Member Info for ICB888

As was pointed out recently on this bb the water situation has been addressed:
“ The Bangladesh aquifer system is enormous and pervades the entire country. It is universally pumped to provide potable water for cities, villages and agriculture. By contrast, the proposed open pit coal mine development is very small (both in relative land area and water pumped but conserved). It is a mere "pin prick in area and a drop in the ocean in terms of water extracted and distributed" in that huge 3-d aquifer world!
The Phulbari Coal Project feasibility study team (over a three-year period) undertook very detailed groundwater and aquifer characterization field studies, developed a predictive groundwater model (which included the influence of Barapukuria mine and power plant), developed an overall Water Management and Conservation Plan and commissioned independent expert reviews. The water study team also included Bangladesh’s own Institute of Water Modelling (IWM) and reviews were undertaken by internationally recognised organisations that have conducted water management studies in many countries around the world. These water studies were delivered to the Bangladesh Government via its Energy and Mineral Resources Division and included in the ESIA and is available on the GCM Resources website.
Yes the groundwater level will be drawn down within the mining area, however, the extent of the water level drawdown will be restricted to the mining area by putting a large amount of the water back into the Aquifer system through a ring of wells surrounding the mining area. This is a very standard world-wide mining practice to promote safe mining conditions. The remaining water will be distributed to the community for reticulated water supply, irrigation and industrial use, and some will be used to generally improve the environment around the Project Area, again all available on the GCM resources website”

UT 190000 at 16.5. Trades now at 16.7p

Some big trades coming in as we approach the close. The most recent a Buy of 110671 at 16.4999. Volume 5 million.

Haggis
I don’t think there is a problem regarding the transaction with SCIR but it’s better to have it sorted sooner rather than later while you have leverage. My thoughts are that with the history of delays in the past by the Tanzanian Government, in would be prudent to insist that all approvals are in place before AEX makes further commitments. I may be barking up the wrong tree but that’s what I would do in their shoes as the Government are currently keen for AEX to get producing asap.

In an RNS about a project in Northern Island they gave a brief update on Ruvuma:
“ As recently guided, Scirocco continues to make progress towards divestment of its legacy investment in the Ruvuma development. Scirocco is in dialogue with the Tanzanian Revenue Authority in order to gain its approval for the deal. The firm consideration, as well as the contingent consideration elements associated with the accelerated first gas of that project, will provide funds that can be deployed into the compelling and profitable opportunities within EAG's deal flow pipeline."
I suspect AEX want this resolved before they give a further update.

The largest trade of the day just landed 150000 Buy at 15.9464. Followed by a number of AT trades at 15.98p.
Currently Up 9% at full Ask on volume of 1.9 million.

As New York prepares to open gold has moved to 2030.

I think you are right Nero. The number of shares that are traded is pretty low so the mm’s will need to shake some shares out to fill a large order or just to have shares available to fuel the next move up. One would expect CNR to be moving Up on the back of the impressive move up in the gold price. A number of gold companies are doing well today and the top performing sector is the FT350 Precious Metals and Mining index which is up 2.62%.

Here is some context as to why CNR should move strongly above 30p.
CNR was at 30p on the day the sanctions were announced which was followed by sharp falls for Gold companies in Nicaragua. Our neighbour( and probably one of our potential buyer) Calibre has long since recovered its sanctions fall and is now about 40% higher than its sp when sanctions were announced.
CNR one year ago on 4th April 2022 closed at 29.78p and the 52 week closing high is 35.83p on the 12th May 2022.
CNR has the potential to produce £ billions in its lifetime but even after the rise of recent days its market cap is only £51 million. The sp should be sitting considerably higher than 30p as we await news of the first firm offer.

Volume of 196000 in the first hour of trading and CNR Up 1.8% at 28p.
Fridays volume was 697000 and yesterday was 844000. CNR looks on track for another decent volume day. Just imagine what is going to happen if the volume hits the millions in the coming days.

Latest Buy 27.99p so virtually full offer which is 28p. Looking ready for the first move Up of the day.

Wendy Lawrence, CEO of Totally, said:



"Totally has a proven track record in the delivery of NHS 111 services and we are delighted to be the first to have fully mobilised the SVCC model, displaying our commitment to both delivering NHS services and using innovative, new solutions to improve patient care.



"SVCC mobilisation means that NHS England can send additional calls to our service, knowing that we have the capacity to respond. The days of blindly splitting call volumes over a range of providers and hoping capacity exists to answer them are gone. As the only provider presently on the platform, we have a unique opportunity to support the NHS in a responsive and flexible way, contributing to better care and better outcomes across all healthcare services."

But it wasn’t the last trade before the close which was a 5000 Buy at 27.7933 followed after the close by 65000 at 27.5p. So the 150000 is in the price and nothing to be concerned about.

Old Condor hands will know how quickly CNR can rise if everyone turns positive and the volume kicks in. In Q2 of 2020 CNR rose from 25p to 60p in a matter of days. We are much further down the road now with all our ducks in a row and the market becoming more confident that a price will be achieved at the higher end of expectations. I think this can have a good whoosh upto a new level before the rocket fuelled RNS that will take it to its final destination.
But in the meantime if it puts on another 10% like Friday that will be very good progress.

Mark has mentioned more than once that although this is currently being marketed as an asset sale it could end up as a share sale. I agree with you that a share sale would be preferable and there is a good chance that will happen. Mark also said they would use the asset sale route because of the massive disconnect between the share price and the actual value of the gold.

A late reported Buy from 10.25am 60000 shares at 27.5p is the largest trade at the highest price so far today. Good to see decent size trades at above full offer.

Gold fell in early trade in Asia to 1950 but has now recovered to 1970 which is what it closed at on Friday. Let’s see if the rise continues now we are in a new month as Gold nearly hit 1990 during the day on Friday.

Good start to the week Up 3% to 26p on volume of 112000.

Just move to a high for the dayUp 8.7% at 25p as a number of buys come in. The most recent are at full ask 25.5p. Are we about to see a further rally into the close. You wouldn’t want to be out of CNR over the weekend.

I said that someone had just bought 35000 shares for 25.5p. That remains the largest trade of the day at the highest price paid so far today. Let’s see if more volume this afternoon can take CNR to a closing price of 25.5p or higher.