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ah fk!

China (large steel maker/metcoal importer) going into lockdown
Metcoal prices dropped some 6.5% since 24th March (when Chinese started calling in sick). so maybe that caused this slight dip.

However, Russia stopped supplying Europe metcoal. Integrity's biggest market has always been Europe (39%), so if their ships aren't going to China this week they can head over to Hamburg instead. Wood Mackenzie estimates about 30 per cent of Europe’s metallurgical coal imports originated from Russia before the sanctions. That's a huge gap to fill. Integrity are eager to get BEN's coal as seen recently by them buying it run-of-mine, straight off the HWM conveyor. Adam is keen to sell it to them, hence putting the current HWM into a double shift, setting up the 2nd HWM to do the same soon, planning to deep mine the new 1200 acreage site, wash it, load it on the train, get paid.
Then do all the above again at BEN2 once the new acquisition is signed for and announced.

The construction guys are paid in shares. Pretty sure they would be packing up the drill now if they thought the results on screens in front of them were not great. Was tempted to sell something so I can invest more here in the dip but rest of my pf is red today too :/ Dropping a few sondes on a wire down a hole, albeit a nearly 8000ft one, taking readings along the way for porosity (fluid filled rocks), resistivity (presence of hydrocarbons (oil) or brine (salt water), and maybe a case hole flow test shouldn't take too long should it? Automated software to combine all the results to show where the oil, gas and brine is and if it is sufficient volume and viscosity to commercially extract should be fairly instant unless they are waiting for windows to update with a remote wifi connection, that would suck, lol. Results tomorrow?

No better time for Europe to build the plastic to syngas plants. Timing is perfect for governments to gain support from their electorates to finance the plants in order to not only remove plastic waste but also lower domestic energy bills without relying on importing natural gas from other countries. Time for countries to become independent and self sufficient pioneers.

From the January RNS: 32,398,899 shares at 10.5 pence per share (the "Placing"), raising gross proceeds of approximately £3.4 million to support the Company's intentions to accelerate its expansion.
...60% increase in 2021 revenues compared to the prior year, based on unaudited figures.
Now exporting to USA with figures due next month of how well that distribution network is doing.
Current sp is just 65% of the placing price. Good week for a top up.

It's not as if Russia or Ukraine was on the export list for EISB tonic so don't get why the lack of faith since their announcement of the mega US distribution deal. sam4224 says results in April so let's see how the US figures add up in a couple of weeks and take advantage of this dumfounded dip. Price was 11.5p when we got news of US deal.

The photo is not of the complete HWM rig, so I assume the rest of the parts (extending plates and the box cage they get slotted into are still in-transit and maybe due over the weekend. Maybe RNS Monday to say it is all onsite and being put together followed by another of Adam's videos of the HWM's teeth chomping into the coal seam.
Rail line's 3rd and final testing phase not due to be completed for a couple more weeks (according to the interview) by which time washed coal will be ready for loading into the rail hoppers. That will be a monumental stage in this young Company's progress. Skipped out learning to walk and just started running!
Gutted to have missed out on the dip (no spare cash, it's all in BEN already). Diamond hands. GLA

So £2.4m cash available to:
re-locate villagers and build them new homes, drainage, drill bore holes for water etc;
commission a washplant and testing lab to be made in South Africa and transported to Lubu, Zimbabwe;
dig out the shaft and clear the oversite;
install a continuous miner and associated mining equipment;
buy 4 trucks and rebrand them as Muchesu Coal.
Must have got bargain basement prices, well done Carl.
4m shares to be paid out in couple months for the gold site.
Hope the offtake deals in South Africa can get signed before the washplant has finished being installed and tested.
Great that coal is coming out next week and revenue hopefully commences mid-summer.
Stockpile the thermal coal for firing up the coking batteries.
washed coal revenue and the £5m from 41,666,666 warrants with an exercise price of 12 pence per share should fund the coking batteries to be constructed end of the year.
So buy now at 8.7p, reach double digits once washplant is onsite and offtake deals announced, rise to 15p on proof of revenue, then drop back as 12p warrants get rinsed. Then wait til 2023 for coking coke from the batteries to make money and 2024 for a gold JOA

that loss making BISI Company in South Africa whom you mention would be more suited to CGO as BISI have a washplant and export route via Richards Bay. CGO have no offtake partner nor washplant yet, but hope to have one delivered next month (a washplant that is).
BEN have had an offtake partner from the start go, in the same country. BEN were selling coal 3 months after IPO. And we have our own washplant onsite already fully tested and even a railroad for delivery. No ramp needed with BEN.
BISI needs all the help it can get thanks to Covid and difficult mining conditions at it's Black Wattle mine site.

google Sunday Roast podcast and you can see all the interviews done between Adam and the Roasters (Phil & Kevin) and other CEOs

Posted by 88e on 16th March "Total Depth (TD) of approximately 8,000 feet, with drilling to TD at Merlin-2 expected to take up to two weeks from this point." So just 1 week and a day from now.

