Yamana Gold Share Discussion Threads

[noirua] 02/10/2003 23:42

Shareholders are awaiting details of a buy-in of shares from Auiron Energy regarding those shareholders who have a non-marketable parcel of shares worth less than A$500.

At the same time Auiron are expected to announce a consolidation of shares, giving one new share in place of every 15 shares held at present. After the Yarrabee purchase is finalised 627 million shares will be in issue and after the consolidation approximately 42 million. After non-marketable parcels are cancelled this will reduce still further.

[noirua] 30/9/2003 02:50

Yarrabee Coal is now owned 100% by Auiron Energy and there are approximately 627 million shares in issue. Yarrabee needs to make a profit of about A$15 million by the 2004 year end to break even. This is because of extra costs relating to the Yarrabee purchase and the difficulty Auiron's board has had reducing expenditure as promised. The value of coal exports as an average to Y/E 2004 may reduce to sales value between A$40 and A$45 million due to the strength in the Aussie Dollar. This would reduce profits EBIT for the full year to between A$2 to A$7 million with an average exchange rate of A$1.5 or A$1.65 to the US Dollar.

Auiron Energy will continue to trade on the ASX only.


Auiron's shareprice after four hours trading 10th Oct on the ASX was 6.0 cents ( 2.5p ). Bid / offer was 5.9c - 6.0c, on 1,384,893 shares traded.

UPDATED 10th OCT 03.

[skipster] 19/9/2003 16:01

19 September 2003

Australian Stock Exchange
Company Announcements Office
Level 4
20 Bridge Street
Sydney NSW 2000

OUTCOME OF 19 SEPTEMBER 2003 GENERAL MEETING RESOLUTIONS

In accordance with Listing Rule 3.13, I advise the outcome of each resolution detailed in the Notice of General Meeting.

The outcome of Resolutions decided on a poll are as follows:

FOR AGAINST

Part A

Resolution 1 Carried 107,001,651 39,073,090
Resolution 2 Carried 106,560,162 38,576,968
Resolution 3 Carried 106,510,424 39,283,167
Resolution 4 Carried 106,513,184 39,163,946

Part B

Resolution 5 Carried 112,669,619 37,169,978

Part C

Resolution 6 Lost 39,822,114 109,378,268
Resolution 7 Lost 39,295,720 109,442,854

Part D

Resolution 8 Lost 38,881,209 110,450,886

Although Resolutions 1, 2, 3 and 4 were all passed, the Company has undertaken to the Takeovers Panel not to complete the Yarrabee Transaction pending the outcome of the proceedings announced earlier in the week. A further announcement in this regard is expected to be made early next week.

[noirua] 05/6/2003 19:10

Skipster and all: as you say it doesn't look great, interested to hear any views from this lowly point on. Last trade on the ASX was 4.2 cents ( 1.7p ), with 175,000 shares traded.

[skipster] 04/6/2003 15:42

Doesn't look great, does it?

[noirua] 10/5/2003 03:13

Mr Mclellan has obviously been brought in to pray that Minotaur find lots of Gold and Copper on the Hawks Nest Tenement. I was very surprised to see that no one spotted this.

Very soon every shareholder will receive an appropriate book of prayer and Mr Mclellan promises that if you pray very hard indeed much Gold and Copper will be found. Just as in some American Religions, the more you pay, the more gold and copper will be found.

The idea is that places of prayer will be built at various points round the Hawks Nest Tenement and the Board of Directors assure us that spending A$20 million on the project will be money well spent.

If it fails to work out the buildings will be useful for Kangaroos and other Mammals to shelter from sandstorms. This will give a lasting legacy to our present fine Board of Directors.

[doobydave] 09/5/2003 20:22

Very odd appointment. Relevant experience?

[rafthorney] 09/5/2003 19:54

Perhaps the poor old boy just needs the money.Welcome back to oz old chap,have some of this gash shareholder money,just sitting in the bank doing sfa anyway.
Sheesh,what a life!

[skipster] 09/5/2003 15:27

RNS – 9th May 2003

BOARD APPOINTMENT

AuIron Energy Limited is pleased to announce the appointment of Mr A. Anthony McLellan to the Board. Mr McLellan joined the Board on 9 May 2003.

