Member Info for mogo

the top finance wizard who left perhaps couldn't be blamed,as that was his skill PROVIDED there was money.That kind of production/finance wizard wasn't required- a DEALS negotiation wizard was, at that stage. But soon there wasn't money so he left.The others on the board bear responsibility for pushing ahead with tests and work with a higher cash burn while still without a buyer.Then once the money is gone they say they're pushing for a deal,far too late.The admission they have 6 months of cash is hardly going to put AFE in a good negotiating position.More like vultures will be circling for the scraps after then ? Now a deals negotiation wizard is deperately needed!

"African Eagle is positioned to become a significant,competitive,independent,nickel producer".Hairy-as you know that is the front statement on the website.Now why the word-"independent" ? "Significant and competitive"- perhaps if they believed it. Assuming that statement dates from earlier about 2011 though it's still there-it should be removed now. Whoever was writing that, had decided to put the word "independent" -so how could they pretend to be trying to get important deals for $650m if the company had $15m or so MCap (then) ? Simple arithmetic at that stage- massive dilution! The directors controlled less than 1% even before that potential dilution.I posted that-again not using hindsight,I never at any time subscribed to "being a miner" in fact I assumed it was a "front" -that they were kidding in fact-to get a buyer lined up for a T/O.I still say in 2010-11 they could have got a T/O if they'd tried hard enough.My suspicion is members of the board believed somehow that "independent" could happen. My theory is MP left because he disagreed with their tactics "to be a miner".

typo development)...as to nickel you might find some variety of graphene might replace it in its protective uses,and new cells might do in the use in batteries.Cheapness will win.

I can't claim ever having second sight here.I think I tend to research quite reasonably but never apply it to my own portfolio.As to AIM miners of course even top management were deluded.We got a good drill result in July 2009,MP not his fault- announced "£8bn of nickel in the ground" which got AFE first to 11p though briefly.Later it became up to $30bn,I believe now the market might allow about 1% of "inferred value". Probably less. Hardly one of those buyers in that spike must have realised metal in the ground isn't good enough! Brokers didn't help,one had this at 51p ! With accompanying detailed research I remember being convinced by.They, and we, were fools looking back ? Or perhaps for that market it was correct for a time ? Valuations don't depend on resource amounts as much as the state of the market-it seems obvious now though the resources now are exactly the same.The real killer was that up to 100 AIM miners all wanted developme-that $50,000m sum could never be raised in 2010, or now ,given how the banks are.Will that amount ever be raked together,you'd wonder what kind of blue sky market would do it ?

A wonderful post there.The miners had their peak in late 2010 while the FTSE boom continues on-till when ? Currently, where apart from in the risky stock market, can we get any of the capital gains we require to hold up against inflation ? In more normal times the interest rates of banks were fixed by governments,now that is allegedly done by the BOE- though the govt. appoints them.And wouldn't tolerate differences for long.I've said commodities are mostly being deflated by QE,especially metals,while of course fixed costs oil and labour and taxes have soared.Mining therefore takes a double hit.Presumably many AIM miners are fated to be taken over or to go out of business.The majors might not be too troubled by that though they need juniors to help with doing the exploration.At a certain lower price it won't be economic to mine metals.What then ? A post on iii suggests the new Dni method or sulphide nickel mining could undercut laterites though AFE does have among the best forecast numbers for Dutwa,better than ENK had.From discovery in 2009, the pace of Dutwa was too slow,of course there wasn't the cash to do much more.The "other metal interests" AFE sold or JV'ed had to raise enough-they didn't.Then the PFS was put off.It has all caught up with a too low for placings SP now.Perhaps the new board made a serious mistake by going for "being a miner" against what MP said.It should have been full tilt towards getting a deal back in 2010 when it might have been feasible.II's were coming on board at 11p to 17p.Yes of course AFE had to take up the earn in from Safina so some drilling was needed,but did the exploration licence require all the other PFS-aimed work ? Some placings might have been avoided,and the company could exist on £4m a year. Full out for a deal in 2010-11 ? No I said then I was never convinced that was tried hard enough.Some might say-"you're wise after the event" but I've posted often things like- "it is madness to be a miner", etc consistently here.The sums for the $650m project never at any time totted up and $650m wasn't the final figure.Of course a world class nickel resource can't come cheap.Then as seeker says nickel dropped about a third so AFE's projections weren't adding up.Also I remember saying to kech' their PFS once published should be an "advertising blurb" not a realistic intention to mine.The huge costs only put off buyers.Even the Chinese tend to get resources at low rates and you see them getting a lot more from distressed AIM miners soon at bargain rates...Sorry for this post for which I might be pardoned as it is not in the category of being- "wise after the event" as I've said..GL

