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In the presentation they stated the asset value of Dugbe to HUM at $1800 gold is $650 million. That's without additional resources being proved up and is 30% below current gold price. So the company's MCAP is more than backed up by assets.
I'm quietly optimistic for a very good Q2.
That's basically a worst case scenario for me. Considering the consolidation in the sector and what certain assets have sold for recently, with my average at approx 9p, I would do well at that.
Get through this squeeze unscathed and then yes the SP is very cheap.
The company stated they are not in receipt of any offers.
I get the feeling that recent difficulties have been blown massively out of proportion. Thats my opinion and I am investing accordingly. Time will tell.
I am more relaxed about my investment after that. It's my biggest holding, extremely risky I know, but there is potentially huge upside. Even if a takeover offer does come in, you're looking at a minimum of 11-12p IMO.
Hedges restructured so that HUM can benefit more from the price of gold and alleviate any pressures with Kor production.
No debt covenants or restrictions to worry about with Coris. Kouroussa is virtually ready to potentially become 'a cash machine' in the words of the CEO.
I am more confident following the investor presentation. The asset value of Dugbe is huge and they have barely scratched the surface of that acreage.
It would have been nice to get some more detailed financial impacts, but a good explanation of the recording of the corica invoices was given.
It has been a squeeze , but they are coming through it. That was my take on the presentation.
Good post Guvvi,
I'm registered to attend this afternoon and I have posed several questions to HUM. One is the effects on AISC/Costs getting the additional contractors in at Kouroussa and whether they have put any monies aside for this and the relevant impact on cashflow.
One thing that I like a lot, which has not been spoken about much is Dugbe. One of the largest potential gold mines in Western Africa, and Pasofino have been moving it along. It alone is worth more than the whole HUM Mcap in my opinion.
Hopefully they can keep making steady progress.
All the best
Got my days mixed up. Thought the news was out today.
That's why I was asking. Normally I know what to expect, but this time I'm not sure. I believe they may have actually done well considering the main contractor walked off site.
It might be a silver lining if Corica weren't managing subbies well or hitting contract targets.
But then again, could this hit 5p if the numbers are bad?
I think we will soon have an RNS stating mining has resumed without much fuss. The SP is creeping up, delays are not in the interest of anyone (other than shorters). Someone knows something and people have made some money riding the recent waves here. Mates have had time to take positions. This is me hypothesising, I'm not in the know!
I will be voting against re-electing certain members. But will read the up coming quarterly rns when it drops with interest, and a magnifying glass. Until then, I don't think we will have much news.
I remember the days of looking up share prices in the daily paper, people didn't expect to be updated every 5 seconds back then.
Good luck all.
If you stop to think for a second, people have let their imaginations run away and we're in headless chicken territory.
In reality, yes everyone seems fed up with Dan (I am) but yanfolila is still producing gold and we have not heard anything to suggest it is not performing as management anticipated.
Kouroussa has not been halted as there is still one crew working on site and they are still producing, but at greatly reduced levels.
This is what I can make of material news that is out there.
Corica think they are owed money and Hummingbird think the contractor hasn't done the contracted business so hasn't paid some/all to them. That is stated fact.
What we don't know is where is the money sitting now that should have been used to pay corica? HUM haven't spent it on exceptional items otherwise we would be able to tell from financials. Looking at these will also tell you HUM are unlikely to go bust. They are prudent in speaking to their lenders whom they have a very good relationship with.
Its not a great situation at all. I'd like for the contracting issue to be sorted sooner than later, but I think a lot of people are trading on fear.
Anyone basing their investment, buy/sell decisions off these forums should not be investing.
In my opinion, all the best.
I think I recall this being a possibility a few years back, but SDX are in the process of offloading all their Egyptian assets and focusing solely on Morocco.
Lots of synergies between Sound and SDX.
Is this a possibility?
Marce Jacobs - project manager Kouroussa
Belinda Van Lent - Group mineral resources manager
Greg Broux - Managing Director Commercial
Luke Main - Managing Director People
Saidou Ide - Regional Director West Africa
Edward Montgomery - Managing Director Corporate Development
What are these people doing to justify their jobs. They are paid above industry standard. As is our BOD.
Between them. They can't open a packet of crisps!