Goldplat Share Discussion Threads

[discodave4] 07/1/2017 18:22

KB2The loan was not just with Ashanti.DD

[sea7] 07/1/2017 18:18

DD,

thats right, I would not be so naive to think that the odd bit of gold hasn't walked out of the door at GDP.

[kimboy2] 07/1/2017 18:02

DD
The figures in the Ashanti results presumably count as fact. They show they had $5m in cash at the end of 2015, the last accounting date.

The fact that Ashanti have had to write their loan down to RR would suggest all is not necessarily well.

[kimboy2] 07/1/2017 17:59

S7
Both half right;

During the year, the Group undertook a toll processing contract with Rand Refinery which yielded 3,700 kg of silver (1,593 of gold equivalent ounces) and 1,350 ounces of gold.

[discodave4] 07/1/2017 17:59

KB2"They don't have $100m", How much cash do RR have?.....you don't know, but infer they have financial issues, just guessing all the time. Don't mind guessing or having opinions on subjective issues but to declare figures as being factual when there not is getting a bit tedious tbh.DD

[shareholder7] 07/1/2017 17:35

Silver Kimboy

[kimboy2] 07/1/2017 17:32

The point about the loan was that it was due a week ago. RR don't have $100m in cash, or anything like, which is why Ashanti wrote the loan down.

The gold probably does belong to a third party but the processing fees are due from RR, and they are holding on to them.

Whatever the merits, or otherwise, of the case business goes on - even with RR.

[discodave4] 07/1/2017 17:10

"Where there is gold there will be theft"....Same applies to GDP then!. All interesting stuff S7 and KB2, but the loan with Ashanti was over two years ago, i believe that it also included other shareholders like Sibanye and Harmony, so pulling the accounts for Ashanti doesn't prove much - how much cash do RR have on their books?.Anyway, thought one of the other theories posted on here was that the issue was down to a third party not actually RR.Have a good one.DD

[sea7] 07/1/2017 14:56

In 2012 someone from rand was arrested with 1kg of gold on him.

In February of 2016 someone was in the labour court over hiding 17kg of gold in the workshop.

Where there is gold there will be theft, despite what Rand say.

[sea7] 07/1/2017 14:48

Hi DD,

yeh don't doubt that!!!

[sea7] 07/1/2017 14:47

Back in 1998 rand refinery ascribed 0.02% of gold lost to theft. That would equate to 0.76 of a tonne a year at todays stated 380 tonnes a year. Despite the fact that they claim that they had a near 100% recovery rate after new security measures were put in place, it would lend some credence to the "lost gold being stolen" bit by bit over the years and only noticed when the new accounting system was put in place.



Page 19 has the part about rand refinery.

They reckoned, mine thefts and refinery thefts industry wide, that 31.5 tonnes were nicked over the year. Not much will have changed.

[discodave4] 07/1/2017 14:39

And I'm sure GDP's, and thousands of other disgruntled employees elsewhere, say exactly the same thing. Indeed, it sounds like the moans at where I work!.:)DD

[sea7] 07/1/2017 13:29

Head treasurer at Rand looks like he could be hard work!!!

[sea7] 07/1/2017 13:27

Comments about working at rand from former employees..



Excerpts...

It is a hectic day. Quality is not important,the people are not productive

Management was unfortunately a little issue as there were to many of them to report to which created a massive confusion and diversity in the department itself.

There is nothing hard about the Job but there are some challenges like failing projects,working with other people from other departments within the company.

having a project with people from another department which doesnt share the same goal or vision

from january 2016...

Very competitive, very little support from management. Worked as part of the treasury team-very stressful. A typical day was from 7 am to 10 pm. There was no room for growth.

[sea7] 07/1/2017 13:17

the loan announcement from Rand.



The maximum commitments of each of the initial lenders will be as follows:
• AngloGold Ashanti: R573,8m
• Sibanye: R 448,5m
• Harmony: R140,4m
• Gold Fields: R37,3m

[sea7] 07/1/2017 13:14

The loss of the gold at rand meant that anglo, sibanye and harmony made loss provisions of $92m between them.

[sea7] 07/1/2017 12:37

Some good digging there KB.

That ties in neatly with Rands declaration about not owning any metal and merely processing it.

It might be that behind the scenes at rand they are battling their own balance sheet fires!!

Gerards disappointment with the dispute and feeling let down, may have an element of truth in it.

[kimboy2] 07/1/2017 12:14

I also notice that Ashanti has impaired the loan to RR.

[kimboy2] 07/1/2017 11:58

Rand Refinery have been pretty reluctant to produce any figures since they 'misplaced' a couple of tonnes of gold. However the Anglo Ashanti accounts, which is a 42% shareholder, gives the following numbers;

$m 2015 2014 2013Revenue 90 31 84Costs -64 -66 -67Finance -8 -1 0Int rec 1 1 1Tax 11 2 -4 Pbt 30 -33 14 $M Assets Non current 45 40 73Current 23 14 19Cash 5 0 19Total assets 73 54 111 Liabilities Non current 65 2 6Current 17 96 18Total liab 81 98 24 Net assets -8 -44 87




A couple of things strike me;

Firstly RR claims to process 380 tonnes of gold pa. It is clear from the revenue numbers that they do not own this gold. Indeed I work out their costs at $5/oz.

Secondly RR owes Ashanti alone $44m which was repayable at the end of December 2016, perhaps $100m to all its shareholders. It is not immediately apparent it had the money.

Do we think that the dispute with GDP is more about cash management by RR than a real dispute?

It is also apparent from the RR revenue figures the problems that eventually fell onto GDP.

[sea7] 06/1/2017 12:02

Qazwsxedc69,

Couldn't have put it better myself.

[qazwsxedc69] 06/1/2017 10:58

The Goldplat graph really is a think of beauty isnt it? Very easy to overlook that many of us here are sitting on very nice gains. I have taken some off the table into the rise, but this well run company with plenty going for it has plenty more to go in 2017.

[danielmiller1] 06/1/2017 07:53

Lolololololololololol and that coming from Stupid 7 whose ramps have been the most inappropriate of posts here.this dawgie has been ramped to death and still can't get resurrected.

Lololololol

[sea7] 06/1/2017 07:45

willywonky,

it may be a free bb, however, common sense and an appropriate post on the appropriate board would seem like the most likely course of action anyone with even the tiniest amount of intelligence would follow.