Member Info for millerston

Good news ! As long as they stick to doing the 'initial design concept' only. Leave the spade work to somebody else, that is just another opportunity to lose money on untried technology. Best if management confine themselves to the office, they add no value. Market capitalisation equal to cash on hand.

Hi nibj,
Let's dream a little, like our Board. What would be an acceptable share swap ? I would be ecstatic at an equivalent of 22p, pleased to get 12p and would reluctantly accept 6p, cursing as I snatched it out their hand. Hopes of 66p and 150p have long gone. I don't think there will be another $1m share raise at these prices. We are entering the end game.

nibj.
Do you think there are any mugs who will stump up billions and give Glencore a free ride ? Who trades iron ore ? You buy from the source on long term contract. Only a complete basket case of a steel producer would turn to Glencore.

I don't get this schtick "they are not allowed to say anything". It would be understandable if there was a Memorandum of Understanding between the Parties and they were getting down to the nitty gritty of contracts and finance, but all discussions are " at a very early stage". That means they are still at the tyre kicking stage, there are currently no negotiations taking place. The Board should start name dropping, it might flush out lurkers who are watching from the sidelines and gee up the tyre kickers.

EPP v 12MT pa Project.
They are still evaluating both scenarios. The EPP is doable. That's where you hire a JCB to dig the ore and get the elephant to haul the ore to the coast using existing roads. If you have difficulty raising $1m to keep the lights on, it's the only option. It would be a start, we would be mining ore.
But these guys are dreamers, they think big, they love talking about 12MT and beyond. That's what they're selling to investors, a dream, the lure of buried treasure. Now if they could only sell that dream to RIO, AAL,VALE or anybody else with deep pockets we investors can move on to the next dream.

Amazingly the FS review indicates capital and operating costs remain within guidance levels indicated in 2014 ! They rightly highlight all the risk factors , iron ore volatility, exchange rates of four currencies, regional economics and changes to mining equipment supply chain. Then magically they reduce the cost estimate of the plant pipework by 40% to to keep within touching distance of the 2014 estimate ! Good work, keep it up. We need more positivity like this from the Board.

At least the elephant would get more ore out than the Board have ever managed. Remember when they sent ore to the pilot plant to test it's suitability for pelletization ? I was thinking, couple of hundred to a thousand tonnes. Nope it was about 20 kg, not enough iron ore to fill a suitcase.

Brace yourself for the derisory buyout offer.

davwal,
That`s good to know. Wonder what profit margin is acceptable to client and contractor. I`m hoping it`s a lot higher than 1.38%. I`m assuming it is and poor management is letting it all slip away.

Pokerchips,
I`ve never thought awarding the contract to the lowest tender was best for the client or contractor. Maybe on some of these Govt. backed contracts it should be some form of cost plus with rigorous audit controls. It`s not in anyone`s interest that these companies keep limping along,

Ftsefan,
It`s the shareholders verdict on another disappointing set of results. "Stale Bulls" realising this company is going nowhere fast, selling out and probably accepting a loss. Despite its recent rise there is probably more profit potential in Kier.
Directors are not confident enough to declare a dividend so there is little chance of them buying shares with their own cash. They`re doing fine with the bonuses and free shares.

MrG123,
We have a dividend policy, a negative dividend, shareholders send them money. Company is more or less valued at cash on hand. Assets and Management add no value.

Let`s be honest with ourselves, these results are disappointing. They`re only good in the sense that they haven`t issued a profit warning or another cash call. Margins are nowhere near the targeted 7%. The Natural Resources Division made a 0.3% margin ! How much did they have to massage the figures to get that number. On margins that tight it would safer to assume that it is loss making.
The Huntingdon contract, still hanging around our neck like an albatross.

Yes that`s what you do, look after yourself. What narrative have Elphick, Trahar and Vellozo created. Secret Squirrels, nothing has ever leaked out about who they are talking to, where they`re talking and what they`re talking about. What are they doing to promote the company and increase its public and industry profile ?
Have they raised the second tranche of financing ? It`s taking forever and a day to raise measly $700k. Again no promotion but promotion would draw attention to their complete lack of progress. They have the brass neck to tap the market for money which will only be used for directors expenses and audit fees.
Oops, I forgot about the recosting exercise. That`s out of date already and the inks barely dry. No serious partner or buyer will accept a vendors report, they will commission their own.
Get it sold Elphick or take it private. Stop embarrassing yourself.

With hindsight MajorMinor did more for the share price than the board ever did. Remember those heady days when it hit 22p. Today I`ll take 12p, come on, somebody make me an offer, 12p.

The share price isn`t down because LSE didn`t post an RNS. It`s down because the market has rumbled this is a poor investment. Ten years of failure and broken promises, a payment RNS every month to remind how poor an investment it is. We now have two more problems to worry about, water ingress and flaring.
Last month my shares were for sale at 180p, this month they`re for sale at 165p. I may have to lower that limit price. Again why make investors wait four months for a 6c dividend ?

Why do we have to wait four months for the dividend ?

ASGC (the Arabs) did not get 15% of Costain on the cheap. They contributed £25m to the confirmed placing to to get the £100m capital raise of to a successful conclusion. They`re underwater on that investment plus whatever they have lost on on their previous investment. You should be on your knees thanking them.
Even if your average is 54p you should be miffed that that the share has made no progress in over a year. £100m raised, market value £148m. That is p*** poor.

Nope. No faith whatsoever. Investors who subscribed to last years Placing are 10 % underwater and have never been above water except for one or two trading days. Investors who have held for three years are down 85 %, not including opportunity costs.
Half year results on 25th August, expecting to be served up a bowl of thin gruel with jam tomorrow. There will be no resolution to the two albatross contracts, they will drag on for another six months. Margins will be nowhere near the 7% they are targeting. Excuse will be they are still working off legacy contracts and input costs are higher than expected. Expect plenty of buzz words to pad out a bland statement . Digital highways, green energy, renewables will get lots of mentions along with pictures of bright young things working at their computers. You wont see any pictures of bulldozers and cranes working on dams , bridges or power stations, that`s much to difficult for them now. Kier announced increased margins , I suspect that is because we have withdrawn from the field for that type of work.
Hope the Arabs take the company over and gut the senior management.

I believe that if Xstrata and Mick Davis were still at the helm we would be shipping ore. Glencore is a public company run for the benefit of insiders. They are grifters who are not minded to put their hand in their pockets and put their own wealth at risk. Sitting around for seven years waiting on some mugs to invest $3b and give them a free carry. Chinese, IMF, ROC and banks aren`t falling for it. Elphick has to force them out somehow. We are in a weak position being the minority shareholder but at the back of my mind I remember there are terms and conditions for taking each other out. Elphick has to activate those terms and conditions, bringing in a partner if need be. Even bringing Mick Davis on board will stir things up. I believe he loathes Glencore and Glasenberg. Elphick also has the ear of AAL, he was PA to Oppenheimer no less. Also start putting political pressure on them, they`re not exactly liked.