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I am struggling with this as well F but the RNS does say assuming deal agreed with GoT along the lines proposed. Seems cheap but it is difficult to argue with an independent valuation.

Well let’s be positive - a well respected and independent third party has given us a figure, I am trying to work out what it actually means as other producers realising much less gold with less proven and probable reserves achieve a market cap significantly higher. The gold price is higher and there must be a mechanism for reflecting the current and forecast figure (much could depend on the Fed this week). I think the 2.71/2.81 range is a clear marker for Barrick that that is the benchmark for negotiation and our SP should rise to reflect that. This must be good news for us and compliments to ACA for getting it done - I just truly believe we are worth more and would achieve more by settling the dispute with GoT and producing gold but I am torn in that I still think the neatest solution is for Barrick to buy up the shares. Miffed by another delay but it is short and can only work to our advantage. Let’s see how the SP reacts tomorrow and perhaps further comments on this forum will help us form our opinions.

Thanks for this F. Everything else is window dressing the fact that Odey, who is nobody’s fool, keeps increasing is very significant and keeps my confidence high.

Hi F, this is the report I read:-
“We are definitely not going to accept the offer,” Alexander Wright, portfolio manager at Fidelity International, said in an interview with Reuters. “At this price it’s a complete no brainer not to accept it,” he said. Barrick’s bid was 50% too low, he said.

I accept it could be interpreted in differ ways which is probably why they put it that way and I also accept what they think (either way) and what we are offered or indeed is fair are all different things. ATB

I thought was they actually said was 50% too low which could be interpreted in different ways - I will try and check later.

By the way and just for the record the Medici had extensive succession planning which began from birth and extended generations - quite important as most of them were bumped off.

You are quite right BS - I also understand that Marcus Licinius Crassus the richest man in Rome was running his banking conglomerate right up until his death on the battlefield of Carrhae in 51bc - nothing changes.

Fidelity suggested the offer was 50% low - I will interpret that as needing to double - on Pat’s £1.94 that would give us £3.88 - really the minimum we should consider is £4 plus but we would be a lot closer allowing Odey to tweak the deal and bingo off we go. GoT could fix this today by removing the clause and we have a resolution to the dispute, GoT go from Zero to Hero.

Depends on the offer but the deadline is fixed.

Goodness guys, I keep popping back for a look at what is going on here and it just never gets any better. I appreciate Pokerchips comments, I fully support his advice but other than these pearls of wisdom why do you hold? This just keeps falling and I can’t see any prospect of things changing until after the next election giving you plenty of time to buy back if the wind changes. I thank my lucky stars that I did not jump in because I was pretty close to doing so but not now.

I have mixed views on big V - he pulled off the fund raise and definitely has lots of very loyal rich friends but at 73 succession planning should be a given - preferably someone who is not always photographed with his dog and doesn’t have his wife on the payroll sorry as a consultant - big V could become President for life to maintain the connection.

Well I’m betting it can’t be a bad thing dimi.

Well put P, will it be announced at close of US market today or at 7am tomorrow? To be honest unless Barrick’s offer is a whole lot better I am resolved that we should push forward with arbitration and negotiate with GoT ourselves. We will soon find out.

Surely it all depended on what syndicate you were in with the well connected (old money) being at the top and making large profits whilst the rest, further down the tree, picked up the losses.

Yes great timing for excellent results:-

“I am pleased to announce that Acacia achieved a 51% increase in production in the second quarter of 2019 compared to Q1 2019, following the successful implementation of our revised mining plan at North Mara for both the underground and open pit mines which saw production at the mine increase by 80% over the period. Overall we achieved gold production of 158,774 ounces in Q2 2019 with a particularly strong quarter from North Mara, which set a monthly production record of 47,849 ounces for the month of June. We remain confident of achieving production within our guidance of 500,000 to 550,000 ounces for the year. I would like to thank our people who have made this possible, delivering a strong second quarter across all three of our mines despite the continued challenging operating environment,” said Peter Geleta, Interim Chief Executive Officer.

Well done.

Thanks acaciatan although I would be far from happy with £2.50 a share, I just hope that Odey is onside to press for £5 which is still cheap.

Tiger if you keep posting FT links I am going to have to renew my subscription to their site! What do L&G say? Thanks.

Does anyone find it difficult to understand that when trying to buy an asset that is producing over 500,000 ounces of gold per annum that is capable of producing 1 million ounces of gold per annum if restrictions were removed that has $300 million of gold waiting to be processed sitting at the port that has proven and probable reserves valued at $17 billion and has already had $4 billion invested in its infrastructure that Barrick value the entire company at under $800 million but when trying to sell a mine that is not producing even a single ounce of gold Barrick hope to get $500? Just does not make any sense.

Meant, yes sure Nightingale.

Yes sure.

Pat, the Rangold deal did not cost Barrick a cent it was an all share offer.

dimi do we know how much gold Massawa is producing?