Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Nextriser - regarding your post below "News this morning from Oilex relaying essentially......" - was this information published today as I only saw the RNS regarding the HALT'ing on ASX?
Pepco, with you on that. The one thing I am feeling (and have been in/out since 2016) is a growing interest in Vast shares and volume today has been pretty good with way more buys than sales. If we can just start to tick a few boxes in each area then I think we will get continued investor support. However if I see any death spiralling finance deals again then I will be running for the hills. I just hope our finance guys are clever enough to do good deals for both Romania and Zimbabwe.
What would be good to clarify is the way the Heritage/Marange JV with ZCDC and BOD is going to work/be financed etc. I hope they all don't look to us/Vast to finance everything. We have agreed with BOD to fund up to $1M but for that I hope that BOD (who we have JV'd for their expertise in diamond mining - so they say ) start to get their finger out and do something and not just sit back on their arses. Equally what are ZCDC going to do and how much share will they be getting. Likley that they will provide security and maintain relationship with government but hope they are not looking for 50% as the local tribe will also want their share as part of the agreement or we will have trouble like the Chinese did. If we do this properly and assuming there is plenty available out of the $800B of diamonds then everyone will do very well.
Castaway, thanks, very good info for me. I have been spending a few hours reading on the background to Marange over the years, including the issues with the Chinese Anhui maltreatment of the workers, pollution etc and why they got kicked out by Magubee, Alrosa's decision not to enter Marange, Blue Nile not buying Marange diamonds, US Sanctions etc
So, yes I can see why Debeers would not want to re-enter this are due to it's worldwide reputation. So we must hope that when we go in we do it properly (hence the meeting with the local leaders/tribes), pay fair compensation/wages/ Health & Safety and have good security. As we will be going in via a jv with ZCDC there will be pros and cons - from a security point of view (even thought there have been issues within ZCDC) I would hope this will provide some good security to the company and workers from armed gangs. It must very difficult working in this area for any company and if Mnangagwa falls then it may be up in the air again - hopefully not as they need investors. Looks like the Chinese are upset due to Alrosa's licences and reports state that the Chinese did a lot of work to get Mnangagwa into power and will get him out if he goes against them in favour of Russia or the west. Hmmmmm - interesting..
From a diamond perspective - it would be great if Rio or Debeers took a stake. From the reports earlier this year Deebers and Vast were invited back - Vast said yes but Debeers said no. Given that the 2011 Debeers estimate for the Maranges area was US$800B then I wonder why they declined, must have been due to the way they were booted out last time.
The MOU between Vast and BOD is below - so as Vast have raised funds for this. If the news is good then BOD could raise funds to increase their share if we allow. If this is really good then I hope we hold onto our 87%
The initial MoU has since matured into a formal agreement over the MDF, which includes the following terms:
An SPV between BOD and Vast to develop diamond resources in the MDF.
Initial shareholdings will be BOD - 13.33% and Vast - 86.67%.
Vast will contribute up to US$1 million as initial funding.
If any additional funds are required, this will be via an equity raise.
BOD and Vast may contribute to any future equity raise on a pro rata basis. If either party does not take up its allocation, the other may contribute further and increase their relative shareholding.
Good info 2p - thanks. I suppose Vast and BOD (and ZCDC) will need to spend some money buying these machines. I see in the piece tweeted by AP that there will need to be a spend initial $5M to get it going
https://www.sundaymail.co.zw/community-to-benefit-in-vast-diamond-plan
Me too - first think tomorrow when I can sell some other shares...
This is a good piece of reading as well - from June 2019 https://search.proquest.com/openview/691de164a5f5f57732277d69f3680ed3/1?pq-origsite=gscholar&cbl=39
Or if not Rio - could it be Alrosa, who just did a deal with the state owned mining company to invest $12M to explore in areas including Marange....getting very interesting. Alrosa is MCAP is around $9B so they may have decided to join up with Vast and BOD to explore Marange.
I have a feeling that the appointment of Mark Madhudhu (RNS 6th July 2018) has been key in all of these things coming together as he use to be Chief Executive Officer of Marange Resources (Pvt).
I have been in and out of Vast over the last few years and have seen many false dawns and have had to sell up, but I got to say there is a lot of things going on now that could make this rocket.
Appointment of Diamond Specialist to Board of Vast Resources Zimbabwe
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and
Zimbabwe, is pleased to announce the appointment of Mr Mark Mabhudhu, a preeminent figure in
the Zimbabwean diamond industry, to the Board of Vast's wholly owned subsidiary, Vast
Resources Zimbabwe (Private) Limited. Mr Mabhudhu's appointment is in line with the Company's
updated strategy to increase its footprint in Zimbabwe, seeking new opportunities and revitalising
historic claims.
