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I am extremely surprised that J.M. made the statement " very very close ! He should have realised that it would be splattered across these type of platforms and if I was the other negotiating buyer, noting this it would give me a very good insight to where Condor would settle. He might have just lost out on his final play, unless the value had been agreed and " very very close " was down to dotting i's and crossing t's or legal tidy up. Time will tell ! Not really time for excitement !
I could not agree more although it may take a bit more time for equities to reconect. The up-cycle is coming ! Having been a holder for a long time I share everybody's frustrations. The best things in life are always worth waiting for ! Further patience required, the rise will come. DYOR.
Well said CCC
I would like to attend the Pary's Mountain visit on 10th September. Could somebody advise how I can register ?
CP52 ,,,,, All boxes ticked. Just a little patience required now, St. Andrew's day is coming !
Munchbox, SGZ although only 9,000 oz / pa, their costs are the lowest in the industry. Capital payback is rapid and with exploration funding now coming from cashflow, there will be a steay flow of positve news. Then of course we have stage two which will ramp up pretty quickly. I'm in CNR as well, which has some short term spec gains in the offing, certainly an intersting time to be in there. However SGZ has both short term potential gain, and as a very solid and well managed operation is an excellent longterm investment.
Bellers, forecast for Thursday and Friday is crisp, probably good timing for processing build up !
Off the cuff, but I can say with some certainty that SGZ costs will be lower, both CAP & OPEX. SGZ will also achieve CAP payback more quickly. No comparison to my mind, SGZ is a small, high grade, tight operation.
Guys, As a previous holder, I've been keeping an eye on your forum and I'm sorry to see the way this is continuing and don't want to add any more gloom by commenting further. Good luck anyway to you all. Happypennies asked for suggestions and I put forward BKY, a Uranium project which is moving fast in Spain. It's slipped back a biit recently, but IMO it has everything going for it. DYOR and take care.
I believe the mine has been producing more ounces than stated since the restart whenever that was. The transaction with Monurent is unclear, but what I do know is the cost to Monurent, little more than a year ago would have been well in excess of US$40 million. Over 50% could not have been written off since commencement, so either Monurent got a very bad deal or MNG have taken over lease or finance payments that have not been disclosed. In that case Monurent may have got a reasonable exit deal. Although contractors have to or try to make a profit !!!, they are generally more efficient than Owner Miners, unless the owner miner has brought in a leader who has a full operations and maintenance team who have worked together before. MNG have no experience operating a heavy Komatsu Mining fleet, their other operations deploy small equipment and tipper trucks. To operate heavy equipment there is more to the philosophy of planned maintenance than simply operating until the equipment is run into the ground. I have seen it many times, production, production, production till wheels and tracks will no longer turn. It is possible to do it with new equipment, because being new it is forgiving, but wear and damage is taking place and the price will be paid in the long run. Somebody mentioned that the company is being recapitalised. It may well be, but it could well coming out of the company's own revenue. I suggested some weeks ago, when we heard that processing had been restarted, long before any announcement, that gold revenues could be channelled to other operations in Liberia, quite easily. Now with the MNG local entity taking over the mining operations at New Liberty, anything could be going on and I fear that the remaining minority shareholders will be the losers. MNG are very much entrepreneurs, not Miners as the investing public understand them to be. I sold my AUE holding a week ago and I was lucky to get my money back. If I'd been a trader rather than a long term investor I could have taken some good money out of it when it was up at 7 or 8 pence, before the environmental debacle. The Reading regime was one thing, now the MNG one is another. AUE is still a single mine company, but now operated by Turkish entrepreneurs and I think they will look after themselves. I have other investments in Gold and other minerals which have much less risk than this company. I'll keep an eye on AUE and this forum and wish everybody good luck meantime.
I don't pretend and I'm not a shorter. We've all been hurt with this stock and we all comment. Either accept my comments or ignore.
Monurent have provided the Mining fleet and that will include the additional equipment reported by AUE to being mobilised to New Liberty. MNG will be doing everything they can to break the contract with Monurent, to cut out a middleman. I very much doubt if MNG have the experience and knowledge to maintain a quite substantial Komatsu fleet. They would have to take over the financing and that could be some US$40 million. Their other operations are operated with little diggers and tipper trucks. Have they bitten off more than they can chew. Next few months could be interesting.
Hello, yes, I'm still here, but been travelling, apologies for delayed response. I have been watching the slide and think it could go further down. I'm not sure if it could gain strength to turn around and climb again. The website states II's hold 22.3% and retail 22.7%. Top shareholders are stated to be MNG at 55% and Henderson 3.2%, something not just quite right with the reporting. IMO, MNG have two options: 1. Take advantage of their control of a LON & TSX listed company and inject their other operations / companies into the publicly quoted vehicle. 2. Take advantage of the remaining shareholders, drive the share price downwards and take AUE private, giving the shareholders a pittance when their % holding takes them to a compulsory takeover situation. My earlier thoughts were that they would opt for the former, but I am now sceptical and we could see the price slide to 1 pence and not recover. They appear to have downramped with their stories of testing plant modifications and equipment availability. I have from reliable Liberia sources that process plant is at full production and I fail to understand how equipment availability can affect gold production when there is three months ore on the ROM pad. I therfore suspect that they are simply downramping to achieve option 2. I bought AUE at 2.75 eight mobnths ago and am still a holder and might conside picking up more if they get to 1 pence. I always reckoned it was a gamble and it has tested everybody ! MNG are still holding out on creditors at their own other little project in Liberia. Are they out of their depth ??
