Member Info for MrMagic

lol Helpful

Desperate stuff

What money does RRR have to do anything with it if they did get the licence back?

What was being done with Migori before the licence was revoked ???

Won't make a sot of difference here.

We all know whats coming, same old.

An article here explaining the extent of this awful cobalt depression.

https://www.spglobal.com/platts/en/market-insights/latest-news/metals/080719-glencore-closure-of-drc-cobalt-mine-to-cut-20-of-global-supply

WEAK COBALT OUTLOOK

"A Japanese trader told S&P Global Platts he expects weak cobalt market conditions to continue due to ongoing slow demand and oversupply."

"At the moment, cobalt consumers are taking a wait-and-see position in the market. They purchased a lot before, demand is slow and weak, but demand will come back in two or three years from the electric-vehicle battery industry," he said.

"The suspension of Mutanda should put a floor under cobalt prices given the extent of production removed from the cobalt market, which is likely to make purchasers nervous," Hamilton said. "This effectively removes the surplus we have in the cobalt market over the next couple of years."

Oh dear !!!!!!! Demand to return in 2 to 3 years !!!!!

What is going to happen here at RRR in the meantime ??

Greenland failed and was sold off for just £1
Ivory Coast went nowhere
Shoats Creek failed and is being written off
Steelmin has failed and is in Administration
El Limon royalties are paltry and pretty meaningless
Migori license got revoked and they are still fighting to get it back

Call me Mr Sceptic but it looks kinda bleak TBH

DYOR

Always the way though isn't it?!

Bought into Shoats Creek oil after Aminex had bailed out of there

Just carrot dangling material. I don't personally fall for it any more. I have a feeling nobody else does either. Look at the trade volumes. This share is a dead horse imo, like RGM, it just hasn't stopped twitching and certain unscrupulous rampsters won't give up flogging it. Sad to see TBH.

The sad and telling reality here:

Greenland now sold off for just £1
Ivory Coast went nowhere
Shoats Creek being written off
Steelmin went into administration last Feb

Cobalt / copper will be no different imo

Meanwhile . . . .

Cash in bank at 31st Dec was just £27k (see Half Year Report)
Current Liabilities at 31st Dec were £2.7m (see Half Year Report)
BOD expend approx £850,000 a year just on Admin Expenses (see Full Year Report)
They also spent £306,666 on "Other Project Costs" last year
There will also be normal project costs and other outgoings

Since Dec they raised £323k from a placing at 0.51p
and received approx £250k from a Jupiter dividend.

Where's the cash/funding going to come from?

I think we can all guess !

Tick tock . . .

Pretty deperate stuff there Helpful, as always

Yeah, forget Cobalt . . . it's all about copper now lol

Previously on LSE RRR Share Chat:

Forget manganese it's all about Greenland Iron Ore now
Forget Greenland Iron Ore now it's all about Ivory Coast Gold now
Forget Ivory Coast Gold it's all about US Louisiana Oil now
Forget US Louisiana Oil it's all about Bosnian Steel now
Forget Bosnian Steel it's all about DRC Cobalt now . . . .
etc etc etc

Candy sweets, cloud computing, dbar oil blah blah blah

Same old tired cycle repeating over and over

Start new "carrot dangling" venture, ramp, ramp, ramp, issue confetti or CLNs, pay BOD salary, spend loads on admin and other expenses, move project to oubliette, start new venture . . . . rinse repeat.

Can't believe anyone is imo naive and mad enough to buy into this tired old cycle of "jam tomorrow" spiel.

DYOR

Also reported over on ADVFN:

http://uk.advfn.com/stock-market/london/glencore-GLEN/share-news/Glencore-to-Stop-Production-at-Mutanda-Mine-in-Con/80488157

"Glencore PLC (GLEN.LN) on Wednesday said it will stop producing at its Mutanda mine by the year end and reported a miss of analysts' expectations for adjusted Ebitda in the first half of 2019."

"Glencore said Mutanda will continue to evaluate its operations and production at the mine will recommence production once economic conditions sufficiently improve"

Tough times

Still, even if a gigantic outfit like Glencore with the World's largest cobalt mine can't operate economically for the coming 2+ years maybe Bell & Co can succeed where they can't right ?!! I mean there's surely a great track record of successful projects here right ?!!!

DYOR

Hmmm. Surely somewhat worrying no?

https://www.ft.com/content/8cd1fd7a-b86c-11e9-96bd-8e884d3ea203

GLENCORE TO HALT PRODUCTION AT WORLD'S LARGEST COBALT MINE

"Glencore is to halt production at the world's largest cobalt mine from the end of this year following a dramatic fall in prices for the key battery metal.

