Member Info for Webbs

No news till March boring boring

Don't think they give a **** about there share holders.

Thank you for your email. We have reached the point in the process with Guinea whereby the majority of field activities (drilling, core logging and other exploration activities) have been completed, and our licence application has been submitted to the Guinea government. As is the standard procedure for a mining permit application, the Guinean authorities have established a committee to review our application and it was to this committee that we presented our Feasibility Study and Environmental and Social Impact Study ('ESIA') in September 2013. Both documents are being reviewed by the Guinea authorities separately, and we have received acceptance of the ESIA already. We are advanced in the acceptance process for the Feasibility Study document, but we are aware that this is not a quick process, particularly in light of the fact that a mining licence for a gold project has not been granted under the current mining code. Matters have also been delayed somewhat as a result of the national elections that took place in late 2013, although this process has now concluded. On the Feasibility Study document itself, we continue to work with our consultants (Tenova Bateman in South Africa) to refine the operating and capital cost estimates, to further improve the project's economics. At the present stage, both the mining licence permit process described above and the operational refinement work that is underway with Bateman are both advancing, but given that both these workstreams are reliant on a third party, we cannot give specific guidance with regards to a timeline for completion. It is our intention to update the market during Q1 2014 with respect to our ongoing business review, and I would expect that this press release will also provide information on Guinea as part of this announcement.

http://www.valuewalk.com/2014/01/gold-wars-china-russia/

Worse day for stock markets in a long time bet day in a long time for Avm.

He will still be in.

Lofty if your out there might see your 9 tomorrow

I feel sorry for people who bought in two years ago. Something must be bad for this to go from 280 to 8 in two years **** BOD no money and a few employees with a spade by the sound of it.

Think they might be doing it so Elliot make a bit of money on CFD'S

As a consequence of lower than expected production in Q4 2013, Avocet Mining PLC ('Avocet' or the 'Company') now expects 2013 production at the Inata gold mine ('Inata') to be 115,000-120,000 ounces compared with previous guidance of 125,000-130,000 ounces. The Company has also commenced a business review of options to maximise the value of its assets. The deterioration in Q4 production has led to higher unit costs and lower cash generation and has been caused largely by breakdowns in mobile and plant equipment. There is a requirement for capital expenditure to refurbish the processing plant and mobile fleet and also to complete construction of the blinding circuit. In addition, there is a need for maintenance processes to improve, having suffered from a cash squeeze during 2013. Q4 production was also affected by two minor pit slope failures which generated additional volumes of waste material and slowed production at a time of low excavator availabilities. The plant shutdown for refurbishment of the SAG mill, which was noted in the 2012 Annual Report, is now expected to halt gold production for up to four weeks in H1 2014. In August, when the gold price was approximately US$1,300 per ounce, the Company announced an eight year Inata life of mine plan and positive cash flows in every year, based on pit shells run at US$1,200 per ounce and mining costs of US$1.75 per tonne. With the potential for a lower gold price environment over the coming years, the Company has estimated the cash flows of a four year life of mine plan based on pit shells run at US$950 per ounce, with mining costs of approximately US$2.15 per tonne. This estimate ("the estimated LOMP") includes higher capex to refurbish the mine fleet and the four week plant shutdown. The effect of pit shells based on a lower gold price is to improve cash generation at lower prices by reducing the proportion of waste mined and increasing the grade of ore mined, albeit over a shorter mine life. The estimated LOMP indicates that in 2015-2018 Inata should generate cash flow before financing of approximately US$180m, based on an assumed gold spot price of US$1,200 per ounce. However, this plan shows negative cash flow in 2014 and a requirement for further short term funding in 2014, amounting to between US$20 million and US$30 million, depending on the extent of refurbishment costs, whether a decision is taken to adopt contract mining, and the level of production in 2014. The further funding requirement would be in addition to the remaining funds from the Ecobank loan facility, which was drawn down in November by the Company's 90% subsidiary, Société des Mines de Bélahouro SA ('SMB'). The loan is for 30 billion Francs de la Communauté Financière d'Afrique ('FCFA'), the legal currency of Burkina Faso, which is currently equivalent to US$61 million. Of the Ecobank loan funds, US$29 million was used to buy back SMB's gold hedge with Macquarie Bank

Totally agree, just got to keep the faith it will get there in time I hope.

Avm haven't really missed out on much from the shut down, price of gold hasn't been amazing as long as it keeps going in the right direction should be in a good place when we come online again.

