The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
https://www.pressreader.com/uk/the-guardian/20200103/281633897161307
Safety reasons... Are they referring to to the explosives escort, or the tunnel roofing?
"Scotgold Resources is eyeing up other potentially significant gold deposits elsewhere in the Highlands, which lie in the Dalradian rock formation that stretches across Scotland to Northern Ireland. It feeds an opencast goldmine in Co Tyrone, where production has been halted for safety reasons."
So within a 14 miles of an area within Co.Tyrone there are potentially two goldmines up for sale/looking for joint venture. One with planning permission, one without, both without adequate resource to cover explosives escort- even if there was resource, the costs have not been budgeted into the operations- bringing the basic profitability into question.
Both companies are running on 'empty' right now, and the big worry is that other parties will not be interested in the hassle, then what?
In almost every case, when a company is insolvent (cannot pay its current liabilities) and goes into administration/bankruptcy, the existing shareholders will be wiped out. If the company is liquidated/wound up, then shareholders are the last in line to be paid.
As the investors in Dragons Den say, "Sorry I'm out folks"
DAL are an exploration company anyway, this was always a part of their plan, but the future is a lot more bleak for GAL.
Anyone know if there is any truth in the rumour that all of the Galantas staff at Omagh, bar three admin staff were let go on 19th November? Also did they sign non-disclosure agreements about the operation? Is that even allowed?
A 2nd video has just been released....
https://www.facebook.com/watch/?v=483189145620995
You'll only understand the situation here when you come and see. I'd recommend taking a mine tour, come on over anytime 'our gates are always open'. https://tinyurl.com/yxuoywhd
Unfortunately I believe self-certification for Galantas and Dalradian are a long way off, thats mainly down to the political situation here, the ongoing Stormont impasse, Brexit and the threat of a Hard border, the fragility of the Good Friday Agreement, and the risk of political/sectarian violence returning to the streets of the provence.
The stance on self certification is further compounded by the lapse security measures and the fact that groups of people can just go in and wander about a mine unchallenged or undetected.
The implications of even a small amount of these stored explosives going missing would be potentially devastating.
Laserbrain- As requested.
https://www.belfasttelegraph.co.uk/news/northern-ireland/psni-and-gold-mining-firm-locked-in-security-costs-row-as-fee-remains-unpaid-35173360.html
http://www.irishnews.com/paywall/tsb/irishnews/irishnews/irishnews//news/northernirelandnews/2016/11/24/news/dalradian-calls-in-lawyers-over-psni-security-bill-799633/content.html
https://www.bbc.co.uk/news/uk-northern-ireland-37824240
https://www.midulstermail.co.uk/news/psni-and-dalradian-clash-on-gold-mine-security-costs-1-7656563
As yet, this is still unpaid. Strongly relevant as these 'security and resource' issues apply to Galantas too.....
Don't forget also Galantas owe £300k to tax authorities for 'aggregate tax' after exporting waste rock form the site.
They appealed this, but lost- therefore liable for the bill. Check out-
https://www.rpc.co.uk/perspectives/tax-take/omagh-minerals-tax-penalty-was-a-criminal-charge-for-the-purposes-of-article-6-of-the-echr/
Do you guys genuinely believe the PSNI resource story? or is this just a distraction to the real underlying story.
Do you not think that if this was a genuine 'resource' issue, then it wouldn't take a lot of money to get things going- rather than jeopardising the entire company? The PSNI escort duty payments would be 'peanuts' on the grand scheme of things...
The local PSNI set up an 8 man dedicated engagement team in February 2019 to deal with tensions within the local community regarding the Dalradian proposals.. there was no contribution by Dalradian to this.
Don't you think that re-assignment of this resource, or creating a new one wouldn't be that difficult if a full time 8 man team can just 'appear' from nowhere.
Around the proposed mine at Greencastle area there is a very high police presence. Surveillance cameras, dedicated encrypted WiFi networks, etc... All this, and Dalradian are still with holding payment on the £440k invoice from the PSNI for 9 months explosive escort duty...
At Cavanacaw, the front gate is almost continually open, I've never seen it closed... no police, apparently inactive security cameras, apparently 11 people on the books, and the odd passing tumbleweed.
Check out this link- tinyurldotcom/yy4celt4 (replace dot with . )
Anyone fancy a mine tour?
Now this is very surprising...
https://www.facebook.com/CAMIO2018/posts/523217308240759