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Bushveld Share Discussion Threads
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|You'll be skint and going to the bank asking for more funds to back your pathetic short in a weeks time thankfully :-)|
|Aim rules: 1.buy in anticipation of news. 2.sell on news...
Let's see who's right in a week son of a b1tch|
|When and where was the last time that the TW groupies got caught heavily short on AIM?|
|Yes time is running out ...for any shorters.|
|More warrants. As of 2017/03/31 now 729,999,703 shares in issue.
So... ~7.8p/share needed to equal flotation £56.7m MktCap...|
|And now for something completely different. As we enter BMN's 6th year...
The Uis Tin (+Tantalum) project in Namibia.
The end of this week marks the due diligence end-date for this proposed Uis share-holding acquisition (don’t hold your breath for news). To recap, the terms of this ‘all BMN equity’ deal raised a few eyebrows, because the RNS announcing it, implied the number of BMN shares offered was fixed, making the ‘value’ wholly dependent on BMN’s share price at deal closure. These would be very strange terms indeed, since the Vametco deal was pending and anticipated to be a major factor in the BMN share price If those really are the terms, the Uis sellers may make out like bandits. They are already looking at a substantial premium.
On the other hand, maybe the deal terms are misunderstood? Maybe it doesn’t work that way? If BMN do proceed with this Uis deal, then possibly it might also get renegotiated. BMN have a strong hand. All previous attempts to get Uis back into production have been stillborn. So BMN may be the only realistic game in town, if any progress is ever to be made with the Uis mine.
What is known about this Uis project?
Namibia has 2 large, arid regions in the west, Erongo and Kunene. The Uis Mine is near the Uis Settlement in the Erongo Region. Namibia is a mineral rich country, the geology dating from late in the creation of Gondwana. Geologists have come from all over the world, for much interesting geology is situated near ground level.
The Uis Mine has a long history. Suffice it to say, that the Tin resource is huge, but also of generally low grade. The economics of the mine, depend greatly on the price of Tin and contemporary mining overheads. This is a ‘Greenhills Resources’ proposition and since BMN are not currently ‘miners’, I wonder if VBkom (potential shareholder in Greenhills) might also be involved? Uis could be the last piece in the puzzle, that gets ‘Greenhills Resources’ floated as a separate mining entity.
The mine was last operated by South African Steel maker Iskor. That large-scale operation closed in ~1991, owing to the low Tin market price (under $6,000/t). Some small operations have continued since, aided by improvements in recovery technology. The ownership passed to a company called ‘Induberg AG’. Closure of the mine had an obvious impact on the local people. However, the region has since developed some tourism (looks like a great place for rugged adventurous types).
Welcome to Uis (2007) - HTTPS://youtu.be/1orRdBn3Dcw HTTPS://youtu.be/W_SrcCZzkuc
The Current Story
This starts ~2011 with a Nambian business man ‘Knowledge Katti’ (oil entrepreneur, said to be a friend of Namibian President ‘Hage Geingob’). Katti now has an interest in the Uis mine through his ‘Havana Investments’ company. A Finnish company called ‘Procomex’ was said to be ready to invest N$200m (~$25m) into re-opening the Uis mine.
Procomex secured the ‘Induberg AG’ interest, but the initiative to resurrect the Uis mine appears to have collapsed in 2013. It is not at all clear, just how much renovation (if any) ever took place. Problems of trust between stakeholders was reported. Procomex seem to have essentially walked away (unless there is still an interest via some proxy).
The current ownership structure (as reported by BMN) is that ‘Dawnmin Africa Investments Ltd’ owns 85% of the Uis mine, the remaining 15% is held by the (Government owned) ‘Small Miners of Uis’. If the transaction proceeds, ‘Greenhills Resources’ will take up 49% of ‘Dawnmin Africa Investments Ltd’. That is satisfied by taking over the shareholdings of Katti’s ‘Havana Investments’ and 2 other blocks, ‘Namius Ltd’ and ‘Sweltering Desert Investments’. That will then leave ‘Erongo Tin Ltd’ (director Gouws Christiaan) as the controlling partner with 50.5%. (Yes, 0.5% does seems to have gone awol somewhere).
Katti & Co. will henceforth own shares in BMN. That means that Katti&Co get pieces of a rather larger cake, instead of just an interest in Uis. Perhaps, the current shareholder structure of Greenhills needs to be kept static, because a deal with VBKom may yet be possible? This does however introduce the risk, that Katti&Co will see early BMN share price profits and take the opportunity to dump (‘Yellow Dragon’ style). I’m not seeing the words ‘lock-in’ mentioned anywhere.
Some Open Questions
(1) How much of a wide-boy is ‘Knowledge Katti’?
(2) Who exactly is behind ‘Gouws Christiaan’?
(3) Will the deal actually proceed?|
|Is that the best you've got palinka....pathetic. This is about to take off. Not on board? Too bad!! Hopefully you are shorting!|
|IMO As far as market is concerned funding and deal is priced in,wonder what Bushvelds cash burn will be on completion and what additional costs are required for production...|
|OK, I've given my reasons for my short position. They're good reasons. I made 5K from this share on the way up; let's see if I can double my money on the way back down. Some shares are for holding, and some are for trading, and IMHO this one is for trading.