The Switzerland-based miner led by billionaire Ivan Glasenberg will shut Mutanda mine in the Democratic Republic of Congo, which is also a significant producer of copper, because it is 'no longer economically viable', according to a letter to employees of the mine seen by the Financial Times."

" 'Unfortunately due to the significant decrease in the cobalt price, increased inflation across some of our key input costs (mainly sulphuric acid) and the additional taxes imposed by the mining code, the mine is no longer economically viable over the long term,' the letter to employees at Mutanda said."

"The price of cobalt has fallen more than 40 per cent this year because of a surge of supply from the DRC, the world's largest producer."

Good spot Duke

Here's the link on FT

https://www.ft.com/content/8cd1fd7a-b86c-11e9-96bd-8e884d3ea203

Another one for AB's oubliette

This won't help them get any placings away that's for sure !!!!

The years of dilution and exhorbitant wastage on expenses should be enough to make anyone give this a very wide berth imo however the more recent appalling behaviours of the BOD here in failing to RNS key transactions and events is the final clincher that makes this totally uninvestable.

Annual Report 2018:

"On 19 July 2018 the Company agreed to subscribe for 35,519 common shares in Amulet Diamond Corporation at a subscription price of USD2.76 per common share. The Company further subscribed to USD401,961 of shareholder loans. These shareholder loans are unsecured,
non-interest bearing and have no fixed maturity or repayment date."

The above was NOT RNS'd at the time, shareholders were left in the dark and only found out 5 months later in the Annual Report "small print". Just appalling imo.
The company has since stated in regards to Amulet that
"a writedown of the carrying value may become necessary. "

Then Bell loaned Steelmin a further £1.1m unsecured and this was also NOT RNS'd .
Steelmin then went into Administration and imo will not recover that money. Again utterly appalling.

Steelmin went into Administration in Feb this year, 5 to 6 months ago and STILL this BOD has not put out any RNS to state this has happened to their venture in which they held 22% .

Also in Feb Charles Topham loaned the company a sum of money creating a charge against the company which was visible on the Companies House website. It has since been satisfied however once again that transaction/loan was NOT RNS'd here.

Investors and punters alike here are simply investing totally blind. You have no idea what loans and transactions are being made behind the scenes. The current liabilities at 31st Dec were a significant £2.7m according to the Half Year report but it's anyone's guess whether that has since risen.

The shameless rampers here constantly mislead with their fantasy "sum of the parts/assets" valuations but as can be seen if the BOD are failing to RNS key parts of that equation then nobody knows what anything is worth.

As stated this is imo totally uninvestable now. The BOD have to be removed otherwise it's going nowhere.

DYOR as always

Another random fatuous Twitter link from you Stephen to push contrarian posts off teh top.

Sad, so very sad

All a load of cobblers Helpful.

Jupiter divi of circa £250K was indeed mentioned in my post, but it doesn't touch the sides of the £850K frittered a year on Admin Expenses alone !

Migori was of no interest to the markets imo before the licenses got revoked. Nothing was happening there which was one of the reasons stated for the license being revoked. The SP was still languishing as a result of endless dilution and this BOD's expenditure of precious cash on their expenses. Thus even if Migori license is reinstated it won't make one h'appeth of difference. It's just a very desperate ramping angle you are hoping for, nothing more.

El Limon royalties are utterly laughable too which is why they aren't worth mentioning. The last reported RNS'd quarterly royalty revenue was just $13,658 for the quarter ending March 2018. At that rate it would take approx 37 YEARS (!!!!) to recoup the first $2m of that royalty (3% NSR) plus a further 100 YEARS to recoup the final $1m (0.5% NSR).

Para's fantastical hopes, dreams, forecasts and expectations of better production are imo nothing more than fairy stories until and unless they prove it. RRR has had ample opportunity to update shareholders on any improved quarterly royalty revenue but has failed to do so. Where are the royalty revenue figures for June, Sept, Dec 2018 and March and June 2019 ???
Not forthcoming. I think we can all guess why that must be . . . . . !

Your lame ramping isn't gaining any traction here. There are few if any mugpunters left to fall for the constant carrot dangling. I certainly won't be helping fund Bell's lifestyle by buying shares before he issues confetti. Only a matter of time now. . . . tick tock. . .

DYOR

Helpful : "a big number for a company valued at £3mil where its JMS holding is valued at about £4.2mil."

