Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
Having lived in Namibia. I'm fortunate to know a little about the Uis tin mine.
Despite a checkered history, now with tin becoming increasingly important in the new world of EV transport, I believe the mine has a remarkable future.
The other important aspects of this project are the directors who are driving it, one of whom I know personally. This, and the following clip from the Tin International Association has influenced my decision to start investing in this share.
"26 April: AfriTin Mining has announced the results of the Preliminary Economic Assessment (PEA) of its Phase 2 expansion at its Uis mine. With forecast output of 9,000 tonnes tin-in-concentrate, Uis could become one of the largest tin mines in the world."
Ramp's analysis is right. As Successor Agent, it's a racing certainty that UMMC will have settled the POG debt thus making sure they aren't seen as acting as a proxy from GPB and a target for UK sanctions.
UMMC, as a Mining Company will not have done this out of the kindness of their heart. They may well considered converting the GPB debt into a majority equity position in POG or take over the company altogether - particularly as they are looking for a gold acquisition.
They may also like the idea of having a LSE listing and put all their assets into POG and create a POLY type conglomerate.
The options are intriguing.
Found this on Interfax dated 19 April 2022. Seems evident where POG's future lies.
MOSCOW. April 19 (Interfax) - Ural Mining and Metallurgical Company (UMMC) is looking for acquisition targets in Russia's gold mining industry, national daily Kommersant reported on Tuesday, citing sources.
UMMC's deal to acquire GV Gold has stalled and will probably fall through because the parties cannot agree on a price, the paper's sources said. Interfax sources in the industry said the same.
The Federal Antimonopoly Service approved UMMC's application to buy GV Gold back in January, but there has not been any news on the deal since then.
UMMC, which specializes primarily in copper and zinc production, already mines about 4.8 tonnes of associated gold per year, the Russian Gold Producers Union estimated, without including possible processing of feedstock on a tolling basis. If it managed to close the deal to acquire GV Gold, one of Russia's top ten gold miners, UMMC would rise significantly in the ranking of Russian gold producers.
UMMC is one of Russia's largest producers of copper, zinc, coal and precious metals."
Don't think UMMC on the sanctions list, but just how it will all work out is anyone's guess.
Hereshopin,
Of course there are rules and regulations dealing with the issue of a BODs.
A quorum, as defined by the Memo and Arts of the Company is required if any binding Resolutions are tabled. Does 2 Directors and a Secretary comprise a quorum? I don't know - but I doubt it.
The point I'm making is that we need a properly functioning BOD ASAP to get the issues resolved.
And by the way the Company is suspended, not delisted,
It all comes down to what the Company's Memo and Arts say. And we don't know what they say about the make up of the Board.
However, I ask myself the question, would the Company's Advisers be happy with 2 Directors and Secretary running a FTSE 100, (now a FTSE 250) company?
In any event these issues are a side show, when compared with serious business facing the new BODs to get the suspension lifted.
They, and nobody else, have to take the hard decisions to satisfy the Govt/LSE/FCA and anyone else you can think of before we're relisted. Nobody else is going to do it for them.
Hi Blacksteel,
The truth is that we're in unchartered territory.
If the LSE resorted to de-lisiting, I can see an almighty fight in court, because EVR has done nothing wrong at this stage.
Infinity8, you're right and but misunderstanding of the situation in equal measures,
First, I do have experience of PLCs.
The number of Directors for EX and NEDs defined in the Company's Articles of Association.
Also there is a requirement that listed company's have NEDs (we've just lost a raft of them).
Hi Blacksteel,
The nub of the problem, which so many on this Board have failed to grasp is that the Govt has placed sanctions on RA and frozen his assets which includes his huge shareholding in EVR.
The company's suspension is a direct result of collateral damage caused from this holding.
The LSE is only following Govt policy. They simply cannot ignore the Govt's edict, They had to act,
Furthermore, my experience on AIM tells me that LSE closely scrutinises all RNS's.
Finally, I come back to my original point and that is for the BOD to work with their advisers and take action.
Unfortunately, until the Board has been re-constituted NO progress can be made.
Don't want to discourage you, but we need a new BOD PDQ, to deal with the issue of RA's assets in the Company. Nothing will happen until this gets sorted.
Once that's done we can get traction on demanding that the Company be reinstated.
In the meantime, perhaps shareholders should call EVR's adviser/broker - JP Morgan Cazenove and demand to know what's happening with the re-constituting the Board?
This is an interesting development.
