The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
jabberba,I have checked and PHE is not traded on the Nex Exchange. Neither is Bidtimes plc, the other party to the 2011 reverse takeover.
https://www.nexexchange.com/prices-markets/companies-prices/
The mine was undergoing plant modifications and optimisation last year so any wolframite produced and sold would be somewhat limited. Any stockpiled wolframite awaiting shipment will now show as revenue/sales in this year’s accounts.
Wolframite production will increase significantly once the plant is operating to expected capacity. We need to see how quickly this can be achieved but be mindful that this process can take some time.
We often read provocative posts, but by the next day or so they are overtaken by more relevant contributions.
Genuine investors do not want to read relentless bickering so please exercise some restraint.
Thank you.
salmonsandwich, no genuine investor sets out to regularly to harm their investment and you have wisely steered well clear of this. Your genuine concerns have been expressed before and the reason for share dilution is quite simple. Cash rich companies do no need to dilute shares to fund projects.
A stable mining revenue stream is needed to avoid share dilution and this can only occur after many years of construction; optimisation and snagging. RHA is now in that end point when extensive production can bring in considerable sustained revenue.
Many small cap companies like PREM have to dilute shares to raise funds in order to discover; acquire and develop projects. The share price can often fall when market confidence wanes especially after dramatic setbacks such as the sudden fall in world tungsten prices.
With a lower the share price, more shares have to be issued than before to raise the same amount of funding and the share dilution is magnified. Consequently, opportunities to acquire valuable projects worthy of future development are put on hold.
The current share dilution could also have been somewhat smaller if new investors could have read uncluttered project overviews. Many were put off investing and other with long term shares sold after being caught up in the discontent.
If only things in the past had been even slightly different. As an example, what if the dramatic fall in world tungsten prices had not occurred and ore prices were at current levels.
RHA would have been generating a stable revenue stream and projects such as Zulu lithium well advanced and possibly without any need for joint venture funding. Opportunities to acquire valuable projects would have been easily realised and importantly, timescales met as PREM could have easily have paid for quicker solutions.
Thankfully World tungsten prices are now back on track and set to improve so that PREM can pave the road to a quick recovery in share price once the 90% RHA ownership issue is finally put to bed, probably during this month.
Given the recent change in Zimbabwean ownership policies, the RHA share ownership issue is now largely symbolic. We know that PREM wants to get back into production without any further delays and has a contingency plan to obtain 100% ownership of RHA, albeit reluctantly. Either way once tungsten ore shipments have resumed, the Zimbabwean Government will obtain much needed tax and export levy income.
We should get a further update on RHA tungsten and Zulu lithium at the AGM on Thursday 09 August starting at 10:00 AM.
Thank you Charlie1984 for the excellent overview of RHA capabilities in the previous thread. You referenced the original source link https://www.premierafricanminerals.com/zimbabwe/rha-project-tungsten-mine so that helps with reading tables as LSE remove web formatting. Add spaces to make it more readable again.
The Zimbabwean elections went well for PREM investors and the Government can now implement its economic policies. This will, after years of repressive rule, take time so I am allowing plenty of leeway in expected timescales.
The AGM is being live streamed via webinar on Thursday Aug 9, 2018 at 10:00 AM. Register here to view and participate.
https://zoom.us/s/911429653
NaPoM, the Annual General Meeting is on August 9th at 10:00 am (UTC+1)
https://www.premierafricanminerals.com/investors/circulars-and-notices/download?path=190720%2BNotice%2Bof%2BAnnual%2BGeneral%2BMeeting_Clean_Final.pdf
Webinar download: -
https://zoom.us/s/911429653
The ZEC Chairperson announcing the full results.
https://youtu.be/pN0WbV4Gva0?t=2h22m10s
President Emmerson Mnangagwa has won Zimbabwe's presidential election, according to the country's electoral commission.
With all 10 provinces declared, Mr Mnangagwa won 50.8% of votes to 44.3% for opposition leader Nelson Chamisa.
Police removed opposition officials from the electoral commission stage when they rejected the results.
The chairman of Mr Chamisa's MDC Alliance said the count could not be verified.
By narrowly winning more than 50% of the vote, Mr Mnangagwa avoids a second run-off election against Mr Chamisa.
