Member Info for mogo

yes that's the danger.Liquidating with Dutwa might have been better than in another year liquidating without Dutwa ?

what I fear is the evidence suggests without a thruster like NC on the BOD and on the evidence of the past few years of timewasting they will squander their last chance to break out of being a cash shell.You can't even be a cash shell without cash ?

Right m8.But he's wrong on the jetsetting,however though that travel wasn't being done for pleasure their many visits to events ended in zilch so from that angle perhaps it was a waste of time and effort.

the old BOD were very good at exploring,nearly everything had metals but nearly nothing ever got decent deals.Copper was thrown away,gold too.To smallish companies years away from production.AFE landed with lots of useless shares.The frustrating factor for long holders here were the many events and gatherings AFE attended in Africa and elsewhere.In each we hoped deals would be done.Hardly ever anything was breathed on the site about results of these.Yes a few II's were got in placings but these too small to finance.Going back years look at 2006-7 when they had Randgold,Freport McMoran etc. on board for the copper but these all left.So years of wasted opportunities here,it hasn't been overnight this.And much of the timewasting came at times when metals were booming before 2007.

I held first in 2008.You are wrong to say the BOD squandered money on jetsetting.They were actually very frugal themselves- none took income,in fact EW is the only one to have taken income now is it a £50k payoff ? None sold shares for many years-still true.Luckily none others have claimed such as MP a large shareholder,ex founder and MD.Where the real error took place was raising about £12m from shareholders and II's for a BFS/PFS which never completed,all that work and tests falls to NC now.Who will sell it to the highest bidder maybe the Chinese.He's done two big deals already in his career.Why couldn't the BOD do these things ? They had the time since discovery of Dutwa in 2009 but flounced about saying they "would be miners" -the maths was impossible-or retaining control- it was a deal or nothing.They either lacked the thrust to do it or never tried hard enough.I think NC will do it though.But he himself will get most benefits.All power to him though if he does.Meanwhile this is a cash shell mainly and a toy of the MM's and traders.Beware.

133%

or from a phone box in downtown Slough! Wish MP might return...

you are a friend- I've not been trying to be uneccessarily pessimistic with these posts- 1, its a lot better situation than last week.At least they survive for now. 2. NC seems a thruster type -much more than some of the board were -no disrespect you can't have it unless you've got it 3. yes 10% cut of takings for AFE in NC's hands 4. before that even,IMPERATIVE to solve the problem-without NC's help for all AIM companies of producing enough bread and butter for survival each month without placings.Even if money coming that task remains to be solved. An idea might be "mining consultancy" ? Don't try for another Dutwa in this climate not advisable.Need out of the box thinking-are the BOD capable of that ?

the loyalty of these newcomers will be only as long as this rises.AFE is riding on the back of that plus 300% now fresh in the memory. But where is the stability with 40% spreads ?

it's not good as now as they rely on NC to do the desperately needed selling to say the Chinese.Though I'd back him to have a better chance.The BOD failed to do a deal-why ? Control of the future is now in ex board hands in actual fact.A future sccrabbling about in the lower reaches less Dutwa beckons for AFE.And all that £12m or so raised by investors and value in turn lost by AFE shareholders on dilutions gone down the plughole..

it is worse than that.The plan for AIM miners-was in general not specifically for AFE- 1. speculators shorted down these AIM miners with tempting assets but who were unable to raise finance. 2. once the AIM miners were unable to raise further placings they were ripe to take apart 3. deals made to give them a "haircut" and send them out naked with little money while settling their debts. 4. sell the acquired assets to the Chinese at big profits.

Yes Trev left as part of this deal- I think its likely NC on his record so far would hope to sell the Dutwa licence to say the Chinese. Dutwa will only come good in a number of years assuming nickel ruturns to the $24/lb it once cost.During that $24 time China was forced to switch to inferior "nickel pig iron" which yes did underprice nickel stainless but you pay for what you get-lack of good stainless steels would sink many structures not a saving long term.So as you know China is buying up the best sources long term to collar markets and gain monopolies.So the 10% AFE share plus deciding votes might not help AFE in that event as though NC might sell quickly to the Chinese they won't be in a hurry.Yes AFE still have the 10% but meanwhile where is their monthly income coming from ? Yes long term existence still is possible but going private might be thought of, for existence on a low level not in AIM.Be surprised if AIM status were maintained.EW was placated in hope of getting his money back but he must be kept sweet though no doubt he's signed permanent waivers on that..He will though expect some reward as will the II's.But what ? AFE has up to a year to take this final chance ,,,

Agreed-and I also was in at 2008.Seen the rise to 17p too.The jewel in the crown was the Dutwa licence.Though again how does NC finance it with $600m only the start price ? He'll probably re sell it to the Chinese or whoever,the only ones with the long view and the money to sit on it for years till nickel recovers-the pricebeing about half or a quarter what it once was depending when you take your time from.Meanwhile AFE is left with not a lot.Almost zilch capital which must be carefully kept for survival unless some amazing investment comes along giving quick income.Most AIM miners lack the real thing which is regular monthly income,that's the key question-where would that come from ? The old spiral again of placings isn't a choice anymore as we've seen.Newcomers here must keep these questions to the fore even if traders as you might be left with higher averages as many were before.

It's not mining as we know it,Jim..

looking back when MP left that was it..

its just survival really,any storm in a port lol. Beggars can't be choosers.

you know that as a business person-avoid debt,make a bit of money,keep your head up.AFE must be v.careful few get a second chance.But pleased as it looks like they will survive now.

the BOD should be on their knees in prayer giving thanks now

AFE seem to have rescued themselves from certain death tho' lost most assets for now.

just read that RNS.It seems the best possible deal for a potentially busted flush.So hardly any of the previous mining interests will remain,in fact they will be a kind of cash shell.They'd better be very careful having got this chance of life after death ! So this time AFE must get it right.Having said that it looks like they can remain in existence medium term now.I'd hope they might try mining serfvices like RRR said they might..mining itself is v. risky these days.Though that can't go on forever.Anyway we know now who gets Dutwa-NC does. How will he find the $600m plus ? That's his worry now.GL