Member Info for rustybucket

L3 Trader. That is incorrect. You do not take into account the fact they are looking to process other peoples concentrate. At a price, and at a profit. Otherwise they wouldnt do it.

That link, doesnt seem to work, Thanks anyway, so reproduced here..

K&S ACHIEVES RECORD-HIGH MONTHLY SHIPMENT VOLUME IRON PRICES REMAIN STRONG
Friday, 12 April 2019: IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”; Stock Code 1029) is pleased to announce that in March 2019 its K&S operations achieved a monthly record of c.210,000 tonnes of 65% concentrate, sold and shipped to customers.

This was achieved in spite of the volume shipped being slightly affected by a minor logistics issue, caused by 3rd-party locomotive malfunction, which restrained onsite wagon maneuvers and loading.
It should be noted that the shipped amount is lower than the previously announced production volume (>80% of designed capacity) because the malfunction, in turn, caused the production at K&S to be temporarily reduced, when storage capacity was reached. This prevented the plant from making a further significant increase in volume.
Happily, this logistics issue is already resolved.
Meanwhile, the spot iron ore price has been rising following the recent global supply disruptions. The price for 65% Fe has increased by more than 20% year to date and this would benefit K&S as the mine continues to ramp up its production.
Commenting on the news, Yury Makarov, Chief Executive Officer of IRC said: “I am pleased that K&S has achieved this record. It is annoying that the locomotive problem affected our shipment volume in March and good news that it is already resolved.
Taking advantage of the stronger commodity markets and the recent recovery of the iron ore price is helping K&S as
it continues the final stages of its production ramp-up.”

Lawrence 13 Sorry ( lol )

Thanks for that KVZR, ENGLISH TRANSLATION BELOW.

April 11, 2019, NEDRADV. In January-March 2019, the volume of gold production in the Amur Region amounted to 3,966.9 kg. This is 6.5% less than during the same period last year, when subsoil users released 4240.8 kg of precious metal.
As NEDRADV was informed in the regional ministry of natural resources and ecology, the largest volume of production was provided by three enterprises of the Petropavlovsk group of companies. In particular, in the Malomirsky mine, in the three months of the year, 1,383.8 kg of gold was obtained, which is 60% more than in the same period in 2018. The increase in production at Malomir is associated with the active phase of development of this field. At Albynsky mine, production increased by 5%, to 1,284 kg. In connection with the completion of the deposit, the Pokrovsky mine reduced the metal output by 51% to 681.4 kg.

The remaining volume was provided by LLC Berezitovy mine (part of Nordgold) and Priisk Solovyovskiy JSC. Work on alluvial gold deposits will begin in the region at the end of April-beginning of May. Recall that by the end of 2018, 22.7 tons of gold were mined in the Amur region, of which 14.1 tons of primary and 8.7 tons of placer.

What a ridiculous statement. " ......MA is the main cause of all this. " Ashley for all his faults tried to offer a solution. Yes, probably for his own benefit, but at least it would have left shareholders with some skin in the game.

No the culprits are The BOD. An absolute disgrace, they did not even have dialogue, and done by letters.

Why they couldn't have asked LSE to temporarily suspended the shares and had real dialogue is beyond me.

Oh yes I remember, it was because Ashley wanted to be CEO and they would have lost their board places. They didn't care 1 bit about shareholders, just keeping their board places and their hefty salaries for failure. An absolute disgrace from start to finish. I fees so sorry for shareholders who have lost out because of these incompetent idiots. But to blame Ashley, He was never in control when the ship was sinking. You need to look closer to home. Those at the helm.

This has been alluded to previously, and was reported in a RNS, PROBABLY because of the refinancing of IRC and the fact they have their money back to boost the coffers.

I dont think this is a new purchase, we have seen RNS before relating to things held in the cayman Islands. I think it is either a transfer, or a change of name. Peronal opinion only. But I think it is misleading. !!!!!

11. Additional information xvi
Comment regarding Prosperity Capital Management (UK) Limited: Prosperity Capital Management Limited is the sole shareholder of Prosperity Capital Management (UK) Limited that acts as investment manager of Russian Capital Management SICAV
Place of completion Cayman Islands Date of completion 04 April 2019

So Basically, you are agreeing with Retired Banker ??.

IRC need to find new customers who will pay top dollar for their offerings. Or at least a premium to the 62% IRON. Not really Rocket science.

The continued use of this does not show the "Real" figure as EBITDA is an abbreviation for earnings before interest, taxes, depreciation, and amortization, EBITDA attempts to measure free cash flow based on numbers in a company's income and cash flow statements. But like most valuation methods, the effectiveness of EBITDA varies by calculation method and company.

The results are also clouded by revaluing assets that have previously been written off. Some would say " creative accounting". The real thing, as others have alluded to is. Can IRC produce enough profit to repay their loans on their own and make real profit in addition after loans and expenses have been paid.

As Retired Banker has alluded to, no use ramping something up, unless you are making a profit, as all you do, is create a bigger loss. Hopefully when costs are reduced by the full opening of the bridge, we will see some light at the end of this long tunnel called IRC.

At least its paid the wages of the sprogs, and now Hambro.

