Member Info for MadMat

we already have licence I believe... just got to get the mine plan done to keep it.

I wonder... what was the TEO valuation of the asset sold by Kinross ?
And, how much of a discount does the revised sale price of $340 million represent?

Whilst not holding my breath, I do take some reassurance from this that a better offer will arrive.

Also, I cant help thinking that Russian buyers will see the current situation as an opportunity to buy up cheep western assets... so they will want to get these deals done before the situation improves.

" it must all be paid out to shareholders guaranteed."
I think many of us... myself included... assumed that's what would happen. But really when you think about ... why would it?
The job of CEO is to run and grow the company and create shareholder value through running the business. So actually if the main asset is sold then looking for a new asset to develop and further explore... while perhaps returning some cash to shareholder.... seems to me like the right thing to do. (unless of course AMC was bought which would be a different scenario).
I'm comfortable with this as the asset we have is hard to value... hence the wandering SP. If it was sold and we then had 100M cash in the bank... then that's quite easy to value.. and the SP should reflect a MarCap of about 100M. At which point the share holders can decide if they wish to stay or not.

“We take good care of those foreign businessmen who stay [in Russia]. We have extremely great respect and the same care for those businessmen who, under pressure, are now forced to wait it out, but who have already said that they will resume their activities here as soon as possible,”

Well that is nice to know...
Now if you'd just stop bombing your neighbours and murdering your political opponents... activities should resume all the quicker.

https://www.bbc.co.uk/news/world-europe-61674469

I cant help suspecting that AMC have been pushed/forced to use very conservative prices and estimates, in order to get he TEO "approved by the Russian Federation State Committee".

This is as much stated by RY in his comments. (comments that read like a criticism of the TEO.) i.e.
"Necessary adjustments allowing for the identification and approval of operational parameters and considerations, associated capital / operating costs, the revenue generation from the sale of individual nickel and copper concentrates and selected commodity prices were defined. "

Its as if the RF have pushed to make a low valuation. But then they would... wouldn't they!

The key takeaway for me is that even with these very conservative estimates the mine is still viable, and with potential for significant upside from the TEO NPV.

as TD2 already pointed out...

"the $6.56 per pound nickel and $3.07 per pound copper utilised in the TEO Project," are way out of date.

I wouldn't necessarily expect todays price to be used... but clearly the TEO calculations are very conservative.

Today Nickel is around 12.9 and copper is about 4.3

"I don’t think the publication of the TEO will make any material difference. the buyers will already have seen the detail "

Given what's happened with the price of nickel... I think knowing what we have and how the financials now look is vital. We don't really know what we're trying to sell at present...
We should see the TEO IMO.

husato.... well said... we should email Robin and tell him exactly that... perhaps propose a resolution for the marketing focus on China other non- west places...
Bod needs strengthening in the regard ...

FFFT

Tricky - "show of hands in the room".... how do they know the number of shares represented by each hand? Or does that not matter?

"Under the Companies Act 2006 various company decisions must be made via resolutions. Certain of these decisions, generally those that are most important or sensitive, must under company law be passed by a special resolution."

https://www.informdirect.co.uk/company-records/special-resolution-what-is-it/

I would say this current resolution is both "most important" and "sensitive", wouldn't you?
Is there a way to have the resolution declared invalid?

I also just called SP Angel and spoke to Harry, who gave the same answer. Richard and Adam are working from home.
I asked why is was an ordinary and not a special res?
Also, how could the res be declared invalid...
He said he would pass the questions on.

He sent me a test email which I have recieved.

At the very least a no vote allows us to hold on to our asset a while longer until conditions are more favourable.
There really couldn't be a worse time for us to be selling... all though I would vote yes to a one-off payment scheme.
There are so many stories about a coup underway... once Putin is gone Russia will become a place to do business again.

How can there be any possibility this vote could go to a show of hands?

Who do you distinguish the guy holding 10m shares from the guy with 1000... they both have two hands but their holding and voting power is dramatically different.

https://www.the-financialnews.com/?p=4057&gclid=EAIaIQobChMI0bXijqTr9wIVh57tCh3GewS1EAAYASAAEgIUmfD_BwE

I meant to say
At the current NICKEL price, you can bet your bottom dollar it does... !
(Too much whisky on my cornflakes this morning)

At the current price, you can bet your bottom dollar it does... !

Rover, how is option 3 actually an option at this juncture ?
To get to option 3 you need to go via option 1....
I'm still convinced my no vote was the right thing todo... and no I cant afford to loose the lot.
As I see it a no vote keeps the possibility of a better offer... and better exit price.
A yes vote cements the awful terms and kills any hope of a decent exit price...

I don't think the RF will seize the asset. So far no assets have been seized - as far as I know. If the asset was seized this would basically be theft and nobody would want to develop it as when the current situation improves it would be returned to the rightful owner.

I think its very likely that if this deal is rejected a better on will arrive... and even if it doesn't Putin will soo be dead or deposed and as such the situation with Russia should be greatly improved over the next 4 years.... when we would be likely to get a lot more than 105M for it.