Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
"The Russian government have a website where Russian nationals can email Putin directly with any grievances - a response is sent within 3-5 days. IMHO this would be a more productive avenue if we can find a private Russian investor."
While Russia wages a genocidal war and campaign of terror in Ukraine there is a good chance Putin will have time to respond to the handful of genuinely naive investors who got suckered into holding this worthless stock..
Agreed gold is performing well, along with silver and other precious metals. The flight to safety trade is driving the Dollar up courtesy of Russia's war in Ukraine. When the dollar retracement finally takes hold is anyone's guess, I'd expect this to continue for months yet though. Russia look intent on taking the south and possibly the breakaway Transnistria region of Moldova in the process, which won't happen overnight (if at all)
Initial performance looks better than forecast, production actually increased despite the major works at Syama
- Improved throughput at Syama sulphide plant during April following completion of works
- Quarterly production of 81,770 ounces up 2% on December quarter despite the planned shutdown of the Syama sulphide circuit
- All-In Sustaining Cost (AISC) $1,383/oz a 4% improvement over the prior quarter
- Quarterly gold sales of 88,773oz at an average realised gold price of $1,846/oz
- Cash and bullion of $103.9 million
- Net debt reduced by $54.1 million to $174.7 million
- Revolving Credit Facility (RCF) extended an additional 12 months to March 2024
- Asset sales proceeds of $43.7 million
Not a bad performance today given the state of markets!
BeingTheBanker - "Ukraine though is of cultural and strategic importance to Russia" What you really mean is Russian Nationalists currently in power consider the area 'Ukraine' to be an extension of Russia and intend on cleansing the region until Russia controls it.
Any suggestion that Russia is looking out for it's neighbour is Russian propaganda.
On topic Petropavlovsk can't repay Gazprombank the interest payments due because of sanctions and now with the latter having demanded the immediate repayment of £232.86m worth of debt and a further £235.97m in November it has no means of raising such large amounts of capital. It doesn't help that the bank demanding repayment also serves as the company's main gold buyer which consequently has meant it is largely unable to sell the gold it produces. This is an orchestrated collapse of the company by the Russian state owned bank and will wipe out any remaining Western holders before I'd imagine, auctioning off the assets to one of Putin's loyal oligarchs.
And purchases made by the Russian Central Bank are now priced below London fixing, meaning cashflow will take a hit assuming it somehow organises a means to meet Gazprom's demands (unlikely).
Trades going through at $1 on Tuesday which represents a 100% gain on our $4.9m December investment albeit briefly. I suspect many who overlooked AAZ for their lack of organic growth (stagnant production) in the past 2-3 years will have missed this.
I'm waiting for the turn myself but agree it looks overdone assuming gold continues moving higher in the coming months
Lol you might want to read up on post Soviet distribution of state assets, the long list of political murders and the current war that has claimed 20,000+ young Russian lives for no gain..
Petropavlovsk is just a shell to attract Western investment. The assets will be stripped leaving holders with nothing. This company has history when it comes to shafting investors by the way, check the 98% share price collapse back in 2012-13
Gazprombank's demand for immediate repayment of approximately $288m is going to sink this outfit once and for all. Anyone naive enough to still be holding will end up seeing their remaining equity value disappear.
Out in force today, muddying the water..
If there is no truth to it why remove the post XD
Looking a little rosier today up 7% with gold flashing a dollar shy of $1980/oz
You're dribbling again. Must be all that Russian tonic..
Small caps like AAU, GDP and AEX are moving up at a rate this month, GCAT finally showing signs of life!
Glorious rise here today leading the pack and AEX not far behind :)
As expected Polymetal can't even afford to pay it's dividend contrary to what all those angry little Russian g00ns have been bleating about these past few weeks..
"significant changes in operating conditions"
"mounting uncertainty with availability of funds"
"higher working capital needs as a result of liquidity crunch"
"supply chain limitations"
"balance sheet constraints imposed by lower credit availability"
"significantly higher cost of funding"
"it is no longer appropriate to recommend or declare the 2021 final dividend"
Just wait til August folks, you're only down 90%, Putin's army of Z heads are only down 20,000 so there's plenty more red days ahead.
Clare Daly knows nothing about what she speak.
Advocating total surrender to the Russian occupiers would mean leave ALL Ukrainians at the mercy of Russia's fascist government.. the same people who imprison tens of thousands of protesters and silence all political opposition.
