You'll be back in here in no time Sandy, Manaila won't be like that forever ;)
Tranche 2 is incoming next week or after, Vast can then start the journey to achieving possible year-round production for Manaila.
For newbies: In the past they have endured severe winter conditions that hampered production at Manaila, frozen ore on the trucks between the mine and the processing plant at Lacobeni some 30+km away and equipment shutdowns, etc.
The metallurgical plant (to be built onsite at Carli) obviously means huge efficiency and production value. Carlibaba and Manaila are connected by a 2km link underground which will also help keep the ore workable.
Good point, my original estimates had perhaps wrongly included the remaining 55km2 of the community trust area in future JVs but actually that is still "inside Marange" so I'm guessing now the 86/14 split applies to the whole 70km2 community trust claim (should we be awarded more concessions within that area).
For reference, when I talk about the community trust area I'm referring to the MZCT 6915 hectare (69km2) area that Lee pointed out the other week.
There is an interactive map on the Global Witness site at the bottom of this page here showing all of the claims, ours is part of ZMCT (bottom right):
https://www.globalwitness.org/en/campaigns/conflict-diamonds/inside-job/
I agree. I think there's more to be found at BP as well, won't be run as inefficiently as it was 10 years ago and the additional pipes to prospect once production gets underway, all the while remembering this is not our biggest asset, but it is our biggest stigma - once we shake that off we should be well on the way.
Well, all I know is, it's in hand as AP wouldn't be so calm and cool with such a tight deadline to pay Baita SA. Sounds plausible the money is being shuffled from group.
We'll see next week, it's happening for sure, no doubt about it... unless he signs the wrong box on the licence, heh.
Thanks Buko, good memory!
Couldn't help but keep looking this evening, and, well... from the 2015 final results you can read...
" Restricted cash
A cash amount of $636,519 (2014: nil) was, at the reporting date, held in an escrow account for the benefit of Baita SA in order to provide proof of ability to pay a debt that would become due to Baita SA following transfer of a mining sub-licence to Mineral Mining SA under the terms of the Protocol (see note 15). As at 2 June 2015 the escrow conditions restriction governing this cash fell away and the full amount then reverted to the beneficial use of the Group. "
This showed in "Restricted cash" of $637m in the 2015+2016 annual results, it vanished from 2017 results.
...so from that I'm to understand they just used the cash elsewhere... :|
Time to sit back and chill, reflect on what's been materially achieved so far this year and what's about to happen.
I've been unusually hyped and agitated this week but everyone posting here has helped to steel my resolve.
Ah there it is, page 33 of the yearly report:
" Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the
conclusion of conditions precedent to completion of a contract, are disclosed separately as “Restricted cash” "
..tho I can't see a restricted cash value reported anywhere, heh. I am thinking they have put enough to one side for paying Baita SA, IMHO.
I feel my investment is much much safer now, knowing production is merely months away (and we can confidently say that now, for the first time!).
Enjoy your weekend. I didn't get a chance to drink to APs success on Weds but I will tonight, here's to AP - cheers fella!
Hi Cast. Correct me if I'm wrong as I'm not a corporate accountant, but funds held protected in escrow (say, for purchase of a mining licence) are not included in cash balance reporting?
In which case there is more left in the purse than people think so it's all good, I believe?
They're grasping for explanations as to why the SP dropped or didn't boom after the great news... truth is we don't know, all conjecture. My theory is we had more traders than we thought and they've been offloading to sniff other shares.
Yes 86.66% of the "currently" allocated 15km2 area of the Heritage Concession - the overall size of the HC is some 70km2 by my reckoning, and any future JVs with BOD in those areas (should we be awarded access following proof of concept) will likely be 50:50 split with BOD.
It's worth a lot more than we think, and BODs expertise cannot be understated. James Campbell has done extremely well for Botswana's diamond industry.
Combination of "I'll believe it when I see it" sentiment in the market and the recent market massacre may have gone against us.
In my head - without Zim or any other producing assets - I imagined 0.8 on the news with a nice steady climb to 1.2p on production come Feb/Mar 2019.
That can still happen, I keenly await updates from the ground next week, and Vast would do very well to get photos out there and for f's sake is it too much to ask for some decent PR? St Brides liking Vasts tweet does not a PR agency make.