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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hambledon Mng | HMB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.775 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.775 |
| Top Posts |
|---|
Posted at 14/1/2014 15:53 by tightfist Chip,Thanks for your reading of the HMB/GBx meeting. It's been a bumpy ride over the past three years - it's good to be reassured about the approach of the new management team that certainly seem to have grasped the reins and are heading us in a far better direction. Cheers, tightfist |
Posted at 14/1/2014 12:21 by chipperfrd I attended the HMB meeting yesterday as I had not previously had the opportunity to meet the new management.As is usual with such meetings for many AIM companies, the actual holders tend to be outnumbered by the broker representatives, NOMAD, et al, and so it was the case yesterday. Obviously, one cannot expect any information that is not already in the public domain, but it was good to listen and question the company officers present. I felt that Ashar Qureshi (who led the meeting) came across exceedingly well and appears to be a great PR asset for the company. He was very open in response to questions and very clear in his communications (not always the case with many other such meetings that I have attended!). Likewise, the CEO (Aidar Assaubayev) appeared eager to answer questions and was very forthcoming with his replies. There were a good number of questions raised by the floor and I was personally gratified by all the replies given and the additional, unsolicited backing information provided. It is apparent that HMB have really tried to speed up the Seki U/G CPR by selecting the organisation that can best provide a speedy report. The Kara license response from MINT should (hopefully) not be too long now as they were back at their desks yesterday (13th) after the Xmas/New Year break. No decision yet on their new EPIC ticker following the name change, but it sounds as though it will be 'GB(something)'. Overall I was impressed by management confidence shown in the growth of the company and reassured as to my own position as a shareholder. Obviously AIMHO! Chip |
Posted at 16/12/2013 10:21 by chipperfrd Looks like the early conversion was required in order to satisfy the debt/equity covenant conditions for the EBRD loan.Overall it looks favourable for HMB in terms of eliminating the interest on the convertible loan as well as reinforcing the significant financial commitment of AR to the company. I note the final comment in the RNS - "African Resources has made it clear to the board that it will facilitate future liquidity in the Company's shares." The onus is now with them to drive up the value of the company to the level where they can distribute portions of their holdings to a wider investor base. Chip |
Posted at 12/12/2013 22:12 by chipperfrd sandeels,Well, as AR put up all the cash via the convertible loan, it is basically their cash which is at risk. Frankly, it is very likely (IMO) that they already knew a great deal about the Kara deposit before they bought in to HMB. From the outset they talked about merging other assets into HMB - this looks very much like one which they had in mind a year ago when they made the partial offer for HMB. Not much point making over-egged claims about a deposit that will eventually get a CPR unless they were pretty sure that it is everything they claim - and have paid for. If it does turn out to have 9m extractable oz then at c. $3.06/oz it will be one of the cheapest (if not the cheapest!) world class deposits globally. Chip |
Posted at 11/12/2013 11:28 by nickdr99 Count - are you invested here or watching if you don't mind me asking. Any views on hmb prospects. I value your views from AFF days. Been on my radar for a while and looks more interesting with recent announcements. Good value at this level? |
Posted at 09/12/2013 17:59 by chipperfrd Simple logic and economics dictate that the family who have put up all the cash to get HMB back on the road again are far more likely to gain financially by keeping the company listed.The convertible loan is convertible at 3p (still nearly 50% above current SP) and they are saleable, so the loan notes provide a useful way of bringing larger players on board if required. AR only wished to purchase 60% of HMB 12 months ago when they could have so easily bid for the lot. So far they have laid out £12m for their 60% and another £17m for the Kara ore field deal. The best way to get an early return on that cash outlay is surely to build up the investment potential of the company to the point when they can distribute some of their share/convertible surplus at a higher price, yet still retain a controlling stake. They actually need $100m in development capex over the next three years (the $130m is over the 22yr LoM) so it is quite possible that a low capex, truck & shovel operation at Kara might well provide much of that cash - it remains to be seen what their plans are once the license to exploit is received, but that would appear the most likely scenario as it re-deploys all the current mobile equipment that is used on their present open pit and which would otherwise become redundant by 2015. I like the risk/reward here and things do look decidedly better than they did 12 months ago :-) Chip |
Posted at 07/12/2013 14:41 by goatherd One rather odd discrepancy -HMB say "22 year Life of Mine ("LOM") with robust economics and projected to generate in the region of US$1 billion in free cash flow, according to management estimates" which would earn around $5 per share. But my back of an envelope calculation comes out much more like $10b. |