They have already reported the four week shut down so I don't think this will effect the price.

The only good thing the BOD done was get rid of that hedge I bet the banks would love all the little guys to lock down price at $900 a oz

They know what the outcome is with the Elliot loan by now they just want milk it the longer they leave it the worse it will be for them. But bargain prices for me.

Yes here's to hoping.

Lofty have a look at king world news.

Deutsche Bank's shares have fallen almost 4% in Monday morning trading, a day after it reported a surprise loss for the fourth quarter of 2013. The German bank unexpectedly released its latest results on Sunday, more than a week ahead of plan. Deutsche posted a pre-tax loss of 1.153bn euros (£900m) for the final quarter of 2013. The bank said that litigation costs and restructuring had weighed heavily on its financial performance. Litigation costs mounted up to 528m euros (£435.3m) for the period, while revenue fell 16%. Market strategist Ishaq Siddiqi, at ETX Capital, called the results a ``nasty set of numbers". "{They} have geared investors here in Europe for what could be an ugly earnings season for European banks," he added. At the end of last week the company's shares closed down 3% in New York after reports of a profit warning rattled already anxious investors. Deutsche Bank - Germany's largest lender - has faced some large problems in the past 12 months. In December 2013 it agreed to pay 1.4bn euros to settle a lawsuit with the US Federal Housing Finance Agency (FHFA). Rate rigging The lawsuit accused Deutsche Bank of breaking state and federal laws when it sold financial products backed by mortgage loans to Fannie Mae and Freddie Mac between 2005 and 2007. Also in December it was among six banks fined $2.3bn (£1.4bn) by the European Commission after been found guilty of colluding to rig two global interest rate benchmarks. Deutsche Bank suffered the largest fine of the six - 725.36m euros - over rate fixing. For the year, it has set aside 2.5bn euros for various lawsuits. In Sunday's results statement, the bank's joint chief executives Juergen Fitschen and Anshu Jain said that they are confident of reaching their targets for 2015. Though they said that they "expect 2014 to be a year of further challenges". The bank will post a profit for 2013 overall, they added. Deutsche Bank had originally planned to release its results on 29 January.

LONDON — Deutsche Bank will withdraw from gold and silver benchmark price setting, it said last Friday, as European regulators investigate suspected manipulation of precious metals prices by banks. Germany’s largest bank and some of its rivals are taking a battering over a series of other scandals and inquiries regarding manipulation of interest rates and foreign exchange. Last Wednesday, global investigations into alleged currency market manipulation intensified as US regulators descended on Citigroup’s London offices and Deutsche suspended several traders in New York, sources said. Deutsche is one of five banks involved in the twice-daily gold fix for global price setting and said it was quitting the process after withdrawing from the bulk of its commodities business. "Deutsche Bank is withdrawing its participation in the gold and silver benchmark-setting process following the significant scaling back of our commodities business. We remain fully committed to our precious metals business," the bank said. Last month, German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of benchmark gold and silver prices by banks, the Financial Times reported, citing sources. At the time, Deutsche declined to comment on the report. Bafin reiterated last month that besides rigging of benchmark interest-rate Libor (London interbank offered rate) and Euribor (Euro interbank offered rate) by banks, it had been looking at other benchmark-setting processes such as gold and silver price fixing at individual banks. Bafin declined to comment on Friday, but its president, Elke Koenig, said the previous day that it was understandable that the topic was attracting widespread concern. "These allegations (about currencies and precious metals) are particularly serious, because such reference values are based — unlike Libor and Euribor — typically on real transactions in liquid markets and not on estimates of the banks," she said. A source close to Britain’s Financial Conduct Authority said on Friday that the regulator was doing a lot of work on all benchmarks, including commodity benchmarks and gold. "So there is a renewed regulatory focus on that." Deutsche has also been named in cases related to the sub-prime crisis, credit default swaps, mortgages, tax evasion and a decade-old lawsuit suit brought by the heirs of late media mogul Leo Kirch, who accuse the bank of undermining the business. The bank set aside €1.2bn for potential legal charges in the third quarter, wiping out profit and raising the total amount of legal reserves to €4.1bn. A source close to Deutsche said on Friday it was seeking to sell its gold and silver fixing seats to another member of the London Bullion Market Association. But Deutsche’s decision may foreshadow moves by other fixing banks, a source in the London precious met

Does anyone know what is going on about TRI K