Member Info for cindercone

"The fact that BMN places such importance to the safety of its workforce is a BIG plus for me."

You're becoming comedic now.

According to a post on Telegram, as majority shareholder of VM Investments - the offices rented by Bushveld Minerals, Mojapelo increased the rent paid in 2022 by an outrageous 27%. Not satisfied with his overblown salary, he appears to have been bleeding a struggling company dry by charging extortionate rents.

The new CEO needs to get to grips with this mess.

HarChris is the biggest joke.

After defending the company to the hilt he let slip that "It would be a genuinely serious situation now" had the Orion loan not been refinanced. When I merely pointed out the contradiction, he completely lost his rag and started thrown expletives around like a five-year-old child.

Knowing I had made him look a fool, he pretended to block me so he wouldn't have to be answerable for any of his ludicrous positivity.

What a coward. Don't know how he has the cheek to show his face around here.

"I think everyone can cool off the Pdub and HarChris attacks. We all have different opinions, they have their right to hold their opinions and views and share them on here."

I have no problem with opinions, but they're the ones who have been criticising people's 'negativity' and throwing the word 'troll' around.

Unsurprising therefore that there will be a backlash when they have been made to look stupid, and deceptive, by the so-called 'trolls'.

Indeed, this link that was kindly forwarded to me appears to confirm that Orion had completely lost trust in Mojapelo and wouldn't pursue the refinancing with him as CEO: https://www.miningmx.com/top-story/53653-bushvelds-mojapelo-in-fiery-farewell-as-investor-fumes-of-buzzwords-vague-promises/

They also mention Mark Ryan of Tower Capital as the individual who tore into Mojapelo during the investor call.

Time to stop listening to the bullsh*t pumpers - the company's sole focus at the moment is it's short-term survival. That's the mess Mojapelo has got us in and the new CEO has to clean up.

Knuttie "It would appear that our new CEO/CFO wanted to clear the decks & start with a clean sheet, no surprises any more."

Impairment losses must be recognised immediately in profit or loss. So no, you can't just "clear the decks" by announcing impairments willy nilly.

"Otherwise what's the business for?"

To enrich Mojapelo and Nikomarov, evidently.

Even today Mojapelo continued to patronise investors' intelligence by effectively saying, don't blame me look at the broker targets. He also says a lot has been achieved with minimal dilution. Well, unfortunately, his rancid deals, missed targets and lack of comms have had a far worse effect than any dilution would have had.

I suspect Orion told the board, we'll only sign off on this deal if you get a more experienced CEO, and now we have one.

Will be interesting to see Coltman's pay and whether his 'pruning' includes kicking Nikomarov into touch. Will also be interesting to see Mojapelo's next move. For all the glorification on here by some, with his track record I can't imagine too many investors will want him in charge of their company. That folks, says it all.

Jeez, judging by the reaction of some on here you never would have thought BMN had just SACKED ITS CEO.

The delusion is unreal - these people are not investors, they're fundamentalists. The activities of the company are irrelevant to them, as long as they think they're right.

@RazorShultz

The initial link will contain an archive of the recording:

https://stream.brrmedia.co.uk/broadcast/6426b8b94b959ac1b1e40d18/6492d70b2d4fe213e22be472

The board really needs to clarify whether incompletion of the Orion loan is the sole reason for BMN not requiring further external debt in the short term. Like everything Fortune oversees, it's clear as mud.

Interesting call, well worth listening to. "Mark" gave Fortune and the board a proper twatting for the disastrous SP performance, lack of updates and all-round confusion surrounding BELCO.

Was good for the new CEO to hear this imo.

The only tangible positive to come out of the call is that Mojapelo basically stated Vanchem is effectively running at full capacity and currently has no issues regarding load shedding.

The new CEO will take a full sweep of the business and report back in a couple of weeks.

"Wrong to say we aren’t on for making a net profit this year."

As long as it services the debt. Head. Sand. Buried.

Time to get real Pdub. Thanks to Mojapelo's reckless mismanagement the appointment of a new CEO is the only short-term positive. BMN's immediate future is about survival and Mr Coltman needs to steady the ship asap.

@RazorShultz

As always the SP is heavily dependent on V prices and, according to reports, these will be flat throughout 2023. However, a credible CEO can provide room for further optimism, so let's hope that's the case.

Just hope BMN can survive this. So much garbage has been written by people desperate to defend the company when it was blatantly obvious Mojapelo was making bad business decisions.

I had an intuitive and credible belief that was the case - and all I've received is bile and accusations of being a 'troll'. Well if a troll is someone who spreads disinformation, we know now who the real 'trolls' are.

I gain no pleasure from today's news. BMN needs to draw a line in the sand here and we need someone competent to clear Mojapelo's mess up.

Delighted to see the board agree with me and have sacked Mojapelo for his increasingly disastrous performance. The first Orion loan displayed Fortune's naivety and incompetence and BELCO mismanagement has been laughable. Fortune's been hiding under his desk ever since.

The opportunity is the same as it ever was - VRFBs will grow exponentially and when the global economy picks up there is every chance that this will create an inflection point for some very healthy V prices. This will take a while - in the meantime the company needs better leadership from someone who is transparent, visible and competent.

Someone that cares about shareholders and shareholder value.

Yeah, but you're living proof that evolution can go in reverse. If you're without electricity for 16 hours a day and Eskom promise one hour back in exchange for paying 30% more for the rest, you might opt to keep things as they are.

We all know you're reading the posts HarChris and it's rather silly of you to pretend otherwise. I sense Pdub enjoys the discussion, whereas you're a coward who runs away and hides when you can't come up with a suitable answer.