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I keep an open mind on effects:

"Share capital reduction, commonly referred to as share buybacks, is the process of reducing a company’s shareholder equity through the cancellation and repurchasing of shares. Equity held by shareholders refers to the sum that a company’s founders have contributed to the enterprise. This covers the funds they have directly invested as well as the total amount of profits the business has generated. This also accounts for reinvestments since the establishment of share capital.

You may choose to reduce your share capital for various reasons. A corporation may reduce its capital as a result of a drop in operating profits. Revenue loss that cannot be compensated in predicted future profits could also result in a reduction.

It could boost shareholder value and help create a more effective capital structure. A company’s share is proportionately reduced after a reduction. Share capital reduction does not affect the company’s market value. However, it leads to a decrease in the number of shares that are outstanding and tradable."

Https://www.perupetro.com.pe/wps/wcm/connect/corporativo/7318e1ef-aaa2-4c91-8313-7d2090cba5fa/Producci%C3%B3n+l%C3%ADquidos.pdf?MOD=AJPERES&liquidos

(In the 17s . . . no complaints)

https://www.meteoblue.com/en/weather/maps/pucallpa_peru_6278761#coords=5.46/-7.05/-72.047&map=satellite~radar~none~none~none

(Improved outlook across Peru/Brazil. Slightly concerning to note flooding in southern Brazil. See https://www.msn.com/en-gb/travel/news/storms-swell-iguazu-falls-to-near-decade-high-flow/ar-AA1jaKxK?ocid=msedgntp&cvid=6a5bf503674c4beebe67b88d65855c40&ei=21 We don't want the quayside swept away.)

Nearly 5 m depth at the Pucallpa barrage lifting river level closer to seasonal average. Rainfall, however, may be patchy next week.

Https://www.morningstar.com/stocks/xlon/shg/ownership

. . . still a long road ahead although I don't regard MorningStar as accurate . . . still believe reductions are partly a result of instis looking for a better return. Perhaps a comparative study is needed on peers, e.g. CEY. Some PR needed, especially in Europe ?

@ 14:47. Even though I jumped ship when it was 36p the present SP level beggars belief . . . would like to rejoin the challenge but have to admit the task is perilous.

O/T My Jhb contacts at Anglo/Anamint/DeBeers are past tense but I draw attention to the Kabompo Dome (ARCM) deposits if the multiple Ecuadorian interests are heading for the toilet. At least I know a fair bit about the Zambian copper belt whereas I have never been anywhere near Alpala/Cascabel, etc.

Sic . . . 348k

https://www.meteoblue.com/en/weather/maps/pucallpa_peru_6278761#coords=5.16/-8.029/-71.855&map=satellite~radar~none~none~none [Good rain for Pucallpa catchment later today. Click on meteograph/gram.]

10k+ daily shipments continue. Float my boat. Perhaps Manolo has introduced hovercraft "sausages".

When some of us are guilty of not recognising the Vredefort Dome (crater) when driving by Parys we are hardly expected to spot any of Singida's 54 kimberlites with subsidence features of >1.5 km. Those English/Afrikaner old-timers in the 1930s/50s certainly knew their geology.

In the past few years much has been discovered about the decratonic gold deposit model. (I won't list the reference points.) The next set of drill results combined with a presentation could be an eye opener.

Is Mang'yoni one of the kimberlites stretching 5 km ?

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Generally a satisfactory + swing (8 cm daily average) down at Manaus over past few days. Catchment predicted to have heavy downpours on Wednesday.

Looking to ESE future extension. Hadn't realised until now that Ucayali has a navigable offshoot behind Bretaña jetty perhaps permitting another loading quay.

A drone aerial of platform construction progress and westerly extension would be appreciated. Further news on OCP Esmeraldas pilot shipment would also be handy.

I noted three 20k barges lashed together midstream with two more berthed downstream awaiting their turn .. . remarkable how quickly Houston procured fleet additions.

Hoping all barges will go on GPS at some point to keep a check on congestion. Nothing on MarineTraffic trace yet. Tankers have been building up at Belem.

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"GordonBrown's Bottom"

https://www.bullionbypost.co.uk/index/gold/uk-gold-reserves/#:~:text=As%20of%202023%2C%20the%20Bank%20of%20England%20holds,900%20purity%20depending%20on%20the%20age%20and%20origin.

@ 14:39 - Was that tour led by Yuri ? . . . because what he may have to say about a Singida superpit could be very interesting.

Ostrich drillers (out of Mwanza) has been given a big break. Presumably Capital Drillers have been stretched beyond their comfort zone. Unless advised to the contrary I take it Ostrich will be taking on virgin ground targets.