Mr Mabhudhu, who has a BSc (Hons) degree in metallurgical engineering, an MBA, an MPhil in
Information & Knowledge Management, and is currently working on his Doctoral studies, is a fulltime resident of Zimbabwe and Zimbabwean national with over 25 years' experience in the mining
industry. Of this, more than 22 years has been focussed on diamond mining both in Zimbabwe
and internationally, including 11 years with Debswana, the joint venture company between De
Beers and the Government of Botswana. Mr Mabhudhu's recent positions include Chief Executive
Officer of Government owned Zimbabwe Consolidated Diamond Company (Pvt) Ltd and Chief
Executive Officer and, prior to that, Chief Operating Officer, of Marange Resources (Pvt) Ltd.
Under his leadership as Chief Executive Officer of Marange Resources (Pvt) Ltd, Mr Mabhudhu
implemented a turnaround strategy, which resulted in the Company achieving profitability after
several years of financial distress.
"This is a joint venture between Alrosa and the ZCDC. It will look at greenfield and brownfield projects. So there will be exploration in new areas that are not known to have diamonds and there will also be work in areas such as Marange and Chimanimani which are known to have diamonds."
https://www.businesslive.co.za/bd/world/africa/2019-07-16-alrosa-invests-12m-in-diamond-exploration-in-zimbabwe/
Wow - imagine if the RNS comes in with Rio Tinto printed on it - hopefully find out next week
Boy - I did not know that...
Marange Diamond Fields. Report is from 2011 but even so...
The value of Marange's reserves are pegged at US$800 billion, labelled by a survey report from De Beers as more than eight times higher than average diamond fields at a ratio of more than 1000 carats per hundred tonnes (CPHT).
https://twitter.com/jayfella1972/status/1157292488874483712?s=20
https://www.pambazuka.org/governance/zimbabwe-power-lies-east
Hi Applegarth, I am really sorry to hear what you said below. I remember having a great LSE chat with you in 2017 when I think we were both doing well in something (like GGP or FRR) - I really respected your views and sure I still do. I then jumped into LION with a large amount of money as everything that was said at the time sounded really positive - I think it was partly the high of the Bitcoin/Crypto and I really though I could see where this was going but I jumped in near the high and lost a lot. I really hope everything turns out for the best for holders of LION and for yourself. Take care and hopefully will chat with you again in the future
Yes I hope so. I know that Roy and Andrew bought some shares in April and have a fair amount in total, but would be nice to see them loading up with some more. Can't wait to see that TR1 next week if it arrives.
Seen it happen so many times before - I remember GGP selling something like £500K shares to new investors at around 0.6p in Sept 2017, just before they took off to 2.4p in October 2017. UKOG selling shares at 0.98p (or there about) just before the shares flew off to 7p. No rhyme or reason to some of these decisions sometimes.
Sorry -just seen the posts below - so hopefully we will see a RNS on Monday then and lets hope it is well known mining billionaire. Can't see that they would forward sell at this point as it would hardly been worth it and too risky. As the money is for the Heritage Zimbabwe site it is either someone that is more interested in the Diamond element of the company or in Vast as a whole (rather that BP).
Just checking for clarification - sorry if it has been discussed already - so the new II will have 6.66% of the company's shares on 13th Aug - so as I understand that anything over 3% has to be notified - how soon after 13th Aug? Or what is the longest time that the ii can wait before announcing the holding. I am just hoping that it is another Billionaire as some other companies have had the recently (PET, ADME etc) and it has made the share rise just a little -:)
Dodge, you may be able to press that ADD 12 bottles soon -:)
I think you could be right Mazik - we just need a bit of good news on Ghana and/or Bolivia to get it there. I would be nice if the 2 x Billionaires too 10% each in Clon, wonder if Mr Teeling could persuade them to as it would do wonders for the sp as well.
It would be nice if the Ii turned out to be the likes of Petra Diamonds, getting a Toe into our Heritage area.
Well said Fools - I have invested back in here today as I think I can see a positive change coming from an number of angles. If I did not I would not invest and would sell up as with any share that I hold.
I have been in and out of Vast so many times -mostly when it was around 0.5/0.6p and was hoping that once BP had been agreed that it was going to do a GGP and go to 2.5p or more.. I have a good feeling about the current happenings even with the latest dilutions. If the SRK report is as good as expected then we should get back to .3p and then if we get the Swiss finance .5p, if the Heritage Diamonds come off then 1p initially. Fingers crossed.....