Utter Billy BS

Since approx 75% of available cash here goes to Admin and other expenses alone which imo delivers naff all shareholder value, then no the face value of those JMS shares simply does not apply. Take away 75% of that value and it leaves the shares being worth approx £1m to shareholders here and of course even that £1m is only of value of the BOD do something constructive with it.

Your increased fervour here is suggestive imo of an imminent placing which I would assume you will be participating in given you already hold a load of the 900k's worth of currently outstanding Convertible Loan Notes. I realise you'd love to be able to convert those but with an exercise price of 0.8p it's just never gonna happen now imo. Sorry but there it is.

None of this "jam tomorrow" ramping spiel will change that.

This company only had £27k cash as at 31st Dec (see Half Year Report)
It also had current liabilities of £2.7m
The BOD expend approx £850,000 a year just on Admin Expenses (see Full Year Report)
They also spent £306,666 on "Other Project Costs" last year
There must also be normal project costs and other funding requirements
They've also wasted £1.1m on a further loan to the failing Steelmin venture before it went into Administration (shockingly neither the loan nor Steelmin going bust has been RNS'd)

That's a significant amount of funding needed to cover liabilities, keep the lights on keep this greedy BOD in the lifestyle (salary and expenses) that they have become accustomed to.

Against that:

The company recently raised £323k via a dilutive placing at 0.51p
Plus they received about £250k from the Jupiter divi
Not much income there is it????

I can't see any other possibility other than impending dilution personally and the subtle changing in postings both here and over on ADVFN suggest to me that it's imminent. I could be wrong, but over the years you get a "nose" for this same old dilution cycle.

Thanks for all your thoughts and links but this remains for me an utter POS and I most certainly wouldn't want to be personally punting this just before the next round of useless confetti !

DYOR

Nobody needs to read anything Helpful except the history of Half Year and Annual reports which demonstrate admirably that this greedy despicable BOD expend close to 75% of available cash on Admin and other expenses. Now they've started even worse behaviour, failing to RNS to shareholders key loans and transactions with other companies and projects going into Administration. Just unbelievable levels of arrogance and laisse fair attitude to the markets and shareholders.

These people don't deserve a single penny of anyone's investment imo.

No value at all here for mugpunters. The cash goes to salaries and Admin on a sickening level.

Large holder (13%+) Daniel Sklan bailed out because of the endless dilution and wastage on expenses. See his parting comments here:

https://www.lse.co.uk/profiles/d_s_/

Another large (13%+) holder Peter Gyllenhammar has been steadily dumping his holding since Christmas. He's now down to just 4.77%. Clearly not impressed either.

This is imo a total mugs share. Nothing but dangling carrot ventures and endless confetti to feed the salaries and expenses of a greedy BOD. Lifestyle company imo.

DYOR

Keep up the comical ramping shareguru. Very entertaining.

Everyone knows how Bell runs his companies. Anything he is involved in is imo uninvestable.
Simply can't be trusted. Doesn't RNS loans and transactions with other companies, doesn't RNS projects going into Administration etc etc. Spends preposterous amounts on admin and other expenses and rewards himself with lucrative salaries despite abject failure. Just a dilution specialist imo looking to create money out of thin air from naive mugpunters much like yourself.

DYOR

Take a look at the long term charts of both RRR and RGM here. They show imo categorically the devastating result of a BOD diluting shareholders brutally to pay themselves lucrative salaries and expenses:

http://oi66.tinypic.com/2qxlqpj.jpg

It will never change unless the BOD are removed.

DYOR

It's all dangling carrots Playtime you just have to learn not to fall for it. Hoping for a JORC isn't going to aid your cause. Greenland had a JORC but has since been sold off for just £1.

You only have one hope of ever recouping your losses here and that is for the BOD to be removed from the picture. Until that happens they will continue rewarding themselves for abject falure at shareholder's expense.

As I have said numerous times, they spent over £11m on Admin and other expenses between 2012 and 2017 and raised over £15m in cash from placings. That's near 75% of available cash going to expenses. Just ridicuous.

Here's the cash Bell has syphoned off for his salaries and other benefits over the years here and at RGM

Bell's Total Emoluments at RRR
===========================
2018 - £142,965
2017 - £155,243
2016 - £126,661
2015 - £91,495
2014 - £139,008
2013 - £154,746
2012 - £221,729

Bell's Total Emoluments at RGM
===========================
2018 - £86,205
2017 - £109,803
2016 - £85,524
2015 - £76,461
2014 - £76,506
2013 - £78,344
2012 - £122,598

Lifestyle comapny, nothing more imo

DYOR

I tend to agree Duke.

