Member Info for xerxes

I do not see how anyone else could in the circumstances have done better than LC.
At the beginning Kibo only had its proposed project in Tanzania, and over a tortuous period of time hurdles and obstacles were overcome. There was a change in government. Under the previous government bribery had defrauded Tanzania of its fair dues. A traffic control system for the main airport bought at great cost was unsuitable for purpose as exposed in a Private Eye article at the time. À British registered gold mining company was alleged to have exported undeclared gold to avoid royalties due. The new government set out to stamp out corruption. Kibo has always played it straight which may be why it had made slow headway with the previous government. Under the new government it had to deal with new ministers and new civil servants who treated any mining company as suspect. This inevitably delayed matters. It had to jump through further hoops but it did so. Just as funding and everything seemed in place to develop Mbeya and prosper for everyone’s benefit, the President decided to abandon coal and rely instead on the Stiegler Dam which was promised by the Egyptian contractors to be productive in 2022. LC had had the foresight to widen Kibo’s remit and negotiate further projects in Mozambique and Botswana, and slowly these seem to be becoming more promising especially Mozambique. I do not think anyone else could have moved things along sooner. Africa is Africa. Christian Schaffalitzy who was the principal geologist instrumental in setting up Kibo, Noel O’Keeffe, and the other directors are no fools. They would not tolerate LC if he were just marking time and raising funds to give himself a salary. He would not be in charge if they thought he was inadequate or someone else would do better.

It is always good to hear from Wimbo and Gillie who used to be daily contributors years ago when hopes were high and with every reason at the time. Just when it looked as though Kibo would take off, the creation of hydroelectric power from the Stiegler Dam captured Magufuli’s sole interest as the answer to his country’s demand for energy. Kibo was abruptly dropped. No one had any criticism of LC until then. For years Kibo had just its Tanzanian project which included Haneti with its gold and nickel prospects. This was hived off into Katoro and in the process Kibo got some funding. LC secured our projects in Mozambique and Botswana where the knowledge gained by Kibo could be applied to good effect. Meanwhile the World Bank etc now refuse to finance any coal fired energy generation, and the anti fossil fuel sentiment has obviously hit Kibo. That said coal fired power stations are still being built because they are cheap, and a country with plenty of carbon credits is not so hindered especially as the Chinese are still financing them. LC has established excellent credentials with the Chinese. Stiegler Dam is fraught with problems. The environmental damage it will cause could seriously affect the Rufifi River delta, sedimentation could adversely hamper the dam’s function, and the water supply is variable with prolonged dry periods. Tanzania may yet realise that Kibo is the best option for it. Meanwhile Mozambique looks increasingly likely as a huge boost to Kibo. Over recent times I have thought that folk have failed to give LC credit. He is portrayed by some as just milking Kibo to get a pay cheque. That I think is most unlikely. Were it the case the big shareholders would long since have given him the heave ho. Africa has always been a difficult area to operate. LC knows the ropes and despite views expressed about him, he has quietly and determinedly persisted. Kibo was always going to be a long game. It is just the case that it has been a longer game than anyone expected. Yes, my holding has been diluted but I am still holding on like Wimbo still in the hopes that LC will deliver. Naive? May be but we shall see.

You and I, Wimbo, have been waiting a long time for that. Mylene will be an aged crone before it happens if it all continues like this. There has already been one consolidation

Almost six times as many shares bought this morning than sold. Not seen that before with Eurasia

2.6m shares sold 3.5m shares bought yet price eases down a touch

Gillie has been a very dedicated and sensible contributor to this board from the days of optimism to our present sorry state. Wimbledon from the earliest days was a big enthusiast and there seemed once much to be enthusiastic about. How are they voting. Wimbledon has a very big shareholding. And then there is Yaki whose stake is enormous. Every time money is raised it is slowly spent But with nothing achieved. Why should this time be different

How heartening for an old codger like me to read that Dear old Wimbledon is calmly philosophical. I have trailed in his Kibo footsteps for many a year making the occasional comment. What hopes, what aspirations we all had years ago but is coal really worthless? Coal fired power stations are still being built. Like gas coal has many virtues though its vices have made it unacceptable for many. No energy generation is clean. It all comes, no matter how “green”, with some form of pollution. Africa needs electricity to improve lifestyles and to realise the potential of the continent and we May yet see coal play a big part. One post Covid day I hope to shake Wimbo’s hand and reminisce hopefully vindicated at last

Poor old Wimbo. It is most disconcerting to read his message. He has hitherto always been so positive.
Having invested from the start, I have had great hopes but knew it was a gamble. But what about Yaki whose holding is enormous? Is he too disillusioned?

I remember a similar previous consolidation.
Many shareholders like me had bought shares only to see them slowly drop in value and find that consolidation brought them back to what we had paid before.
Since then price has trickled down over the years again and now what ?

Any takeover would need the family blessing, meanwhile worries over the Affect of the Corona Virus have unsettled the market. Pubs and hotels would suffer greatly if customers stayed at home

It is disheartening when old stalwarts lose faith. Does that include Wimbo?

I must be a simple soul but I found today’s RNS to some extent reassuring. Obviously we are hit by worldwide concern over climate change which is beyond LC’s control but he is doing what he can to ensure Kibo can yet play a positive and mutually rewarding compliant role in providing Southern Africa with electricity. Katoro should keep Kibo afloat meanwhile

Is Wimbledon cracking? That would surprise me. And what about Yaki?

We seem to be ending 2019 in low spirits. Even Gillie has become pessimistic. Just think not so long ago folk were rushing to,top up at 6p. The underlying fundamentals seem unchanged, and Tanzania is now just one out of three African projects. I am holding on and still have expectations

I do not think that LC deserves the flack and criticism heaped on him. Having been thwarted by the Tanzanian government he has quietly got on with developing our other irons in the fire.. Kibo has proven assets and I still have every confidence that LC will be fully vindicated in his development of Kibo. It has been many posted many times that Africa moves at its own pace and more warily these days, having been ripped off too many times hitherto. Kibo was never a Share for carpetbaggers and get rich quick merchants

Well done. How many million now? Your continued confidence is reassuring.
A joyous Christmas to you and one and all, and let us hope that the New Year brings us glad tidings

I see that Yaki is now part of show. He has shown great commitment to Kibo and now has over 36m shares. I had hoped that I might have seen Wimbo mentioned but he has long since been overtaken. I sense that these new shares will be kept and that something is afoot.

That, JD, has been said many times before, but we yet live in hopes

Usually Friday is a dull day for Kibo, but for once this week Kibo seems to ending on a stronger buying note.

Despite the usual pessimistic talk that occurs on this board I was heartened by the Chairman's speech. I had been getting increasingly concerned at the global anti coal campaign and its impact on Kibo. I found what he had to say about the role coal was still going to play in providing Southern Africa with energy most encouraging. In Tanzania the President had suddenly become convinced by the unrealistic promises over the Stiegler Dam project. In the present global political situation that is understandable. He is not a stupid man and one sense that Tanzania is once more pursuing a coal provision in its energy requirements. In addition there are the other projects, with the latest update on Botswana being also encouraging. As has often been said, Africa has its own pace and having been ripped off and exploited for generations one can understand its caution