What is Lenigas, Founder of REM plc doing these days?18 Jul 2020 13:02
Whilst I wait for Ampala iron ore project details [post Lenigas], I saw two RNS*s of a co that Mr D.Lenigas is running in Tasmania, Australia.
He is now Chairman of the Helleyer gold mine in Tasmania, Australia. Per the last recent results, the co*s unaudited Revenue from mining came to A$30m and operating Gross Profit came to A$12min. [Reports increasing production results at co*s Helleyer mine. The latest RNS from the co is that the co did a A$41m refinancing.
My comment:
Gold prices are now around US$1,800 per ounce and that is a hot sector at the moment. Would have been pleased to have seen REM do a gold deal. Not bad that Lenigas is able to command a A$41m refinancing - these days not easy to obtain financing.
As for Amapa iron ore project, whilst the info about the stockpiles is known and shipping is awaited, yet the finances to develop the mine further is not known in detail. As such, it is very hard to determine the revenue, cost, financing etc to get an idea of what mkt cap should be.
As with a l l metals, they have their periods of price volatility. I listed to a podcast from one junior miner on AIM and the CEO said that in the time of the last iron ore price drops, no one was able to survive except the top 2 co*s and that also with some difficulty. It was for this reason why Zamin went to... with the Amapa project bought from AA. Prices for higher grades of iron ore are now pretty high so the sun has come out again.
News, Sat 18 July 2020.
There are people who may invest just because a stock forum is busy chatting. So its better to post under the old name of REM as it is still the same co but now with a new name.