Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
From RNS on 04.01.2021
· Following the spud of the State 16-2 well, the Company received the third US$600,000 tranche of the US$2 million grant funds allocated by the U.S Department of Energy and its National Energy Technology Laboratory (the "DOE") for the drilling of the well. The final balance of US$200,000 will be received following the completion of drilling operations.
It's no secret that the Interim CEO is Strukov's puppet. The puppet is in hot water now. I hope justice is catching up.
Hopefully, Pavel will soon be back at the helm. I know he is no angel, but the devil you know is always better.
Richana,
I am with the Halifax share-dealing. Yesterday I voted over the phone. Waiting for the postal vote can be risky. The deadline is tight.
Thanks Rocky.
Contacted my Broker and did it over the phone.
I may be wrong. Just imagine a barrel of oil plunged to $15 today. Bearing in mind ROSE's cost of producing a barrel of oil $20, do you think the SP would stay the same. True, we are not an oil producer yet, but the price of our future commodity does matter. As I said I maybe wrong, just saying.
The main reason the SP has been inching up in the last few days is the price of oil is steadily going up. This SP is tracking the oil price.
Been observing for a while and I must say that Southcbubble reminds me of one of desperate Remoaners. Nothing but doom and gloom. The rest of us are pretty much optimist Brexiteers. The day we discover oil, Southwhatever will be devastated. Not because we will hit the jackpot, because he will be proven wrong. I hope (s)he doesn't hold any ROSE share.
As the price of gold is getting a huge boost for obvious reasons, by the end of this week it may well start flirting with $1400. This may sway the pendulum and make AVM's creditors think twice. As Tom suggests, the creditor's will be the biggest losers if they plunge the company into insolvency. It would be mad of them to kill the goose that is about to lay the golden eggs.
Yes. It's in the RNS section.
Phew! That's a lifeline for Avocet. That should keep pushing things in the right direction.
Appointment of new Chief Executive Officer The Company is pleased to announce that Boudewijn Wentink has been appointed Chief Executive Officer with immediate effect and will join the board as an Executive Director. Boudewijn has a wealth of experience in managing businesses in challenging circumstances, most recently with New World Resources plc, a coal mining group based in the Czech Republic. He served as New World Resources’ finance & legal director, and executive director, from 1 September 2015 until 3 November 2016. Boudewijn’s primary strategic objective will be to achieve the refinancing and restructuring that is critical to the future of the Company. David Cather will step aside as Chief Executive but will remain on the Board as Technical Director in order to provide oversight on technical and related matters.
08-Mar-17 13:47:47 62.5079,580 Buy* 63.00 49.74k Somebody splashed out almost 50K on a company deemed as a dead duck by some people. AVM might have received the $2.5mln cash from Managem and is about to release the news. Or something else. Either way significant news could be on its way.
Hi Stuart, I am no expert in gold-mining, but I will try to enlighten you. In and of itself, Tri-K looked like a lifeline for us when it was granted in March 2015. The permit also had a condition that we were expected to start a construction by March 2016. If we didn't, we would start paying $100K each month to the Guinean government, which we did. If no construction started within 18 months from the date of permit (by September 2016), the government had a right to withdraw the permit. We got an extension till December 2016. Had we failed to strike a deal with Managem, Tri-K would have gone down the drain. As you know we couldn't have started a construction on our own as we are as poor as a church mouse and hardly making ends meet. No one wants to lend us money, because AVM is already staggering around West Africa in patchy pants. 30% stake may look like a bad deal, I personally would prefer 30% to nothing. In my view Manacet is a godsend. Inata is looking alright with its $900-$1000 cash cost for 2017. We are a gold-price dependent miner and any hike in gold price would push the SP upside and that's what we all want. Upcoming French and Dutch presidential elections may well play into the hands of gold as the EU may fall apart if Le Pen wins it. AVM could prove many so called experts wrong and we may end up having the last laugh.
Further to the announcement on 23 November, Avocet Mining PLC (“Avocet” or “the Company”) announces that a temporary agreement has been reached in connection with the gold seizure at the Group’s Inata gold mine in Burkina Faso, as a result of which the gold under seizure will be released, workers have returned to site and gold sales and production will recommence over the coming days. Under the terms of this agreement, Société des Mines de Bélahouro SA ("SMB", the Group subsidiary which owns the Inata gold mine) will work with the ex-workers to agree a final settlement over the next 30 days. If a settlement is not reached within the next 30 days, there remains a risk that production and gold sales will need to be suspended again if there was any risk of further gold seizures. The Company intends that, with the resumption of gold sales, payment of management fees by SMB to the Company will also recommence, without which the Company would need to obtain third party funding in order to meet its head office and corporate costs falling due in December. If no funding were obtained either from Inata or a third party, as announced previously, it is likely that the Company will enter an insolvency process, in which circumstance it is highly unlikely that any value will remain for shareholders. Further updates will be provided in due course.
Cheer mate, Sounds encouraging.
sunnybeachboy Try refreshing your browser. I copied it from RNS section.
Avocet Mining PLC ("Avocet" or "the Company") today announces that a judge in Ouagadougou has ordered the lifting of the seizure of the gold shipment which had taken place on 7 October 2016. The Company continues to explore solutions to resolve the 2 billion CFA (US$3.4m) legal claim made by ex-employees against Société des Mines de Bélahourou SA ("SMB", the Burkinabe entity that operates the Inata mine), which remains ongoing. In the meantime, however, steps are being taken to recover the seized gold for export and to reinstate normal gold shipments thereafter. The intention is to resume operations at Inata later this week if possible.
If we lose the court case, game is not over. If we can't find $4 mln. to resume the production after a long cessation then it may be over. If gold breaks $1400, potential investors will queuing up to get the production going. Let's not jump to premature conclusions.
That was my wild guess mixed with hope. I don't believe that any major shareholder would abandon AVM when the cash cost is around $1000 and gold is over $1300. The production restart and $1350 oz is likely to coincide. The last statement looks vague to me. Too many things are missing. 1. Including the 3rd quarter profit we should have had around $10 mln cash. Did we use them to repay some of the debts? 2. Managem SA. "It is anticipated that First Close will take place by the end of 2016" and we should receive an initial cash payment of US$4 million. By the end of December 2016 Managem should complete the first close and we should get that £4 mln, why the heck are we panicking? 3. Why there is no word about a rights issue if there is a need for cash and a risk of closure? The last statement is written by Negative Nancy.