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A re-enactment of BAO. Wont be selling out and will take my chances with this being a private company - although likely it will be renamed Greenstone who clearly now hold all the cards. Feeling somewhat aggrieved at perceived mismanagement of the company by the likes of JB. Complete lack of updates in regards to the license, what exactly have they been up to for the past few months..... something it not right. One thought being, perhaps they need to move it private so as to allow this to move forward and not be subject to as many regulations as a listed company. All above imo.
Agree fully and these were my fears months ago once Greenstone became so heavily involved - but frankly so much already lost not much point in selling out as it always had the possibility to come good. I feel we will just keep drifting now, no decision will be made on the license until this becomes a private company and then is more flexible in its procedures.... just a feeling.
Still awaiting license ...... No news from the company, nothing to say with no idea what is going on, imo.
and the silence continues another almost 3 weeks later. At least the share price seem to have stopped falling for the moment.
That should say 'no news' not 'now news'
I listened in on the conference call. Not impressed same old hashed out except to say now news back yet NLZM and actually no idea when they will reply. This, regretfully, looks like a dead duck. The usual dire warnings that if we dont agree to what NRRP board propose it could very well be curtains. Frankly i would expect after consolidation the price to slip back to sub 1p. I certainly wont be taking up the offer to allieve myself of further funds and as the current chairman doesnt have any skin in the game what does that tell you........
So seems the 2nd has been and gone with no info. JB better have so good chatter tomorrow if he wants more pi's to pony up additional funds. At the moment this is looking like a one way bet, down the drain.
RNS dated 28th June, section 2 about halfway down. Paragraph starts "on 2 June 2016 the Ministry informed......." and feedback to be rcvd on or before 2nd July.
I read it as 1. 250-1 share consolidation. 2. The right to buy 1.41 of consolidated shares for every 250 currently held at a price of gbp0.2375. 3. You can apply for more than this. So if you currently own 1 million shares. 1. New share amount is 4000 shares. 2. Right to buy 5640 shares at gbp0.2375p but you dont have to take up this option. (So you need to pony up a further gbp1325.4 to take the full rights). Frankly i took the rights option last time and was left worse off, now once bitten twice shy especially whilst still awaiting response from NLZM on the mining license (response due by 2nd July so this may change my thinking).
Are you still about? Whats your thoughts on this with Greenstone?
The cuckoo is hatching, looks like a fait acompli from the company now. Relinquish 75%+ control to Greenstone or we are going bust. I cant see the point in ponying up more money on this as looks like a share consolidation will happen and Greenstone are holding all the cards. Anyone think they, along with the BOM (who clearly cant find their license from their elbow) will take this private leaving pi's with next to nothing?
Time to buy Rio today i think (once it has been clobbered!) Iron ore pretty flat at the moment.
and the wait continues....... anyone any idea approx how much funds are left and our monthly burn rate, after the previous info about likely fund raise it all seems a bit too quiet.
i think the coal could become more of an issue for these big miners as well. Both coking and thermal. Iron ore index bit flat yesterday but sentiments are negative.
Index down to USD48.5/dmt CFR for 62% as of last night. Steel prices remain weak. More pain to come in this one imo. I think penelope call is right on this. sub 17 to come.
Read the proactive investors update today so placing coming for "working capital" and no clear end to when the license is coming or even, with current legislation if the license, in the form it currently is meant to be issued, will be compatible. Have a horrible feeling the placing is going to be sub 0.10p just thanking myself that i hadn't topped up yet to try and average down.
Down to usd51 and change cfr basis 62%. Not looking good. Billet/hrc sank over the weekend and yesterday. Slight uptick in billet today but seems price trend is relatively clear, down. Iron ore needs to fallen. Scrap already collapsing.
This seems to be the fundamental problem, the data is poor and seems to get worse but: Infrastructure investment in China was up 19% in the first four months of 2016. (Q1 was 19.6%). Real estate investment was up 7.2% for first four months (Q1 was 6.2%). So, to me, it looks like they are throwing money into the economy and its still struggling....
Q1 cash cost cut to USD14.79/wmt (down from USD15.8/wmt the previous quarter). Q1 exports @ 42million mt. Further cost cut due to early debt repayments; USD577 million on 1st June and a further USD650million paid back some time in May on senior secure term loan due in 2019. Total yearly debt purchase in a year of USD2.3billion and will save USD164million yr in interest. Outstanding debt is: USD4.2 billion for repayment in 2019 USD2.6 billion for repayment in 2022 Seems FMG making some decent money at the moment so if pricing heats up they have room to move.
I keep hoping that the mid term period will end soon as that we will get a nice substantial recovery (please come back the days of fluctuating between 0.5 - 0.7p)! Dont we have news due soon on what we are going to have to relent on to get this license (no doubt we will end up having to give away a not insignificant percentage to some 'well-connected' group) - all just imo. But the sooner we can nail things down and just get on the better. Am still fearful though that we have a cuckoo in the nest with our financing.