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Well little comfort from the sale as it will take up to 24 months ( max) to go through but at least FDI stop paying foreseeable maintenance costs. The 10% commission from bulk sampling receipt is NET, so not expecting anything much. . It could be good for both parties as it tidies-up FDI for acquisition, either way.....maybe good timing for the new purchasers as peak diamond production will not keep up with global demand in 2019+ . I knew they were looking at two options, either a shared operation or disposal. FDI telephoned when the Tango fiasco collapsed. Annoyance at incompetent third party management was obvious, though the caller was far too diplomatic to express it succinctly. Accordingly i suspect due diligence on ability to pay has been thorough. . !00k doesn't go very far, may possibly cover legal costs.
Hi Copland > . On the statements/info supplied i agree, ( on the balance ). Still wouldn't be surprised to get a basic rns within the week; though i wish they wouldn't, just wait to July and give us a comprehensive and ultimately more useful overview report.
Hi copland> I only post on this thread and ..... http://uk.advfn.com/cmn/fbb/thread.php3?id=27637329&from=2718.... Regards Tan
Less than 30% is outside the control of seven 'parties', & whilst Articles of Association protect share holders, 75% allows these to be changed. As the remainder of shares would be diluted, no effective resistance could be mounted other than relying on company law. . Not that i'm suggesting machiavellian mischief.
Strange no one understands?, look at my earlier posts, and note section 16.4 under the Articles of Association, which i will be enforcing..... . 16.4 For the purposes of this article "an arm's length sale" shall mean a sale to an unconnected party under which the beneficial ownership of the shares in question passes and shall include (but without limitation) a sale through a recognised investment exchange (as defined in section 285 of the Financial Services and Markets Act 2000) or other recognised market or a sale in connection with acceptance of a takeover offer for the Company (as defined in section 974 of the 2006 Act). . As so few of these shares are in the " public domain " i shall be monitoring transactions very carefully, dyor, and please don't ask me to state what might be happening, i own 0.5% of this company and have no interest in being shafted.!!
Possibly, but these are being bought by someone, so whilst the rns is issued in accord with disclosure rules, the shares are actually being transferred, that is interesting.!
The report adds little to what was discussed during the conference call. . 1) Confirmation that cpht is now in excess of 20cpht and will improve further as the better ore body is tackled. That's very reassuring. 2) Water is not a problem. 3) The teething problem with wet ore seems overcome. 4) End of year carat figure lower then hoped, BUT good reasons given and there is no reason not to expect future targets to be hit. 5) Ore processing is approaching name plate capacity of 300,000 6) Costs/ht well contained. . This is not a bad report.
Normally the quarterly report is issued circa 21st (April) S.B. reaffirmed just after Easter. Not long to go for update. . As an aside, i'm amazed how volatile the share price is on such small volume of sales.
That would be nice, but unless someone knows differently 400ct is our cut-off... DFS from 2012 describes the mine as "..World’s third largest undeveloped kimberlite resource as measured by contained carats.. " Significance of “specials” not factored into diamond price assumptions Blue and Type 2A diamonds not factored into diamond price assumptions Main treatment plant designed to recover stones of up to 400 carats http://www.firestonediamonds.com/wp-content/uploads/LIQHOBONG-Presentation_23102012_v7-22.pdf
Gem quality, first of many, and so soon,,!
I use Research-tree, their link is ... https://*********************/companies/uk/gemstones-diamonds/firestone-diamonds/research/panmure-gordon-co/up-up-and-away/58a18710-a687-41f5-b823-f55693fe1e0c
Panmure Gordon reiterate to 68p with a npv of 80p based on 9.6% discount. They were on site in Feb and their very recent research note (28/3/17) discusses the two auctions,..... worth reading. Their figures and reasoning exclude upside potential of exceptional stones, whilst acknowledging probable potential in this regard. Macquarie reiterate within the last week at 70p short term target.
