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Unfortunately I didn't Adam I was stuck in a bloody meeting at work but I will be buying tomorrow. Just can't see the banks pulling the plug and ending up with a couple of mill scrappage value at the end of the day MTl have been making the required interest payments just not the capital sum repayments
Interesting that baker steel were never approached for the equity, as blackstone alluded too they must have already known it was always going to be back to negotiations so why bother. Today's rn's I am just taking as window dressing, it could well be they wanted to crash the sp further to bolster the fact that it would be impossible to get a placing/rights issue at the current sp level.
Bowden knows what he's doing he didn't take the job to fail he was VP of operations at Nyrstar for god's sake it's a 3.5billion market leader in zinc/lead and precious metals and he was running seven underground mines in six countries a million miles away form the previous management, the guy says that he can get it up or close to capacity by mid-year which is 3/4months away now so I will continue to add to my holdings
Sorry forgot to add as duke has pointed out on advfn that the original bfs had gold at 1000/0z and at present it’s 1300 now or thereabouts so in theory that cancels out the reduction and then some
It's roughly 1.6g/t 20% less than the bfs at 2.0g/t so it means they have to put more material through, nothing to do with the efficiency of extraction or processes - just means that the mine life span will be slightly reduced from the original estimation until the further exploration is carried out.
and this goes into a lot more detail and includes the runruno plant
https://books.google.co.uk/books?id=uOJgDwAAQBAJ&pg=PA186&lpg=PA186&dq=biox+recovery+philippines&source=bl&ots=KdKA55W4Wr&sig=ACfU3U3Zf-bKSjDyeNi9LHeYwJ1VyQqkew&hl=en&sa=X&ved=2ahUKEwiOx9OK1t7gAhVC1uAKHbiWDwAQ6AEwCXoECAoQAQ#v=onepage&q=biox%20recovery%20philippines&f=false
Read this retired:
https://www.springer.com/cda/content/document/cda_downloaddocument/9783540349099-c1.pdf?SGWID=0-0-45-308290-p173664715
Could be just background sells being worked
Sorry Adam, to answer your question 4mill in isa at average of 1.89 (was a lot lot higher), just over 2mill in trading account at 0.7 av - £5k is top up which I will probably look at using sometime around the 11th March onward.
Joking aside Adam, it could go any number of ways - if it is as stated on SP that the licence reverts to the government then strong arming would result in a lose situation for the bank - who would want to purchase a mine with no license and these things take a long long time to receive in the philipinnes. Candy and Edwards could offer the shortage in the wrapped up mezzanine facility although the figure that may be required could be quite low given that gold is around the 1320 mark and three months of good production should be halfway through by now - there could be a private placement at a higher sp with warrants attached for the shortfall.
Bowden seems to have a clear plan and from what has been said by both baker and sp at he is confident of hitting that nameplate by mid year which is only 4months from now - all I know for sure is that I've got £5K to one side when the opportunity presents.
We're doomed i tell ya doomed get to the chopper, FFS, we are all going to get diluted in oblivion well according to the two posters who seem to have joined within the past couple of weeks lol
Agree with your thinking you also need to take into account the 65million shares dumped by whoever that crashed the sp to .4 in the first place likely that a reasonable amount are in sticky hands I took another 2mill and I know others have more but they had to churn through to get the so rising again so likely a fair amount went to short term traders who are probably offloading in addition to ruffer. They seem to be pretty on the ball when it comes to disclosing though at least have been in the other aim stocks they are offloading
it's aim no real news for 7 weeks now, apart from new cfo appointment which is bye the bye.
I assumed rightly or wrongly the reason for the extension to the 31st was to allow the new management team/plant to demonstrate turnaround figures during the 1st quarter to provide actual figures to whatever rescheduling has been proposed. Last couple of weeks of previous quarter and first 8 weeks of this should give sufficient data to show uptrend.
If you look at the previous quarter's they always refer to biox throughput at xx percent, this is only referring to the material passing through not the actual gold recovery rate which is the most crucial.
I saw that bit Mac "although not the tonnages mined or gold poured" could be they were overstating the biox and understating flotation? might be the reason Holzberger was shunted so quickly.
Apart from that i think took stock quite a while back when the sp was around 15-16p so when it pings up on their screen they are probably looking at around a 90-94% decrease in value
i don't know what they base there portfolio management on nor which fund they hold MTL in but their total return fund was at 3.1bn which is just one they run, they probably just trim the under-performers to manage risk.
it's not a proven producer though can't compare it with the likes of Fres and HOC, it's a high risk play yet to be profitable.
Think it's just down to their portfolio management, trimming poisitions etc they have sold quite a few times that i can remember, think the best was around March 16 at 4.38 couple of months later the sp was 8.5
TBH I have no idea, Walker has an impressive CV it makes sense for him to remain as he represents one of the major shareholders, surprised that simovici has gone but he did mess up recently so it may have something to do with that but with Dean and Wilson resigning back in May it means that currently simovici is the only one representing MTL sarl.
https://www.dailymail.co.uk/news/article-3700450/SEBASTIAN-SHAKESPEARE-Property-tycoon-Nick-Candy-sues-hacked-1-25million-sophisticated-fraud.html
If you go back to Blackstone's previous article in Dec
"Normally, when a company defaults on its loans the shareholders are stuffed and the current share price suggests the company is indeed bankrupt. And yet what makes Metals Ex different is that its two largest shareholder who account for 70% of the equity are in the position to take over the debt and, as the major holders, of the equity are unlikely to punch themselves in the face. They have long been negotiating with the banks, who have almost certainly written down the value of the loans. A cynic might wonder whether the software problems which the company recently announced might have assisted them to stiff the lenders!
It appears they have taken the company by the scruff of the neck with the imminent appointment of a new chief executive. Ian Holzberger who has stepped down from executive chairman to a non executive role has been accused (maybe unfairly) of spending too much time in his native Australia while collecting an annual salary of over £500,000 a year.
The company has been floundering since it started commercial operations when it should have been flying, I can only see it as a good thing that there has been a major shake up which must have come from either the major shareholders or the bank saying enough is enough probably following the last **** up with the software and strip caclulations, it was probably in bowdens remit that he could make any changes he sees fit, hence the raft of resignations and changes since January.
Regardless of the above i guess we will have to wait and see before the weeks end what has been agreed and how the plant is currently working Good luck all
Simovici has sat on the board as a ned since 2015 as mtl sarl (candy’s) appointed party
Trustee account sorry not trust