Member Info for Juxtapose

SNG You read sentiment wrongly on the matter of Astor. The big selling point re equity dilution was BECAUSE it shafted Astor. The room on Thursday night positively relaxed, to hear the re-assurance given by AL. Had I raised my e-mail protest (written when Astor's fate was first disclosed via the accounts), I would have been" tarred and feathered" on the spot., The "horizontal" share price will react to commercial production and copper price: those invested currently are betting that AL will deliver. For me, it is not a matter of trust, but a bet on AL's "form" , his publicly available track record in bringing mines into production successfully. Money, PI and the big 4, on the table and the wheel spins as we speak.

Ethics are no longer part of big business. The "vampire squid" who screwed a country? Our very own Trafigura? These are today's icons and EMED just joined the party. AL's answer on Thursday was class, 100% conviction that Emed are in the right, painting Astor as a supplicant, not a debtor. "The condition has not been triggered, but if Astor want to come and talk to us about it ....." SNG . All the pigs wear lipstick and in their peer group, the consensus is that pigs look pretty in pink.

PR is just putting lipstick on the pig. The 24/7 half tag throughput came direct form AL on Thursday and sounds entirely possible, giving that the mechanical process was complete at the back end of July. Throughput and production are two different things: the half tag is a really good level of confidence for the mechanical ability, but is no clue as to the latter. What will assist greatly in getting the grade, of course is that this mine was working in the past and they have all the records: that must reduce some of the trial and error associated with any startup and of course, they have the laboratory, giving immediate feed back on every stage of the process. IMO the time to throw stones was on "dilution day". Going forward, it is a good bet, providing that copper prices continue improving and AL gets that plant singing and dancing and his track record , Aquablanca etc, says that he can.. Consolidations are good or bad depending on their objective: good is when they are done to lose the "penny stock" tag and bad is when they are the precursor to the next round of dilution: as the company is fully funded into production at the lower and middle levels, it should be a positive/neutral event. Being cynical, for those who are not very good at their 30 times table, it obfuscates the old milestones on the way.

I would agree with that, TL, and JLP is a good example, where the fundamentals do not justify the current market cap at any sensible P/E: first production post commissioning at the end of 2016 to give £5 million pa starting 2017 and a licence for Tjarte which has a negative NPV at current commodity prices and a long lead time for multiple reasons. Sentiment, which of course should play no part in financial decisions and yet rules the market, is key here. Perhaps you are posting your positive messages on the wrong BBs TL and need to spread the message to new potential bulls, rather than the jaded bears AKA LTHs?

Onions "Matsa 4.4mt production sold 50% for 500m$ ... we 7.5mt by end 2016, 59% sold for 58m$ ..." It is not quite that straightforward. Matsa's grades at Magdalena are superb and they will have more copper (and other metals) from the 4.4mtpa than we will from 7.5mtpa or even 9mtpa. That said, it does not excuse the finance debacle at EMED and you, quite rightly, see that you were robbed. It does seem odd that most have raised so little objection.

Useful feedback, Mr.O. The answer to to question is twofold. On mechanics, that is all in accordance with the memo and articles (which were reproduced in the bundle accompanying voting papers) and Cyprus company law. There are, however, protections against such dealings as this, but these were set aside by the Board and Nomad on the basis that all terms were fair and reasonable.

The comparison is rational, but the market is not: sentiment in EMED has taken a real beating over a long period of time re the financing debacle. Regrettably, that negative sentiment has been crystallized in the dilution, which has obliterated any spectacular upside. It is ridiculous to suggest that liquidity provided by the placing shares is beneficial to PIs hoping for a price increase. The most basic economic law of supply and demand applies The correct argument is that institutional shares, unlike those issued to PIs, will not come onto the open market, thus decreasing liquidity. The reality re these placings is that the shares are usually dumped into the market before any announcement is made, but that game was unsuccessful when the price hike failed to get the mugs piling in.

Ignoring the intangible assets (goodwill), most of the fixed assets are split between land and buildings (35m euros) and plant and machinery (29m euros), of which 11m has been capitalized in 2014. So, it is all showing on the balance sheet (both previous from the former owners and recent expenditure by ourselves) at cost, which bears no relationship to its real value to the business. Land is not depreciated at all and nothing else seems to be being depreciated (despite the accounting notes saying between 5 and 10 years) probably because it is not yet being used. It is a good example of accounts not really being very helpful: replacement cost would give a truer value.

Recent reply to question "is there anything stopping the commissioning"? "Commissioning is a continuous process that will happen sequentially during May-June as we had planned" It is an assumption from me that other activities will take place on site at the same time as the plant is being commissioned.

Drilling is probably the key and the parallels between the Matsa and EMED situation are clear. The "New Target" may be EMED's Magdalena yielding a big deposit by an already operational plant. It is said that Trafigura found Magdalena by gravimetric anomalies and EMED have proceeded from that stage to now drilling. Similarities and synergies between the 2 mines are striking and collaboration is often referred to obliquely. Details on Magdalena for those interested: "Trafigura subsidiary Minas Aguas Teñidas (Matsa) has officially opened the Minas Magdalena copper mine in Huelva, Spain, as it moves closer to bringing the greenfield deposit into production. Developing Magdalena forms part of a €300 million ($386 million) investment to extend the operating life of nearby Minas Aguas Teñidas by 15 years and double Matsa’s polymetallic ore output to 4.4 million tpy. The investment was signed off by Trafigura in April 2013 and is set to be completed within 24 months. Matsa has spent €40 million on exploration in Huelva province since 2006, and it discovered the massive sulphide Magdalena deposit in May".

