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These guys have been listed on the BSE for 6 years and 3 months, made little headway and don't have pension fund backing. Just goes to show how well TLOU is being managed going forward towards success. http://www.miningweekly.com/article/african-energy-to-delist-from-botswana-exchange-2018-01-19
These guys seem to be a country mile behind TLOU.... http://www.energynewsbulletin.net/africa/news/1310335/strata-goes-serowe
Here's an interesting article detailing the energy deficiencies for all countries in Southern Africa. Don't know how TLOU fits into this but there seems to be a lot of power hungry countries down there. https://southernafrican.news/2017/12/08/australian-coal-miner-set-to-light-up-sadc/
Today's news on the Tanz/ACA/Gold story goes from dread to worse. Here's the scoop from CNBC Africa. The last paragraph is beyond grim. "There are any number of reasons for the Tanzanian government’s decision to submit the tax demand – even if it doesn’t think that Acacia will ever pay. It could be a further bargaining ploy, a plea for attention, a failure of coordination or a strategic miscalculation. But the most likely explanation is that this is part of a mounting campaign to drive the miners out of Tanzania altogether. Last week, Magufuli announced that if the mining companies continued to delay negotiations, "I will close all mines and give them to Tanzanians." The words "all mines" confirms that SHG is being tarred with the same Gold Mine grab strategy. This is my last post on this matter. I was considering investing here, but there is now as much chance of that as Lord Lucan finding Amelia Earhart. Here's the link, and good luck to all holders here. You'll need it. https://www.cnbcafrica.com/news/2017/07/28/bets-off-magufulis-resource-nationalism-moves-gear-tanzania/ With every new development, this threat seems less and less an idle boast.
Sorry, the bill is $190billion. There are other issues involving ACA including a class action against the company for 10 deaths which have occurred since 2013: http://www.mining.com/acacia-mining-now-hit-190-billion-tax-bill-tanzania/
I think that SHG made it clear some weeks ago that they were not impacted by the export ban. The issue is that the Tanz government has been clear that all Gold miners are in the dock over back taxes, existing contracts and licenses. So SHG is in the dock along with ACA, and ACA, yesterday, were handed a bill for $154billion in back taxes owed. I believe it would be most helpful if the SHG Board were to inform shareholders of the equitable nature of the existing contracts and taxation arrangements with the Tanz Government.
"Tanzania's Magufuli threatens to shut mines if firms delay tax talks." "Tanzania's President John Magufuli has threatened to close down all gold mines in the country if mining companies delay talks with his government aimed at resolving allegations of tax evasion. The announcement by Magufuli, nicknamed "the Bulldozer" for his forceful leadership style, marks a further escalation of a dispute with foreign companies like Acacia Mining over export revenues. "We have asked them to come for talks ... they have agreed to come. But if they delay those talks, I will close down all the mines," Magufuli told a cheering crowd at a public rally in the northwestern town of Kigoma." http://www.the-star.co.ke/news/2017/07/21/tanzanias-magufuli-threatens-to-shut-mines-if-firms-delay-tax-talks_c1601833
Yes Daisan, a mining company undermined by the Government of the country in which they operate. Not the first and not the last.
http://www.mining-journal.com/financeinvestment/politicstrade/acacia-could-lose-tanzania-mines/
I'm out. I agree with those that state that FOX cannot afford the additional Broker fees. It is clear that a substantial placing is now inevitable. The trademark case proves that the existing marble producers are going to fight FOX to stop them getting established and taking market share. This is just the start. An 18.2% drop in the order book is terrible. Also terrible is a lack of judgement in their distributors when one goes down the stank - Pisani. All bad for FOX and I am very, very, very happy to out.
Tanzanian President signs new laws. Here's the details: https://www.voanews.com/a/tanzania-president-signs-new-mining-bill-into-law-/3936493.html
It would seem that the Tanzanian Government have some justification for their actions. Perhaps SHG are, in fact, unlucky in the sense that this situation has come about through no fault of the company or the Board of Shanta. However, some communication from the Shanta Board is now overdue. The fallout from this is turning toxic very swiftly. This, today, from the Guardian is the best article to date on this sorry state of affairs. https://www.theguardian.com/global-development-professionals-network/2017/jul/06/a-brutal-lesson-for-multinationals-golden-tax-deals-can-come-back-and-bite-you
More analysis on the Tanzanian governments new laws in relation to their effect on ACA. https://www.digitallook.com/news/news-and-announcements/tanzanias-new-mining-laws-ominous-for-acacia-mining--2754654.html
Here's some coverage of the Acacia situation in today's Telegraph: http://www.telegraph.co.uk/business/2017/07/04/acacia-mining-management-locked-talks-tanzania-barrick-steps/
Greetings Daisan, I stated earlier that I was looking at AAZ and SHG for some future Gold exposure. At that time, it seemed to me, that the issues for SHG were largely outwith their control, and so it has proved. I have burnt in the past investing in companies which are 100% exposed to the vagaries/lunacies of within the continent of Africa. As you know the Azeri Gov, have a large stake in AAZ and therefore seem well disposed to encourage future success over time in their enterprise. The Tanzanian Government seem motivated in the opposite direction. Right now, for me, AAZ seem fair value and every crazy buy in price is crashed with regards to SHG. Unlike you, however, I do not think SHG is unlucky. This is just par for the course in doing business in Africa. Still, it could all turn on a sixpence at any time, and the bounce could be mighty although it seems that the Tanzanians have got it in for ACA and SHG are just collateral damage at this time. Time can heal all ills though, and SHG are well placed if sanity and normal service is resumed. GLA.
Wow - Order Book down 18.2% and the sp goes up 1.39%. Makes you wonder what will happen if we ever get some good news !
I wonder what VEL will do when Airbus Group terminate their orders 5 minutes after Brexit? It would be ironic if any VEL employees voted leave!
It's worth noting that the last 2 Fox sales were to the 2nd and 3rd top producers of Marble Worldwide. Seems like the quality of Fox Marble's products is very high indeed.
"According to Italy’s Internazionale Marmi e Macchine Carrara S.p.A., world dimension granite and marble production, including the United States, was estimated to be approximately 155 million tons in 2014, the last year for which data were available. Although some small-scale production was likely in many nations, dimension granite and marble was produced and officially reported in 27 countries. The top five producing countries in 2014 were, in descending order by tonnage, China, India, Turkey, Iran, and Italy, and these countries accounted for about 74% of the world’s dimension granite and marble production. Global production of dimension granite and marble increased by 12% in 2014 compared with that of 2013. The United States ranked 18th in world production of dimension granite and marble in 2014." Extracted from: https://minerals.usgs.gov/minerals/pubs/commodity/stone_dimension/mcs-2017-stond.pdf This information was sourced via the Stone Alliance U.S. website which is 59% owned by Fox Marble.
Given that the FOX factory will be fully operational in a couple of weeks, some juicy high margin, 70% profit, orders would be most welcome at this time and not unexpected. I am convinced that the real danger for FOX, from here on in, will be managing success.