Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Addicknt
I have been reading the board but have not commented recently as I have had nothing useful to add
As usual I find your comments very sensible
On the issue of Newcrest and BHP I believe they are singing from the same hymn sheet and were well before the AGM
Can I ask you please to clarify whether you are talking about a JV as an alternative to a takeover or something you think may occur after a takeover? Sorry if I have misunderstood
My strong wish is that the new board (with the new additions) is working professionally and any kind of low ball takeover can be avoided
Newtoit you are correct
To me that was the most disappointing RNS I have seen over numerous years
One consolation is that a good mate of mine who is very experienced and senior at Rio Tinto rates Kevin Marshall very highly for technical expertise with mining. I am a bit bewildered by this mess and feel long term shareholders deserved better planning, proper skills being deployed and time frames at least being realistic. If we are vulnerable to BHP and co now it seems because a lot of poor and slow decisions were made in the past and the PFS which Nick recently promised did not pass a thorough analysis
To be frank I don’t know what has happened. But I hope the new committee is professional and more importantly that the pi’s don’t get shafted over the next month/year
Have a good weekend all
Spot on Montecristo. This company would test the patience of Job. And this latest RNS seems like the last years they have been scratching around like over enthusiastic amateurs. Or worse, that BHP and Newcrest are just stalling now to get the company cheaply. Nick has lost any credibility in relation to mine development
Have to agree ATG. The most recent RNS on Porvenir was probably put out first to attempt to raise expectations. It didn't succeed. And then they have delivered this "let's start again" on the PFS on Apala. Not sure how Nick M can stay in the position of CEO even a day longer given this is such a major stuff up
This RNS basically says everything except that they are going back to square one. Really disappointing to get to this stage, yard down the track, and have some genius start talking about hydro power for the first time and new footprints that a kilometres away. This is really stretching patience of all people who have kept faith with this company
Hi Colonel
I would be interested if you oould explain what the holes they have assayed at Porvenir tell us. I would be grateful for your analysis
It will be interesting to see how this plays out on the market
This is no doubt my oversight but I had not realised that RIO was not actually being drilled yet. The statements about Blanca are encouraging but pretty non specific. I notice the announcement uses the word "encouraging" for what they have found at Porvenir but uses the words "highly encouraging" for holes 5 to 8 (assays pending). So hopefully this is a big deal. I am not sure this will be enough to move the the Sp significantly. I wonder if this is more subdued language due to the change in dynamics at board level.
I meant sp not so
Hi Copper
If Nick mended any fences it would have been a first for him
He has a long list of ex friends some of whom were his steadfast allies and who have nothing to do with BHP or Newcrest and some of whom are reasonable and successful people invested in Solgold
He has a lot of tenacity and drive but we seem to be at the crossroads well and truly now
Let’s hope the so rises if we can get some certainty and look forward to a great outcome for all pi’s.
Addicknt
Very well put
Nothing is certain about this but one can infer the board has been in a stasis since the AGM. I infer the divisions have not healed. But the status quo is not working that seems clear
Phat there have been politics and internal conflict going on for a considerable time. Nothing new. The AGM just made it manifest. If it is correct that Nick is going to step aside it is an opportunity for the company to stop being paralysed in my view and get on with business. I expect the share price to go up. Nick has not lost his shares and most pi’s will be watching for when he sells. He won’t sell cheaply
Thanks for this Iceberg. Was this something you sent to the company? If so, I applaud your efforts.
best
Optimus
I think you might be right DBW. We are all guessing here. But the silence seems odd and hopefully something big is brewing
Lafitte, with respect, they would be breaking the rules if they withheld price sensitive information for that reason
Agree with you Addicknt. I wonder how much of this silence may be due to a lack of cohesion at board level since the AGM. Before people jump on me, I admit I have no evidence for this. But I don't think the divisions would necessarily heal quickly. The silence is becoming quite long in duration. And one would expect by mid January there is some news that might have been released. They might be talking productively and even working on a JV but their obligation to keep the market informed continues.
Almost Done, if they have news which is market sensitive and could affect the share price, the obligation to release that news trumps everything, whether they are involved in confidential talks or not. So if they had news which they would otherwise be bound to release they still have to release it. Otherwise you have an uninformed market. It would not be acceptable to be negotiating a price for a JV or takeover while not keeping the market informed about independent news that could affect the share price. All the best.
Excellent post Copper
Very well put
Medar
In my opinion you are correct
If NM did something to break confidence with BHP and Newcrest after saying this it would be a catastrophe for him and the company. He has to follow through on his words
Hi Copper
Hope you are well mate and the new year is treating you well
Good to see NM making the right noises about conciliation with major shareholders. My view is that having Newcrest and BHP with 30% of the company is a mixed blessing and curse. It is a good thing to have two majors take a substantial stake in the company and it stamped Solgold with real credibility. It also meant very substantial shareholders have the relevant production expertise and hopefully this would be recognized by the Equadorian government. But the size of the joint stake is a problem. In my view it is a deterrent to other majors from making a serious bid. If they were to reach an arrangement with BHP/ Newcrest before bidding this would have to be declared. It is also a percentage that, as we have seen, means that these two companies are not in control of the company but are not too far off if they are both anti Nick. NM appears to have realized that it is not workable to be at war with these two majors. He is making some uncharacteristically placating sounds in the interview. Just my view of course
Sorry for the repetition Z and thanks for posting it
I had not been reading everything
I get very bored with the bickering (not by you)
Optimus