RE: Ghaghoo Diamond Mine (a ticking time bomb) - #125 Aug 2021 15:16
Sorry, there is a typo in the 3rd line of my post, it should read since 2012 and not 2021.
@ Sandy, indeed, tpm never reached the planned 60k tpm.
James Campbell in the interview with Proactive when asked why are GEMD selling the mine and he was saying that this mine changed hands from Debeers and Xtrata (Major miner) to GEMD (Mid tier miners) to VAST (a junior minor) as the mine didn't fit into the portfolio of Major and Mid tier miners which after reading the GEMD RNSs, to me is completely false information. The truth is GEMD had endless problems with this underground mine and the sort of rough diamonds it produced didn't fetch a desirable per carat $$$.
Now AP was saying in the interview that Major and Mid tier miners have corporate overheads, etc. and hence it not viable for them. But as VAST is a junior miner it will be viable for us and he doesn't sound convincing at all as technical problems with a mine like watering due to an earthquake (and maybe the mine is not even suitable to mine after that earthquake in April 2017 - who knows), sink hole (which meant GEMD had to leave 300,000 tons of ore unmined), etc. are problems that any miner will need to deal with and it has nothing to do with a Major, Mid or Junior miner.
I think Zimbabwe is never going to happen and the reason I say is if we look at Vast's Website https://www.vastplc.com/about-us/our-team/ there is no mention of the Zimbabwe team. But if we look at Vast's website from 22 Jan 2021 https://web.archive.org/web/20210122170637/https://www.vastplc.com/about-us/our-team/ we can see the Zimbabwe team mentioned.
To me it feels like AP is super desperate and is worrying to death that Baita's results are not good (we will know in few weeks time) and Zimbabwe is never going to happen hence he is going for an extremely risky project like Ghaghoo.
Sign In
Follow the stocks