thanks for your posts.This will attract some traders as seen today,but it is also getting hit by shorters who are winning overall.It could go lower.The unfortunate fact I've posted a lot about is the "barrier of production" which these days puts off even the BLT's or RIO's who themselves are mothballing plants.Would a BLT finance director get short shrift tomorrow if he said at a board meeting "invest $650m in AFE".They've got the money but it won't be coming at all.Even worse the banks,the QE is circuiting between treasuries and central banks nothing getting out,and so most commodities are being drained by QE,the devilish fact is they thought inflation would rise but its fallen or steady-the national debts are increasing even with austerity.The only saving grace is a country can move the goal posts,rewrite the rules even confiscate gold as in 1932 was it.Yes in these conditions much of AIM might implode in a year. Before then AFE must do deals as only 6 months remains of cash.Deals can't be done well when they know you're trapped.Yes a few £millions might be raised from the licences.AFE might depart or be a small cash shell.The shareholders might get a pay off but it might not be too much ? Dutwa one day will be big but who knows if the Chinese or whoever will develop it ?

Bravo to you for a very brave act buying here.

just in this earlier,seems a good share,and I use the products of course.

It would IF it goes through be great for the IMIC bosses and their AOIG backers,the IMIC holders might get another T/O later ? I might join them but first want my money !

Gone at last!

In mining never believe anything till its in the bank even then be careful! IF we get this deal,we get paid -not IMIC shareholders so happy it isn't the other way around.However I'm not staying a minute as an IMIC shareholder tho' hopefully can avoid even that minute lol.

That 275p yesterday as I had been saying might have been an entry point for a hopeful rise again on the CNE oscillator to 290p in about a month,the 5th cycle this year ? However to make a decent wedge you'd need your 5% or so from that to be backed by at least £10k giving you only £500.A risk/reward ratio of 20 to 1. At least better than banks though that isn't hard. DYOR.GL.

nearly there ?

of course anything can be sold if the price is right.In fact you and I would buy Dutwa if it came in a car boot sale lol.It won't be what MP dreamed of.He at least can hold his head up high though I feel very sorry his 4m or so shares are worth about £14,000 if my maths is enough this early.The options will expire.Staff will go.Tragic since no directors took income.All that effort for zilch.Our dreams here too.The future might at best hold a sale of some kind to the highest bidder.Again initially the II's could move in,but eventually TZ/the Chinese will exploit it but not for many years in a time when mining again holds sway.As it will one day... GL.

Yes this is totally awful,probably heading for some kind of internal T/O by the II's, and AFE might not be there after that,or private ? The "six months" is ominous.They realised a placing was out due to extreme dilution.I suppose the rest of it is inevitable -cut nearly all costs, stop operating virtually. Without huge dilution,the banks in any case couldn't provide that $650m.MP's dreams of "a new mining province in TZ" were borne out by positive tests,the heap leach results were good enough too.However he was also correct not for AFE "to be a miner".AFE's identity would be lost in that. It might yet. anyway... MP had years of experience and came over very well.I hold him in very high regard. He has been sorely missed,the new board haven't been up to face the challenge.To be fair,AFE said to us they were "talking to backers" from 2009 but "handed away" really especially the gold. The copper represented years of effort down the tubes too though that was mostly before most here came on board.As I've been saying elsewhere, these days the AIM mining formula is under question.Maybe even the existence of AIM is now up the spout ? Since 2007 the banks have been holding capital in their vaults or swapping back to the govt. their treasuries.So all the QE is going around between govt. and banks.The huge national debts aren't really being paid off at all.Our "leaders" thought that inflation would rise but it mostly hasn't in fact nearly all commodities are down.Including nickel.Talk of a nickel recovery doesn't help as now matters more.Anyway miners are losing by higher costs,lack of finance and of course the shorters moved in yesterday. What to do now ? Sell or stick ? The tragedy as bloo' says is Dutwa will still be there,I'd guess TZ/the Chinese will get it, but it might not be developed for many years.The Chinese don't mind,in Africa and elsewhere they are getting many sources for the future if possible at knock down rates,but that is business.The British Empire was built that way too over centuries.

look at the IMIC SP-lost a large slice yes a little up earlier..watch what you might get into,I will prob. take the money and run but assess the situation from there.Being shredded already by miners let downs doesn't help confidence,I'm trying more elsewhere these days.

Was in this years ago,got in again earlier,doing quite well here ?

Some diving in,brave ones or very clever ?

In now-thanks for that,just hoping for a quick profit.I find it surprising restaurants doing quite well-see PRZ I was in that but s'pose people need a little pick me up after the daily grind.

having vacated PRZ is this another one for me ?