Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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Laptop
you are correct rrr has some interesting assets and is undervalued, imho the only reason why this is so low is because of who is in charge, i can hazard a guess if AB and Kainz resign today i guarantee this will be a multibagger the same day.
IMHO
Do you still hold the CLN's and is PG a client of yours?
https://www.*************.com/views/39082/more-questions-for-embattled-mayan-ceo-charlie-wood-re-a-mr-stephen-lundy
Laptop - "Plus it will be another show of faith"
lol
show of faith . . . . just lols
LTHs here know better imo.
Took a few this morning Don't forget Andrew bell bought 11.5 million shares last December at 0.80p....will history repeat itself....Plus it will be another show of faith. He also bought 5 million at 0.68 ish. So both well above current SP Undervalued now big time based on cash/assets vs current mcap of £3 million
Empire of dirt to quote nin and mr cash.but He has managed a great salary for himself.jupiter dividend is the only sucess story I have seen here in ten years and that is despite ab reducing our holding severely in the midst of the greenland fiasco firesold around 7 cents if my memory serves me.and I believe orion deserves the credit for that one.helpful best to invest in glencore I suspect.law of averages should mean ab should finally hit success but history not kind.
SL - "You just don't like AB and therefore nothing good can be true, regardless of the facts,?"
No mate the problem is the dire track record this BOD have with each project they've attempted to bring home.
The same pithy spiel has been uttered for every project this company has undertaken. "it'll generate millions", "it'll be a game changer", "they won't need to dilute any more" . . . This rhetoric has been heard over and over and over and usually by the same sorry bunch of company apologists.
The problem is most have come to nothing, become damp squibs if not outright disasters.
Greenland, JORC Resource - shoved in the oubliette and finally sold off for £1 (!!!!!)
Ivory Coast - applied for 3 licenses, never happened, bought 3 existing licenses, project still gone nowhere
Shoats Creek - now being written off
Candy Sweets . .
Cloud Computing . . .
DBAR Oil . . .
Elephant Oil . . .
Kenya . . .
and now Steelmin, the latest "game changer" gone t*ts up, unable to operate at a profit.
What this trail of devastation tells you, apart from the uselessness of this BOD, is that you can not value any venture purely on the perceived value of the minerals in the ground. You have to factor in the fact that it is the same BOD running the show who have shown a penchant for project delays, poor results and an uncanny ability to expend pots and pots of money along the way on Admin and other expenses.
The markets I think draw their conclusions accordingly whenever the next "New kid on the block" comes along.
Deffo linked to the share price mate: it is called being a shareholder. You may have heard of it. Go on, explain to me why the DRC licenses are worth nothing. Explain there is no copper, no cobalt, no palladium, no platinum, no gold there. I will wait. Perhaps you can also explain why Glencore's KOV project is worth tens of millions, contiguous to RRR's Musonoi but RRR's license is worth nothing? Try looking stuff up. RRR has landed blue chip licenses in DRC.
Perhaps, I can guess the answer? You just don't like AB and therefore nothing good can be true, regardless of the facts,?
Do you get paid a retainer or on an invoiced basis? And if the latter is it linked to the RRR SP?
Helpful: "AB has publicly stated that he reckons that there is 375,000 tonnes of copper at the old Musonoi workings and 20,000 tonnes of cobalt"
This is the same AB that said El Limon would produce at 400tpd right?
The same AB that waxed lyrical about the Greenland resource but who has just sold the job lot for just £1 !!!
The same AB that said of Shoats Creek:
"Shoats Creek is focussed on driving production growth by taking advantage of current low drilling and development costs, and with improved oil prices this should flow through directly to the Company's bottom line."
but who is now writing off the whole thing.
You know I'm sure Looney Labour Leader Jezbollah Corbyn also said that student debts would be wiped away and they would make tuition fees free but it hasn't happened.
You don't suppose these kind of people just say anything to promote their cause do you?!
Funny! I can see why people think that but watch this space.
Newsletter is out and touches on some of the issues; IMHO it reads very well.
Helpful appears pretty desperate to pump this sorry excuse of a share. Understandable as he must be well down here and presumably so are his clients if he encouraged them to invest.
The Steelmin spiel is as usual a bunch of empty "jam tomorrow" rhetoric.
Always deal in facts.
The facts are that Steelmin's management announced that it could not operate at a profit due to high electricity prices. That's pretty mush a disaster having 2 months earlier having boasted about reaching "commercial production". It also speaks of poor management ability if they were unable to forecast costs and plan effectively for contingencies.
That might be why Steelmin managment now appear to be dropping like flies. Take a look at the Steelmin filing history here, interesting reading:
https://beta.companieshouse.gov.uk/company/07734349/filing-history
"Termination of appointment of Andrija Kojakovic as a director on 31 August 2018"
and yesterday
"Termination of appointment of Christopher Mcnamee as a director on 22 October 2018 "
Note also that Steelmin have large debts. They borrowed EUR 3.8m from RRR whihc they subsequently refinanced with a "Luxembourg Investment Vehicle" (at what cost I wonder?!)
They also borrowed EUR 3m from another group of lenders
Interesting isn't it that Helpful's spiel of "jam tomorrow" doesn't mention these debts.
