Member Info for CF73

dssloan, who knows that's going on. But GR did say in the proactive interview:

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'...I'm hopeful that in short order we are going to be able to replace what had been the Cadence possibility with another, that may well be better.

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Others may not agree but that is a significant statement.

It's for of us to interpret for ourselves what that might mean.

The issue of ownership under Zimbabwe's new laws (stepping back from previous imposition of 51% indigenous ownership law) is affecting not just PREM but a while swathe of foreign companies. A number of companies are in a similar position, having strong indicative agreements to enable c.90% ownership for these foreign companies but that, post-election, governmental changes are taking time and therefore holding up the final confirmation of initial agreements.

See Caledonia Mining:

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https://www.fin24.com/Economy/Africa/zim-foreign-miner-to-reverse-mugabes-indigenisation-deal-20180824

[Published Aug 24 2018]

“Canadian mining group the Caledonia Mining Corporation has entered into a memorandum of understanding meant to help it regain control of its Zimbabwe-based subsidiary Blanket Mine.”

[But that…]

“Caledonia noted that the transaction remained subject to approvals from various Zimbabwean regulatory authorities and the execution of a legally binding sale agreement.”

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On ownership, we can only go as fast as the authorities over there are able to go. That's the reality. In the meantime, the drilling and survey work at RHA is meaning that we are preparing for when ownership is confirmed, with this work necessary for negotiating the possible deal for a JV at RHA (the more we prove up, and better defined the resource, the better the eventual deal).

Actually, I believe YA have been additionally predatory and duplicitous above and beyond what anyone could've expected. As others have suggested, it wasn't enough to make money in the conventional sense of loans, equity etc. They had to short and naked short and work to depress the SP more than unduly. They have misled and operated against the interests of the company and its shareholders. I remember with Crede. When they appeared ,they described themselves as cornerstone investors, who weren't into running for the exit doors to dump shares. Except they did dump shares and we're nothing like investors The entire thing is a sham, and it's we PIs that lose out

The proposed JV with PREM's Zulu project would have been $5.1millionot for 30%. Zulu a project seen on a par with Pilbara Minerals for size, but where Zulu had much improved economics (CAPEX and OPEX) than Pilbara. Also, the funding was intended to be drip fed in stages (say $1million at a time, or something similar). If KDNC wanted to halt at any stage from further funding (for example, after the first couple of stages and increments) then it had the right to do so. If they went ahead with the deal, KDNC would have also had marketing rights over any Zulu product. The deal effectively valued Zulu at $17million. The proposed deal would've served both parties well. Now of course, all academic as not happening. Regardless, good luck to all here.

Blimey!!

Thanks Strongman. You say '...unexpected news on Zulu as well as JV.' Initially thought the unexpected news might be the JV but are there differences? Interested in what you mean by '...as well as JV' A lot going on. Hopeful that we finally breakout of this perpetual cycle of bad news. Good luck all!

*watch this space on both fronts

On Zulu:

'...I'm hopeful that in short order we are going to be able to replace what had been the Cadence possibility with another, that may well be better.'

On Circum:

"...I would be surprised if there wasn't some movement on Circum int efarily near future. I wish I could say more. I really can't...'

We know that they been in conversation with Circum just this week.

Watch this space on fronts.

http://www.proactiveinvestors.co.uk/companies/stocktube/10559/premier-african-minerals-s-george-roach-discusses-zulu-dfs-options-10559.html

From the last 'General Update RNS':

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· Ncondezi has received "in principle" support from all loan holders ("Lenders") to enter the Loan restructuring proposal as announced on 10 August 2018 (the "Restructuring").

· Documentation for the Restructuring has been submitted to Lenders and is in the process of being finalised.

https://investegate.co.uk/ncondezi-energy-ltd--nccl-/rns/general-update/201808301045042797Z/

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All Loan Holders have agreed to the loan restructure and now is just about the paperwork.

bedex, I have no problem with banter. This BB is the amongst the best on LSE in terms of a community of invested people. sharing knowledge and good company, LTHs certainly have the right to be able to post however they want (thankfully, most LTHs here are of good nature and humour otherwise can understand how things could really drag here).

I also see the value of certain information being repeatedly presented because there are certain possibilities and even facts that could get lost.

And yes, perhaps 'dross' is an unfortunate phrase - hence, when I used it, I was trying to refer only to me.

Glad tp be invested and looking forward to the weeks and months ahead. Good luck to you and all the other genuine muckers here.

The thing is, in an oversupply context, only the most competitive operations (thinking about what it costs to set up a mine, extract/produce and deliver), usually survive (or at least stay in operation). Others get mothballed or put on care and maintenance. Saw that plenty with Nickel, for example. Zulu would do extremely well against its competitors, whatever backdrop. Good luck all!

