Member Info for jascat

Yes, they are very bad at public relations. Probably of the old Soviet era. Do not inform the people about anything. Not sure why they are letting the SP get trashed. I am hoping someone on the board is planning a share buy before we enter the 60 day close period that begins at the end of this month. This may also explain why the MMs are willing to keep absorbing the big sells. They may have a large buy order to fill. I continue to add from time to time & my total approaches 9 million shares.

Moving millions of tons of waste to get at the copper ore, then mining it. Construction of Railway, power plant & a 10,000 ton per year copper producing plant. Purchasing of heavy earth moving machinery & monster trucks. Building leach pads that hold hundreds of thousands of tons of ore each. All the above takes a lot of money & no start up mining operation can do it without debt. Benkala can produce copper at a low price compared with other mines & once production rises, debt can quickly be reduced.

Someone is desperate to sell. It would be interesting to know there motives. Are they trying to collapse the SP? Do they have inside info? Do they need money? The answer could be any of the above & possibly something else. I am personally very suspicious. There is no reason to believe that things are going badly & I intend to stay the course. September is the latest for some news.

FML in effect own 75% of the shares, so they are the majority. The company was formed with the intention of boosting its SP & then selling out at a profit. Unfortunately, due to a lack of mining skills, the SP has arrived at today's level. The market cap is a lowly £15.5 million. I cannot see them selling out at a figure below £200 million. Given capacity production, leading to a reduction in debt, this is a possibility.

There are a lot of these large trades showing at the mid price. Not really sure what is going on. One long shot could be, a MM has a large buy order he needs to fill & is obtaining shares from other MM's. Could it be that management are going to buy shares? They have until the end of this month to do so, then the closed period for buying starts end of this month in the run up to the interim results. Such buys would be as good as an update & may be the reason for a lack of info. As I say, it's a long shot.

Now more MM confusion over that 1.5 million trade that went through yesterday. It is now got late correction against it & it is again showing as a sell on today's list. They are trying to scare the peeps into selling, by showing the same large sell multiple times. I can see no other reason for all the tactics. It is about time the regulator clamped down on their underhand methods.

OK. Own up, who sold that one share.

I see the MM's are up to their tricks again. Submitting a large sell, then cancelling it.

The 1,5 million trade had not gone through when I posted. I was talking about the 1 million trade. The 1.5 million looks like a sell.

Someone can see value. Nice last buy.

He often pops up late in the afternoon with a 200,000 sell. He cannot go on forever. As you say, lets hope he has exhausted his supply.

Added another 140k this morning

Looking back at last year, there were two operational updates in July. Neither of them gave any production figures. The boss immediately bought shares after both updates. If he intends to purchase more shares this year, there may not be any production figures given, prior to his purchase. A share purchase by him, may tell us as much as a production update.

I do not think the 4,800 figure is an old target. The current boss has been very reluctant to state targets & this is the first I have heard of it. Last years total production (1702 tons), was split between the first half (pads 1 &2) & the second half (pads 1, 2 & about 3 months of pad 3). This year has the previous 3 pads & now pad four at six metres. Pad 5 should be stacking now, so I do not think their target is unattainable, but it is optimistic. I think 4000 tons would be good. If i remember correctly, their are around 500 million share in free float, divided by around 200 investors. It stands to reason a number will hold quite large amounts, while most will only hold a few thousand. previous directors held many shares & any of these large holders could be the seller. I have been saying for many months that someone was determined to hold the SP down & was selling blocks of 100,000 & more nearly every day, so this is not new. I also got slated for my view. It is my opinion, that this year, FML will be in a better financial position than at any time previously.

Although the seller is a pain, I am not to bothered, as it is keeping the SP low so I can continue buying at low levels. I continue to add & will do so until the update comes along, or the interims come out. FML mentioned around 4,800 tons for this year, which is a lot more than my estimate.

The mm's are setting the bid & offer prices to make buys look like sells, when they show on the SP data. Just another of their little tricks, to make it look like there are a lot of sells. Hopefully it will only be a few days before the production update.

FML should have finished stacking pad 4 & started pad 5. They must have had a productive winter & first half, to be mentioning figures of 4,800 for the full 2014 year. I was expecting a figure of around 1,000 tons for the first half. To reach the full year target, the first half will need to be that & more. Decent production update absolutely crucial to the SP. If they can get the SP up, they will find it easier to get finance at a reasonable cost.

Nigel. For some unknown reason the full report was not released via RNS. All we got was the abridged version. No mention of production was given in the short version. The asset sale appears to have gone through ok & a large portion of debt will be paid down. If production is insufficient to cover further payments, they will address the issue at the time. FML seem confident they can produce the required tonnage, so perhaps the no news on production may be good news?

http://www.halykfinance.kz/en/site/index/research/news:89127

Not a lot of info in the results. However, considering the auditors last year said FML would struggle to survive 2013, given the financial situation, they did well. Everything hinges on the update, which was not issued today. The completion of the asset sale, will allow FML to ramp up production. I am optimistic.