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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| African Con | AFCR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.685 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.685 | 0.685 |
| Top Posts |
|---|
Posted at 17/12/2014 12:27 by xscream179 I made my first post on this board a few days ago. I don’t post a lot but sometimes I have something to contribute. I tend to hold for long periods. By way of introduction I first invested in AFCR about 9 years ago. I have long been interested in the potential of Zimbabwe and have spoken to a number of people who travel there. I invest in a small number of stocks and know a lot about those that I invest in. I have met Roy Tucker, Mike Kellow, Andrew Cranswick and recently Roy Pitchford. I believe this is a good time to be in AFCR with much of the available information looking positive.Expected cash generation from Zimbabwe: “The Company remains of the opinion as previously announced that the finance introduced into the Joint Venture will be sufficient to commence production at Pickstone-Peerless within eight months at a provisionally targeted run-rate of ore production of 10,000 tonnes per month.” 10k tpm at 5g per tonne /32 g per oz = 1562oz per month x margin of $450 = $703k/month = $8.4m pa. 50% share to AFCR is $4.22m pa = £2.7m pa. Cost of production at PP has previously been quoted as $600-$700. It will take 2-3 months to build up to 10,000tpm. The necessary machinery has already been ordered. Note that Grayfox the new Zimbabwean investors own 50% of Pickstone, Peerless and Giant the rest of the Zimbabwean assets are 100% owned by AFCR. The known orebody at Pickstone Peerless has higher grades at greater depths. There are several avenues open to the company to increase production once capital is generated from early operations. It would be fair to include at this point that there are significant political risks in Zim however I think this is clearly reflected in the in the modest market cap. Shares being traded in the market: Brimfell sold their 29% holding. The buyers of this stock over just 4 days paid 1p to 1.3p. I think it would be unlikely for them to become significant sellers with the addition of the Romanian project. There were very high volumes traded around the time of Zak Mir’s potential 25 bagger article however current holders will include people buying in on his recommendation with the hope of the share price multiplying to an assortment of levels above the current price. The shares from the placing are non tradable yet. I don’t think those who bought in on the placing will be planning to sell for a modest profit at around current levels. Why be tied in for a period for .01 or 0.2 of a penny? Romania: As per the last RNS there are some legalities to be confirmed. Once the legalities are sorted out, estimated Jan, it will take three months to restart the mine and possibly a further three months to increase throughput to 10tpm. By this time annualised free cashflow (after tax) is described as $14m-$15m. Noting cashflow is not profit I think the profit to AFCR would be £4m- £4.5m pa from mid 2015 from Baita Bihor. This is my rough estimate not a company figure. “Resources and production facilities (post refurbishment) are sufficient to double production for further $4m investment”. This additional investment is expected to come out of cash flows generated from the first phase production output. Known resources indicate an 11 year mine life. The various metals being mined are equivalent to 6% copper or 10g/t gold. The plant to extract the main minerals is in place and comes with the deal. I know someone who asked an analyst to scrutinise the Romanian figures. The outcome was that it was difficult to come up with an IRR of less than 50. My rule of thumb is that anything higher than the mid twenties is exceptional. The way Biata Bihor will be run will include some improvements in working practices that will bring further benefits. For example simply putting the viable ore through the plant rather than all of it will increase the already high grade (6% Cu equivalent) even further. This isn’t just creaming off the good ore. Under state control all the ore was out through because no one in charge asked the people working in the mine for their advice. I understand Andrew Prelea (Romanian CEO) is both a Romanian citizen and an Australian citizen. His in country contacts give AFCR a unique position which has resulted in the current arrangements and the prospects of additional developments through Remin the state mining body. Conclusion: The sovereign risk in Romania is substantially less than in Zimbabwe which derisks AFCR’s operations. This will be to the benefit of shareholders. With the price around 0.6p absolutely nothing is priced in. By the time both mines are working later in 2015 my figures above indicate an annualised profit of c£7m to AFCR for the following 12 months. This excludes further improvements enabled by using cashflow to improve operations. The new number of shares in issue will be approx 1182m. If the share price is 0.6p this is a P/E of one (1182x x 0.6p = £7m). If you chose a P/E that is more realistic that is the multiplier from the current share price. I would be surprised not to see a share price of above 2p in 2015. This could be viewed as a cautious estimate. Note that the Romanian element has a lower risk and will contribute more profit to AFCR than Zimbabwean assets. The very fact that there are two independent projects reduces the risk to the company. If it was Zak Mir making these points the share price would be over a penny in 24 hours. XS |
Posted at 12/12/2014 16:28 by yorgi :-)Well that looks like it for the day. We will see what Monday brings and the run into Christmas. A steady rise will do, I would like to see us back over 1p but until investors tuck more away for the journey into production then we will have to await the real gains. Of course any news of progress on either BB, PP or any of our other assets could see us move sharply. Barring any bad news the way from here in the medium to long term is clearly up as we are severely undervalued. Have a great weekend everyone :-) |
Posted at 11/12/2014 15:27 by yorgi I wouldn't worry about that Mclellan, as the value of our projects become more widely known and the value assessed as we move forwards the share price will rise and I have no doubt that more investors will be buying in.I'm quite happy that we are on the traders radar it helps keep the shares liquid and that has got be a good thing in my opinion. As long as our BOD move us to being a producer within the next twelve months there is considerable upside. |