Mr McLellan (age 63) brings with him more than 25 years experience in international business and holds current directorships with the following companies: Australian Weather Derivatives Limited, Managing Director; Habitat for Humanity Australia, Chairman; Opportunity International Australia Limited, Director; McLellan Foundation Inc, Director; We Care America Inc, Director.

Past directorships include: ClickChoice.com Inc; The McLellan Software Centre LLC; McLellan Holdings Inc; Citizens for Community Values Inc; The National Coalition for the Protection of Children and Families; Serve International Inc; Net Shepherd Inc.

Mr McLellan recently returned to live in Australia, after spending more than 25 years abroad, the last twenty in America.

His experience includes serving as Managing Director of Egyptian Tourist Development Company, which was responsible for building a new city for 45,000 people on the outskirts of Cairo; President and CEO of the predecessor of Barrick Gold Corporation, a major international gold producer; and President of the LJ Hooker Corporation in the USA.

The Board looks forward to working with Mr McLellan.

[doobydave] 08/5/2003 22:13

Fresh Mineweb article:



David

[skipster] 06/5/2003 11:44

MiningNews.Net – 6th May 2003

AuIron to spend cash on coal

AUIRON Energy has found a use for the $22.3 million it held at the end of the last quarter following a decision to invest in Resource Management and Mining's Yarrabee coal project northwest of Gladstone in Queensland.

AuIron will issue RMM with 301 million of its shares and 150 million options, which, if exercised, would see its stake in issued capital of the failed pig iron producer rise from 48% to 58%.

For its shares, AuIron gets a 1 million tonne per annum thermal and low volatile PCI coal producer reportedly delivering an annual revenue stream of over $50 million.

Yarrabee's earnings before interest, tax, depreciation and amortisation for the six months ended December 31, 2002 were given as $4.1 million, and $3.5 million after depreciation and amortisation.

Shareholders will be asked to vote on the transaction, that will see AuIron managing director Jon Parker joined by Yarrabee chairman Ian McCauley and managing director John Rawlins.

A number of growth opportunities have been identified at Yarrabee, though no details were disclosed.

AuIron has been looking for another project since it pulled the pin on its South Australian Steel project after spending more than $40 million.

The company's healthy cash position is principally a result of capital raisings on the AIM in London associated with the steel project and a mooted power generation development in Northern Ireland.

AuIron shares dropped 0.2 cents on the day to 5.5 cents.

[skipster] 06/5/2003 09:31

PROPOSED ACQUISITION BY AUIRON ENERGY LIMITED OF YARRABEE COAL COMPANY PTY LTD

Overview

AuIron Energy Limited ('AuIron') and Resource Management and Mining Pty Ltd ('RMM') have today reached agreement on the substantive terms of a transaction whereby AuIron proposes to acquire RMM's wholly owned subsidiary Yarrabee Coal Company Pty Ltd ('YCC') ("Acquisition").

The Acquisition will be subject to entering into a definitive agreement for the Acquisition, and satisfaction of a number of conditions including completion of due diligence and AuIron shareholder approval which will be sought at a meeting to be convened at the earliest practicable time. Prior to this meeting shareholders will be provided with documentation providing details on the transaction and YCC and its business.

The Directors believe that the Acquisition will provide a strong platform for growth by bringing together AuIron's cash reserves and listings with YCC's operating cash flow and management expertise. YCC management has identified a number of growth opportunities which will be progressively evaluated on their potential to contribute to near term shareholder value.

Dealings in AuIron Shares on the ASX will continue as usual. Under the AIM Rules (London Stock Exchange), dealings in AuIron Shares on AIM will be suspended with immediate effect.

The Acquisition

The purchase consideration for the Acquisition is to be satisfied by the issue to RMM of 301 million ordinary shares in AuIron (which will represent approximately 48% of the issued share capital of AuIron) and 150 million options over AuIron ordinary shares. The options will be exercisable at 8.5 cents per share upon AuIron's share price reaching 15.5 cents within the next 5 years. The exercise of these options in full would result in RMM's interest in AuIron increasing to 58% of AuIron's issued share capital (assuming no other issue of AuIron shares).

