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Amara Share Discussion Threads
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|Perseus Mining Limited (ASX: PRU)
Shares of Perseus Mining have spiked more than 11.4% today after the gold producer reported better-than-expected production figures for the September quarter. A significant improvement in productivity achieved at the company’s Edikan gold mine resulted in a 9% increase in gold production over the prior quarter and allowed Perseus to maintain its half-year production guidance of 80,000-100,000 ounces. Investors would also be pleased with the sizeable fall in production costs during the quarter, which came in 6% below the June quarter.|
|Interesting, it appears Venezuela is making amends following Chavez's disastrous nationalisation policy. Will SL be forward thinking (oh, and remember what UK special forces did for the country not so long ago) and refrain from killing foreign investment?|
|The following article refers to a company receiving a substantial sum for its mining data after having its licence nationalised by Venezuela:
If anyone pops up in Sierra Leone re Baomahan data I hope PRU don't sell their data too cheaply|
|Cluff was doing prep work at Baomahun long before they were awarded a mining license, so I guess they could apply for the mining license again (with suitably large brown envelopes) when they are ready to mine it.
PRU share price still on the decline.|
|Darcon, yes agreed, there will be detailed agreements set out for the mining licence, but Cluff/Amara pumped millions into local infrastructure project, roads, schools, employment; to be dumped on like that stinks - a country that does that becomes uninvestable in an instant, and for what, a few brown paper envelopes - goose, golden eggs, etc.
There is no suggestion from the limited info released that the Company even put up a fight.
There just never seems to be any decent news out of PRU.|
|Looks like they already have someone lined up for it|
|amargosa - it depends on what SL's mining legislation allows them to do. There may be change of control provisions which the SL minister has taken advantage of. Other companies contemplating acquisitions of SL mining assets will need to tread warily. To me this looks like a very short sighted action by the minister involved|
|Amara worth Nothing|
|This is a shocker, esp for former AMA shareholders - the former flagship, and effing tens of millions down the drain!
The SL Mines Minister cannot be serious - if a project is not economically viable, then it has to sit there until it is, anything else is just nationalisation. SL could just have shot itself in the foot.
-- Perseus has been advised by the Sierra Leone National Minerals Agency
that the Minister for Mines and Mineral Resources has cancelled Mineral
Right ML 02/08 on which the Baomahun gold deposit is located. This
action has been taken following Perseus's advice to the Minerals
Advisory Board that development of the Baomahun Gold Project as defined
by Amara Mining plc, which was acquired by Perseus in April 2016, is not
economically feasible at current gold prices and that further
exploration success and a positive feasibility study would be required
before Perseus could consider committing to development.|
|I can remember when Baomahun was the flagship project of Cluff Gold. Note the spelling in Perseus' sub-heading: HTTP://www.bloomberg.com/press-releases/2016-08-14/perseus-mining-limited-mid-quarter-update|
|Looked at the new PRU investor presentation - Baomahun doesn't even feature - all that money Cluff spent on that - value destruction, squared.|
|Sequoia, thanks for that, I understand now. Possible to do it in a dealing acct, but not an ISA, so you have to decide if it's worth it to lose the ISA wrapper.|
|amargosa you can cross border your shares, I have done so in my trading account but not in my ISA account,I thought one payment would cover both accounts, the international rights issue was only offered in the one account and not the other.|
|Unless there is some way of getting registration of existing shares in Aus or NZ, then I'm not sure how UK shareholders can subscribe for the RI.|
|RI rights issue.
As the warrants I will buy and sell much higher, time and gold wait`s for no man,
I think the saying goes something like that?|
|Rights or warrants?|
|On the strength of the quaterly update I will be taking my RI.|
|Will be taking the shares up as well, as the rights cannot be sold or transferred.
The effective way to sell them of course is to take up the rights and sell now.
Would be throwing money away not to.|
|Im taking the shares up - Barclays setup International Trader account for free and transfer shares into their.|
|Warrants well in the money .. anyone considering exercising and taking the shares up ?|
|Guys. I have a few AMA in my ISA in TD (Old Natwest). There is no entry for PRU in my account now nor for the warrants, although my account was debited for the cost of the warrants on 28 June. Is this normal ? In truth, I don't understand any of it ! Thanks.|
|built up pru to old level rights show as nil value.They'd trade if listed here.|
|With the placing overhang out of the way, Perseus stock is rebounding nicely.|