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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| River Diamonds | RVD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.875 | 1.875 |
| Top Posts |
|---|
Posted at 12/8/2008 13:30 by seagreen added 1.65pSo what if TMP cant aford to pay VGG for their additional shares at 6p? So what if TMP's Georgian assets are risky? Whats the worse that can happen to RVD? The worse I can think is that VGG demands payment from TMP and if they can not pay they will have to liquidate the company and VGG will again be a key shareholder and then it will be up to VGG to sell their shares in the market or to RVD at a lower price or to another strategic holder or to wait until the mine is further down the line? I am patient the mine is worth equivalent of 6p a share what ever the fun and games in the background.....time to help yourselves again if you can hold? Anyone else got any worse scenario's ? I can not see any claim on RVD by VGG and I bet the two beig swingers come to an agreement anyway? |
Posted at 12/8/2008 10:08 by droftarts Perhaps they thought that the share price was going to be a lot higher in RVD and the purchase would be self financing through the sale of some of their existing RVD shares? Or maybe they had a source of finance lined up but due to the credit crunch that has now been withdrawn? IMHO |
Posted at 16/7/2008 09:45 by silveraw This is still being held down by the TMP share purchase, the mm's cannot let this go until they complete that particular trade. Look at that 404k apparent sell, this is more likely part of the TMP purchase timed to look like a sell to keep the share price down. The mm's cannot afford to have a host of buyers. This is fine as a slow rise is far better than a massive rise followed by a massive fall on profit taking. We have a very bright future to look forward to with RVD & TMP with dividends likely with the large amounts of cash that future gold sales will produce. Dont forget they also 100% own a second gold mine and are ramping up exploration and production at Vatokoula. I have bought more at a very good price this morning and will further increase as funds are available. Patience will bring it's own reward. |
Posted at 26/6/2008 21:34 by wharfedale silveraw - my last info on dividends was in the re-admission and acquisition document of 13.03.2008 when the company said"14. Dividend Policy The Directors do not envisage declaring a dividend in the short to medium term. However, if or when sufficient distributable reserves are available the Directors intend to pursue a progressive dividend policy." Has there been something since this statement which I have missed - if so, can you point me in the right direction? Thanks. |
Posted at 26/6/2008 15:35 by silveraw OK so it's a bit on the red side today but all is not as it seems. Add up all the trades at 3.55 (buys) or over and you have a net buy over sell total of well over 200k (calculated at 3:15 pm). Hardly a problem is it?. The drop in the share price is engineered yet again by the mm's who want as much stock as they can get at these low low prices knowing full well that they can sell at a far higher price once the gold pour RNS's star coming through. There is a further benefit for TMP in all off this as RVD with the gold/silver/diamonds produced will very quickly move into a very big profit and the subsequent dividends will give TMP a large cash injection based on their vary large share holding in DVD. A previous RNS did advise that they hoped to declare dividends as soon as possible. I have a large holding in RVD and will most certainly be keeping the shares looking for a very favourable return in the quite near future. (I have bought more this week.)Yes I also hold TMP and this will also rise on an RNS gold pour. |
Posted at 09/6/2008 18:36 by tim00 I have recently started investing in RVD via TMP. You've probably all read the readmission document on the RVD website, which says (p24) in block capitals that RVD is a speculative investment involving a high degree of risk. There are large potential liabilities of the mine arising from the losses incurred during the previous ownership; RVD seems to be disputing some of these but might ultimately have to pay up. RVD also has to incur large running costs for labour and materials prior to ramping up production from a closed down mine. Set against that, these placings are very positive for the company, ensuring its survival until production covers running costs. So while there is some dilution for existing shareholders, I am very happy to see these placings and they will persuade me to invest further in future. My very limited knowledge of the mine is that it offers tremendous scope for development, and it appears that Lenigas has previous work experience there, which is also very good news. |