Yarrabee Coal Company

YCC owns 100% of the Yarrabee open cast coal mine located in Queensland's Bowen Basin, approximately 280 km west northwest of the port city of Gladstone. The mine has operated continuously for over 20 years. During the fourteen-year period of YCC's ownership, annual sales have increased from approximately 250,000 tonnes of thermal and low volatile PCI coal to over 1 million tonnes providing an annual revenue stream in excess of AUD$50 million.

In this period, YCC has significantly improved mine operating cost performance and the company has defined coal reserves equivalent to 15 years operation at 1 to 1.2 million tonnes per year of sales. Its coal exploration permits have potential to further augment reserves over time. The mine is profitable; it
returned an EBITDA of AUD$4.1 million and EBIT of AUD$3.50 million (both unaudited) in the six months ended 31 December 2002.

Proposed Board

It is proposed that, upon completion of the Acquisition, the board of AuIron will change. Mr Jon Parker will remain as Managing Director and AuIron will nominate one further director to be on the board. Two persons nominated by RMM will be appointed as directors. Mr Ian McCauley, Chairman of RMM and Mr John Rawlins, Managing Director of YCC, will be appointed Chairman and Director of
AuIron respectively..

Shareholder Approval Process

Shareholders will be asked to consider and approve the Acquisition at a general meeting to be convened at the earliest practicable time.

The documentation to be submitted to AuIron shareholders in connection with their consideration of the Acquisition will set out amongst other things, a more detailed description of YCC and its business, a discussion of the intentions for the Company, an Independent Expert's Report and a directors' recommendation. Shareholders may also be asked to consider a 15 to 1 consolidation of the share
capital of the Company at that meeting.

"The proposed Acquisition will give AuIron shareholders access to ongoing cash flow from operations for the first time and a platform for growing shareholder value. It represents an important milestone in the repositioning of the Company" said Jon Parker.

[rafthorney] 29/4/2003 19:34

I hope we,re not talking about a slot machine skipster!! 8-)

[skipster] 29/4/2003 14:25

I'm hearing rumours that there are possible moves to inject a cash generative, profitable asset into the company. I contacted the company but got "No Comment" back. We'll have to wait and see.

[chasepde] 13/4/2003 14:56

Thanks Noirua, the point I was making is, that, the market and the shareholders, need encouragement, markets react upwards to good news but are confounded by forecasts of woe, this share needs talking up, not down. Got the message? Good on you.

[noirua] 12/4/2003 04:56

Despite the bad press from " minesite " the Auiron shareprice is up 17% in Australia. Mining stocks in Australia - especially the small ones - are undervalued.

[chasepde] 11/4/2003 14:19

Well, If Skipster's prognosis on AUIron is accurate, we, the shareholders, better sell now, for whatever few cents we can get for our share holdings before the cash reserve gets absorbed in administrative costs etc. A gloomy picture indeed. Is the Phoenix is dead in the sea of unsaleable Aussie Saline Brown Coal (MUD) and untouchable Irish Wet Lignite? it seems so. Byeee

[skipster] 10/4/2003 10:29

Minesite – 10th April 2003

AuIron Energy Is Left With Little To Do, But Count Its Cash.

Whizz kid to has-been in less than three years seems to sum up the career of Aussie listed AuIron Energy since it floated on the AIM market. At the beginning of 2002 it had two major resource projects - The South Australian Steel & Energy (SASE) Project, in which it had a 90 per cent interest, and the Ballymoney Power Project in Northern Ireland. SASE aimed to produce 2.5 million tonnes of pig- iron per year from AuIron’s huge resources of steaming coal and SASE's billion tonne resource of iron ore near Coober Pedy. At Ballymoney the company intended to build a 600MW power station using coal from its 660 million tonne low-sulphur lignite open cast deposit as fuel.

A demonstration plant had been constructed and was starting to produce iron when it ran into problems just as the company was due to present at Minesite’s 5th Mining Forum in April 2002. Basically what Ian Mutton, the commercial director, had to say was that the AuIron Energy board had carried out a strategic review and all was not quite as investors might have assumed. As far as the SASE iron ore project was concerned, progress was still being made, but experience gained from using Ausmelt’s thermal lance technology had resulted in extra work on development, time delays and additional costs.