I am not so sure that the there is any point in issuing the financial statements until the finance package is complete: what would it achieve? We have, after all, had more recent updates on the key components cash, creditor position and loan extensions: the financial statements would IMO pose more questions than they answered. The company is in a far stronger position now than it was even a few months ago and that undoubtedly improves its options forward. On commissioning, it is a continuous process that will happen sequentially during May-June, so the real show in town draws close.

We deal with very different management styles in these companies and Alberto steadily delivers for us rather than talking. Pictures do tell a thousand words and the updated gallery shows that we are nearing completion and have now moved outside, getting ready to deliver plant feed. If this was a Leniglas company, we would have daily tweets and hyperbole, but here, we just get solid progress and always beating deadlines. As we have been told early summer, this is the home run for most of us. It is hard to find words to express the relief on seeing that first blast after being strung along for so many years. The Trafigura position is odd. From that recent half a billion capital raise at 5% we see that they have access to funding in size and at good rates. With the current EMED market cap it is difficult to see why they wait, given that they were so determined to get a foot in the door and have been so proactive subsequently.

Over time, this had become a traders play thing: that can be seen by looking at last year's charts, with spikes and retraces. The traders' expectation is that this would continue and that is where the sells have come from. Historically, there were sufficient sells by them to reverse the charts. Now they are struggling against liquidity, as buyers are holding on to the stock in the expectation that this will re-rate in the non too distant future: lots of us share your view that this is a perfect platform from which to push on. In the background, there always lurks the possibility of Trafigura going on a Spanish empire building spree and we now know that Orion wants double figures, not to mention your points on an improved copper price and our own resource upgrade. Interesting times for us. GLA C

The event did take place on time at 13.00 and was reported subsequently. The sound of barreros returns to Rio Tinto after 14 years 17/04/2015 - 15:10 EFE News The company Emed Tartessus today issued the first blasting in mining facilities Rio Tinto (Huelva), whose reopening projects from 2008, which allowed the residents of this town, after 14 years, to hear the sound of the holes . The blast took place today at 13:00 pm and is attended by institutional representatives as CEO of Mines of the Junta de Andalucía, José María Asensio, or the president of the council, Ignacio Caraballo.

"above 7p until the finance deal is documented and approved by the shareholders at an EGM". If the strike price was derisory in relation to perceived value (ie Van's prediction), do you see any possibility of it being voted down? I have to say that I think this will be a consideration in setting said price, precisely to avoid such an event: after all, the major shareholders also have skin in the game.

Agreed TL: It will unlock value It will end uncertainty If to the 3, it is unlikely to be dumped into the market so no additional free float of shares. It may be at a premium, which would wake the market up, as would being in a smaller sum, or with a decent debt component. Going with the flow is always easier and we are back in up. For whatever reason, there just has not been sufficient trade generated at the lower levels and if they want business the MMs have to shift to territory where there are sellers: that needs a leg up rather than down.

Orbiter. Well, since my last purchase at 3.3p, (and from recollection, others bought even cheaper) it is a real rise. Volumes at the bottom were quite low. MMs are struggling to flush out stock, with traders wanting a bit more of a turn and some of that stock out of trading hands. On the demand side, buyers want the assurance that this really has turned: many do not see the significance of the Share Prophet's failed attempt to panic holders into volume selling. Good news needed to confirm the direction: AL on the Spanish equivalent of twitter "dams full of gold and silver" I think.

Orbiter TL's theory that we can all sell at the top does have certain mathematical constraints. The practical application is that SP goes into free fall. My post simply pointed out that investors and traders each have their roles in a functioning market place: AIM (certainly for resource stocks) is now dysfunctional as investors have largely been exterminated. Will those newly released pension pots provide the next feast?

LP. I have a different view. Real companies need shareholders and if all sold, there would be no company. It is the absence of LTHs which is bringing AIM to its knees, with fair value shown nowhere: traders and particularly chartists are extraordinarily destructive, as they are largely responsible for the irrational market. In correct balance, traders and LTHs can have a reasonably symbiotic relationship, one providing liquidity and the other stability. This is the moment to show appreciation rather than start a squall, LP. LTHs are providing you with an opportunity and you are assisting in the appreciating value of their holding and at a really vital time. Whilst your advice on averaging down is sensible, for some it is neither possible nor wise. For that investor who asked the first question at the presentation, he had 4 million at 9p, already £360k in EMED and he has probably already averaged down.to get to his 9p. That now stands at £160k and even to achieve an average of 6.5p, he would have to find another £160k. and put that in the same basket. I see that as a real dilemma for LTHs in size at high averages. Of course, additional investment should be subject to the usual criteria: is this the best possible use of this money and EMED's current credentials put it in the line-up for a re-rating. So, to everyone, I wish good luck and hope that the SP rises, benefiting all, LTHs and others.

It has to be seen that recent purchasers have not only benefited themselves, but also LTHs: those new enthusiasts buying in size have assisted in putting a bottom in on the SP and at such a crucial time. All we need now is the copper price back at US$3 per lb, which adds 50% to our value and we are in with a chance of debt finance, which also greatly assists LTHs.