Posted at 30/4/2008 13:11 by silveraw RNS in respect of Westec accounts for 2007. It is historic as we now own the mine and are producing but it does supply good info. on Westec's position and current liabilities. All of this was clearly made known to RVD during Due Diligence. Onwards and upwards.River Diamonds PLC 30 April 2008 River Diamonds plc ('River Diamonds' or 'the Company') Interim Results for Westech Gold Limited (Fiji) to 31 December 2007 River Diamonds announces today, in compliance with rule 18 of the AIM Rules for Companies, the un-audited interim results for Westech Gold Limited (Fiji) (' Westech') for the six months ended 31 December 2007. Westech is the principle subsidiary of the Company which runs the Vatukoula Gold Mine in Fiji. During the period River Diamonds did not wholly own Westech but indirectly held 19% of its share capital. The results are not reflective of current operations as they do not cover a period in which the mine was in full production, rather the results reflect the first six months of the recommissioning of the mine inclusive of initial mining in the months of November and December 2007. The comparative numbers in 2006 are also not reflective of full production, as this represents the period in which Emperor Gold Mines Ltd, the previous owner of the mine, were in the process of terminating production at the mine. Since the period end, River Diamonds acquired 100% of Westech on 1 April 2008. Mining has continued post 31 December 2007 and on the 18 April 2008 gold processing commenced at the Vatukoula Gold Mine. The first gold from continuous operations is expected to be poured over the next few weeks. The mine is budgeted to produce some 28,000 ounces of gold to 30 June 2008 and 111,000 ounces of gold for year ending 30 June 2009. River Diamonds expects to release its consolidated accounts for the six month period ending 29 February 2008 at the end of May 2008. The results are reported in Fijian Dollars ('$'), and all references to $ are to Fijian Dollars unless otherwise stated. Westech Gold Limited Directors' report The directors present their report together with the financial statements of Westech for the six months ended 31 December 2007. Directors The Directors in office at the date of this report are: Amelia Wesson Brian Wesson David Anthony Lenigas Donald Ian George Layman Strang Kiran Caldas Morzaria State of affairs In the opinion of the Directors the accompanying balance sheet gives a true and fair view of the state of affairs of the company as at 31 December 2007 and the accompanying income statement, statement of changes in equity and statement of cash flows give a true and fair view of the results and cash flows of the company for the six months then ended. Principal activity The principal activity of the company during the period was the operation of a gold mine. On the 5th December 2006 the company ceased active mining; however the mine continued to operate on a care and maintenance basis until the end of June 2007. From July 2007 to December 2007 the mine was recommissioned with gold being produced late October 2007. Result The operating loss after income tax amounted to $12,297,000 (2006: Net loss of $24,780,000). Refer to note 1 (a) for a description of the financial viability of the company. Reserves The directors recommend that no amounts be transferred to reserves within the meaning of the Seventh Schedule of the Companies Act, 1983. Dividends It is recommended that no amount be paid by way of dividend. Subsequent events At the date these financial statements were approved, being 30 April 20-08, the Directors were not aware of any significant post balance sheet events other than those set out in the notes to the financial statements. Enquiries: Colin Orr-Ewing Dave Paxton Laura Llewelyn David Porter/ James Joyce River Diamonds plc Hichens Harrison & Co. plc Parkgreen Communications W.H. Ireland Limited Tel: 020 7016 5100 Tel: 020 7832 7785 Tel: 020 7851 7480 Tel: 020 7220 1666 Westech Gold Limited Income statement For the six months ended 31 December 2007 Six months ended Six months ended 31 December 31 December Note 2007 2006 $'000 $'000 Revenue - 26,904 Cost of sales (7,408) (33,677) Gross loss from trading (7,408) (6,773) Allowance for mine rehabilitation - 88 Allowance for stock obsolescence - 3,972 Depreciation and amortisation expense 2,460 4,979 Exploration costs 22 147 Mine administration expenses 885 5,779 Other operating expenses 1,688 600 Allowance for hedge restructure - (2,409) Loss from operations 2 (12,463) (19,929) Net financing (gain) / cost 4 (166) 4,851 Loss before income tax (12,297) (24,780) Income tax expense 5 - - Net loss after income tax (12,297) (24,780) Westech Gold Limited Statement of changes in equity For the six months ended 31 December 2007 Share Share Asset Other reserves Accumulated Total Capital Premium Revaluation - obligations losses Reserve Reserve no longer due $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2006 4,000 49,792 4,769 - (222,925) (164,364) Net loss for the period - - - - (24,780) (24,780) Shareholders & other debts forgiven - - - 25,764 - 25,764 (refer to note 6) Balance at 31 December 2006 4,000 49,792 4,769 25,764 (247,705) (163,380) Balance at 1 July 2007 4,000 49,792 4,769 260,305 (295,656) 23,210 Net loss for the period - - - - (12,297) (12,297) Balance at 31 December 2007 4,000 49,792 4,769 260,305 (307,953) 10,913 Westech Gold Limited Balance sheet As at 31 December 2007 Note 2007 2006 $'000 $'000 Assets Current assets Cash 618 1,518 Inventories 8 5,426 7,392 Other receivables and prepayments 7 2,482 3,661 