Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Hi, Bhargav and Portfolio,
Thanks for the commentary. These things take time and research, and I'm sure all amateurs (such as myself) owe you a debt of gratitude (though I'm pleased to say, not a debt of money).
It's interesting to see Bhargav being more cautious than last year (for 2022 already belongs to the past); and he's right to follow the example of John Maynard Keynes, who said, "What do you do when the facts change? I change my mind." Or it may have been Paul Samuelson.
Happy New Year.
My guess is that the other trades at 1.32 or thereabouts are also buys. Lse should stop using an algorithm, and just record the transactions and the price, with no further comment; or the brokers should be obliged to declare each transaction as a buy or a sell.
That supposed sell at 15.04, 453,182 shares, was a buy. It was I.
I mentioned a Santa Claus rally, a few days ago, and said it wouldn't affect OMI; but it now looks as if I may be wrong, I'm delighted to say.
I wonder if Hochschild would be interested in a joint venture on Anza; mid-cap South American miner, presently having problems in Peru. The thought must have crossed the mind of Louis and Brad.
Hi, Value
I agree with most of what you've said, but not the reference to "Xmas period lull." There's often a Santa Claus rally; it won't happen this year to OMI (for reasons too obvious to mention); but on the main market (and sometimes on AIM), it's a great chance to make money (just remember to sell on 2nd January or thereabouts).
Hi, Chicken
I don't want to be difficult, but Newmont did walk away from something with GGP about five years ago, which caused a collapse in the share price.
It's good to see bsg enjoying himself so much today (though delight in the misfortunes of others can scarcely be called a virtue). I'm surprised he hasn't repeated his favourite line, which is, "he's trained her well." Perhaps that's a pleasure for tomorrow.
Hi, Breaktwister
Same problem here; unable to put in £5000 on Interactive Investor; it's ridiculous.
Hi, Coolmax
I've been looking through your past posts, with some interest; and see that you were not always so gloomy about OMI. On 22nd February last year, 2021, you recommended buying it, when the price was 36 pence. So perhaps your pessimism now is rather good news for those of us who want the share price to rise.
Let's look on the bright side. January 2023 is not so far away. It's next month.
Hi, Orion
Thanks for this. I'm pleased your still commenting on Thor.
Best wishes
Hi, Jackbal
I'm optimistic on this, and believe 7 is the bottom (unless we get further bad news, which is always possible). Anyone who wants to sell, has already done so.
And as for the conspiracy theories, they may be right, but probably not. Newmont and Agnico do have reputations to preserve, and deliberate falsification of results I regard as highly unlikely. If I was Brad, I'd bribe a member of the drilling team to give me updates on what is happening in the field; but then I'm not Brad, and am sure that our CEO would not stoop to bribery.
I think we've reached the point, where everyone who wishes to sell, in response to last Friday's news, has already done so. So unless there's further bad news, I expect the share price to stagger sideways, until it's rescued by good news (when that will be, I have no idea).
Hi, sharetrader @12.02
You may be right, it's a clever hypothesis. Carried to its logical conclusion, Agnico would save money by doing no drilling whatsoever, and simply inventing results of complete, utter and abysmal failure. This would then drive down the OMI share price to 1p or below; at which point they would make a takeover offer of 2p; and we would rejoice at something being saved from the wreckage.
But of course this can't happen. We all know that established companies have high moral standards, and reputations to maintain. We do know that, don't we?
Hi, Bonkers
I agree. Selling POW now seems silly to me.
Hi, napth
Orosur wasn't in charge of the drilling. Agnico was.
Brad made it clear in the presentation that he would have done it differently (and I believe him on this).
I see my two modest buys (45,981 and 72,457) have shown up as sells. Nothing is more stupid than an algorithm.
I listened to the webinar carefully this morning, and think the following.
1. Brad and Louis are a good management team, and we're lucky to have them. In my view, they are doing the best they can to defend shareholders' interests, in difficult circumstances.
2. I continue to mistrust MMA (i.e. Newmont and Agnico); in particular, their reporting of drilling results to OMI (which are then passed on to us), and also their competence (drilling a hole in the wrong direction and at the wrong depth does seem something of a blunder).
3. I'm happy about the two projects in Brazil and Argentina; it gives us some diversity of resource and jurisdiction, and may turn out well.
There seem to me to be two separate problems.
1. Who is most competent to do the drilling? Brad's remark (as reported by Dr at 10.51) that MMA were drilling in the wrong direction is deeply disturbing.
2. Are the results of drilling fully, honestly and promptly disclosed? When I was invested in GGP, the thought never crossed my mind that Newcrest would delay or conceal the results. But now the thought crosses my mind all too frequently that MMA may be doing exactly that.