Ukraine would inevitably cease to exist as an independent, democratic state. More to the point it would give Russia a green light to launch it's next war .. sorry "special military operation".. into neighbouring Baltic states, specifically non-NATO Finland and Moldova. Clare Daly will have her Russian sponsored 'peace' at least until then.
Economic sanctions are working and will continue to make a greater impact as the EU member states ween themselves off the Russian gas and oil. It would be more painful for them if they were 'forced' to give up all imports, either through a complete ban or Russia turning off the taps, but certainly the next 12-24 months will see a collapse of Russian exported gas to Western Europe.
As for the Russian people I feel bad for the few who have tried to resist. The rest deserve to feel the full effects of biting sanctions given the vast majority are in favour of maintaining the status quo and likely support Russian military aggression abroad (whether or not they truly believe the Russian state sponsored disinformation).
The sooner they take action the sooner Russia returns to the fold. Otherwise they face indefinite isolation.
Most gold producers have added 30%+ in recent weeks and today are moving higher with gold trading at $1965. Disconnect here looks even more obvious today.
Last we heard Syama gold production was "on target for the March quarter" following the completion of the Syama sulphide plant works and performance of the sulphide plant will be more consistent in future quarters. Consistency is one of issues Resolute have struggled with and no doubt discounted in the market valuation so improvements should (in time) appeal to the more risk averse.
Resolute's Chief Operating Officer, Mr Terry Holohan commented: "I would like to thank all of our employees and contractors within the Projects and Maintenance departments, as well as the support teams, who have contributed to the safe and successful completion of this significant $7.5m enhancement project. From the early stages of planning, incorporating all the innovative design improvements and challenging logistics through to final delivery, the work performed reflects a highly competent and professional team. The team have successfully met all of our operational requirements while having to deal with a number of external factors, including COVID-19, unseasonal weather and political disruption to deliver a safe and high-quality project for Resolute."
"I believe that we now have all the tools in place to significantly extend the campaign life of the Roaster going forward. The entire sulphide processing circuit has now had a long overdue refurbishment which supports delivery of Resolute's 2022 production targets, full tie-in of key improvement initiatives implemented in 2021 to provide a strong basis for further enhancements to the circuit."
Markets have at last reacted favourably to the buy back programme, albeit the extension of it. The initial parameters were too small in scale so it's encouraging to see the Board have reacted by extending the purchase of cheap shares.
£200,000 worth of shares that may be bought between now and end of June will underpin 8p in the weeks ahead. A further extension of the buy back programme into July onwards remains possible also
Pan African Resources: Quietly getting the job done in South Africa
Pan African produced 108,085oz gold in H122 (at an all-in sustaining cost (AISC) of US$1,173/oz), which was 4.5% more than in H221, 9.9% more than H121 and 8.1% above its (albeit increased) pro rata guidance of 200,000oz for the full year. Performance was driven by an exceptional result underground at Evander, which reported record adjusted EBITDA for the period in which it has been under Pan African’s management, thereby becoming the largest single contributor to group adjusted EBITDA (see Exhibit 2). Even allowing for a slowdown in output in H222, we expect Pan African to outperform its guidance and have modestly increased our earnings forecasts for FY22 as a result.
London blocks sale of new Russian platinum and palladium
The price of palladium jumped by more than 10 per cent on Friday after newly produced Russian metal was effectively banned from trading in London, the world’s biggest market for precious metals.
The London Platinum and Palladium Market said it would suspend with “immediate” effect the two state-owned Russian refiners it has accredited — JSC Krastsvetmet and the Prioksky Plant of Non-Ferrous Metal.
The LPPM polices the London market by accrediting refineries on its “good delivery list”.
It cited “events taking place in Ukraine” as the reason for its decision to remove the two Russian refiners.
The move adds to a growing list of measures against Russian industry and business.
The London Bullion Market Association recently revoked the accreditation of six Russian gold refiners, effectively blocking their ability to trade gold and silver in London.
On Friday, the EU formally adopted its fifth package of sanctions including bans on the import of Russian coal, wood, chemicals and other products.
Palladium and sister metal platinum are used by carmakers to reduce harmful emission from exhaust systems.
Russia produces about 40 per cent of the world’s palladium and about 15 per cent of its platinum, the majority of which is supplied by mining company Norilsk.
Palladium rose 10 per cent to above $2,480 an ounce, while platinum gained 1.5 per cent to $977 an ounce.
The LPPM said it would not accredit any platinum of palladium produced by the two Russian refiners after April 8.