RE: The move to fair value reporting for Zenit31 Mar 2026 13:08
Hi Stanger
I've been saying for years that we have no assurance of any dividend distribution from Zenit, hence the continued perilous cash position.
The incompetency of the Ozaltin JV was unforgivable. Giving away control and over 50% of the Turkish assets so cheaply (including its producing first mine that was 6 months away from being debt free and over 75% in the case of the Salinbas prospect) and then incurring lots of professional fees to reduce the net receipt even more. It shows how utterly, pathetically incompetent the Ariana management was. Unforgiveable. And I can say that with a clear conscience because I made my feelings known in November 2019.
And they are no better now, they haven't learned anything, which is even more unforgivable from the Chairman who is supposed to be hugely experienced, with a career of financial expertise in worldwide mining companies. He is inept. At least Sener is a decent geologist even if a lousy CEO who doesn't care a jot for his shareholders.
They are so stupid that it wouldn't surprise me if they don't realise, or admit to themselves, that Xinhai could well be targeting control of at least Dokwe and possibly the whole company. That's how dumb I think they are.