Simple answer, i don't know, but some thoughts... Auction costs plus the charges levied by First Element Diamonds are likely nothing to our perception of normal 'auction' costs in percentage terms. . Imagine when we are processing better quality ore and getting regular large diamonds, not subjective, but proven in past mining. . if less prime ore is producing $107/ct, what would happen if just one 40ct diamond a time added one million to the 5.5 (6.5/5.5 x 107) = $126/ct ,,,,, add in the backdrop of the quality optimum ore increasing $/ct in it's own right, and i can see the $/carat average greatly exceeding current headline figures. . Certainly the 'trial' mine extracted 1 million tons of ore from the optimum area and produced 32ctpht with numerous broken large stones some before breakage at 200ct. ( the old mine plant was not 'fit-for-purpose') We are shortly to mine 300,000 tonnes per month, and the whole reason for the new mine plant and expenditure is to avoid breakage. There has been considerable speculation on diamond sizes exceeding 200 a stone... . I am totally biased, but am amazed at the sp drop.... all imo dyor etc
My recollections from the conference call 1) Cash flow and expenditure with capital and interest repayments moving forward - breakeven moving to positive 2) Not expecting cash funding issues. Cash at end of March = $9M with debt facility of $15M if required - CFO content. 3) Further Cap expenditure this year ( to end June 2017 ) not expected in any substantial amount. 4) Cap exp next year at only $2M 5) Main ore body predicted at 30cpht, currently the mixed low grade 14.4cpht is improving to 20cpht, expected to continually improve but some mixing will always be required depending upon operation mining logistics. 30cpht at main body is expected, some finer diamonds maybe missed in favour of better quality.... market is currently not favouring finer diamonds, and even their inclusion is unlikely to lower the $carat sale price achievable going forward due to the quality of diamonds being found albeit with lower grade ore, so SB was expectant of good future sales. At the initial Feb sale 90 bids at the second march sale 110 bids and all lots had a least two bidders each. 6) Feb sale included 1.1 $M carat diamond, not replicated in March sale, but still 107 $/carat, based on ore mix and lack of exceptional diamond actually shows improvement in the standard quality of diamond, for the March sale. 7) Overall end of commissioning will be declared upon the following conditions: a) 90 day steady processing at nameplate capacity b) Fresh Ore from Main Body continual and mixing as normal operating requires c) Adequate grades cpht achieved. Expected by end June 2017 ( a liitle slower than i expected ) 8) Plant now moving from steady 200,00 tonnes per month to 300,000 9) Will continue to pay shares interest until such time as prudence or exceptional recoveries dictate otherwise. 10) Very pleased with improving quality of diamonds recovered, small coloured stones recently found; Purple, Blue, Lilac, Pink, " diverse range of good colours, along with vivid yellow " 11) FDI's diamonds are less fluorescent than those of other mines. ( editors note : less fluorescence is good !! ) My view on progress is a month slower than i was expecting although overall optimistic future...
The following link shows all Firestone sales for coming year..... 1st Element seem to be doing well ! http://fediamonds.com/upcoming-tenders/
Having re-read the previous news releases, there is some doubt in my mind whether we will get a notice tomorrow or have to wait until the Mid April quarterly release... I'm pretty sure that during my telephone call to Tavistock (FDI's PR ) i was informed we would hear on Monday, but there is some reservation in my mind. In the past February example, information was forthcoming, but if we as investors need to be 'trained' to only expect reports quarterly, we may have to wait. There is some logic in making us wait, ie if results were below expectation, ( but for good temporary reasons ) it would be soothing / calmer, if the quarterly report were then to explain along with the announcements of larger finds and good cpht calibration progress. I know i am contradicting my earlier posts, we'll just have to see. If the share price falls further i think it's only the faint hearted inexperienced investors.
Having spoken to Tavistock, and tried to glean the number of carats for sale, which they wouldn't tell me !!,,, i can advise that the Antwerp sale concludes tomorrow, with information likely Monday morning 27th. Now i don't know why they declined to explain the carat number; Fdi have advised that they wish to report quarterly on results, albeit i expect a statement monday 27th? ,,, The Chairman advised that the later part of this year 2017 would give a better understanding of mine performance, and perhaps this is the reason, ?,,, There are third parties currently looking to acquire mines in takeovers, ie the unexpected bid for Dominion,,, The quarterly report from fdi is due mid to late April 21st ish !! which is wholly expected. These are early days and i repeat that mid May and end of June will likely prompt a lift in share appreciation....as we will have concluded ramp-up and have been tackling the main ore body from April onwards. I didn't expect such good results from Feb's auction, but for the next few months i really don't know how it's going to go.!! it could be steady as she goes or oh my god !!! positive. Nonetheless ANYTHING is possible in the short term, weak investors have bailed, although if by November we are not 80p plus i would be very surprised.
Next sale due late March, so i guess 28 days time, then a week after there'll be some Bed and ISA ing for my wife and my annual allowance. And sometime April we will be attacking the main mine site...... All looking good for an exciting spring and summer.
I don't believe people when they say the mm's are walking the share price down, and general manipulation of the market, BUT, and i have only my current experience to go on, i tried to buy 100k and was quoted 50p when the nmv of 7500 was 0.485, with numerous mm's showing at 49p. I have managed to buy 30k @ 0.49 15k @ .495 7.5k @ 0.495 7.5 @ 0.499 and these piddly little orders have lifted the price of the company by 4% !!!!! what is happening?,