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Been distracted by other stuff the last few days so missed all the fun! Hope all well.
Someone asked about Vutomi - hope I'm not repeating anything which has already been said but it's in the 2017 RNS as Mike said, so far two of the three 'hurdles' have been achieved hence BOD currently own 40%. The right to up that to 72% depends on a couple of further hurdles and involves a small amount of cash and BOD shares to Vutomi. The maximum BOD can get to is 72% as 28% has to stay with local black empowerment interests. Vutomi as I understand it is owned by local interests basically 4 local guys 3 of whom control it, one of whom is JC (and, again a % - 28% again IIRC - owned by local BEE interests). The 'white' shareholders are sector specialists but none of the shareholders have the financial resources to develop the licences themselves, hence the relationship which JC introduced to BOD and its access to capital. Ultimately, as I understand it from past conversations with JC and Johnno, Vutomi expects, and completely accepts/has little choice, to be diluted down as per the above for the the licences to be developed, and in any case that dilution is mitigated by their continuation of interests through the resultant shareholding in BOD. Unless I am missing something it should work perfectly well for everyone?
Re Marsf and the comparison of cpht to these blows, I wouldn't read too much into that - the samples were pretty small, it'll take the next round of lab testing and drilling to work that one out definitively. Also, I gather the M1 cpht was distorted by both the geology and the manner in which it was initially mined - the upper levels first drilled contained a high incidence and high quality stones (not least hence the 3 day payback), the remainder was more 'normal' distribution and quality.
Re the escarpment which is in the way between the two blows, I gather that a bulldozer should be able to sort access in the matter of a day or two's shovelling.
Onwards and upwards, GLA!
They had a few bottles of cooking’ Teeling in a local Tesco a few weeks ago though I didn’t buy any and haven’t seen it there since. Probably a bit cosmopolitan for the wilds of rural Lancashire!
Rich - re the whiskey it was 2019 and the 24 yr single - see here: http://www.worldwhiskiesawards.com/winner/worlds-best-single-malt-world-whiskies-awards-2019
Mike - you aren't far wrong, my first look-in was indeed about 7 years ago - around about the same time I went into Vast (so help me God!), although I've not been in here as long as some of the really long standing investors (some are still here from African Diamonds days). You can probably also tell that I'm not really a whiskey drinker either, but at 5p/share I'll suffer it with you lol.
Hi Mike, TBTT, Echo, i think you're all basically on the money with the calcs - we just don't know enough detail to be sure yet but personally I think some very very big subliminal hints are being hidden (or even not-so-hidden) in the RNS narrative and the Twitter photos. I also think that they'd be more likely to seek to partner with someone on a project basis to develop the mine than to allow the whole shebang to be bid for by a third party at anything less than a premium valuation. It'd have to be 5p+ for me to even give it any consideration, anyway.
Mike - i should imagine Johnno will be having a glass or two of his 18yr old malt (to the strains of Shirley B lol) but perhaps waiting for the next stage before cracking open one of his 24yr olds which as you probably know was voted the best malt in the world last year. Perhaps if yours echos/tbtt's numbers prove correct we can shake the hat round between us and get together and celebrate that with a bottle of his 30 year old stuff, appropriately named 'Celebratory Single Pot' and have a drink. It costs £10,000/bottle. I'd be up for it if you guys are!
Re Botswana as I said I only heard rumours re the size of Maibwe but the same story came from more than one source. Foe me it's be more (potentially very big) cherry on top of icing on cake than fundamental reason to be invested here. Re the Aussies I think it's more than just rumour that they are very pleased indeed with their Kalahari adventure so far. The stars continue to align!
Mike - presumably several million cts, but it's only rumour as far as I know.
Let's concentrate on this brilliant news from Thorny/Marsfontein for today shall we lol.
Sounds pretty good to me too Mike, amazing in fact!
Thanks James (and Trevor), nice work guys!
Cornamaddy - i too have heard tnat the Aussies have been ‘busy’ and are ‘very happy’.
And then there’s Maibwe... strong rumours lately on the streets of Gaborone of an imminent resolution, and that it’s one of the biggest discoveries found - anywhere, ever, but has been kept quiet. A perfect storm? We’ll see (Or dream!)
Another blow would be nice - or even better, how about, based on the tweet photo of them drilling eastwards towards the first blow, it being one continuous blow. We can dream!
TBTT - Hopefully tomorrow yes I think maybe so too! Fingers and everything crossed for a good result!
TBTT/Mike - Not sure where he's getting the $100m from but the total revenue for the M8 mine was approx $250m at 1998/9 prices. They didn't mine it particularly elegantly or efficiently, rather the opposite so as to generate as much a return in as quick a time as possible (hence some extremely large stones being broken we were chatting about the other day). The ownership of the mine had been a subject of some dispute for some time (I can't remember the details off the top of my head I'd have to check my notes) hence at least in part there was a keenness by DeBeers and Southern Era to strip it as quickly as possible.
There’s enough decent posters on here for that i should think (so long as it doesn’t end up like the Vast idiot-fest!). No clue how to do it though!
Mike - I was about 4 years behind you, started at Grievesons ‘86, never worked with Malcy but encountered him plenty as I was analyst/sales for Norsk Hydro, Saga, DNO and the tanker co’s. I was later at Flemings and Smiths.
Anyway, back to diamonds lol...
Mike - your reference to Mark Harris/WdB strikes a chord - are you ex-City if I dare ask? I’m putting dates on us both by asking, I suppose!
Mike - I think one of them may be the old Irish farmer pal of Johnno's who has made a lot of dosh out of past Teeling-related investments, he turns up at AGMs and heckles him when he tries to speak, quite hilarious. The other fella I have no idea, and as for myself I couldn't possibly comment...
TBTT - that sounds about right!
JD - James does hold shares and took part in recent placings. A couple of us know him quite well personally, he's driven at least as much by the the academic and professional kudos and success of finding another Big One as financial rewards (see the photo he posted of him and his professional peers the other day - it speaks volumes!). Johnno T on the other hand... lol... and he DOES have plenty of skin in the game.
Mike - the 40% interest in Vutomi rises to 72% based on certain discovery/development milestones being achieved and payments - can't remember exactly but it's not onerous in the context - ie in the £100ks not millions. The 28% balance will remain with local black economic economic empowerment partners which is politically no bad thing.
TBTT - re Echo's 'loose' shares - get in the queue sunshine! lol
Sounds like we’re all in a similar ball park calcs wise based on what they’re formally telling us and James’s tweets. Just needs formal onfirm, which as Echo says sounds promising.
I'll correct myself on re-reading Cast's presentation - a few big stones were damaged but one particular stone was broken into 5 pieces and would have been 400+ Carat if it had been retrieved in one piece.