In other news... hope this doesn't steal our thunder..
https://uk.reuters.com/article/uk-solgold-equity-bhp-billiton-ltd/bhp-doubles-stake-in-promising-ecuador-copper-project-idUKKCN1MP2L6
Let the buying begin!
"The commercial Association Contract has now been executed and the agreed amount of money settled. We will now deploy the start-up team to Baita Plai to commence the implementation of the re-start programme."
“We intend to publish the start-up works programme in order for shareholders to keep track of the re-start schedule over the coming days and provide regular updates over the course of the next six months as we target initial production from Baita Plai in H1 2019.
“This is a momentous day for Vast as we move forward with Baita Plai, alongside our numerous other production, development and appraisal assets in Romania and Zimbabwe, and target mid-tier multi-commodity producer status.”
Those were some dark days thru Crede and Bracknor. At one point I just gave up watching, especially when we didn't have a nomad.
Another way of looking at the headroom request: they are so confident in the company's future they are only asking for a maximum possible headroom of 15% for the next 12 months, which is barely a flesh wound.
I would hope that any future raising is done at a premium at a time where the SP is more buoyant.
What placing? There is no placing as far as anyone knows at this time.
$5M in funding is on the way to startup BP and boost Manaila processing facilities, everything else is conjecture.
The AGM vote is for future placing headroom, not for immediate tea and biscuits, and is to be used for new management and upcoming projects, assuming the vote goes ahead.
The last two placings were put towards projects that I feel were of great value and I would have supported if offered (Manaila earth movers and Marange DD acceleration)... so if Vast need to add new management expertise for the next big project next spring, like say Zagra or Remin, it would be lovely for them to mush on thanks to our support.
On the giving up rights, matters not to me as my broker never offers to participate in placings anyways.
Yes it will take some time to build up here and this first venture will be a proof of concept that will hopefully gain trust and reputation with the local communities and gov.
Zim on the whole needs to start building its own processing/cleaning/polishing industry instead of relying on exporting to China or Botswana (tho latter is preferred still not ideal for them).
AP might be waiting on the new policies before he releases any further Marange updates.
Thankfully, our BoD are building a nicely diversified mining firm to help balance the commodity and geopolitical risks.
https://www.herald.co.zw/vast-resources-to-develop-spv-for-marange-diamond-fields/
[snip]
Meanwhile, earlier this week President Emmerson Mnangagwa said the country is set to announce a diamond policy soon.
“We didn’t have a diamond policy as a country, but we now going to announce our diamond policy. With regards to platinum I can safely say it (the platinum sector) is going to be open to everyone. But the diamond policy is slightly complex and it will be announced by the appropriate Minister soon,” he said.
[/snip]
I think you're right VM, and yes we/I favour the position builders.
The BP planning team are onsite as of now, by Weds we'll have signed proof of the licence, by Fri a project plan for BP startup and maybe even tranche 2 funding. Anyone investing now would be wise IMO, I only can't add because I'm maxed out in my ISA.
It's painful to imagine how much they've squandered their mineral rights due to political greed. Sooner they release the new diamond policies the better.
No idea how true this is.. some guy on twitter...
"Heard a guy who recently moved to the UK from Zimbabwe talk about how the Chinese are extracting precious resources from Africa by dragging fields of mud filled with diamonds near the surface, onto containers shipping them to China simply scraping through the mud to get the diamonds"
..if that's true, how can Zim possibly hope to benefit or audit such activity? Not to mention the lack of ethics, avoiding local labour.