Member Info for Tracylied

During the interview which no doubt will be released at some point Kalaa did say that ZK could have 10 million ozs. The drilling results from the Copper JV will be in February or March. Personally I am not expecting much from the H1 results; they will be good we know that but that performance has not been sustained with the poor commodity values. The real drive is on costs and I suspect we are going to see those continue to fall

Apparently (I am not an accountant) the situation was not compliant with share buybacks. However in the first half results to be announced next week the situation will be such that it will become an option. Kalaa said the board have discussed it before but were not keen as they would rather invest in the projects. I suggested that just £3m could support share growth over a long period. Kalaa said he would rather spend 3m on drilling ZK. We then had a conversation about how much an additional 1m ozs would benefit the share price given the AIM currently values 3m ozs at nothing. I think he got the point.

The mill was not at Trojan in was inherited from another source and is nearby to Freda Rebecca. It was designed and built for Nickel but apparently is easily converted. The mill will be the third at FR and will feed the tailing project plant which is currently sitting idle. The tailings project has been put to bed I believe; 30-40% recovery on the low grade tailings so was not economic; they are thinking on their feet. Apparently they will get much better returns from the underground virgin material that is lower grade and is currently set aside our diluted through the mill. The bottle neck is the mill and they will be sidestepping this restriction with the third mill at low capex. The re is plenty of spare capacity for the Nickel smelter which will be sold on to a third party.

Kalaa certainly would not get involved in any suggestions of a target price. He is a substantial shareholder and feels the pain of the current valuation. The measure is the AIM and as a platform it will never value MWA correctly. That said the important factor is your profit not whether the sale price is fair value. Mid to long term is where the profit is not short term gambling on an event. Broadly MWA will re rate into double figures in due course. Value will be unlocked from several sources worthy of discussion over the next 18 months. Deals are afoot that will make a huge difference.

There was in private conversation some of which is repeatable. I will cover it later on a proper keyboard.

I am not sure what the tailings plant will add when twinned with the 3rd mill. The milling is the bottleneck which they are about to remove. I suspect we will see an additional 10-15k ozs a year at all in 900 us an oz. They are clearly working hard to get absolutely every last oz.

Results will be out next week. After the results there will be the option to buy shares back off the market. This has been discussed by the board and I will expand on that when I get home later.

Another shareholder and I had a long chat with Kalaa who was very forthcoming and answered all of our concerns. Interesting 900 Us dollars is the all in production target at FR. There is a unused mill previously used for nickel that is going to be sited and refurbished at FR to work with the redundant tailings plant to increase production from the lower grades. They are working towards 100k ozs pa.

The tailings plant will be used as a production vehicle for the lower grades at FR. The purpose is to supplement production.

Another disappointing day in the market for Mwana. Kalaa is next up at Meet the miners.

taking a major bashing overnight. I am planning to be at the presentation this morning. I do wonder at the mood given there are three miners presenting. Personally I cannot understand the $'s strength America is in a dire state financially but it does have a lot of supporters in the US and world wide that are interested in dominance.

MWA certainly has tracked gold and Nickel. It is slightly out of phase but it certainly does track a mixture of the two as these are directly represent the margins. There is far more to the value of the company but that is not recognised by the AIM. The results will be good in comparison to H1 last year but obviously that will not be sustained into H2. I am also expecting 3p next week. I am not expecting the AIM to ever catch up with true value for MWA. I suspect they will do some quite radical moves to achieve any real value. 10p is my ceiling at the moment and I believe they will have to have a major commodity rally to go beyond in the next 12 months

much depends on the commodity prices now. Gold has taken a step backwards and Nickel looks soft at $7.3 lb.

That does look to be the next step assuming this is an uptrend and not just an isolated rally. The first half results are very much known but it will make many feel more comfortable to see them in black and white with a attractive profit figure. H2 will not be so good I suspect. Really we need something special from nickel or gold to add some bunce to the business. The AIM moves in mysterious ways.

is the warm up to mines and money meeting. It would be good to have some news to discuss at the presentation.

The margins are all about the commodity price in the last quarter Nickel was over 18000 a ton in this quarter they are 14000 a ton. The all in sustainable costs will fall by about 1300 due to the mechanism with Glencore. That drop in margin resulted in a 50% drop in the share price of MWA. 1 or 2% saving in oil expenditure is almost irrelevant. clearly the margins will not be better than before, that is just a ridiculous suggestion. What I am looking for is the recent refurbishment at Freda Rebecca and Trojan to decrease maintenance and stoppage time, production to increase and costs spread over the ozs or tons produced to fall on a like for like basis.

I doubt half way through a quarter he would comment on information like that. In the last update and I think it was Edison commentary they said it was sustainable. The presentation is not to discuss what is universally known, he will focus on the benefits to be had over the next year when several fronts get moving. I suspect that is where the re rate will come from

The China man won't be invited, he has done enough already. I'll be there on Monday, hopefully Mr Mpinga will be more relaxed than he was at the Agm. I suspect a dividend is not far away now. Cash is flowing into Mwa, debts are minimal and scheduled. BNC are using a bond to fund the restart. One million pounds a month flows into Mwa in the form of clear profit so why not pay a dividend.

Ebb and flow this week. Clearly this was never going up in a straight line. Irrelevant to to short to mid term as pocket money had to be taken out at some point. Mwa is a solid profit making company worth many multiples of todays share price. A re-rate is inevitable for those with the financial resilience to wait. My goals are 12 months away, the noise and nonsense along the way is totally expected.

Yes Matt I was buying on the way down and sub 2p. I am a contrarian and took bites whilst our apparent seller was busy giving away shares. Handy timing for me.