Posted at 11/12/2014 09:59 by 21trader Matt.Look at this from KIBO, Just 2 months they did a very large placing for their market cap at the time at 1.5p hit 12p today 08 October 2014 Kibo Mining raises GBP855,725 in Share Placing Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to announce it has received commitments to a share placing of 57 048 352 new ordinary shares of Eur. 0.015 in the capital of the Company with clients of Kibo's UK Broker, Hume Capital Securities Plc and River Capital Partners LTD, at a placing price of 1.5p per share (the "Placing Shares"), to raise gross proceeds of GBP855,725 before expenses (the "Placing"). Kibo's directors and senior management are participating in the Placing for a cumulative amount of GBP55, 725 and will be participating on the same terms as other investors. |
Posted at 28/11/2014 11:00 by yorgi Difficult to see where we are going today after an encouraging start. The last 570K was close to the full offer so it all depends on whether more profit takers come in or long term investors buy for the full journey to production in the near term now. |
Posted at 24/11/2014 08:35 by yorgi I'm confident it will in time Mclellan as it is clearly undervalued as a near term gold producer and the signs are that the POG should be higher in the forthcoming year which will suit us perfectly.We may need news of progress towards production at PP or news regarding one of our other assets to move us up again but at some stage I'm quite sure we will buyers return to take advantage of this low market cap. The recent movements has I'm quite sure put us on many more investors and traders watch and I have no doubt there are a lot watching hoping they might be able to buy cheaper.....but it won't take a lot to trigger a rising share price again in my view. |
Posted at 21/11/2014 10:32 by yorgi Good post Paleje.That is why I hope that gradually that a greater number of shares that have become available to the market in recent weeks move to longer term investors and we see a more steady rise in the share price in line with the growing value of our company. However I would add the recent wild swings have put us on more peoples radar which is good for us and I do understand and value the traders as traders make a market. We all want someone prepared to part with some shares when we want to buy and also someone to buy off us when we want to exchange our shares for cash. Both investors and traders are important for companies and a healthy market. |
Posted at 14/11/2014 14:59 by yorgi Back to the wild swings but the dips and now being bought so we should continue to rise now in my view. I'm quite sure I new investor has a good idea how cheap we are at this level and have bought for the longer term and as we rise I'm sure we will see more shares moving into longer term investors. |
Posted at 04/11/2014 08:24 by yorgi Volume was up yesterday on Friday but no where near the levels of a week earlier and so far a very slow start. In my opinion this is adding to my view shares are moving from the traders to investors and in the 4 years I have been following this stock it has not been a "trading" stock but made up more of longer term investors.We may have to wait for further news on PP or one of our other projects before we move up strongly but I would be very pleased to be wrong on that front :-) |
Posted at 25/6/2014 23:31 by yorgi PalejeI must be blind......when I posted earlier I didn't see your post and link to shareprophets article which I have just had a look at. Like you I'm not one of the greatest supporters of the site. They appear to have spoken with our CEO so I guess the article is pretty accurate and makes clear what a great deal this could be for us. As it outlines the story clearly I have copied for ease of other readers. Roy Pitchford, veteran of the central African mining scene, is relishing the challenge that awaits him on 4 July, when shareholders in Zimbabwe-focused African Consolidated Resources (AFCR) will vote on proposals to raise $18 million (£10.6 million) to accelerate the country's Pickstone Peerless 3.5 million-oz. gold project in Mashonaland. 'This will be a company maker', insists Pitchford, Afcon's chief executive officer only since May, who suggests the decision will hinge on 28.6 per cent shareholder, the Gulf emirate of Ras Al Kaimah (RAK) -- if RAK votes yes or abstains, all will be well. Pitchford also indicates he has had two proposals, from an existing shareholder and from outside, to provide all the money in one block. 'Everybody loves the project,' he declares and also says Pickstone Peerless, with an average grade of two oz. of gold per tonne of ore, should be able to produce some 23,000 oz. of gold a year at a cost of $850 an ounce, against a current gold price of $1,316 an ounce. 'It is the country that is the challenge,' he concedes, arguing Afcon would prefer more debt to equity in its $18 million fund raising, but will accept what the market provides. Zimbabwe, despite its mineral wealth and mining talent, has deterred investors with its 'indigenisation' policy, requiring 51 per cent local ownership, its domestic economic problems and aggressive political stance. Pitchford, the formidable former boss of Zimbabwe Platinum, reckons he can work the system -- the timing of indigenisation is fluid and locals must pay for their shareholdings -- and restore investors' goodwill for Afcon, which was floated on AIM at 12p in 2006 and now trades at a mere 1.28p. This is down from a 12-month high of 3p, for a stock market value of £10.8 million. RAK is showing a loss of almost 3p a share on its original investment. If supported, $8.5 million of the proposed funding will go to locally-quoted Falcon Gold Zimbabwe, where Pitchford was, until recently, a director, to buy its Dalny mine, now on care and maintenance after a century of operation, but stacked with equipment and infrastructure for Pickstone Peerless. This is not to mention 120,000 oz. of gold in tailings as well as underground deposits with gold at 7.5 grams a tonne (not in the present plan, but possibly worth probing later). Under its previous boss, Andrew Cranswick, Afcon moved into phosphate, copper and other ventures, in Zambia and even Romania. Pitchford says he is focusing on Zimbabwe, where, intriguingly, the company also had a chunk of the rich Marange diamond fields but was forced to let friends of the Harare regime take over. Marange is reckoned to have produced nearly 17 million carats last year. 'Watch this space,' says Pitchford, 'they belong to us and there will be a reckoning, though I don't know when.' Brave words for a high-risk recovery punt for brave investors. - See more at: |
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