Member Info for Stokes1610

I agree, I would have a lot more respect for the company/directors if they were honest and communicated with shareholders.

Clearly something hasn't gone to plan here and I guess we will find out on the 14th, I suspect they will blame this on the pandemic like in April.

The Bangladesh Government are due to review its Power System Master Plan by the end of the year, this could be delaying the project.

Michael Tang failed to gain enough votes to pass Resolution 3 in the AGM earlier this year, perhaps this is Tangs way of punishment to shareholders notably Phronimos Capital. Resolution 3 was later passed in August

That RNS of the extension of Consulting Agreement with Dyani in June was a big giveaways for me. If the company was close to finding a suitable mining partner, proposing the project and ultimately getting approval, why would they extend the agreement for a further 2 years!

I think the company are just counting down the clock till the MOU agreement expires, I can't see it being extended again in October. They will blame the lack of progress on the pandemic like they did in April. I do expect Polo to announce a new Nomad, However I think the RNS will be on the deadline date and perhaps after hours.

"The minister added that in the future, Bangladesh would not construct any more coal-fired plants because of environmental and cost reasons, but Payra’s second phase and four other existing coal power plants would continue operations as planned."
Not looking good for us shareholders in GCM, I'm preparing for some disappointing news.

Weatherly International PLC said Monday that following operational progress at its Tschudi mine in Namibia, it started a strategic review of its options which includes the potential sale of certain subsidiaries.

In June, the company appointed administrators due to material uncertainty regarding its operational and financial position, after flooding had occurred at its open-pit Tschudi mine in May.

Despite moving equipment in, which stabilised water levels, Weatherly had said it did not know when mining could re-start nor what the financial hit from the flood would be.

"Since June 2018, there have been material improvements to the dewatering capabilities and a strategy enabling stable path to growth has been implemented," the firm explained.

The company said that the scope of the options being considered include, but are not limited to, the sale of certain subsidiaries or the disposal of certain assets.

Weatherly invited parties with an interest in making a proposal to contact Numis Securities Ltd or Treadstone Resource Partners Pty Ltd, who are leading the review.

"The company then intends to provide such interested parties with certain information on the business, following which interested parties shall be invited to submit their proposals," it added.

Weatherly International shares were suspended from trading in June.

It means the company will be delisted from the London Stock Exchange.

<br />Weatherly Namibia CEO John Sisay remarked that, with the necessary financial assistance from Orion Mine Finance, the company is confident of implementing the recovery plan and restoring normalised production levels at Tschudi.<br />ADVERTISEMENT<br /><br />The recovery strategy is based on a 12-week delivery and includes water abstraction, related to all equipment and infrastructure required to reduce water levels in the pits and to pump it into the canal that runs along the footwall of the pit; water discharge, dealing with moving the water away from the openpit mining area and discharging it at re-injection areas which have been approved by Namibia’s Department of Water Affairs; and implementation of various supporting actions to improve post-recovery water management.<br />So far, abstraction capacity has been increased from 1 400 m3/h to 3 000 m3/h through the rental of additional diesel-driven pumps and the installation of 1 800 m of high-pressure high-density polyethylene pipelines.<br />A canal and settling dam are now fully commissioned to handle the water discharge, with the canal capable of handling more than 6 000 m3/h.<br />Distribution from the settling dam is maximised, with current installed infrastructure at 2 000 m3/h to direct water to various discharge points through a stormwater pond, with the balance of the water overflowing the settling dam back into the aquifer.<br />Additional infrastructure is planned to increase distribution by 2 000 m3/h from the settling dam by the end of July.<br />Significant progress has been made to design, cost and implement a significant upgrade of the dewatering infrastructure.<br />The system will be upgraded to increase the abstraction and discharge rate to a nominal 3 000 m3/h through a predominantly electric grid-power system.<br />The system will be developed in three phases at an estimated capital cost of N$44-million. This will include an additional grid-power substation to increase power supply to Tschudi by 4 MVA to 12 MVA.<br />Management remains confident in the future financial viability of the Tschudi mine.

http://www.miningweekly.com/article/weatherly-progresses-with-tschudi-dewatering-plan-2018-07-23

https://www.miningreview.com/weatherly-outlines-recovery-plan-for-its-tschudi-copper-mine/

The recovery strategy and expenditure plan, which will require a capital investment of N$14,300,000, has been approved and work is underway to increase pumping capacity to lower and stabilise the water levels in all pits and allow mining operations to regain access to ore.

The plan is expected to restore normalised production levels at Tschudi by December 2018.

Orion Mine Finance remains supportive of management endeavours to stabilise the operation

Weatherly outlines recovery plan for its Tschudi copper mine!