PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Oh. My. God. They haven’t achieved a sale. Do they deserve the options? This shareholder says no.
Perhaps the options could be converted to be a reward for an actual sale conclusion, an incentive, time limited of course.
If there are serious buyers at the mythical table, perhaps it’s time for the bod to issue a PUSU notice! If they can’t do that then the options which have a use by date should flipping well lapse.
What’s that I hear in the distance? The sound of a can being kicked down the road. ….again
Hopefully as a gesture of goodwill and solidarity to us pleb shareholders they will allow their chunky options to lapse this time, rather than dilute everyone further.
The expiry date on 146,000,000 share options, with a range of exercise prices (the "Options") has been extended for a further period of six months from 2 May 2023 to 2 November 2023 (the "Options Extension").
Yep, no one cares. What’s the drawer below the sock drawer?
Exactly and who knows what discoveries will be found over the next 30 years that need processing. Newmont or GGP, whoever owns Telfer in the future, can sell on to a further party down the line. Decommissioning and restorations of the environment only come into play when the feedstock in the region is exhausted imo.
Https://apps.sentinel-hub.com/eo-browser/?zoom=16&lat=-7.98588&lng=-49.41871&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2023-10-07T00%3A00%3A00.000Z&toTime=2023-10-07T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&demSource3D=%22MAPZEN%22
Even in the last couple of weeks there is a visible difference. Be interesting to see if this progress continues whilst funding is being negotiated.
Just been looking into a possible sanctions being lifted on mining magnate Dan Gertler.
Interestingly, and relevant. to HZM. (ref wikipedia)
Glencore partnership 2007
Gertler has been a partner with Glencore International Plc., the largest company in Switzerland and the world's largest commodities trading company.[36][37][38] One of their mines is Mutanda.[3]
In the course of the Congo events, Glencore and Gertler partnered in Nikanor from 2007 until the final merger with Katanga Mining in late 2007 in a transaction valued at US$3.3 billion.[39] A 2011 article by Reuters journalists described Glencore as "the biggest company you never heard of":[40]
In June 2007, Glencore and partner Dan Gertler, an Israeli mining magnate, paid £300 million for a quarter of mining company Nikanor, which planned to revive derelict copper mines next to Katanga Mining's properties. The contract gave Glencore exclusive sales rights to all Nikanor's output, an "offtake" agreement. Katanga lost 97% of its market value over the final six months of 2008. Running out of cash in the financial crisis, Katanga accepted [Glencore] control, issuing more than a billion new shares for about US$500 million in a convertible loan and rights issue. A share that grew to 74% went to Glencore. In 2011 copper prices regularly set records above US$10,000 a ton, and the value of Katanga's stock market value was nearly US$3.2 billion. Katanga lost US$108 million in 2009, but posted an annual profit of US$265 million in 2010.[40]
Glencore had initially stopped all payments to Gertler to respect the 2013 US sanctions, but following a lawsuit filed by Gertler in a Congolese court, Glencore paid about 2.5% of the sales from its mines in the Congo in royalties to Gertler in euros, not dollars.[8]
This type of deal could be what happens with Glencore, La Mancha and Orion in this instance a possibility.
Ria, why do you have to start a new thread for each of your brain farts? Spamming the board and making it unreadable imo.
Well, not the kind of weed I thought I was investing in. But it’s a growth industry 😆
CS had many votes against him at the AGM. Hopefully that was enough of a shot across the bows for him to get a sale of assets across the line and stop kicking the can down the road.
Options deadline soon, be interesting what action is taken. Disagree with extending them again!
Be nice when Newmont produce a coin from Havieron in the not too distant future.
https://www.newmont.com/investors/news-release/news-details/2023/From-Mine-to-Mint-Royal-Canadian-Mint-introduces-a-new-single-mine-gold-maple-leaf-bullion-coin-in-partnership-with-Newmont/default.aspx
GLA.
This whole re-design reasoning for the 35%+ increase seems a bit suspect to me. Surely Glencore, Orion and La Mancha had all looked at or been involved with and were happy about the original plan. These are all professional and large companies with their own skilled people. RNS offered no details as to why the redesign and if this would make significant savings over the long term as that would at least be a valid reason.
Is this just an excuse for Glencore or even all three companies (if Orion and La Mancha would prohibit Glencore from acquiring from the banks) to get the whole business for the current sum lent to HZM? Then all the HZM execs get cushy jobs at these companies. Purely speculation of course.
Apparently a Glencore modus operandi https://twitter.com/Stocksaimtrader/status/1709298844037452254
The guy in the video wasn't CEO of Glencore but was senior management. https://www.linkedin.com/in/crockerbryce/details/experience/
@spank, i pulled orcp up on the twitter rocket emoji's. i suggested it was unprofessional and rampy. probably one of naheeds teenage relatives operating the twitter machine in the school holidays.
with regards voting, my belief is that we have to vote for the dilution, as much as it ****es me off, otherwise if could be curtains for the company. lesser of two evils.
however, it might be worth voting against naheeds reappointment as a director if she's up for renewal. perhaps she will choose to change role in the company to allow someone with experience of successful project developments to lead the future potential.
this has potential but f me they seem to be taking their time getting there.
rns just popped up!!
Devils advocate, but what's stopping the banks foreclosing and Glencore buying from the banks? As in Glencore negotiating a deal with the banks behind the back of HZM? Banks get their money back and Glencore gets a bargain.
Lots of talk of the cost to buy 70% of Havieron and Telfer plant.
A deal could be structured in many ways, including annual payments once the mine is in production. It's not necessarily that GGP will have to stump up a huge sum up front that may be difficult to find.
I would also state that the value of Telfer is pretty low considering the liability and will have been written down in value over the many years of its production and costed in. The value of the deal is in Havieron. Telfer is almost without value to Newcrest/Newmont and is actually a liability.
Ask yourself what happens if the placing doesn't happen.
Then look at the share register as best you can to work out the chances of it being voted down. 75%+ is needed to pass a special resolution, which I think this will be.
An ordinary resolution (such as voting for Naheed to keep her position) is 50%+.
I previously worked out the around 65% (but check yourself) of shares are in public hands so would expect the other 35% to vote in favour of all resolutions. So would need just over half of public votes to be in favour of the special resolution.
Will the directors be up for re-election at the same time as the vote on the dilution?
Think 66% of shares or thereabouts are in public hands so would be almost impossible to vote out the directors, think 60% needed to keep their jobs. A special resolution needs 75% plus to pass (if I remember correctly) so could be touch and go for the vote on dilution to pass.
Major charm offensive from Naheed needed to secure those votes. Path to monetisation would be a good start to make this an investible business!
It is, but that might sink the company unless another means of finance is found. Where's the Sheik? must have that kind of cash on his left hand, watch, rings etc!
Think new management required! Someone with practical experience of getting projects form concept to production rather than a pen pusher who only secures LOI's MOU's etc.