Thanks Brassneck and 1GW

$169m + $57m + $6m = $232m

The Gazprombank Facility will be used, inter alia:

· to repay in full the sum of approximately US$169 million outstanding under the ICBC Facility;

· to repay Petropavlovsk, by 21 March 2019, the Rouble equivalent of approximately US$57 million, in addition to any accrued interest and fees, as full repayment of the two Bridge Loans; and

· for the payment of approximately US$6 million which is owed by K&S and IRC to Petropavlovsk in respect of the guarantee provided under the ICBC Facility.

The Proposed Guarantees to be provided by the Company will comprise of:

· a corporate guarantee with a maximum liability for the Company of US$120 million (the "Corporate Guarantee"). The Company's liability under this guarantee will be reduced to zero on the satisfaction of the Corporate Guarantee Conditions, as summarised in the Circular;

· three two-year fixed term guarantees with a maximum liability for the Company of US$40 million under each guarantee, and which come in to force consecutively, starting on the date on which Shareholder approval is obtained at the General Meeting ("Fixed Term Guarantee A, Fixed Term Guarantee B and Fixed Term Guarantee C"); and

· a two-year fixed term guarantee with a maximum liability for the Company of US$120 million which comes in to force on 21 December 2024 ("Fixed Term Guarantee D" and together with Fixed Term Guarantee A, Fixed Term Guarantee B and Fixed Term Guarantee C, the "Fixed Term Guarantees").

The Gazprombank Facility will be used, inter alia:

· to repay in full the sum of approximately US$169 million outstanding under the ICBC Facility;

· to repay Petropavlovsk, by 21 March 2019, the Rouble equivalent of approximately US$57 million, in addition to any accrued interest and fees, as full repayment of the two Bridge Loans; and

· for the payment of approximately US$6 million which is owed by K&S and IRC to Petropavlovsk in respect of the guarantee provided under the ICBC Facility.

The Proposed Guarantees to be provided by the Company will comprise of:

· a corporate guarantee with a maximum liability for the Company of US$120 million (the "Corporate Guarantee"). The Company's liability under this guarantee will be reduced to zero on the satisfaction of the Corporate Guarantee Conditions, as summarised in the Circular;

· three two-year fixed term guarantees with a maximum liability for the Company of US$40 million under each guarantee, and which come in to force consecutively, starting on the date on which Shareholder approval is obtained at the General Meeting ("Fixed Term Guarantee A, Fixed Term Guarantee B and Fixed Term Guarantee C"); and

· a two-year fixed term guarantee with a maximum liability for the Company of US$120 million which comes in to force on 21 December 2024 ("Fixed Term Guarantee D" and together with Fixed Term Guarantee A, Fixed Term Guarantee B and Fixed Term Guarantee C, the "Fixed Term Guarantees").

THE RECOMMENDED PROPOSAL TO GUARANTEE THE OBLIGATIONS OF K&S, A WHOLLY OWNED SUBSIDIARY OF IRC LIMITED, UNDER TWO FACILITY AGREEMENTS WITH JSC GAZPROMBANK

As announced on 19 December 2018, Kimkano-Sutarsky Mining and Beneficiation Plant LLC ("K&S"), a wholly owned subsidiary of IRC Limited ("IRC"), signed two new broadly identical facility agreements with Gazprombank (the "Facility Agreements"), whereby Gazprombank will provide K&S with a US$240 million facility, for the purposes of, inter alia, repaying in full the outstanding project finance facility K&S has with Industrial and Commercial Bank of China Ltd ("ICBC") (the "ICBC Facility") and repaying the bridge loans provided by Petropavlovsk to IRC in June 2018 and December 2018 (the "Gazprombank Facility").

Pursuant to the Facility Agreements, the Company is to guarantee the obligations of K&S up to an initial amount of approximately US$160 million through a series of five guarantees over the life of the Gazprombank Facility (the "Proposed Guarantees"). The Proposed Guarantees were entered into by the Company and Gazprombank on 15 February 2019 and the effectiveness of each of the Proposed Guarantees, in accordance with their respective terms, is conditional upon Shareholder approval being obtained at the General Meeting to be held on 12 March 2019. A further announcement will be made later today in respect of the publication and posting of a shareholder circular convening the General Meeting.

Overall, the Facility Agreements are on terms more favourable to Petropavlovsk, IRC and K&S compared to the ICBC Facility, for which the Company currently acts as guarantor. In particular, the repayment schedule pursuant to the Facility Agreements aligns with the proposed ramp up of the Kimkano-Sutarsky Mining and Beneficiation Plant (the "K&S Mine") and the revenues that are anticipated to be generated by it.

The Board of Petropavlovsk believes that the Proposed Guarantees, which are subject to approval by Petropavlovsk Shareholders, are in the best interests of the Company and its stakeholders for the following reasons:

Cant believe our resident comedian didnt pick that up....................................... Oh that would have been nearly a positive so he cant post that.

Retired Banker, the refinancing does exactly what you say, i.e gives them some breathing space, and you are correct, which is why they have probably put back results ( well spotted )

Hopefully, and I do say hopefully, once transportation costs are reduced they they can start making money and start repaying some of their loans.

Better still they start making good profits Iron Ore goes up and someone comes in with a too good to be true offer to buy them. That last part was in my dream.

On TAP, Giving his words of wisdom.

Or already trying to put seeds of doubt into people.

He must have some axe to grind.

Tap has had a much bigger spread through this process sometimes as much as 10p.

Who said the refinancing wouldn't happen.

You were wrong.

Onwards and upwards.

You asked for it, it delivers, all positive, in his dreams. I know one knob end on the end of my drawers, I know another one now.

What a Plonker !!!!