I suggest people read Steelmin's last published Financial here which are up to 30 Dec 2017:
https://beta.companieshouse.gov.uk/company/07734349/filing-history/MzIxNTc1OTI2MWFkaXF6a2N4/document?format=pdf&download=0
So, large debts, can't currently operate at a profit, appointments of 2 directors already terminated
Yeah it's going swimmingly well !!
"But of course because it is RRR and AB all of the above is worth nothing."
Could not have put it better myself really. ANYTHING he touches immediately turns to merde - a reverse Midas touch if you will.
It was and it still is.
You need to put your commercial head on;
1. Steelmin cost RRR nothing: in fact it made a small profit on it due to currency movements
2. Steelmin has a value whether that be euro 4 mil or euro 20 mil or some other figure
3. It will be worth more if it is brought back into operation
4. The replacement build cost is anything between euro 50mil and euro 90mil
5. AB gave an interview a few weeks back about what the position was
6. He was willing to fund bringing it back into production subject to control and his terms
7. The market hasn't been updated on what the current position but I have no doubt that is a saleable asset at a decent price
8. Previously we had 22%, control means more than 50% in shares or via some other mechanism
9. Now that DRC/VUP is done Steelmin is a sideshow
10. I strongly suspect that the current position is one of the following two possibilities: a) sell it as is or b) bring it back into production and then sell it. It will be down to the standard cost benefit analysis
11. The capital released will be better employed in the DRC than in Steelmin and the same goes for Migori
The DRC/VUP assets are the real deal and where RRR should concentrate its efforts going forward.
The current market capitalisation is derisory and the sale of Steelmin will swamp the current market capital whether it is sold as a going concern or as closed plant.
DYOR
I seem to remember a very similar analysis of the Steelmin prospects 6 months ago. That was also going to blow the current mcap out of the water wasn't it?
Funny!
Facts are facts whether they suit your narrative or not. AB has publicly stated that he reckons that there is 375,000 tonnes of copper at the old Musonoi workings and 20,000 tonnes of cobalt: looking at the various sources it could be that there is a lot more than that. It also looks like there is manganese and Palladium there too.
The licenses are production licenses, the workings are still there and can be brought back into use pretty quickly.
RRR and Winmar have already stated that they have a non-binding feedstock agreement for the Winmar JV plant at Lumbumbashi. Winmar cannot relist on ASX unless and until they have a feedstock agreement in place. Check out what has been said about $WFE on Hot Copper and Twitter. The $WFE AGM is Thursday or Friday: you do the maths.
But of course because it is RRR and AB all of the above is worth nothing. Even if they bring Musonoi back into production at a low level it will blow the current market capitalisation out of the water.
DYOR
a further £400 to average down from my 26p to now 0.07 in this massive pile of poop. Probably the wrong thing to do, but I have had my fill of it. 0.08 p and im off. Good luck to those invested here, it does look slightly better than before but Ive now lost patience. Sad to say but I have.
or does anyone else find Helpful anything but?
lol Helpful/Stephen
I didn't catch all your BUYS yesterday when the SP was cheap as chips 8% down. You were surely buying weren't you? I mean you're doing your level best to encourage others to buy here. Can you point readers here to your buy trades?
Worth pointing out the the new licenses start with PE rather PR. These means that they are production licenses not exploration licenses.
Surely nobody thinks this can be anything else by now can they?
SL - "The break up value of the company just went up again."
lol.
How much was the Greenland JORC resource worth? RRR just handed it over for £1 !!
JMS share price is continuing to tank. At the relist the JMS SP was 40c. Bid price is now 28.5c.
RRR's holding has lost over £1m in value since the relist in April.
Shoats Creek is now being written off
Steelmin is currently a bust, can't operate at a profit
All value sapping events I'm afraid. With a MCAP of a paltry £3m or so and the Annual Report stating liabilities at some £2.6m and cash at around £2.2m and Admin expenditure crazy (imo) at over £800,000 plus "Other Project Costs" at over £300,000 it's not exactly looking dandy is it?!!!
The SP crash we are seeing is hardly unexpected I would say.
Supremely foolish (imo) of the BOD to go investing $400,000+ on a new venture without RNS'ing that at the time to shareholders imo.
Funny isn't it, the trade list is a sea of red. The SP is tanking, and yet the company apologists and blatant rampers don't seem to be taking the opportunity to "fill their boots" . . . where are all their buys and holding RNSs eh? . . . .
In Nov 2012 RRR announced that it had received an offer to acquire 51% of the outstanding share capital of NAMA Greenland Ltd. The total consideration of the offer was $17.75M USD cash payment
In Oct 2016 RRR's own broker, Dowgate Capital, adjusted their valuation of the Greenland asset and stated it as £0.8m
In the Annual Report just published is states:
"The entire interest in Melville Bay was sold on 29 June 2018 for £1, and an additional liability of £183,100 was accrued at 30 June 2018 to reflect the Company’s obligation to clear the site of the previous exploration camp and to remove residual drilling equipment and supplies"
Would anyone care to explain why this shareholder asset, previously assigned significant value, has just been "given away" for £1 ?!!
Surely the infrastructure and JORC resource were worth more than £1.
Still haven't put in the accounts. No mention anywhere of this amazing opportunity. We are going to need a bigger oubliette.