Member Info for Ella10

Has anyone got a good feel for the ratio between length of drill in ore and what that represents in terms of the width of the ore?

Sort of. It just seems a bit odd that we have disposed of the asset but retain that liability (£1.5m).

Thanks MinorMiner.

Thanks Oiltap,
I was referring to the licences we are selling. The deal means we retain the NSR liability. As stated we can acquire it for £1.5m. It may not have been straightforward to pass on the liability as the buy out of it across the sold licences could not be specified. It seems a bit odd to have that liability and I wonder if that partially explains Sandfire buying shares in GLR.

GLR have retained the liability for the 1.5% Net Smelter Royalty on the licences that were bought from Africibum. They do have the option to to aquire this at any stage for £1.5m.

Is it usual for companies to retain this liability over assets they don't own?

What has happened to this board today? It doesn't seem it's usual self! At least the SP is reassuring
:-)

I got the impression that the YGEN had tried to leave themselves as much wriggle room as possible in the job adverts. I assumed at the time that they were advertising in the hope they would be inundated with work but were trying to ensure they weren't tied and had flexibility in start dates.

Iky,
I too find it a little concerning they have stopped posting - their posts were optimistic but with a realistic slant.

I do think Mr Bird is unlikely to want to abandon a fortune of Zinc in the ground. At the moment my thoughts still are that someone else will be responsible for the mining and the licence and GLR will get some sort of fee. I'm not convinced that this will come together to have funds coming into GLR by the end of March.
I am however impressed at the quick turnaround be did on the KCB licences to Sandfire (although obviously still to be completed) - negotiating with a company that size and reaching agreement.
I have had another thought and will see if I can glean any info from that approach. Obviously this is all speculation and as always everyone needs to research as appropriate to make their own investment decisions. Hopefully we will have some sort of additional communication next week.

Phoenix,
If you look at the RNS of 14th April it appears they only had a large scale exploration licence

"The above mentioned Arrangement (subject to Zambian regulatory approval ) will eliminate the need to transfer Star Zinc's large-scale exploration licence 19653-HQ-LEL and the Kabwe Residual Rights (Large Scale Mining Licence 6990-HQ-LML), including the Ka****u Zinc from the current title holder Enviro Processing Ltd ("EPL"), a subsidiary of EML.  "

 

Jammer, DC,
Thanks for the pointers to aid my understanding. Despite my rant I do realise these things aren't straightforward and releasing any communication while negotiations are ongoing can be tricky. Hopefully they will be able to release some sort of communication next week that will give everyone confidence Star Zinc is about to contribute to the coffers.

Prosector99,
I have listened to all CBs recent sharetalk interviews on XTR and I have ZERO concerns for his state of mind.

That would be one way to go that would unravel it for GLR but doesn't explain Zopco unless CB was trying to use Zopco as a negotiation aid.

Thanks for the info re ADVFN- It would be good to get clarification on Star Zinc. My assumption at the moment is that they are still trying to figure it out in a way that gets agreement of all parties. I appreciate communicating too much info can cause it's own issues but this needs some level of clarification.

Thanks Jammer. Appreciate the info.
The following is a general rant not one aimed at you and agreement to a degree with Westlad.
I think decision not to proceed with the transfer of EML should have been RNSed before now. On the 30th Sept the trading update stated the intention to apply for a small scale mining licence for Star Zinc and the agreement made with regard to EML. We now learn that in the period ending 30th Sept they decided not to progress with this. So sometime between the RNS at 7AM and midnight 30th Sept they decided not to proceed! Then it appears Mr Chelelwe applied for an artisan licence on the 24th Sept that appears to be for Star Zinc? There was more talk of application for the small scale licence when Zopco agreement was signed - it was just figuring out who the optimal customer for the end product was. The results RNS with this info gets released at lunchtime on Friday...
I'm not surprised I smelt a rat with Star Zinc I'm now trying to convince myself that it was a single rodent that has been contained and not an infestation.
I agree with Westlad with regard to KCB results although I can understand why they weren't released during negotiatons with Sandfire.

And Colin said he didn't like JVs....

Thanks DC,
Will take me bit of time to read the detail and convince myself. Thanks for the head start. :-)

Thanks Jammer,

I had gone through the details of Star Zinc ownership and convinced myself the rights had been transferred to GLR by the ownership of EPL. It seems that wasn't the case so I need to go through it again to convince myself what state it is at.

saved..

Thank You Colin- That MIGHT have daved my hair :-)