Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Botski on OXT
There was a rail replacement bus service between Didcot and Oxford yesterday morning which deterred me: also recovering from football fever.
Was there a Scancell update ,as billed? If so, links to slides are always appreciated.
Some of us need to hear things a few times before the simplest of jargon sticks.
I was agreeing with you that "it was a great run if somewhat fortuitous".
Maybe I should have said "fortuitous process" but I very much did not want to suggest, at this time, that POG investors were "losers".
How is the $ price of gold doing?
I guess achieving low probability events, in sport , is based on character (e.g. determination , courage, Englishness ) unlike successful investing in POG which is a stochastic process?
Rusty , Lawro
We won without time overrun on (extra) penalties, maybe the POX hub will be as good?
Given the POG financial fragility, understandably seen by some because of IRC, about which I am relatively optimistic, and POX hub production issues from 2019, about which I am very optimistic what % of planned gold produced should eventually be hedged in 2018 and 2019?
I am completely ignorant of industry practice but my guesses are 2018: 50% 2019 25%. I suspect Lawrence could do better!
Where does this leave the refinancing "with a major Russian Bank " of the ICBC loan to IRC?
The POG guarantee to ICBC is most unfortunate but we are where we are ... which is?
Perhaps it would be more SP effective to provide, via RNS, BOD , POX strategy for the short , medium and long term, assuming POX hub completion and operation as currently planned.
Other ideas?
RB
"I think you'll find we already have the POX Hub recorded within Property, Plant & Equipment on the Balance Sheet valued at around $280mm. Would be interested to know how much somebody was willing to bid for it !" (RB)
From an English perspective, I guess the POX Hub is the Harry Kane of the POG team. how important are POX hubs to Russian and regional gold mining today?
PbtoGold
Thanks for posting this interesting September 2016. Is this part of a wider cunning plan?
Rodlin
"I have it, on good authority, that this article is fake news"
I found the article, on the face of it very disturbing given the claimed Reuters and Nowegian backers, I am (a recent small c 15000 shares investor), no doomer..
I believe President Trump greatly overuses "fake news" hence can you give some support for your use of "good authority"
Cowichan, Since i spent the last 20 years of my working life, 1987-2007, working for ECGD the predecessor of UKEF, I thought I should comment. however I found nothing on UKEF website. The interest rates are generally governed by the OECD consensus . IF this is a Project Line of Credit the drawings may be very much less than the headline value since the loan value it will depend on how much of the project UK exporters win. However the country risk assessment reflected in the premium rate and the availability and amount of cover for Egypt is doubtless positive. In my day UK country risk assessment was technically leading edge internationally.
D'oh! Please read " competion" as completion.
The existence of the POG guarantee is evidence of ICBC concern about the IRC "PF" risks in 2010. I assume that globally there are precedents with prudent bankers seeking "parent" guarantees and occasionally those guarantees being close to being called after a few years(tears?) near "project (engineering) competion" when refinancing is natural. As a retired UK Civil Servant. I have never felt at home with financing politics at the best of times but my instinct is that ,assuming IRC is long term sound and given the fall-back is a $30million dollar POG loan to IRC at a very high interest rate this is becoming a mountain out of a mole-hill. Does anyone agree?
Lawrence13 Money and power without responsibility? Given POG's history with (Kansas dentist?) bondholders, I am very cautious about assuming anything can be renegotiated!
Chelsea Thanks very much for sharing CH presentation and your valued thoughts. On Moditope patent protection , in Europe and globally, I got the impression that Europe was sorted . Are there likely to be any significant global problems?
For me the longer period is a year. My 1066 view is that Pavel and Peter did many good things but financing and IRC decisions combined with over-optimism were bad things.
My working assumption, is that if IRC is unable to make the next repayment to ICBC then given IRC's revent progress the debt will be rescheduled, at a price , and the POG guarantee will not be called.
I agree with most of your post but.... IRC's bankers are Chinese not Russian and thus I believe the probability of a terminal debt call later this year is negligible, However wait and see is indeed a reasonable strategy.