Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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It seems that there are some aussies upset with RRR. They seem to think that there was some sort of deal between RRR and Winmar $WFE. Looks like they were hoping that the tailings processing would be coming their way and are shocked that it is not. Maybe an opportunity for a value add there.
typo you're
Sorry Stephen but your not going to get anywhere with the usual "jam tomorrow" what a great project it might, could, should be, we hope, anticipate, expect it will be a game changer. Cry wolf much?!
How many damp squibs have we seen? Only actuals count not rhetoric.
Why not try doing some research on the assets. Look up cadester.
Looks like complete market apathy is the response today. Hardly surprising. Only a handful of the usual suspect rampers still trying to flog this and they are way down on their "investments" imo. Wonder how your clients are doing Helpful?!
Annual Report coming any time so we'll get the full scoop on the salient detail.
Then it's AGM time where I confidently predict that old Mr bell will once again table a resolution requesting authority to issue a shed load more shares in 2019. Ah but isn't the company supposed to be flush with cash and have lots of good dividend money coming in I hear you ask?
Well, wait for those AGM resolutions which are usually tagged to the back of the Annual Report and then draw your conclusions imo. Nothing changes.
Also good to see you again Blueboy.
It's been pointed out numerous times but if Bell had been sacked say 3 years ago the Jupiter buyback payments + dividend payments would've still been incoming to RRR today. So although Bell tries to make out that he is indispensable at Red Rock believe me he could've been sacked years ago and not missed one bit.
I believe this share price will never dramatically rise while Bell's in charge because many many AIM investors have invested in RRR in the past and had an awful awful experience and so they'll never reinvest here while Bell's in charge. Numerous AIM investors loathe the stinker who's in charge here. So he needs to be sacked.
Andrew Bell is very good at one thing: getting RRR tied up with assets that get caught up in legal wranglings for years. This is what happened in Greenland, Columbia and Kenya. Now that Greenland is gone, Columbia is sorted and Kenya is soon to come to a head, he needs to justify his position and salary. With good returns from Jupiter and Columbia the shareholders should resolve to put this company under minimal management and overheads and pay all incoming cash as dividends.
That does not suit Andrew Bell. Being the **** he is, he wants to divert all money to his own bank account. By getting an exploration contract in an under explored area he is giving himself at least another year at the helm. The fact that it is in the Congo, one of the world's most unstable and anarchic states, means this deal exposes RRR to years of uncertainties and legal wranglings. I think he's just paid $250K in shareholder money and diluted the company by 70 million more shares just to keep his cushy job.
Following the fiasco with DS, RRR has now got two new major shareholders. Hopefully they see him for the crook he is before it's too late and remove him before its too late.
It is also worth chasing down the First Equity update on RRR. I can't post it since I don't have it in a postable format.
The report gives some insight into what is in the RNS. The RNS is full of technical gobbledy gook which needs confirming by specialist analysts.
DYOR
Worth a listen.
https://t.co/H4PATbJxSY
It may take a while for the penny to drop but these assets are top notch. At Musonoi, the license goes up to the boundary with KOV.
These really are top quality assets. It probably needs some proper mining analysts to look at it and confirm what AB is saying.
DYOR
The law of averages says that Bell must get one worthwhile deal right in his lifetime (worthwhile for shareholders that is, not just himself) Not convinced that this is the one though, will keep his salary ticking over for a few more years I guess.
Really well done. It has been a bit of a wait but worth it. The type of assets that a serious mining business would own. The penny will drop over the next few days as people realise just how much these assets are worth: totally out of line with the market capitalisation.
It is about to get ruined a lot more.
https://twitter.com/WrightmanAIM/status/1065149181906616320
MrMagic Yawn. Rrr must have ruined your life..
Missed this:
https://www.bloomberg.com/press-releases/2018-11-15/para-signs-agreement-for-contract-mining-at-gold-road-mine
First gold February 2019. Slight delay.
DYOR
"1. There is value in Steelmin "
Really? A plant that can not currently operate at a profit, who have huge debts to pay off having borrowed EUR 3.8m from RRR (now refinanced with a Luxembourg Investment vehicle) and a further EUR 3m from another group of lenders plus a management team who clearly failed to do basic forecasts of electricity prices (surely a primary concern) to ensure their business model was sound. Sorry I just don't see the value.
