RE: Good luck all11 May 2021 10:56
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!
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