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Sausage - we all know it's unacceptable but we have had years of conistently poor news flow. It's never changed.
The really key thing for me now given the delays is we have handover done and dusted and a shorter mobilisation period for ILTL and we are up and running at full capacity by the end of the rainy season, which is fast approaching.
We get roughly six months of the year of the driest weather with little chance of disruption to our operations - that's when we need to be full steam ahead on mining.
I see you haven't changed.
Aerial - and we were at the equivalent of c55p in early September 2020 on anticipation of handover, which hasn't happened.
That is more telling for those who aren't trading, averaging down etc and potentially bought in on the transformation promised by the CMA.
In all seriousness the minor movements in share price are pretty irrelevant - the reality is the share price is almost at exactly the same pre-consolidation level it was in March 2020.
That's because we've made so little tangible progress on the underlying factor of actually making money as a company. The handover is quite a fundamental part of that.
Don't get the point of your post aerial - it was approved by Cumbria County Council last year, but is now getting called in for Public Inquiry?
Sausage - silence is never golden in shares and if there is one thing our BoD struggles to learn is about the need for timely news flow. They've always been a bit...slow.
There is clearly a problem. I do understand that if it is Covid related they may well be coming under significant pressure from the Tanzanian government around not using that in any formal news. You cannot underestimate the political power in countries like Tanzania.
But I agree that the Covid angle could potentially be having a bigger impact on us than is being clearly communicated to investors. We could do with someone with their ear to the ground in Tanzania posting....
We didn't take him on a tour of our site in February, did we?
esquimo - I think we can all probably read enough into the state of our operations. We've spent the best part of 3+ years (since October 2017) trying to get economies of scale from our mining.
There is nothing in the public domain that clearly demonstrates this has changed - if anything, it's the opposite - the reason we have signed the agreements with ILTL is to completely modify our current mining business model, because ours doesn't work. We lose money on every tonne of coal we sell under our existing business model. In 2019 we made an operating loss of £1.85m.
We're not currently struggling to pay our way - we raised £900k in January, but then we raised £1.2m in two chunks in January and June 2020, to add to our Lind loan. That’s clearly all gone as we’ve had to raise more cash. We can't make any margin on our operations - we need to issue shares to plug that financial hole.
I get the problems in Tanzania and all those other things working against us, as that's part of being invested in any share, but the market isn't bothered as we're now heading towards 7months since we should have handed over. It sees the fundamental issues we have, it sees the seemingly continued excuses in our RNSs and our share price reflects that.
The handover is absolutely fundamental, but we just can’t seem to get it over the line.
"Monthly Lind payment"
The P&L suggests we burn c£100k a month. We can potentially pay Lind in shares, only by mutual agreement though.
Our first Lind payment isn't due until the end of next month.
Given our cash burn rate, the handover is pretty fundamental.
Unch.
"The only thing not reported to the best of my knowledge is the reason for the delay in the proposed handover to the new contractor"
But that handover is pretty fundamental to us as a business.
No idea aerial, but I suspect it was posted about you?
aerial - where did I say you brought the subject up?
I just asked you to leave it alone.
You can't properly "talk" about mental health issues across a public internet board anyway.
"We know his contempt for poster on this board by his comments a few weeks ago" - lol
You must have the skin of a rhinoceros aerial
I wish you would leave the mental health thing alone.
aerial - but where are the TR1s for a number of our major shareholders?
I suspect they have their holdings in nominee accounts such as Intertrader, Spreadex and Barclays
That tells its own story in my view - those shares will probably be getting traded in the background
I firmly believe IIs in AIM shares don't punt money or carry over exposed risk - they happily trade on the peaks and troughs. How many times has this share seen a peak post placing...?
As far as handover delay goes, the recent RNS was very sparse in its content and, agreeing with SoS, it didn't specifically say why. We can read whatever we want into that.
My concern is it is costing us money every single day this doesn't happen.
aerial - I've no doubt the handover is just a delay, but that delay is costing us £100k a month. That's coming straight out of our reserves from the Placing. The issue appears to be something more than just delays to permit processing - why haven't they told us clearly what the problem is?
That somewhat veiled approach doesn't promote confidence in us with the market - for balance we were at the equivalent of 50p in late August / early September (I think we peaked at 55p equivalent?) on anticipation of handover.
With regards to a CPP, it's easy to continue to have "discussions" - there is no current plan for a plant. We've been in discussions with the Government / Tanesco ever since we failed in our RFQ in February 2019.
We all agree on here about the criticality of the handover - they need to deliver it. It's already six months overdue.
There was flooding in the region in January so I suspect the annual rainy season might not have been too kind to us.
Proper clarity from the BoD would be nice - I agree that six months to deal with permit issues is just not cutting it
aerial - I agree with the principles in your post, but everyone is allowed an opinion. That's what these boards are for.
The last sentence of your post is interesting.....from my experience genuine mistakes are only easily rectified if those making those mistakes accept that they are wrong.
Bullish - but it is material news, hence the RNS.
Talks are ongoing - great - but where's the action? What's the delay now?
They should have handed over on 1 September...six months ago. That's potentially cost us over half a million pounds.