It appears that I may have contributed to the fall back in the AUE stock price and if this is the case, then I should not have shared my findings, perhaps I should have kept the information to myself. There have been comments made that the forum should not listen to gossip about MNG not paying their bills and that it was rediculous deramping. Believe me it came from a close circle of business associates in liberia, and neither was it intended to be deramping and I regret any panic that may be attributed to this. There certainly does seem to have been panic, whether induced by me or not and the share price has retraced. The stock market is a fickle place and investors can easily be influenced by news and upward or downward paranoia. A seasoned and experienced investor should be able to look through day to day events or newsflow and each piece of information received should be added to the full collection of research and experience that the investor may have on the particular company. I have quite a number of different mineral resource investments in different markets around the world and it does take time to keep up with them all. I spend an hour every few days reviewing each investment and do not make hasty decisions. There have been some spectacular gains as the industry comes out of the low ebb times, conversely some have not yet performed so well, but will probably do so in the near or mid term. All resource stocks are on the up, particularly gold and some move more slowly than others. This year AUE for a short time appreciated three fold on my average entry price of 2 or 3 pence and given time it will rise beyond well beyond the 7 or 8 pence it briefly reached before. Investors need to live with traders, bots, derampers, CR's, Ebola, delayed construction, incompetent CEO, plant malfunctions and environmental stoppages and everything else that Murphy throws at them. What goes down will come back up again, given time and patience. The future for AUE is much better than the 4 pence that is offered today and buyers are benefiting at the moment through panic selling. I encourage those who are considering selling to rethink and if they still want to proceed with a sale, at least, don't take what the market offers, pitch your sell orders higher to drive the price up and get a better deal. If we as a forum put our mind to it, we could drive the price up to 10p quite easily by working the market with high sell orders then pull them and place higher as the market moves up. Why don't we stop selling and try driving it up,,,,, I think we have quite a big audience and it could be quite possible.
MNG are not experienced corporate world class miners, they are an entrepreneural organisation from Turkey. They are bottom line boys and 0242's post below is bang on the button ! I will not give them the opportunity to buy my shares at deflated levels. We can make our own market, pich them high, pull them and keep moving them up.
Number one priority in operating a mine in any part of the world is Corporate Social Responsibility. Unless good relationships are established with the local communities, the mine will fail. I have witnessed this on many occasions, particularly an Indian owned company operating in Africa that tried to ride roughshod over the local community and employees, the cost in lost time, damage and future relationships was very high and they had to succumb in the end. I suspect that MNG do not understand this. They will learn the hard way.
My earlier post did not refer to AUE, it was creditors of the original MNG Kokoya project in Liberia. A gold dore bare weighs circa 25 kgs, is the size of a brick and would have a value of circa $1 million We need our ears close to the ground. The mine and process plant is most certainly operating. I'm staying put meantime, but will reassess following the next announcement I don't know what the significance of $1 billion in gold in previous posts is all about ?
I have confirmation from my contact in Liberia that the process plant has been up and running for the past four weeks. Please see quote below. My contact is an intermediary, but a reliable one. I have also met his contact, also reliable IMO, who provided the following quote,,, I did ask my friend re Aureus. He confirms they have been up and running producing for over 4 weeks now. So, I can only assume they have just not bothered with an announcement since restarting. He doesn't seem to know anything more about the chemicals. He also advised that MNG have not paying their supplier invoices in Liberia, not even fuel. Draw your own conclusions. Also IMO, it would not be too difficult to move bullion from one mine to another in Liberia.
I have no further feedback, but am assuming that they are in production and with no announcement the SP remains suppressed and we can be sure that they are buying more shares. It's logical from their perspective. The more they buy the tighter the market will become and eventually we will see the rise that we deserve. What is the next percentage milestone that they need to notify ?? I think somebody said that the next quarterly report is due in the first half of August. The longer this silence goes on the more convinced I become that they are in production. I cannot imagine that after all this time nothing is going on !!!! Patience and steel nerves !!! It's coming,,,,
In the same news release, re the green light from MLME to restart production, DR stated the following,,,,, " preparations are underway for the commencement of the plant pre-start procedure, which will be initiated following the arrival of a consignment of additional reagents that the Company is working to expedite to site. " This was the usual waffle and smoke screen from DR and when I raised the matter at the AGM, he continued with the smoke screen. DN realised where my probing was going, intervened, put his hands up and came clean that the companies financial position had been such that they had been unable to order the reagents. I assume that the reagents were only ordered when the first tranch of funding from MNG was made. The procurement process to West Africa countries is normally about two months, but there may have been a chemical borrowing process or some other short cut that took place but we are all in the dark what the supply and delivery status is. Last week, I received advice from a reliable source in Liberia that New Liberty Mine was in full production. I have since requested confirmation and further detail. To date, I have not yet received this. IMO, the mine is up and running, but I cannot understand why no announcement has been made. New management may be of a culture that sits on the outer edge of AIM and TSX governance and procedure requirements and only time will make this apparent or not. We are in world with AIM, a company that we now know was bankrupt, but for MNG, Gold mining, Liberia, its 5 metres of rain per annum, offshore finance and a Turkish billionaire entrepreneur. The pundits forecast we are in the early stages of a substantial Gold bull market, so we can either stick with it or leave. Not for the faint hearted. Risks abound, but so does potential reward. I'll post any further information that I receive. GLTA.