Member Info for Morningsun

lebugge, have a read of Tiburn his posts. Will give you a good insight of value, both Au and Cu.

GLA
MS

Thanks Levistubbs. Indeed not great that there is nothing from the board at all. Have you ever communicated with them? I read this on other boards that it happens all the time but not here.
MS

TDT, You are right and we do not know nor will not know the detail.
Still, I think the answer to your query is in the same RNS. At least that is how I read it:

RNS 10 Oct 2016:

"Within the contract, a subcontract for $50,000,000 million is assigned to TGK to cover all preparatory engineering and pre-strip works on the two open pit deposits. TGK expects that this subcontract will be sufficient to meet the 15% equity contribution required for the project.

Sinosteel will be responsible for the debt finance of $149,600,000 (i.e. 85% of the contract value) with the financing terms included in the EPC contract as a 10-year loan with early repayment permitted, at an indicative interest floating rate at 6 month LIBOR plus 3.5%. "

The way I read this is that Sinosteel will provide the full USD176M. Within this is a USD 50M subcontract for TGK to do the preparational work AND from that provide the 15% equity, not having to go out and get the 15% BASED on the usd 50M subcontract.

How the exact workings are I don't know and the part that threw me is that TGK 'expects' that the subcontract is 'sufficient to meet the 15% equity contribution'.

GLA
MS

until the end of November and the license needs to have been extended or a deal struck.

Not much time left and it's awfully quiet in here.

Anyone know anything on the subject?

GLA
MS

Here is the link for ease of access

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=EUA&ArticleCode=7krkfio9&ArticleHeadline=Russian_Subsoil_Agency_Approves_Maiden_Reserves

GLA
MS

TDT,
well actually in the RNS of 10 Oct 2016 it does state that the EPC contract is signed. Please see below:

Eurasia Mining (LON:EUA), the London Stock Exchange AIM listed PGM and gold mining company, is pleased to announce that an Engineering Procurement, Construction and Commissioning ("EPC") turnkey contract has been signed in relation to its Monchetundra project in the Kola peninsula in northwest Russia bordering Finland, between Eurasia's 80% subsidiary, Closed Joint Stock Company "Terskaya Gornaya Kompaniya" ('TGK') which holds the Monchetundra licence and Sinosteel, a Chinese state owned group operating primarily in mining, trading, equipment manufacturing and engineering.

GLA
MS

TDT, I think the answer to your question is in this part of the 31 May 2017 RNS which I found on my route to understand what is and what isn't actually here currently.

Last sentence right at the end. The MD states:

"The application for the award of a Discovery Certificate has already commenced, and following that, Eurasia will be entitled for a Production License, thus following the same route as our West Kytlim project which we brought in to production in 2016. In parallel, we are working on creating partnerships with qualified firms to help realise the potential of this significant platinum, palladium, gold, copper and nickel mine, with the bonus of having an EPC contract with the financing inside it already in place."

So he uses the words 'in place'. Nowhere have I found the word 'executed' by the way but one can assume that 'in place' should mean 'in force' when used in a RNS. However, I am not a lawyer.

GLA
MS

So, getting my head around this. A USD 2.1 bn mine with 2.369 bn shares in issue makes for a value of USD 0.88 per share or GBP 0.71 per share where we are at GBP 0.0088 per share currently. Correct? Thanks, MS

Good post Tiburn. Very reassuring! MS

is like finding a needle in a haystack. Found this presentation on another BB last night and I'm reposting it because it's good: https://www.youtube.com/watch?v=zYwv30iLTv4 A bit long but surprisingly refreshing view of the mining business. At least for me ;-). Warren Buffet says, 'you have to associate with the 7 footers while avoiding the pygmies'. His words! Long story short, it's all about finding the serial successful entrepreneurs while avoiding the dogs like the plague. This means finding the 0.8% of the companies that deliver 40% of the utility as the presenter calls it. Not an easy task, but the presenter gives some clues for finding these serial successful entrepreneurs like very hardworking, tenacious, willing to share, very, very curious. Now, the question here is, is GH one of these serial successful entrepreneurs? GLA MS

is like finding a needle in a haystack. Ian posted this link here last night and I'm reposting it because it's good: https://www.youtube.com/watch?v=zYwv30iLTv4 A bit long but surprisingly refreshing view of the mining business. At least for me ;-). Warren Buffet says, 'you have to associate with the 7 footers while avoiding the pygmies'. His words! Long story short, it's all about finding the serial successful entrepreneurs while avoiding the dogs like the plague. This means finding the 0.8% of the companies that deliver 40% of the utility as the presenter calls it. Not an easy task, but the presenter gives some clues like very hardworking, tenacious, willing to share, very, very curious. Now, the question here is, is AP one of these serial successful entrepreneurs? GLA MS

