Member Info for UncleBean

I cycled with the British Legion from London to Paris a couple of years ago. Several poignant ceremonies and fantastic welcomes from the French villagers. A very moving experience.

As an initial thought there benefits seem small. On a profitability level though a cost of C. $4.50 and extra revenue of $144 sounds like a real opportunity for POLY4 and the farmers

Were you hoping to post a link?

With the increase in tariffs and a falling zinc price 90p is very likely in the short term.

Results are on the website.

A fellow investor mentioned last week that there's been a change in auditors since last year. Might be taking time to get inside the financials - or they are arguing about how to treat the skeletons that they've found.

Any reason for the big drop in the zinc price yesterday?

A lovely looking graph.

LSE lists as 61,000 this morning. Is this a relevant figure because it's very much lower than 13th March last year - 197,500?

The risk of what is rising?

I saw that. But where have the shares come from as there is no corresponding sale. Has moved the price though.

How much zinc would be needed in Mr. Trump's wall?

Just asking.

Hi Sageman. I always found your iii posts interesting and thought provoking. Happy New Year.

I'm aghast at the late drop yesterday despite a rise in the zinc price.

Mining giants Glencore, Anglo American and Antofagasta were sprinkled about Tuesday's midday leaderboard. This was a "rare day of not being hit by trade war gloom", said Russ Mould at broker AJ Bell, miners heading upwards on the stock market amid talk that Beijing will increase infrastructure investment.

I'd have a look at Griffin Mining (GFM) if I was you. DYOR.

It's difficult to type with crossed fingers but I so hope you are correct that the zinc price is at false lows.

Zinc price still falling, trade war starting yet GFM price is stable. Have we reached a floor?

Hi Sageman. Yes I love reading the annual report - and do so several times a year. Who says Accountants are dull?

It's a new zone within the existing mine and we are all geared up to start production almost immediately a new licence is granted. As others I just wish it would be granted - the local area authority would welcome the tax revenues (and 11.2% interest in the mine?)

I was so close to picking up more shares but we are house hunting so Mrs. Bean wouldn't have been pleased.

Excellent post GS. Just a note on the cash pile. The accounts say $26,518 in cash less $4,406 in finance leases. Not sure when Chinese taxation is payable but $15,219 is payable.

Capex seems to be a little less than depreciation.

PBT was c. $38m in H2 2017. Should be more than this for H1 2018.

Get's me to around your $50m . At $1.31 / £ = £38m

179m shares in issue. 20m options if exercised would bring in £7m

So £45m / 199m shares = 23p per share.

Let's say $55m annual PAT at current zinc price = £42m. £42m / 199m shares = 21p per share

current share price 120p - cash = 97p 97p / 21p = p/e of 4.6x.

How cheap is that?????

As Sageman often says - add in a dividend and a new licence.

Of course production might be much higher than last year due to the new lorry.