Posted at 07/12/2013 09:33 by chestnuts Infernoe posted this on the other hmb thread.Proactive's take on today's story: www.proactiveinvesto Hambledon Mining (LON:HMB) Lack of published data cast doubt over management estimates Avoid Hambledon Mining have announced a strategic review of its underground mining operation. The company have also reported an increase in 'management's estimate of underground resources from 1.8moz to approximately 6moz of gold with average grade of 5.34g/t. This revised estimate results is apparently from an extensive underground drilling programme of over 53,000 metres.' Our view is that these figures may represent a significant overestimate and are possibly misguided in their formulation. They are not JORC or NI 43-101 resource estimates and should not be afforded this level of confidence. We are keen to see the new CPR being prepared by Venmyn Deloitte when it is published early in 2014. We have spoken to directors and consultants in the past, none of whom have ever suggested potential for an increase in grade and resource of this scale. We have not had sight of the data from the 53,000m of drilling so we are not able to give a more informed view. Previous management stopped the underground operations due to regulatory related issues and high capital costs for development. Capital costs: management estimates are for capital costs of $130m for capital and we can not see how this will be covered without the addition of significant further debt and equity raising. Previous management estimates had an initial capital cost of $60m, the statement does not say how this is going to be covered. The company reported cash costs of $1,055/oz in H1 2013 from the near-finished Seki open cast mine. Underground mine: the team have restarted the underground mine processed 5,000t of ore from the underground mine before June this year with a grade of around 4g/t. The new team plan to raise gold production to 100,000oz pa by 2017 rising from 27,500oz of gold production this year. The statement reckons the mine has potential to generate around $1 billion of free cash flow over its 22 year mine life on management estimates. We somehow suspect that a new JORC 2012 report might not support this view. Conclusion: The comments in this piece represent our views on the company's published announcement. We have not had sight of the new data and it is our view that investors should treat these estimates with great caution till the data is published and a fully independent view confirms these numbers. |
Posted at 06/12/2013 11:16 by chipperfrd This new management are clearly working to a long term plan.An updated CPR on the Seki UG resources/reserves will underscore that part of the expansion plan - so we will need to wait for a few more months to get their internally generated estimate of c. 6moz @ 5.34g/t confirmed. The other highly interesting development is the prospective 9m oz @ 3g/t on the neighbouring Karasuyskoye ore field. A granting of licence for exploitation there should prompt another CPR on those deposits and really put HMB on the map with respect to a potentially huge resource for such a small company. The question might then be: does the low pre-production Capex requirement for Kara push it to the forefront in terms of cash generation to fund the initial $100m needed to get the Seki UG developed? Some quick & dirty calculations would indicate that the current plant (850,000tpa) could produce around 60-70koz from the Kara 3g/t ore assuming a recovery of c. 85%. Costs are, of course, unknown as yet. But if HMB are projecting c. $560/oz for the prospective UG operation at Seki then one can assume that a straight 'truck & shovel, haul' operation at Kara should be at a similar or lower operating cost. In such an event the potential OPCF from Kara could be of the order of $40-50m per annum which could cover the next 3 years of CAPEX for Seki (at an assumed PoG of just $1300/oz). Incidentally, again using rough & dirty calculations: the HMB estimate of 100koz pa from the expanded Seki UG does look feasible on their quoted ore grade. ie 850,000t at 5.34g/t = 145koz contained gold. Applying a dilution factor and recovery at 91% does lead to a potential level of production close to 100koz pa. Still lots of 'boxes to be ticked' and best we don't get carried away in wild speculation until each stage gets confirmed - but it is a rather enticing prospect if it were all to work out. Chip |
Posted at 10/10/2013 20:51 by loppylugs Random observations -1. The benefits of an London (AIM) listing for HMB would appear to considerably outweigh the drawbacks - both internally within KZ and from a business/financial perspective. Had the current major shareholder(s) wished to merely own and operate a private gold field, they could have saved a lot of time and expence and merely brought HMB outright. Furthermore, bearing in mind the dire position the Company was in this time last year, they could have waited a few months and prossibly picked up the Company from the administrators. 2. The fact that a conversion price of 3p has been set appears to say something about the approach of the existing board towards p.i's. A conversion price of 1.5p could have been set; which would have resulted in twice as many new shares being issued. 3. Conversion is likely to take place sooner rather than later, thereby helping with the breach of covanant problem with the ERBD in relation to debt-to-equity ratio. 4. Dilution of of shares has taken place, but not to fund existing operations as has occurred in the past. Rather, this dilution is to fund the purchase of a considerable asset with good grade ratios. In addition, this asset is not 90-miles away as with Akmola, but immediately adjacent to the existing mining operation/infrastruc 5. The existing management have made no secret of the fact that they intend to build the Company; both in/organicly. As acquisitions go, what better than a next-door field which will potentially assist with any application(s) to extend the existing mining licence(s). 6. The existing board have considerable mining experience and know what they are doing - as their management of operations to date have shown. Would be rather surprising if they have spent $27m on a mere whim. This purchase will have been well researched and planned. 7. The new management's stated intention is to build HMB into a considerable asset together with a 'main board' listing. This will require further funding/debt. However, as the size and scope of the enterprise grows then so should the associated share price. E&OE. |
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