after the demise of Mugabe is still in turmoil. Reports of government wrongdoing, high inflation, economy failing, etc. However, people are not afraid to speak up openly about it so they feel freedom of speech and hence safe. One basic need provided. A reason for the lack of economic progress mentioned in a BBC bulletin on the subject this morning is that the new president has been given less power than Mugabe had all this 37 years leading to his abuse of the system. Mnagagwe has less individual powers to make the changes required to get the economy going again. So, they need a quick win, low hanging fruit and so. The economy needing a strong boost is beyond question and an easy way to help with that is development of the rich mining resource that Zimbabwe has. So, developing the mining business in an open and democratic way while keeping the KP certification must be key to the government to bring the so much needed FDI in and export up generating inwards cashflow. VAST seems to be (one of the) companies that can be instrumental in achieving this. From the outside looking in we seem to be in the right place at the right time. Now all we need is that opportunity to crystallise. Well, it seems we may have put GBP 1 million towards making that happen. Or have we? Any views AP? GLA MS

Ian67, I don't get that remark, "either negotiating with funders or there is sufficient ore".
What does that have to do with the release of the Q3 figures?
If they are negotiating with funders now then it is not Q3 but Q4 so no reason to delay the Q3 figures for. Unless you mean that they are too busy to release the figures because the are negotiating. Then I could understand.
And why would they delay the Q3 figures if there is 'sufficient ore'? That is good news right?
Thanks
MS

Same here FHP but we should not give up and I won't, not now.

Question is, what can we actually do...? It all has to come from AP and he is not speaking. That is the problem.

AIM is all about perception, especially at this stage of a company, and he should know that by now.

MS

and recently people got blasted for saying this was going to low 40's. I thought they were out of their mind as well and yet here we are, mid 40's already :-((

This is all on AP as Yrab outlined, I can't see how it cannot be. The way he communicates with the market at inappropriate times and does not communicate at appropriate times is the only thing that is holding us back. Well, sliding us down isn't it. We need a better comms advisor.

I know I defended him having to take out the 1 mln even though he said he would not at these low levels, and I stand by that, but then not following up is not OK. Sure, cards close to chest and all that but this is glacial and we know what happens to glaciers :-(

The assets are there but it needs to be delivered. I see no point in de-risking now anymore as I can't see much more pain coming our way, not with this base. But what do I know.

We need a bit more than GLA now.
MS
OK, rant over. Kettle on as some say ;-)

FHP, what then is the difference with SOLG? Why are they higher? What ha the market holding us back? Is SOLG better at comms than AP? MS

can 28mln shares be sold and 39mln shares bought while SP goes down by 4%... Billions worth of resource as reminded again by Krazy today but we keep slipping. Unbelievable. What are we waiting for? Surely not the diamonds I hope. There is sooo much more to vast then the diamonds. MS

Thanks Tiburn. Good set-up. Think you miscalculated somewhere though. From your notes we get 600*600 across* (900-400=500m) depth=180,000,000 cbm. That should give 490,000,000 t (sg 2.7) so 25% less mass and hence also 25% less value resulting in copper value of 7.5 bln. Correct? Or did I miss something? Still massive though ;-)) GLA MS

The question was 'why the SP response was subdued on such good news' (if you can call a 20+% rise in a day subdued). Maybe that should be the focus of the post?

The bottom line is that the find pre analysis at HAD005 was 'material' because double that of HAD001. That is the word used. Not market sensitive. Clearly the mineralisation cannot start above the 462m debt .... so double again is mathematically impossible... Really? Hmm. Crystal ball anyone ....?

But do we need that?
If they find a same size mineralisation at HAD006 as in HAD005 you can bet your bottom dollar that it is 'material' again, very much so.

In short, GH not clarifying he will announce all in one go and not saying anything about HAD006 on it's own either is unclear. It leaves room for speculation and hence in my view the response of the SP.

My guess is that a lot more people wanted to have had clarity on this. All GH should have done is indicate that he would announce the results in one go at the end, unless they would again find something 'material'.

Anyway, I am happy with the rise here today and hope it continues to do so in a nice and steady fashion. As if ;-).

GLA
MS

TomE, I think the issue is that PI do not know what to expect from GH now. On HAD005 he informed us about the mineralisation when the core came out. However, on HAD006 he has been silent and that core should be well and long out (if not we have a very different issue).

Now silence may be a strategy to lump all drill hole analyses together and it may not. GH should be consistent in his actions. If you release that kind of info on one hole you should do it on the others as well. Now he is not consistent and PI don't know what absence of feedback means and hence it dampens the enthusiasm on this very good news on HAD005 analysis. I think it is as simple as that.

Anyway, I don't know what the silence on HAD006 means either and no point in speculating so not any further myself either.

GLA
MS