Member Info for chippyjo

Bick the drilling costs are on the money but the mining costs were in addition. Reality is, if we had the money it’s cheaper to contract out. Gr talks about reduced Capex but the $4million for the deal on the table has to now be calculated into the capex and recalculated opex. That’s on the basis that you can write a contract and manage and monitor it correctly.
GR can do neither in my view.

CF do you remember the cost for dfs gr stated at the chesterfield Autumn last year?

CF, the $4 mill is for the equipment. You have wages for the drillers, fuel, electricity, core splitters etc etc. The plant is only one facet of the cost to explore.

And the market won't like the costs of admittance of Newco to the market and the $6million required.
In some ways, the departure of Mugabe created the situation where we don't have to give 51% of zulu back to NIEEF and regain 41% of RHA but only to sell it off. This won't in the short to medium term improve the normal non traders portfolio. As for the long term, i hope it doesn't go the same way prems share price did.
Thats why i stopped buying a 18 months ago.

CF, GR could knock your house down and you'd stand by him. I know others here have substantial holdings and are behind this. But only because there is little choice. The best deal was RHA up and running Jan, but GR wasn't truthful as to the real state of development there. Lied, maybe a little too strong but only a fool wouldn't have known the economics when he issued that statement the back end of last year.

More stones than the beach a Whitstable to turn over here...

I did read it all. Chrome and maybe gold. Tungsten? Nope not there.
Its this continued clutching at straws thats got us where we are.
We have almost certainly lost 60-65%% of all assets with this deal except Circum. No meaningful production at RHA after $20 million spent and then we have to split the profit if there ever is any with the government and whoever gets the bonuses for ROM to the pad (no mention of the it being grade dependant so they can dig up whatever they fancy on the way to the stopes). GR has destroyed prem and this is the only get out. And shareholders failed to get their shit together. Now is the time to address that.

It states for chrome miners does it not?

Someone earlier. Bottom line is I don't trust GR and shareholders need to know who we are getting into bed with.
Buying a load of mine assets for effectively $4 million without a sniff of info on them is foolhardy.
As I said, this may be the only way out of the hole GR has dug for us. The newco structure and due diligence must be made available to shareholders. Also the shares in Circum ring fenced as part of this agreement. No loans or financial lien placed against them.
Tie em up tight people.

Afmine not famine

Would be interesting to see the financial results for famine prior to vote.

https://www.mining-technology.com/news/newspremier-african-minerals-appoints-afmine-as-mining-contractor-for-tungsten-mine-in-zimbabwe-5678247/
How wrong these articles can be eh...

http://web.archive.org/web/20180806233840/http://afmine.com/
I got a different date 06/08/18

http://www.afmine.com
Funny their site is down as well....

The only way I see GR nicking the Circum shares is to continue making loans against assets. When Circum is the only asset left (after nicking ARCM) he will loan for his salary and incidental costs and wipe them out.

Well if that letter is genuine, he fully accepts he's the problem.
Exit the big roach...Only problem, the little one.....

Steward1, good post. The info we have is typical GR, lacking substance and depth.
The deal isn't good in my view but probably the only one on the table now. The driller could be almost bankrupt for all we know or a mate of GR. Lets face it, theyve been drilling for us and GR could have been taking a slice from there too.
He hasn't served shareholders in any measure so should part from the assets on newco inception. Leopard and spots.

So I now think CF is Fuad :-)))
Yeah its all fine fella, keep toping up. Have a look at what used drilling rigs are going for. Now tell me the equipment condition age and operating hours for the $4million green backs. We are just a cash cow for G and its stopped mooing and stopped giving milk so he's setting up the next milk machine while turning us to burgers...

The deal may well be the only option, but only because of GR diluting and mismanaging to the gold medal standard. Why anyone in their rightful mind would want him involved in the next chapter I can't understand.

He'll take the ARCM shares. Yum yum he'll say and not even a thanks .....