Member Info for workingstiff

They cleared some debt around 2013, when if my memory serves, at one point they were in debt to the tune of $1b.

They roll the debt over - issue new bonds, or take out a bank loan.

Most miners are lagging the gold price at the moment. I think this is partly because modern ETFs provide an alternative for those who want to buy the price of gold, and partly because the market hasn't woken up to the leverage the increase in the spot price will have on miner's profits. There will be a number of interim statements from miners in September. If gold is still riding high these may shake things up a bit.

Spot gold above $1520 this morning. If it keeps rising and POG remains stuck at 10p (bearing in mind what has happened to Sterling on the FX recently) then even the IRC millstone and the dodgy "mates rates" convertible bond issue might not be enough to keep a predator at bay.

"This is a really strange board, gold goes through $1,500 and not a squeak."

It has gone up so fast it looks a bit frothy. If the US / China trade war rumbles on and all central banks join in the currency "race to the bottom" gold could get a permanent re-rating.

If Xi and Trump kiss and make up ………..

I'm surprised this little beauty isn't doing better with the gold price sniffing $1500. If ever a mining share was a leveraged play on the gold price, this must surely be it.

To be fair, things were different then. We had the great recession. People in the financial sector (not just the gold bulls) were talking "new paradigms" with gold going to $5000 / oz.

By 2013 everything had gone pear shaped. I don't have access t the old info any more but from memory back around 2009/10 (when the gold price was on the way up, as now) I think the SP peaked at around £17, with something like 150m shares issued. I think around that time POG was set for inclusion into the FTSE 100.

Or the political strife in Hong Kong, where IRC is registered.

Is there any milage in complaining to the FSA?

"But it's just capitalism really and it's the same everywhere."

In fact some companies act in the interests of all their shareholders. Unfortunately, this one doesn't..

Yep. A hostile bid would be handy just now. Come on HGM, time to take the next step!

"Petropavlovsk share price needs to be held low from today until the 3 July 2019 as this could have implication on the repayment amount! ie 3 July 2024"

No. The redemption costs wont change. What will be affected by the share price is the conversion rate. As shareholders, we want the sp to be as high as possible between now and July. This makes it more expensive for the bondholders to convert.

I should also have said that I am pleased they are redeeming the 2015 bonds.

I just read it. In the first and second paras it says that the issue is for $100m up to $125m. In the 3rd para it says the issue is for $200m. Which is it POG??!!

I am disappointed that the bonds are to be convertible, but I suppose the conversion premium (assuming the sp can hold around 9) will create some headroom for a rise. Having said that I've just seen that the sp has bombed. Oh dear. Deju Vu. This reminds me of 2016 when the share price got above 9, and Hambro killed the rally with his merger plan.

It's true I think that the 2015 convertibles will act as a handbrake on POG's share price until next year. I also think that if IRC can take advantage of the high Iron ore prices there is nothing to stop their share price rising, which in a roundabout way would reduce the toxicity of the loan guarantee and increase the likelihood that a third party might be prepared to take the IRC interest and exposure off POG's hands.

No doubt there are better gold miners around, better places to park your money, but things look better now than they did a year ago - the patient has moved out of intensive care.

I can only think it is a result of the investors day. Let's hope it holds above 9 at the close.

The volumes aren't big so far, although there may be some big pending trades pending

Congratulations. The investor day seems to have done some good.

Not much Christmas cheers here.

Have a good one folks