Good luck to everybody. I know it's impossible, but I hope everybody makes money from this share.|
23 Mar '17 - 07:50 - 28365 of 28385 2 0
Smelly, this is getting tedious. It's not good form to deramp because you've sold out and you're looking to get back in cheaper. Especially, when you're just spreading rumours about like muck.
above from the bmr thread
pot and kettle springs to mind !|
|no wonder you are upset bookworm
if you had any sense you would have held till over 8p
and then put on your short !|
|Bookwormrobert sold out on 23rd Feb when the BMN share price was 2.9p as he thought it was overvalued! Lol.
He invested in BMR instead.
With advice like that it's probably better to stop giving investment advice! :)|
|I don't see much pumping going on here...I would be very afraid of shorting here ...you are going to lose all of pocket money from Tom...|
|No, Bushveld is definitely a sell / a short. To those who believe in this share, I'd point them in the direction of the Mining Weekly website - you can research the current problems of mining in South Africa (and ANC corruption, which is rapidly growing Zimbabwe-like), and also the history of Vametco there.|
|Log ..watch your shorts burn next week, you know Tom and his merry band haven't got a pot to p... in, also ...no bodies interested in your twaddle ...by the way explain how BMN have burnt through 70m .. this should be interesting.|
|It amazes me, one of the best proforming shares this year with a little bit of a retrace over the last couple of sessions and hardly any chatter on here...anybody thinking that story is already priced in ...I would take a look on the LsE boards|
To put it nicely for them I think that's what you would call over and out
|A good honest write up Katy ...like it.|
|Close of trading today marks BMN's 5yr anniversary since flotation on AIM. BMN came to market on 2012/03/26 with a £56.7m MktCap. They had only the Mokopane Tin project (JORC 5000+t), the Bushveld Iron Ore project (estimated 600+mt) and a great deal of exploration work still to be done. Since then (excepting the last few weeks) the company has seen the MktCap in almost constant decline and very substantial dilution to LT shareholder interests.
Tin and Iron-Ore assets are firmer and substantially larger now and both ores have seen market price recovery. An impressive Vanadium resource has been added, plus a (more dubious) coal asset. The company is also on the brink of acquiring a significant part of Vametco, a production asset that can add that most elusive of benefits = 'cash-flow'. There is also the possibility that the VBkom JV is not yet dead, rather just awaiting the outcome of the Namibian Tin due diligence.
It has been a long journey, with plenty of missteps. Doesn't look like that initial MktCap will be recovered by this 5yr anniversary, but nevertheless, year 6 now has all the potential for a much brighter future...
Shareholders certainly deserve some payback...|
|Sp still under pressure, despite the LTH rallying call on the other site.
Too much, too soon. Needs a big rest.|
|To correct some of the spurious nonsense peddled on here today about the cost of Vametco vs value and the motivations behind EVRAZ.
Firstly, the 2016 Annual report was quoted yesterday and quite correctly with an ongoing process to dispose of the Vametco asset for $17ish Million how much does anyone expect them to assign it on their balance sheet. If you bother to look at previous years annual report s you can find different valuations quite easily. There was in fact an offer made for the facility at closer to $50million but it was contingent upon securing other assets as well ( at additional cost) but that failed early on in the Business rescue process.
Next, under EVRAZ Vametco made Nitrovan (not FeV incidentally, V2N) not from mined ore from the Vametco Mine, but from the SIag produced from their Steel works which operated under an EU competition ruling stipulation using Ore from the Mapochs Mine. EVRAZ were in the throws of trying to procure access to the Brits Ore from Sable Mining when BMN bought Brits out from Sable. With Mapochs all but played out and the Steel price in free fall EVRAZ could not exit this loss making venture quickly enough. The only part of that campus business that made money in the last three years was in fact Vametco. EVRAZ even reverted to generating Nitrovan from Vametco ore once the SIag was no longer available to them and continued to turn a profit. Anyone who followed the Business rescue process closely enough would have realised that EVRAZ were intent on retaining Vametco for a long time and only when the SA government effectively blocked their attempts to get out of the mess that was the Steel business too cheaply did they decide to cut their losses and exit SA altogether. The higher offer for Vametco was stymied by the failure of EVRAZ to secure Mapochs and when Vanchem closed its doors too and laid off the staff so quickly the Vametco bid evaporated leaving a deal for Bushveld who had been quietly doing their due diligence and cultivating a relationship with the SA government and the Unions too.
In terms of output and profit, the numbers are there for all to see and even prior to debottlenecking, the plant will make a Gross profit at current 2419 Tonnes Vanadium equivalent production at todays price for Nitrovan of about $36.5Million of which BMN's share is a shade under $10m.
To those who have been trying to sew doubt and misinformation, before you come on here spouting B/S do some proper research or crawl back under your rock. I have been in email communication with the Business rescue practitioner, with the Unions steering committee and for a long time with a local SA Journalist whom I tipped off to get the scoop that broke the BMN bid story - her information was very useful in piecing things together. I suppose you used Google or Ask. Please just give up and go away. Too many people on this board are too well informed to be hoodwinked by a set of faded Gordon Geko Braces and some sly patte|