Member Info for EbbsandFlows

And here is pritty much the same article written in 9th June 2023 https://www.herald.co.zw/sa-steel-giant-expands-imports-from-hwange/

And here it is from 8th Dec 2022 https://www.chronicle.co.zw/comment-increased-exploitation-of-natural-resources-commendable/

And here we are at the end of Q1 2024 - and we have sold how much coal?

If you think you have been misled and lied to by this board of directors.

Don’t worry, they have also decided to do the same to the president of Zimbabwe.

“Please do not die before you fulfil these promises” said the president!

With their track recoded since then, I would image the board is very nervous about even flying into the country, let alone driving along its roads.

This is from the 1st August last year.

https://www.herald.co.zw/new-railway-line-to-link-binga-kwekwe/#:~:text=THE%20newly%20commissioned%20Muchesu%20Coal,and%20trade%20in%20the%20country.

I might be down money here, but the people or Zimbabwe are down on hope for a brighter future, that was promised to them by this board of xxxx.

What a company, you build a coal mine and then have no one to sell to coal too.

What a plot line for a carry-on film, I would like to say you couldn’t make it up, these sterling business men have!

Just imagine where the bank account would be now, if the 20k a month offtake was genuine, or even the 10k one before that.

Presented to the market 113 days ago!

“Whilst there is no guarantee a firm offer will be made, we expect this process to move fast and will update shareholders on the details of the proposals as appropriate.”

Is this process still moving fast then ...

The only time we’ve had regular communication was when someone was in house hunting mode. How accurate it was, I will leave up to the individual to decide.

I think you might had misunderstood what I was trying to say there. Just for clarity.

I value your opinion and consider you to be an experience investor who is happy to share their knowledge and experience.

I don’t value the opinion of Profd7 or AZM90. I am of the opinion they are probably one and same person with an agenda.

I have no intention of selling. I also value your opinion with 3,896 comments over two profiles with only 31 comments between them. Probably the same person sits behind both accounts and is artificially trying to create a viewpoint to suit their objective.

Well thanks for that.

Since 1994, Investing in African Mining Indaba has been the #1 place for deal sourcing and corporate matchmaking for the African mining industry. It has and continues to serve as the most comprehensive gathering for investment, finance, innovation, and transformation to support end-to-end value creation.

Have a look at the attendance list and you can come to your own opinion.

8100+ Attendees

900+ Investors

700+ Executives from Mining Companies

470+ Executives from Junior Mining Companie

Be part of the worlds largest African mining investment event. 5th to 8th February 2024.

470+ Executives from Junior Mining Companies

You can see the full list of companies going here https://26199117.fs1.hubspotusercontent-eu1.net/hubfs/26199117/Mining%20Indaba/MI24_PDFS/Mining%20Indaba%202024%20Companies%20Attending.pdf?__hstc=162588899.66a10b9e46f200200f6b8fe333e160b2.1706008520086.1706008520086.1706008520086.1&__hssc=162588899.3.1706008520087&__hsfp=2731169240

Guess which company is not on the list???

8th Dec 2022

“Based on current timelines, the company would aim to conclude the first phase (concept/pre-feasibility) of the due diligence exercise in Q1 2023 after which a decision will be made if, and how best, to proceed to the subsequent phases,” the company said.

And a whole year later where are we? Hence why the share price is where it is and Carl is mute.

You really do have to ask yourselves what sort of governance the UK markets have, if the rules in place mean this person is a fit and proper person to run a UK listed company?

https://www.reuters.com/article/glg-arrest/glgs-esprey-among-those-arrested-by-fsa-source-idINL6N0BSBBQ20130228/

https://www.businessdailyafrica.com/bd/corporate/companies/italian-who-cheated-kenyans-of-sh450m-goes-to-harare-2230868

I would imagine they will pull out the hat some amazing new project Gold / Lithium / Unicorn mine which holds billions of pounds of resource, that no one can find any information on. Which they are planning to rapidly develop with the process of the coal sale to enhance shareholder value. Then disappear and not engage with shareholders for the next four years.

If you had read the communication from the company and concluded up to 20k a month meant, we can go months and months without them even buying 1kg of coal under the agreement, I bow to superiority of foresight.

I however, as I suspect the vast majority here read these communications and expected monthly sales of between 10 – 20k tons as this superior agreement replaced one set to sale 10k a month.

Indulge me, as the RNS did not mention the actual amount, the one and only sale was for, so how much do you think TransOre have brought from us to-date?

Thank you

Potential Asset Sale

Such a professional board of directors that this information was known by the Telegram group yesterday. Shocking lack of commercial oversight and governance.

Operational Update

Old news this was last quarter.

TransOre Update

This off take agreement replaced the original (cough, cough) 10k agreement with a company that didn’t realise they had made the agreement in the first place.

We have always been led to believe that this agreement was for up to 20k a month as it replaced the 10k agreement it’s reasonable to believe that would mean sales of between 10 – 20k. Today we find out there is no minimum monthly delivery requirement within the contract and that TransOre has only made one purchase of coal and they don’t even inform us how much that was for. I would expect its for a very low amount of coal less than 1k tons.

We are now back to the timeframe of “near term”. Lots of chat on this board about the production deadline of end of August was going to be missed (we were told last year we were very close to sales, so not just missed but massively missed.) but they send out an RNS telling us all we are now producing and selling up to 20k a month. B*ll*cks are we.

Multi-National Coking Coal Trial & Potential Offtake

Why do I think we have sold less than a 1k tons to TransOre, because here they get all excited about supplying 1k tons to this unknow company.

They then might however want 6,700 a month as capacity increases. But hang on if capacity allowed for TransOre to take 20k a month but they aren’t why do we have to wait for capacity to increase to sale 6,700?

(We have been told the miner we have works just one day a week, they could bring in another wash plant and easily increase production if TransOre were going to take their 20k)

Other Potential Offtakes

We were told in the accounts last month that companies have approached them for their coal, but they hadn’t done anything with these approaches to date. (Too much like hard work)

There was a bit of backlash to the ineptitude shown by them to these approaches, so this time to look professional they come out with this woolly and containing no substance statement, that means nothing.

“Additional advanced offtake discussions for both coking coal and industrial coal are also underway with other parties. If successful, it is envisaged that the industrial coal will be purchased at mine gate without the need for washing, therefore increasing production and sales capacity without requiring additional capital investment.”

Financial Update

Existing Stakeholders, not shareholders. Notice that the CEO comments thanks Stakeholders and not shareholders.

Every RNS release by this company has a hidden meaning / agenda attached to it.

We simple didn’t need this funding if we are now selling coal, but then again, we are only selling 25kg a month at present.

TransOre Update

In Q3 2023 TransOre entered into an agreement to acquire up to 20,000 tonnes ("Offtake Agreement") of washed coal per month. Following an initial sale, Contango has been waiting for TransOre to purchase additional coal under the Offtake Agreement. The Company has been advised by TransOre that it is finalising the appropriate agreements and logistics and hopes to be able to recommence the purchase of Muchesu coal in the near term.

This is the first time we are told that this commercial agreement is not for 20k a month, as we have been lead to believe. There is no minimum monthly amount, written into the contract, why not is beyond me and shows you what a commercial joke this board of directors are. They don’t tell us how much this initial sale was for it could be just 25kg of coal for all we know. It most certainly wasn’t 20k tones of the stuff and they made just one sale of coal, they led us to believe we were selling 20k a month as this Offtake replaced and was so much better than the original 10k a month deal!

They have so far sold very, very little coal

Go to Google maps and search Muchesu Secondary, Zimbabwe

Then zoom in on satellite view