Member Info for observer842

@Cause. I'm not sure what you mean. It's complicated! I am of the opinion (which is far from certain) that Eldorado Gold have sold the Vila Nova *mine" for $10m to an unknown entity. This didn't include 400kt of iron ore stock piles which, according to who owned the ship that just sailed, is likely owned by Unamgen - which may or may not be still owned by Eldorado Gold. Capeesh? LoL.

"The Court updates are the most useful pointers here,". Although interesting and useful, it was these that guided some of us (including me) to believe the ship was likely ours even when evidence turned up (the stated owner!) indicating this was likely not the case. Damn coincidences! LoL

So who owns the Vila Nova stock piles, the mine, and Unamgen? Is it the same owner for all? Why secret?

At least iron ore prices are doing well! :-)

@Y1101284. If the ore was DEV's, which I believe is unlikely to be the case, but if it was, part of the funds released would go to the feasibility study which would bring forward the date of mine, port, rail rehabilitation and consequently revenue flows associated with our potential 20% purchase.

Sounds about right @MB. When the 400kt was mentioned it swung the balance to likely not DEVs ore for me. But whose ore I don't know - assuming the ore was part of the sale of mine. Actually on balance it's likely it wasn't since 400kt has a face value of around $50m, and the purchasers only paid $10m...

===[
12. Sale of Vila Nova
In September 2020, the Company sold its Vila Nova iron ore mine in Brazil for proceeds of $10,000. The mine
was placed on care and maintenance in 2014 and was presented as a disposal group for sale in June 2019. As
at the date of sale, Vila Nova assets held for sale were $11,800 and liabilities associated with assets held for
sale were $4,251, resulting in a gain on disposition of $2,451 recorded in other income.
]===

LoL @Jimb2. Thanks for the offer @Barksy.

"On September 16, 2020, we completed a sale of the Vila Nova iron ore mine, a non-core asset, for proceeds of $10.0 million and realized a gain on sale of $2.5 million."

We have a date, but no sign of a buyer. How odd...

The thing that's perplexing me about the courts @mmm, is that DEV apparently have permission to start shipping, but haven't done so. I suppose they could be manoeuvring to commence, and we may see a ship labelled as owned by DEV any day now?

What we really need is a progress update from @Kiran...

@mmm. Good spot, but I think that is the Vila Nova gold project, not the iron ore one.

Cheers @jimb2. Your link didn't work. Try this.

https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2020/Eldorado-Gold-Reports-Q3-2020-Financial-and-Operational-Results/

Sold for $10m. But to who?

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00001610

So who bought it?

Although I reckon I would have beaten you had I not gone for the quotes ;-)

LoL @Cause. You are too quick! :-)

@Barksy. I don't know about Vila Nova royalties, but Anglo have 1% on Amapa.

https://www.anglopacificgroup.com/royalties/amapa-tucano/
===[
Amapá
The Group has a 1% life of mine GRR on all iron ore and other non-precious minerals produced from the Amapá Iron Ore System (‘Amapá’) in northern Brazil, owned and operated by Zamin Ferrous Limited (‘Zamin’).
]===

If the ore being loaded onto the ship is not DEV's (which we don't know for sure) it begs the question why didn't DEV start to ship after the higher courts apparently gave them permission to? Perhaps it's because the banks threatened to pull out of negotiations? Which I suppose is consistent with them appearing not to want the ore to be shipped before the agreement since they (appeared) not to withdraw their petition to the higher courts as requested.

It feels like news is close. But will it be good?

Ob.

Nice spot @MLQ. Pictures of "our" rail line, and "our" private port being used back in the day :-)

@mr.james: The ship about to sail at port is either full of just "our" ore, none of "our" ore, or some of "our" ore. Does that help? ;-)

@Cause. On collaboration. I suppose if we move as fast as we can to the public port from the private port, and UNAMGEN move as fast as they can from their stock piles (presumably located North of their mine near the rail line), perhaps it would make sense that the ships are shared? One for @Bannor to ponder over?

@Cause, it's only something that crossed my mind. We have 1.39Mt to ship and UNAMGEN are shipping 400kt. We'll both want to ship as fast as we can while the prices are high. I'm not sure if our constraint is at the port, or how fast we can move the ore to the port. Fortunately we know that both pier 1 and 2 can now take up to ~70kt a go, so perhaps capacity at the port is now a non issue? Just thinking aloud.

The mention of 400kt does seem to push the likelihood in the direction that the ore is not related to us @skinnyboy and is unsold stockpiles owned by UNAMGEN (Eldorado Gold)