As a result there had been a slippage of nine to twelve months from the originally anticipated timetable.. The company would now take a more cautious route by going for a 500,000tpy commercial smelter module using commercially available third party coal and iron ore feeds. AuIron anticipated that it could make significant savings in initial project capital costs, scale-up and other risks. Once the 500,000tpy commercial pig iron smelter module was in operation, lower pig iron production costs might be achieved by switching to AuIron’s own coal. This was a pretty drastic downgrade and some time afterwards news trickled down that the iron ore grade was not sufficiently consistent for the thermal lance technology to work efficiently.

While at the confessional box AuIron Energy also had to admit that progress at Ballymoney with the Northern Ireland authorities was going much slower than had been hoped. The aim was to complete the Environmental Impact Assessment, mine and power station plans and market studies that would be central to the application for project development approval. At that time indications were that this approval was likely before the beginning of 2003 and only then could real work such as land purchases and a joint venture agreement with a power generator be pursued. Not much has been heard from the company about Ballymoney since then, but at the recent AGM managing director Jon Parker predicted a public hearing on the project in the last quarter of this year.

The news from Belfast is not so optimistic. In a recent newspaper article it was claimed that all the major political parties in the country have united against the project. Joe Patton, chairman of the Just Say No campaign was quoted as saying, “If this lignite mine is intended as AuIron’s saviour, the company’s shareholders are set to be very disappointed. In the face of unanimous and absolute opposition it is hard to see where the planning application can go. AuIron should do its shareholders a favour and walk away.” This is the usual biased bluster of an activist, but it does seem to have a fair degree of truth behind it. And it would not be easy for a company situated at the other end of the world to run an efficient PR programme in favour of such a big project at a time when it has just announced that it has halved the numbers of its employees and slashed its office accommodation.

At the other project SASE has sold the demonstration plant and any other intellectual property to a new company called ADC which is owned by Ausmelt. SASE will have a 21.5 per cent holding in this company which will attempt to develop further and exploit its AusIron technology. This deal means that AuIron will only have to pay back about half the grant it received from the Federal Government for the demonstration plant which was conditional on commercial success. And it will also save AuIron the costs of maintaining the plant.

The conclusion from all this is that AuIron has been left with nothing much to do. It does, however, have around A$26 million still in the kitty and it has its iron ore tenements, where a farm-in has been arranged with BHP Billiton/Minotaur, and its coal tenements in South Australia. Jim Wall has now retired as chairman after taking on the post after the problems were disclosed. During that time some 40 deals have been considered and discarded including a paper offer from Consolidated Minerals. Maybe the company puts too high a value on itself as a shell, but it should remember that a poor reputation is easily won, but hard to discard.

[noirua] 23/3/2003 16:16

Meeting on Friday 28th. March 03, for the acceptance of the ADC venture.
Not likely to be any fireworks here as it's the only option in a sad run down on what turned out to be a tin can venture. All a bit sad, how wrong can we be.

Still folks its looking at the here and now really and hoping North Korea and China go for the Ausiron Technology. Looks a reasonable each way bet, unfortunately no chance or income here in the short term.

[13thfloor] 06/2/2003 13:25

to paraphrase then, "Due to the need for income, AUY will have to think of a way of making money."

Time for another feasibility study!

Bruce, run down and get us another crate of Fosters.

[rafthorney] 04/2/2003 09:30

Can i suggest the directors look up(share holder value.because at the minute i think they see it as getting paid for as long as possible without doing anything for the shareholders.
minor rant over.

[noirua] 03/2/2003 02:02

Auiron's position is only likely to change if one of the projects of interest noted in the end of year report is taken up. Due to the need for income AUY would have to purchase a profitable enterprise.

Lets hope that the problems in Iraq are solved once and for all and the oil price falls to a more manageable level increasing confidence.

[13thfloor] 31/1/2003 10:19

Do you think they have a Philosophy Dept?

"What's New Bruce going to teach?"