If they do manage to get a cheaper long term energy deal I'm guessing profit margins will still be pretty thin. Seems actually more likely to me they will be forced sell up but who would buy a non-profit making venture with debts? Your usual "jam tomorrow" spin here doesn't really gel with reality at this point.
"2.. Shoats Creek was a minimal investment."
It's still yet another damp squib venture imo. A waste of time and money. Now partner Mayan Energy has pulled out and it's not clear (to me) where exactly that has left RRR. Are we still paying management/operator fees for example? What were the "Plug & Abandonment ('P&A') liabilities" that Mayan referred to in their RNS (8th May)? Do you not think the company should have provided some kind of update to shareholders by now rather than just go silent? Do you think that engenders trust in the BOD?
"3. A few thousand from royalties is now small beer and not notifiable."
So why did they notify the revenue figure for quarters ending March 2018 and March 2017?
Poor come back indeed. It's the simplest thing to do, to provide a regular update on project incomes and royalties. really no effort at all for the "Admin" team ! RRR do after all expend the equiv of about £600,000 a year on Admin so if we can't get a simple royalty update, really what the hell is all that money being spent on ?!!
My personal guess is the numbers are dire and they'd rather not publish them but that's just me.
"4. Accounts will be out soon".
Yep and should be a good read.
Meanwhile, the Jupiter share price has steadily tanked since they relisted. It was 40c at the IPO and has now gone sub 30c. That means over £1m of value has been wiped off RRR's holding (and thus MCAP) since the relist. The shares do of course provide a useful dividend (£500k recently received) but as just highlighted this BOD burn through £600k+ per year on Admin and other expenses so really what value is there for shareholders in that situation? In your twisted rose-tinted world you would doubtless say that shareholders should be thankful that the (imo) crazy Admin and other expenses expenditure is covered by JMS dividends.
Just think what might be achieved if that kind of money wasn't frittered away on Admin !
Anyway, its surely about time that the next great carrot dangling "new kid on the block" project was announced don't you think . . .
If this is a dead horse stop flogging it.
1. There is value in Steelmin and it cost RRR nothing. Any return greater than nothing is a good return. I think it will be a very substantial return in due course.
2. Shoats Creek was a minimal investment.
3. A few thousand from royalties is now small beer and not notifiable.
4. Accounts will be out soon.
Keep your pecker up.
Yep not looking good. Share has lost some 50% of its value in just 6 months here. The fervent ramping by some has failed miserably. Rampers are understandably frustrated at seeing the SP tank, today's new stale bulls perhaps?
It's been a few months since the disastrous news that Steelmin can't actually operate at a profit with the current electricity prices. It surely doesn't take months to agree an electricity contract so I'm guessing things aren't sweet in Steelmin land. Another "great" project ramped to high heaven and back by the usual suspects that has turned out to be a dud.
Shoats Creek another disaster, gone all quiet since partners Mayan Energy pulled out last May. Poor show to not provide an update RNS on that venture imo.
No word on El Limon royalty revenue figures since quarter ending March 2018. June and Sept quarters are long done with so where are the figures for those??? Have to assume that they are poor.
Nothing changes here it seems. Project after project ends up in AB's oubliette and the same tired old rampers continue to peddle their "jam tomorrow" rhetoric.
Meanwhile as stated above, the SP has lost some 50% of value in 6 months despite all the fervent ramping. Seems people don't fall for the rhetoric any more. Too much history, company MO too well established, too little income, too much expended in Admin Expenses etc etc
End Of Year Report coming soon. Should be revealing. Then its AGM time and doubtless again there will be a resolution thrown in there requesting authority to issue tons more shares next year despite the current cash in the bank, Jupiter divi and so on. Go figure ! It does get old.
So it looks like the November 2018 0.84p warrants have expired unexercised.
A good time to come out with news, IMHO. We can't be too far off them confirming things on DRC, Migori and Steelmin.
...but I am sure AB will find a way to blame it on Christmas, Trump, Brexit or leaves on the line.
Elephant Oil has a big red message on companies house. Yet another dysfunctional company considered a fantastic investment in the RRR/RGM dystopian world of shareholder return.