Deal didn't go through but the valuation - as a ball park figure - stands (unless there's a new deal that comes along). If we were desperate enough, we could have dropped the price. Sure if we were cheap enough, KDNC would not be able to say no. But doesn't seem like we were ever going to budge from that price. So it stands as the most recent and most accurate valuation we presently have.

I'll readily admit to posting dross LOL :D

Glad there are folks better researched than I here who are able to cut through it.

Good luck all!

Thanks for posting Bugsy-s find again Madpunter.

If this turns out to be FRR, then we know how instantaneous the rerate will be -- of course, not to mention any confirmation of a JV :-))

Good luck all

Looking forward!! :-))

Indeed tedoby, Intrigued about upcoming plans for Zulu (strongman was intimating at something significant). Helpfully, KDNC DD would've given us some additional profile for the project while folks at Curcum already know about it and had been chasing it previously. A valuable outcome of KDNC DD is that it's put a current valuation on Zulu of $17million, very useful if we do go into negotiations with anyone else. Let's see :-))

"Caledonia said it would acquire the shareholding for a "gross consideration of $16.667m to be settled through a combination of the cancellation of a $11.467m loan, and the issue of 727 266 new shares in Caledonia at an issue price of $7.15 per share". As part of the deal, Fremiro will hold 6.42% of Caledonia's diluted equity. Fremiro acquired its 15% shareholding in Blanket when Caledonia implemented the indiginesation law in September 2012. As part of the transactions, a total 16% went to the NIEEF while another 10% went to Blanket Employee Trust Services (Private) Limited. In addition, 10% of Blanket was donated to the local community in the form of the Gwanda Community Share Ownership Trust. Caledonia CEO Steve Curtis said the mining group was "very pleased" to be able to increase its shareholding in what he said was an "outstanding asset".  "Today's transaction forms an important step in our stated goal of increasing our shareholding in Blanket since the Zimbabwean government removed the indigenisation requirement for gold mining businesses earlier this year. We look forward to evaluating further investment opportunities in Zimbabwe as they become available."

Example of another miner moving to recover ownership following changes in law. It's happening, RHA soon :-) -------------------- https://m.fin24.com/Economy/Africa/zim-foreign-miner-to-reverse-mugabes-indigenisation-deal-20180824 "Canadian mining group the Caledonia Mining Corporation has entered into a memorandum of understanding meant to help it regain control of its Zimbabwe-based subsidiary Blanket Mine. It had to cede shareholder control of the mine in 2012 when it complied with the Indigenisation and Economic Empowerment Act. The controversial indigenisation law, which was passed under former president Robert Mugabe, limited foreign ownership of local businesses to 49%. It was repealed by President Emmerson Mnangagwa. After part of the law governing the 51% indigenisation requirement for gold mining businesses was amended earlier in the year, Caledonia is seeking to regain control of the country's biggest gold miners.

Appreciating your input strongman and others. Let's get some momentum back into this stock, we got some significant news ahead!

KDNC didn't work because of their own 'internal issues' (how PREM described it to me, adding that 'funding issues' to that), which had changed rapidly between when they got involved and at the point of the conclusion of KDNC's DD. tedoby provides a very good overview of the mechanics likely behind it. Said before, KDNC arrived at Zulu too late, It is exactly the kind of project they wanted all along. The KDNC RNS finally finishing of talks stated:

"Cadence is continuing to review several upstream mineral assets, where we see the potential to deliver shareholder value by investing in projects that have a short development timeline to cashflow. Our intent is to earn in at a project level basis, and we are focused on assets where we can both hold larger stakes and also utilise our considerable mining and financial management expertise to achieve a high level of returns."

Well, ironically, that would have been Zulu.

Yes, a disappointment. However, moving on from the pressure of having to go with KDNC (even though it would have been good for us), it leaves to contemplate other avenues.

Circum IPO fast approaches. I know the Circum were to have a company to company discussion with PREM this week. The webninar next week will bring us up to date on Circum. The money from that, eventually will allow us to press on with Zulu - and guess what?! Allowing us to hold onto 100% of it all the way up to DFS. Once DFS is complete, it should value Zulu in the many multiple tens of £££millions - remembering that at this stage, though failed, the initial JV offer on the table valued Zulu at $17million. That's $17million with inferred resource, more expansion drilling to come and without DFS - imagine what Zulu would be worth in a years time.

Before there seemed so many variables. And GR undid al lot of the good work in gathering this portfolio. But Circum will list, and likely this side of the new year. We can finally be confident about that now. When they do, in time, we will be guaranteed our money and likely enough to sort Zulu (along with, hopefully, RHA revenue).

Perhaps now is the time to start over and think about prospects going forward, may be even the idea of investing in PREM ;-).