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It doesn't matter how many ounces of reserves CRND have / or their potential value. It's worthless unless it can be extracted at a profit / and the majority still sits under water even with the level falling. The market has always known the size of the reserves, yet prior to suspension, CRND was valued at just £1.08million with circa £10 million debt. Even the 4 Chinese bidders weren't prepared to pay $150 million for the Billions of gold assets 2 years ago. And no other Gold Miner has ever made a takeover approach with a view to adding CRND's reserves to theirs even when it would cost them just £15 - 20 million to take them over.
Gibbo1066, Excellent email! thanks for continuing to fight the corner for us PI's.
swhites - it refers to the existing table where 'unknown' is stated i.e. period 26th - 31st July etc. It's a key: i.e. *unknown = TCTA system down / unable to upload data
Does anyone have an idea of the date the RNS with Interim Report & Production figures may land? Looking at past years, reports have been released on the following dates: 28/09/2016 15/09/2015 15/08/2014 19/08/2013
takeachance1, I agree, on the morning of the 1st MOU announcement, the share price peaked at 42-44p, I seem to remember it closed around 25p ish. The Mkp Cap was around £40-50 Million at the peak. Obviously since then they had issued a load more shares, but additionally CRND is in a better position with Puno resolved, water level much lower & a tolling business which hopefully is profitable if they've been able to repay debt. It's just cash position that the question mark still hangs over....
Totally agree Gibbo1066. Fingers crossed CRND has finally turned a corner & is building a profitable business which can self fund the re-commencement of underground mining. All the years of things going against us, continued shareprice falls, Puno case drawn out, loss of mining license, numerous new equity issues & subsequent dilution, no Chinese takeover etc will hopefully be worth all the years of pain & disappointment.
Of course it does, It's yet another positive in our favour...
Pog is nearing 11 weeks highs at circa $1296/oz
Lets hope there are no further delays in issuing accounts / market update, there aren't many companies that come back from being de-listed. Most end up just being wound up, wonder where CRND's assets would head if that were to happen in this instance.......
TCTA provide the water level data, It's not uncommon for it to sometimes be updated weekly or bi-weekly. Hopefully, it will show another decent fall.
If the waterlevel continues to fall at current rates, we could well see 205-210 MBS before the rainy season really kicks in, this has been a long, long time coming..... hopefully we won't see a repeat of the 2016/7 winter months where the levels rose quickly.
Chartist2, 'While I truly hope for a decent outcome for people here (who got "lured in" during some of the empty share spikes), I think its safe to say that performance wise this been one of the worst AIM stories in this decade!' I don't think anyone can argue with that statement! I just hope that PI's actually get something back on this one, instead of being screwed over as typically happens with AIM companies.
Glib, apologies, Obviously all companies have to issue Final Accounts annually, however, I thought there had been an instance in the past where full year figures weren't issued via RNS, but they appear to flit between issuing then as 'Final Results / Annual Report or Interim Results / Interim Report etc The slippage in the Concentrator Circuit may well have been designed to buy them some further time paying for it until Toll Treatment revenues were back up to full following the strike in May & lost production days
Suspension can't be lifted until they release annual accounts. The latest RNS reads to me as though they're not going to issue them, skipping straight to Interim in Sept?
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CRND&ArticleCode=ip2wfpb3&ArticleHeadline=Application_Abandonment_and_Operational_Update Winding up order withdrawn and interesting no mention as in previous RNS's of cash position being challenging / funding options being considered etc
Gibbo1066 - Don't forget that the positive ZAR 3.1m balance was based on near term receivables / liabilities i.e. I would read that to end of June. As we are now well through July, I would expect a further months worth of turnover (& hopefully profit) to be thrown in to the mix. Supposedly 'The income generated from gold produced and tolling fees has been utilised to pay down outstanding creditors, so as to ensure that historical debtors are reduced' - we still don't know what these were and if any long-term debts have been reduced. Also, the majority of the concentrator circuit appears to have been paid for from the latest tranche of the 'Mr. Jia Bang Wang' loan of $250k.
Gibbo1066, I'm with you. All excuses must have now been exhausted for failing to deliver and surely our run of bad luck & set backs must now be behind us...... The fact that they haven't rushed to announce a fund raising surely can only be a positive / Puno have also been quiet since the High Court ruling. We live in hope they we will see our original investment back & a little profit wouldn't go a miss for all the years of pain CRND shareholders have suffered thinking it's finally going to happen. Will 2017 finally be our year....... !?!
Gibbo1066, granted, it is hard to determine what CRND may be generating in terms of profits from the existing ore processing business and hopefully soon with the concentrator circuit coming on stream, I would expect acquired mine dumps to be the more profitable side than the original ore processing contract. It would be good to finally see the annual report released, even if unaudited, to gauge level of turnover for the year & see where/what debts have been paid off with the proceeds. Even in the past and annual & interim reports are released that close together the news flow is generally way behind current position. I've been here for years and I'm well down like most here, even despite averaging down on a number of occasions. I never cease to be amazed with this one, a number of times I thought we'd finally turned the corner and was sadly disappointed, I think everything that could possibly have gone wrong, has gone wrong with this one, hopefully the winds are changing and the run of bad luck & unexpected events has finally finished. As for believing anything Johan has said in the past...... he couldn't manage to pull off the $150 million sale to any of the 4 Chinese suitors..... With the Puno case appearing settled once and for all and the water level at lowest ever level/nearing levels where underground mining can recommence, I'm struggling to see how this can't put CRND in a stronger position with any on-going negotiations happening in the background, but we'll see. I believe the company had ZAR 3.1m near term headroom from the operational update virtually a month ago, I would like to think that the fact that all is still quiet, we are still suspended & no news of a placing or Bergen is positive, but we'll see....... Like you say, just to get back to breakeven would be amazing, anything else a bonus!
Gibbo, I see where you're coming from. The only other thing to point out, is that although CRND have acquired the mine waste dumps and they could potentially generate a regular / solid revenue stream that you suggest, it will not all be in CRND's coffers, outgoings will also increase due to the following agreement: The Mine Waste Dumps are jointly owned by a South African company and their Black Economic Empowerment partner ("Vendor"). 'Key Terms of Mine Waste Dump Agreement' Under the agreement with the Vendor, CRG will be responsible for the conducting and managing of the mining, transportation, milling, leaching, smelting and gold refining of the Mine Waste Dumps' materials. Under the Mine Waste Dumps agreement, the Company is required to pay the Vendor a nominal Rand per tonne fee and a percentage of the earnings before interest, tax, depreciation and amortisation.