It is worth scrolling down 88e's website and subscribing to keep updated as the Australians get news before we do here in UK. https://88energy.com/asx-announcements/

Australia closed at equivalent 2.4p overnight. About 10 days left till we reach 8000ft and start wireline logging. Let's see if we can do a steady 11% increase each day now. 2.4p, 2.66p, 2.95p, 3.2p, 3.6p, 4p, 4.49p, 4.98p, 5.53p, 6.1p

How come we are at 2/3rd the IPO price of January?

Happy to hover around 93p while the other roast stocks do their thing (don't mention HUI). Was equally happy with BEN at 73p just 10days ago. Anyway, all good at BEN. End of double digits once we get the RNS to say coal is being loaded on the train and that the 2nd HWM is onsite and that the 1st HWM is doubling output to be be washed. Oh and the new acquisition of course..

https://miningzimbabwe.com/europe-returns-to-south-africa-for-coal-after-russia-sanctions/
Get the coal to South Africa and ship it to Europe.

Get the coke on the new Trans-Zambezi rail to Nacala/or Maputo, Mozambique 2023/24 for shipment to Eastern markets.
Washplant and lab onsite Q2 so first revenue June/July as confirmed by Contango Holding's twitter this morning.
So still time to top up in single digits until washplant delivery. Then just need to watch out for 12p warrants converting in summer as revenue comes in and sp gets to 15p. GL

Contango Holdings #CGO have rebranded their Lubu, Zimbabwe coal mine project as Muchesu Coal. Named after the village where they have had to evict the residents to rehouse them 3 miles away down the road in new homes. Zimbabwe press are not painting a good picture about it but they have blamed it on the Chinese, not realising the Lubu site is now owned by the British Company. The washplant and testing lab is still being fabricated in South Africa and due onsite in Lubu next Q. Coal will be coming out the ground next month and stockpiled until it can be washed by the washplant (so June/July?) and sold to a Company in South Africa on a $200pT margin for it to be sent from Richards Bay port to Europe (Russia are now selling metcoal to China instead of Europe due to sanctions). Coking batteries are due to be built end of the year in Lubu whereupon the resulting coke can be sold at a higher price to SA, Mozambique and maybe even local.

Ah well at least the Chinese are getting blamed instead, lol. http://www.newsdzezimbabwe.co.uk/2022/01/binga-villagers-demand-compensation.html
Good that CGO are compensating the locals and building them new homes. That must be why they posted that photo of a brick built drainage sess-pit on twitter. Latest twitter confirms first coal production by end of March. Eager to find out where or to whom those newly branded Muchesu Coal trucks will be taking the coal to. As it is not Dinson perhaps it is Afrochine Smelting?

What relationship does CGO-Muchesu Coal have to Monaf Investments? Worth following Monaf's progress as they coincidentally dug a 4x4m shaft albeit 64m deep in October 21 in the same village apparently. Plans to build a power plant there in next few years good for thermal coal offtake? Monaf is reported to be Chinese but this link claims they are British: https://www.pressreader.com/zimbabwe/newsday-zimbabwe/20220209/281685438257301

no offtake signed yet and the potential ones whom are in Zim are mostly under Chinese ownership with their own coal mine ops. We would need to sell at a discount to them until such time as we can both wash and run the coal through the coking oven batteries at which time the offtake deals will come knocking to us, but we are quite a way from that yet. Main thing is to get coal out of the ground, get the washplant up and running and start selling to finance those ovens. And to get a possible JOA for the gold with an upfront payment. All IMO, DYOR.

Coke target market: Zimasco and other local furnaces, South Africa, the Democratic Republic of Congo and Zambia.

Coal target market: use in batteries, Zimbabwe Power Company (ZPC), Zimbabwe Zhongxin Electrical Energy (ZZEE), rest to local and regional industrial companies whom utilise coal.

Zicosteel stopped operations in January 2008, following three successive power outages from the national grid coupled with cooling water challenges leading to the cooling down of Coke Oven batteries and subsequently the cooling down of the Blast Furnace. Now that COP26 has been pretty much torn up, the use of coal for power stations is not likely to be an issue IMO so thermal coal should find an offtake partner either locally or across the border for export as should metcoal.
South Africa are exporting more coal & coke to Europe now via Richards Bay port since the Russian started supplying China instead. South Africa seems most likely for a metcoal offtake partner whilst an immediate discounted deal could be done to supply thermal for the local power station.

Zimasco (Chinese) https://zimasco.co.zw/
ZZEE (Chinese) https://energycapitalpower.com/construction-completed-at-zimbabwes-new-50mw-thermal-power-plant/#:~:text=Construction%20of%20the%20new%20Zimbabwe,further%2025%20MW%20in%20October.
ZPC is directly supplied by Hwange Colliery (aptly named ****ie previously) https://www.zpc.co.zw/powerstations/1/hwange-power-station