'm looking to average that down, am perfectly happy with that.
You're right. The bottom line is gold isn't coming out of the ground. But also, it's true that you can only bend over backwards for a massively under-performing company for so long.
And I think that's exactly what's happened.
Corica haven't even done 10% of what would be reasonably expected of them, imo. Okay, let's be generous and say they've done 20%.
We've had to bring another fleet in, FGS and given nobody debated the fact that I said HUM paid for that, I assume that it is the case. That's how bad their performance has been and I'm sure the miner must have been embarassed by it.
Hence I firmly believe HUM have put the moneys owing aside and are ready to pay it as soon as Corica start performing.
I've no doubt they WANT to pay it.
But you can't give it away for nothing.
20p and it's only a matter of time.
I let the conjecture wash over me and just wait :-)
On Corica's part.
Hum will be talking to the bank to see if they'll extend, so Corica can't hold HUM to ransom. The underperfmance is a known fact and without looking I think it was HUM who brought the 5th fleet in because things were so slow. So that's 20% off the bill straight away if I'm right. And even if HUM have paid them nothing since the summer, I'll bet it's been budgeted for, but we just won't hand it over. And why should we with such poor performance?
Also note we've already spoken to other miners. Corica can now please themselves for me. P iss off and take us to court or get back to work and start doing the contracted amounts to get paid.
As for why they continue to work at Yan, somebody has no idea how business works. If that contract is going okay, it will continue. This dispute is a different thing entirely
There is no way Corica would allow a debt of 27 million to build up over 18 months. It would probably be financial suicide.
And are we really to believe that HUM have been able to sneak this past CIG when they did their due diligence?
I call 100% BS and continue to look to adding. This could go bust tomorrow but it wouldn't ruin me. I have a lot in here by my levels, but not enough to give me sleepless nights.
No one is going to bust the company. I don't see it to be in anyone's interests.
Is it 27 million?
Exactly. It probably is, but the other side of the story is most likely that we are withholding it and it has nothing to do with not having it on the hip. And even if we haven't, that's down to poor performance, which is what this dispute is about.
"Corica assures that this measure remains conditional and reversible. Corica has over two decades of history in contracting with major clients and is proud to have had zero litigation to this date."
I firmly believe this will be sorted.
Hence I continue to hold, with a view to adding a few more, as and when.
Because Coris haven't been producing contracted volumes, I'm guessing that HUM have hit them with penalty clauses as per the contract and these have been substantial because of the consistently poor performance.
If this is the case, I agree with Pub, it'll be sorted in a few days. Whatever, it doesn't justify a 30% drop.
It just goes to show how quick this moves. HUM isn't going to close and Corica won't bail or whatever. As has been said it's stopped nothing, just seriously slowed us down.
And if it isn't resolved, HUM will sack them off and get someone else in. It might all take a while (I don't think for one minute you could get another contractor in in a couple of weeks) but that'll be another opportunity to top up cheap. Meanwhile, I wanted to add today, but I've just been massively busy and didn't have time. I'm looking to add tomorrow, but it'll probably bounce somewhat.
Adverts everywhere are woke. Have you not noticed? The trouble is not everybody sees it that way and unfortunately the older you are the stronger the opinion, I reckon. And it's particularly strongest for those likely to throw their vote away by voting for reform.
"Are they hiring and firing to burn through the unskilled locals?? Would explain a little why they're now only advertising for key roles."
That would make sense. I guess we have to keep the locals happy and it figures that any that have been involved in the roles have been totally out of their depth. It's a major problem in the UK at my company now , let alone Africa. And I'm talking at just a skilled level, let alone Supervisory. Skills levels now are terrible and it's something I predicted 30 years ago when proper apprenticeships first became rare.
"There's clearly a local skill shortage"
Indeed. Which is another reason why I'd have thought they'd have looked even harder, earlier. I wonder if the lack of knowledgeable productive leadership is still causing a problem? Betts might well know how to build a mine, but he'll have very little clue about the ins and outs of actually getting the goods out, which is what matters more than anything.
There's always something to ponder with this company, isn't there?
Bushy, it seems the company hardly has any senior productive players at KOU?
I find it very strange to see that they're only now looking for them. I've never been involved in mining, but I do know engineering projects and I've found the best thing you can do is get your Supervisors/Superintendant types in early, so they know how everything works before they start handing the instructions out.
Probably keeping a tight hold of outgoing cash, no doubt and hopefully not because they can't find candidates of the right calibre.
playboy,
"they were always expecting it to take 6 months"
that's not correct. fron the oct operational update;
"in q3-2023, kouroussa produced 1,047 oz of gold, and another 614 oz shortly after. the company's updated production expectations for h2-2023 is c.10,000 oz, and on track for a full year of commercial production from fy-2024."
and it's exactly this ****poor communication and ambiguity that has depressed the sp. next are known for their descriptive and accurate updates and it makes them a trusted company amongst the market. i don't know who writes hum's rns', but whoever it is needs sacking from the job and they should use someone who will only post fully expected stuff and not guesses, imo.
"I've got a feeling commercial production is going to get pushed back to Q2"
Bushy, I'd be okay with that. It would probably result in the last chance to buy at 8-9p, where I'm sure I'd be taking some more.
I can happily live with a short term fall, because I feel the same as The Publican. This should be nailed on to double the current price and it's only a matter of time.