The president said he was "humbled" on Twitter, and called the result "a new beginning".
https://www.bbc.co.uk/news/world-africa-45053412
Also, it would send the wrong message to would be foreign investors. Zimbabwe's economy is fragile enough to risk any disruption. The good news is that the polls were orderly and the electorate are looking towards positive changes.
I agree ACKER that anyone buying this morning was indeed unfortunate, as was anyone selling late this afternoon.
That could have been ramping at its best or de-ramping at its worst depending on your situation.
The optimum time to sell was this morning at 0.185p and to buy, last thing today at 0.1584p. That optimum being the best time depends on the future SP.
I am currently holding and will wait until the anticipated events unfold during August. Not long now.
Tweets are here with the usual spam that you can block, then refresh the page: -
https://twitter.com/hashtag/zimbabwedecides2018?f=tweets&vertical=news&src=hash
The latest news is here: -
https://www.newsday.co.zw/2018/07/zimbabwedecides2018-live-updates/
A fair assessment steward1. There was a high volume sell that precipitated a fall in SP this afternoon. It could be contractors etc. paid in shares instead of cash but for whatever the reason it helps clear the way for the anticipated re-rate.
Pigs squeal the loudest when the trough is being filled and to a lesser degree when it is empty. The human equivalent is mirrored here but expressed with evaluation.
The Zimbabwe elections close at 6:00 pm UK time, so we will have an idea of the outcome when the market opens tomorrow.
You won't miss anything of real value by filtering those who are deliberately manipulate people into replying.
Instead of replying to any provacation,take time out and calmly decide if they are wasting your valuable time and should be filtered.
You can always temporarily Logout using the option at the top of this screen to get an unfiltered view and confirm that your decision to filter the dross was correct.
GR confirmed today in the proactive interview that if the 90% RHA ownership is not signed-off within 10 to 14 days then PREM solicitors would be asked to take legal action against the RHA holding company to get PREM having total ownership of RHA. He said that the 90% ownership issue has been going on long enough and he is reluctantly drawing a line.
LockedIn, GR mentioned the 2 week period post elections when asked about the 20m and later was reluctant to commit to a timescale when asked if PREM has a fixed date for cut off. His preferred option is negotiating.
Crazycacti thinks that NIEEF not contributing to costs in the past is unconnected with the current need for additional sources of capital being provided. He fails to see that the extra 40% ownership allows additional sources to be raised to ensure a long-term future for RHA.
Crazycacti fails to appreciate the consequences of what GR clearly restated in the RNS 05 January 2018: -
"Continuing operations at RHA are now dependent on additional sources of capital being provided. New policy statements in Zimbabwe enable 100% foreign ownership of mining projects (outside the diamond and platinum sectors). Premier is currently in discussions with the National Indigenisation and Economic Development Fund ("NIEEF"), which has an interest of 51% in RHA, to agree alternative financing options. As previously stated, Premier has sole-funded RHA to date and the plant and equipment at RHA are exclusively owned by Premier. The mineral claims are ceded as security under the plant rental agreement by RHA to Premier. RHA will complete one final shipment before mid-January and will then suspend production until such time as a commercial and viable agreement is reached with NIEEF to ensure a long-term future for RHA. Premier will continue to incur minimal ongoing care and maintenance costs in relation to RHA whilst the position is resolved."
Crazycacti, no I am not saying that the consequences of legal action have to be accomplished. The mere threat of legal action should be enough to enable PREM's 90% share in RHA being signed-off quickly.
shinymetal has eloquently explained the default position.
You will recall that GR had to threaten the RHA plant supplier with legal action because they were dragging their heels making plant modifications to rectify the supplier's design fault. All the modifications were subsequently carried out at the supplier's expense.
The plant was briefly back in production but further underground work was needed in the mine. Most of that work was completed prior to NIEEF still not contributing to costs after December 2017 and as a direct consequence,RHA being placed into the current care and maintenance programme.
GR has acknowledged his part in failing to maintain tighter control of RHA and has taken measures to enable the best way forward. The Barra Consulting report on RHA forms part of this.
You really should have signed up for the webinar and seen the probing questions answered and expanded upon to the satisfaction of the majority of participants. GR’s body language was forthright.
Perhaps you should be magnanimous and acknowledge that it is not all unicorns and wishful thinking.