Bell destroyed all value at RRR and RGM. The 7 year charts are just appalling.

RRR and RGM had their SP's trashed by Bell through endless death spiral dilution. SP was trashed right down to the nominal share value of 0.1p, a pojnt at which is it not legal to dllute beyond. So he arbitrarily lowered the nominal share value to 0.01p and set off diluting again. With one year the SP had been trashed again and was getting toward the new nominal value. At this point Bell did a share consolidation and then set off diluting once more. This is his MO.

At RRR he raised over £15m between 2012 and 2017 and over £11m of that went to Admin and other expenses. Absolutely shocking. DIspicable behaviour imo. More latterly at RRR he has started doing loans and transactions with other companies and NOT putting out RNS's.

He did loans and transactions with Amulet Diamonds which were not RNS'd at the time
He made a £1.1m loan to Steelmin which was not RNS'd
Steelmin went into Administration last Feb and they still haven't RNS'd that fact to the markets.
RRR received a loan from Charles Topham in Feb and that too was not RNS'd

It's a total joke. IMO just a blatant lifestyle AIM venture for the enrichment of the BOD.

Bell is well rumbled at both RRR and RGM for his antics and is constantly (and rightly) criticised on various chat boards on a daily basis.

Bell has now moved here to Power Metals as the new chairman working with Paul Johnson.
Why on earth would anyone expect him to be any different here?

Thanks but I won't be the next mugpunter for his personal enrichment.

DYOR

He's also ramped Mayan Energy to death too whilst, like RRR, it obliterated the SP with endless dilution. These people don't care what they do to others, they are just canon fodder. Believe these promoters at your peril imo. DYOR.

Something else to ponder Porridge.

How do you know whether or not liabilities have increased beyond the £2.7m from last Dec? They could be much higher by now, or less. You have no way to know.

Remember this BOD have proven themselves to be willing to NOT RNS loans, transactions and events to shareholders.

They conducted loans and transactions with Amulet Diamonds which they did not RNS

They loaned Steelmin a further £1.1m which they did not RNS

They had a loan from Charles Topham in Feb which they did not RNS

Then Steelmin went into Administration which they did not RNS

Any shareholders here are thus in the dark. Investing blind imo. You don't have the full information. Hence notions of what you might get from liquidating everything are meaningless. DYOR

I could not DISagree more Porridge.

Let's first bear in mind that this BOD expended over £11m of the £15m cash raised from 2012 to 2017 just on Admin and other expenses. That's over 73% of available cash frittered on expenses. So only about 25% of it went to other things.

If the stock value of the Jupiter shares is £4m then in reality their true value HERE with THIS BOD is only 25% of that or about £1m. If those shares were cashed in then the cash would just get rinsed through this awful expenditure on admin and other expenses imo hence the real value is tiny to shareholders here.

As for El Limon royalty revenues, you're having a joke there. The last RNS'd quarterly revenue rate was just $13,658 for March 2018 quarter. At that rate to recoup even $1m of the royalty will take 18 years !! Can you seriously see someone offering to buy that royatly off RRR? Don't make me laugh ! It's practically worthless.

As for Jupiter iron ore royalties, another pie in the sky fantasy. There are NO royalties. There is a royalty deal in place and has been for years but the Mt Ida project was mothballed indefinitely by Jupiter way back in 2012. Reasons for that were stated as follows:

"The feasibility study indicated higher capital and operating costs than those contained in the 2011 Scoping Study. In light of these estimates, taken together with the currently depressed iron ore and strong exchange rate environment, the Jupiter Board has concluded that it is in the best interest of the Company and its shareholders to freeze expenditure on the Mount Ida project until market conditions improve."

Jupiter have reviewed that situation a few times since and Mt Ida remains mothballed.

It makes for great "jam tomorow" could be, may be, might be ramp material, but the reality remains that it's an empty cup.

As for your parting words there . . "a pound a share" you're deluded. I suspect you actually meant a penny a share but even that would be hugely optimistic.

Remember that the company had £2.7m of liabilities as at end Dec and only £27k of cash in the bank. It raised £323k from a dilutive placing of 63m shares since and received approx £250k from the Jupiter dividend. Admin Expenses ran at approx £850,000 last year. Where's the cash going to come from for those liabilities, expenses, salaries let alone any project costs ????

This will go south on the (imo) inevitable announcement of more useless confetti being issued. As the ramping increases on these boards the more obvious it will be that a placing is coming imo. DYOR