RA is the elephant in the room and it's clear that the present BOD are unwilling/unable to take the hard decisions to deal with the issue to the satisfaction of the LSE et al. They all had to go.
So how quickly can the CEO form a new Board in such a toxic situation? Not an easy task. Who, of any stature in the business world would be prepared to serve as Director and risk tainting their reputation?
I'm afraid the situation looks pretty bleak at the moment, and I don't see EVR returning any time soon.
The RNS would have been crafted in conjunction with the Company's advisers, (JP Morgan Cazenove), overseen by their lawyers (Linklaters) and finally OKd by the LSE before release.
All that's said in the RNS will be factually correct.
As I've said a number of occaisions, it fails to deal with the issue of RA's shareholding (Assets).
The Govt are targeting his assets, not EVR. Unfortunately EVR is collateral damage.
The BOD needs to act.
The RNS would have been crafted in conjunction with the Company's advisers, (JP Morgan Cazenove), overseen by their lawyers (Linklaters) and finally OKd by the LSE before release.
All that's said in the RNS will be factually correct.
As I've said a number of occaisions, it fails to deal with the issue of RA's shareholding (Assets).
The Govt are targeting his assets, not EVR. Unfortunately EVR is collateral damage.
The BOD needs to act.
The RNS would have been crafted in conjunction with the Company's advisers, (JP Morgan Cazenove), overseen by their lawyers (Linklaters) and finally OKd by the LSE before release.
All that's said in the RNS will be factually correct.
As I've said a number of occaisions, it fails to deal with the issue of RA's shareholding (Assets).
The Govt are targeting his assets, not EVR. Unfortunately EVR is collateral damage.
The BOD needs to act.
I agree that sanctioning the whole company is nuts.
The solution to the issue lies in the hands of the BOD. Nobody else.
The BOD (and it's Lawyers) MUST agree a way forward with the LSE/FCA, EVZ.
To me, a Board resolution suspending RA's shareholding, endorsed by the High Court is required. That would cleanse EVR of harbouring RA's assets and lift the suspension.
It will be a difficult discussion/decision for the Board, but until this happens.....!
The Government is very clear. They have ordered the freezing of RA's assets.
EVR is NOT RA's asset, we can all agree on that, but the shares he holds in the Company are.
Until the BOD find a way of dealing with this issue, the LSE/FCA et al will not lift the temporary suspension as they would find themselves in direct contravention of Government edits.
Wordy RNS's such as just issued, don't cut the mustard I'm afraid.
This latest RNS talks about everything else, but fails to address the Government imposed Sanctions, namely the FREEZING of Roman Abramovich's EVRAZ shareholding which is an ASSET.
LSE governing board are smart and until the issue of RA's Evraz shareholding is addressed to their satisfaction, the Temporary Suspension will remain.
This, I'm sure, is a conversation their having with BOD now.
The Government announced sanctions against various named Russian businessmen targets their ASSETS.
While part of RA's assets is his 35% odd holding in Evraz, my reading of the situation is that LSE is trying work out how to ring fence/park these holdings and prevent him from accessing/trading the stock - hence the use of the term 'Temporary Suspension'.
I believe it is possible for a Company to suspend/cancel specific shares held by an individual and prevent them from being traded - but would require a Board Resolution to enact such a move.
Whether the BOD would make take such a step is highly debatable - but if they don't, then we're in for a long wait.
I'm afraid GGP will not be able to put out its own MRE. The reason is that GGP is, and must be, in lockstep with NCM, this being the kind of information that is massively market sensitive. Be assured that should either of the parties to go it alone and publish their own MRE, they would incur the wrath of the regulators. Furthermore, NCM are doing the drilling; they have all the drill core logs; any army of Geos; the computing capacity to model orebodies and the expertise. Be very thankful for all that!
By comparison, there is just one Geo in the GGP 'team', being heavily outnumbered by a raft of bean counters starting with AB and SD at the top. The other technical guys in the team is a mineral economist and a mining engineer - geology not being within their remit.
Anyway, fear not my dear fellow, long suffering shareholders, with some many accountants on the team I draw a just modicum of comfort, that collectively they should be able to negotiate an excellent FMV with NCM for GGP's additional 5%. If they fail, then we should send in the men in grey suits.
Material developments must be announced via an RNS. I suspect it will be an embellishment of what's happened already. They'll probably be a slight twitch in the SP, but until there's some significant new drill intercepts, it's going to be more of the same.