Member Info for TarryBreeks

Interesting tweet from SML relating to Tin:

Watch “Delivering the Future of Tin” on #Vimeo https://vimeo.com/276448633?ref=tw-share … via @IntlTin #Tin
#SML plan to play a part in Tin's future in Cornwall

https://twitter.com/SML_Minerals/status/1034391510928826369

Come on Aminex, let's leave 1p behind, we've been here too long :)

Don't take it personally Dunder ... unless you've a guilty conscience ;)

I could be, and have been, accused of being a winger/de-ramper too; I'm no fan of the recent BOD salary raises. If I can make it to the EGM I'll tell them that.

However it's clear the TPDC want an organisation with significant clout, experience and deep pockets as Ruvuma operator and I'm OK with that - I think we've been short changed but we could equally have been hung out to dry so here we are.

I hope that we can see a significant change of pace and strategy once the FO is ratified and I also hope that 1.87TCF is conservative and that the liquids target is not just condensate.

My post wasn't related to or targeted at any individual dunderhead.

I'm a bit hot and cold at the moment with Aminex: frustrated at the timescales and the management but relatively optimistic about the fundamentals and opportunities the farm-out could present especially if 1.87TCF is conservative.

It is a bank holiday Tanzania - no point in trying to manipulate the market when it's closed.

This is interesting news Leafless - original article is here: http://www.theeastafrican.co.ke/business/Tanzania-Uganda-sign-gas-pipeline-deal/2560-4728352-10jq3um/index.html

It doesn't mention what the capacity/flow rate of this pipeline will be, it's route nor it's cost/source of funding but very interesting nonetheless given the implications in terms of production/demand. Presumably the route would go from Dar es Salaam and connect to the existing 530km Mtwara-Dar es Salaam pipeline (which took a bit over 2 years to construct)?

Even from Dar es Salaam it's still 1000+km to Uganda.

There are now many projected customers for gas and this pipeline suggests that, despite the domestic demand, there is anticipated to be export capacity on top of this; especially in conjunction with the delay of the LNG plant so this will all need to be met from existing/planned developments.

I wonder if we are being given the full picture on CH1.

Cove went from 5+ Trillion Cubic Feet (TCF) to 35-65+ TCF of gas after drilling 7 exploration and 5 appraisal wells in Ruvuma (Mozambique) - here's hoping that 1.87TCF is conservative.

I still think the BOD should have delayed their salary rise though ;)

Bit quiet on here, I suppose everyone is bracing themselves for lift off at Cobre, Redmoor, Leigh Creek & CARE ;)

If all you can do is repeat my question I think the case is closed: you are either an imbecile or have an agenda posting on a forum where you are not invested.

Not answering I see. Is the question too difficult?

Again why are you posting on here bucklerfern?

If your view on Aminex is so bleak and, based on your comments, I imagine you are not an investor then why are you all of a sudden wasting energy posting on the Aminex board bucklerfern? If you are as astute and knowledgeable as you claim, predicting this situation in advance, why post at all? If Aminex is doomed, as you claim, it seems imbecilic to post your diatribe here where you have no interest or position.

Video interview with GF & JP: New Age Exploration 'ahead of schedule' with Phase 1 drilling at Redmoor... https://t.co/0lKcSyEFVJ via @YouTube https://youtu.be/iPj250sXTQo

CH1 is the first well in a FFD programme and should bring in $12m per annum on its own. FFD should be up to $35m per annum. We are also targeting liquids with CH1. With the farmout deal we are fully funded/carried ($35m) to FFD. Chairman retired - he's 75! Aminex is not AIM.

It would indeed cperkin; Acacia's experience highlights the perils of getting on the wrong side of the Tanzanian government. I hope this whole sorry phase can be put firmly in the rear view soon and we can start looking forward to CH1 and resumption of production at Kiliwani. I'd still like the BOD to postpone their salary increases until EPS though.

Looks like I got the figure wrong PP - this is from the annual report: On 11 April 2018, Ndovu Resources Limited, a subsidiary company of Aminex PLC, received formal notification from the TPDC of certain claims amounting to US$5.97 million with regard to unpaid royalties and amounts due under profit share arrangements which it proposes to offset against the receivable of US$6.94 million owing by TPDC to Aminex at 31 December2017 (see Note 16). Of the amount claimed, Aminex has already accrued for the liabilities it considers appropriate based on its own calculations of amounts due as at 31 December 2017. Aminex has advised the TPDC that it does not accept the balance of the claims, which include computational inaccuracies. No further provision has been made in the financial statements for the additional amounts claimed as the Directors believe the claims are without merit and are satisfied that the $6.94 million included in trade receivables as owing from the TPDC will be fully recovered. So the TPDC say they only owe us ~$1m and until we agree they'll force a farm out and shut down our only source of income. Hopefully we won't get a $19bn fine like Acacia did.

For clarity I don't think the farmout deal is in jeopardy but it's 2020 until we get income from the EPS and we have commitments for Nyuni if we want to retain the license. We'll not have any cash to do much more than 3D seismic at Nyuni and some remediation at Kiliwani (if we're allowed to). I hope ratification of the farmout unlocks Kiliwani and we can at least keep our head above water until the EPS. The very last thing pi's need/want is dilution post farm-out to help keep the lights on while the first tranche of farmout cash goes to pay our alleged TPDC debts.

That would be quite a result! Perhaps that's why JP is always grinning in his interviews. Even if we were to farm out 50% of the mine to help get it to production that's a sizable annual income. Some might even call it a juggernaut ;)

Certainly not us PIs; however the Zubair Corporation, an organisation with a close relationship with the Tanzanian government, have done very well from the situation. I just hope that they only plan to rob us once.

I quite agree cperkin, however we've been blocked from remediating Kiliwani, blocked from drilling Ruvuma on our own and have a contentious $2.5m in fees outstanding allegedly owed to TPDC - hardly an environment that is encouraging FDI.

I stand corrected Leafless. In that case you're right it is a good thing it's been postponed although perhaps the rationale of demanding a domestic cut has worked against the Tanzanian government in this case. Their stance with Acacia: $190bn fine is extreme. I hope we're not being held back with Kiliwani and Ruvuma because the Tanzanian government don't want to see foreign investors get any return on their investment from discovering and extracting Tanzanian natural resources.

This is an interesting one Leafless, you could equally argue that the LNG plant was always designed to meet export demand and that it was not intended to meet domestic demand at any point.

You could also further argue that actually this is not good news even though it was perhaps expected.

The LNG plant IMO signals the start of offshore drilling and production which is represented by the whos who of NOC's and Majors. The type of organisations that would buy up Ruvuma as a ying to their offshore yang and provide Aminex and the Zubair Corporation with an exit strategy (should one be desired).

However I think one good aspect of this will be the TPDC focusing on the current domestic production of which Ruvuma will surely be a key component. All the more reason for them to approve Kiliwani remediation and rubber stamp the development license.

Let's get the drill underway now, we've waited long enough!