. . . hopefully some daylight ahead for the company.

Fifty-four kimberlite pipes and dykes cut Precambrian granite in the Singida region. The pipes range from 60 to 2500 feet in diameter, and occur in clusters and lines. The lines follow fracture zones. In addition to intrusive kimberlite, the pipes contain massive to stratified kimberlite tuff and sedimentary light porous rock beds. Some pipes have jackets of explosion breccia. The Singida pipes represent the upper parts of kimberlite volcanoes. The kimberlite consists mostly of serpentine which has replaced olivine. Magnesium ilmenite, pyrope, dark green diopside and perovskite are characteristic accessory minerals. After consolidation, the kimberlite was entirely serpentined, and partly carbonated and silicified. The absolute age of the pipes is not known. Indirect evidence suggests an early Tertiary age. The Singida kimberlites may have been emplaced during an early ultrabasic phase of Tertiary-Recent alkaline volcanism of the Eastern Rift Valley.

[Yuri's opinion would be valuable here. The old geologists had amazing knowledge with their skills. The "clusters" were determined >70 years ago and if memory serves me correctly there is another group north of Singida town at Ikungi. If Mang'onyi is indeed a cluster the kimberlites will reach down >1mile.

A comparison with Welkom/Odendaalsrus (if it can be found) might be useful. The idea of "clusters" seems to support Eric's interpretation of GoldTree, Gustav, Cornpatch, etc.]

Avoiding discussion on benefits of cultivating dagga ("boom") the following is of greater interest to me:

Esmeraldas/OCP - barge/truck/pipeline . . . a challenging experiment and useful conduit if it can be accomplished.

Manaus route doing very well notwithstanding river levels.

Vivian sandstone - porosity average in this type of rock is ~15% and it would be interesting to learn if next generation rigs can be introduced when the next field extensions come into view. 8,000 metre laterals will certainly be of benefit in the 115 km field reservoir.

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https://www.investormeetcompany.com/investor/meeting/shanta-gold-q3-production-and-operational-update

Very comprehensive. (Perhaps a bonus divi or two, when practical, will stimulate insti interest.)

https://www.ostrich.co.tz/

Our additional new contractor. (Hadn't come across them before today)

https://www.mining-journal.com/precious-metals/news/4072920/shanta-porcupine-mining-license

Porcupine South good to go. Porcupine North (ex-Winshear/Helios) would be as useful add-on if we can wrest it.

River level rose nearly a metre overnight at Iquitos largely a result of Maranon tributary feed. Not altogether encouraging though for remainder of week. Keep dancing, please.

There are some excellent features in the update overlain by a stronger HH price. Although it has retreated slightly this week $3.25/MMBtu with basis SONAT premium at least one of the DUCs will be connected in November.

I have thrown my hat in with SOUC in preference to DEC and NorthSea wannabees. Obviously the bear market has been uncomfortable.

Https://diariolaregion.com/poblacion-de-puinahua-recibe-apoyo-economico-con-recursos-del-fondo-2-5-aportado-por-petrotal/

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Hmmm. Just reflecting the contrast between WK where we are drilling in mielie fields and the early scene at NewLuika and Singida : the two camps were clearly demarcated and fenced before Bradbury's time . . . whereas Kenya mining policies are seemingly chaotic.

Oparanya was supportive, the new local governor is a loose cannon and Ruto is invariably out-to-lunch. A clearer definition on policy may emerge next week. It is agreed that the company can do no more than proving up the resource in the meantime.

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Juruá, Purus and Maranon tributaries are doing quite well. Should be reflected downstream in next 10 days

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a) unexpected soaking rains all night in Pucallpa catchment . . . new daily figures shown about 13h00 . . . https://www.meteoblue.com/en/weather/maps/pucallpa_peru_6278761#coords=5.96/-8.323/-74.092&map=satellite~radar~none~none~none

b) don't forget the Manaus webcam . . . https://www.webcamtaxi.com/en/brazil/amazonas-state/manaus-ponta-negra-beach-cam.html . . . lots of beach sand visible

c) tanker berthing access restraints . . . https://www.portodemanaus.com.br/?pagina=nivel-do-rio-negro-hoje

Https://www.the-star.co.ke/news/2023-09-26-gem-villagers-reject-eviction-plan-to-pave-way-for-gold-mining/#disqus_thread

Yes, objections were always anticipated. Ramula, however, is possibly less densely populated than Isulu/Bushiangala and is therefore likely to become the starting point. Resettlement schemes have been introduced elsewhere in Kenya.

NB. Kakamega/Rosterman is a separate county matter. Shanta was less likely to re-establish a mine there.