Deferred expenditure 9 - 234 Total current assets 8,526 12,805 Non-current assets Property, plant and equipment 10 36,899 75,804 Investment 16 1 1 Other receivable 5,350 - Deferred expenditure 9 - 195 Total non-current assets 42,250 76,000 Total assets 50,776 88,805 Current liabilities Trade and other payables 12 19,375 17,073 Interest-bearing loans and borrowings 14 - 17,372 Total current liabilities 19,375 34,445 Non-current liabilities Trade and other payables 12 - 4,410 Provision for hedge restructure - 10,873 Provision for mine rehabilitation 432 432 Unsecured loans 13 20,056 202,025 Total non-current liabilities 20,488 217,740 Total liabilities 39,863 252,185 Westech Gold Limited Statement of cash flows For the six months ended 31 December 2007 Six months ended Six months ended 31 December 2007 31 December 2006 $'000 $'000 Cash flows from operating activities Cash paid to suppliers and employees (12,837) (26,421) Proceeds from gold derivatives - 26,726 Net cash (used in) / from operating activities (12,837) 305 Cash flows from investing activities Payments for property, plant and equipment (198) (15,507) Net cash used in investing activities (198) (15,507) Cash flows from financing activities Proceeds from borrowings - related entity 13,629 14,756 Repayment of secured loan - (667) Repayment of lease liabilities - (55) Net cash provided by financing activities 13,629 14,034 Net increase / (decrease) in cash and cash 594 (1,168) equivalents Cash and cash equivalents at 1 July 24 2,686 Cash and cash equivalents at 31 December 618 1,518 Westech Gold Limited Notes to and forming part of the financial statements For the six months ended 31 December 2007 1. Statement of significant accounting policies Westech Gold Limited is a company domiciled in Fiji. The principal accounting policies adopted by Westech Gold Limited are stated to assist in a general understanding of the accounts. These policies have been consistently applied except where otherwise indicated. (a) Going concern It is the opinion of the Board of Directors that there are reasonable grounds to believe that the plans put in place are achievable and accordingly the Westech Gold Limited is a going concern and will realise its assets and settle its liabilities and commitments in the normal course of business for at least the amounts stated in the financial statements. (b) Statement of compliance The financial statements have been drawn up in accordance with the International Financial Reporting Standards used by the International Accounting Standards Board and the requirements of Fiji law. (c) Basis of measurement The financial statements are prepared on the historical cost basis except where stated. (d) Functional and presentation currency The financial statements are presented in Fiji dollars. All financial information presented in Fiji dollars has been rounded off to the nearest thousand. (e) Foreign currency transactions Transactions in foreign currencies are translated to Fiji dollars at the rates of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at reporting date are translated to Fiji dollars at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. (f) Inventories Inventories are valued as follows: (i) Stores comprising plant spares and consumable stores are valued on the basis of weighted average cost after providing for obsolescence. (ii) Work in progress, including ore stock, consists of stocks on which further processing is required to convert them to trading stocks, and is valued at the lower of cost and net realisable value. The work in progress is valued on the basis of First In First Out (FIFO) and includes direct costs, depreciation and amortisation. (iii) Insurance spares are depreciated over the same remaining life as the equipment with which they are associated. (g) Income tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse based on the Income Tax Act. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related benefit will be realised. (h) Mine properties and development This represents the accumulation of all exploration, evaluation, development and acquisition expenditure incurred in relation to areas of interest in which economically recoverable reserves exist. The capitalised value of mine properties and development is amortised on a life of mine basis. The life of the mine has been calculated on a units of production method based on economically recoverable reserves and resources. The net carrying value of mine assets is reviewed regularly and, to the extent to which this amount exceeds its recoverable amount (based on the higher of the net present value of estimated future net cash flows and the mines asset's current realisable value) that excess is fully provided against in the financial period in which this is determined. (i) Property, plant & equipment (i) Owned assets Items of Plant and equipment are stated at cost less accumulated depreciation (refer below). (ii) Depreciation The annual charge for depreciation on plant, equipment, property and buildings is based upon the lesser of the estimated remaining useful lives of the assets concerned or the life of the mine. The life of the mine has been calculated on a units of production method based on economically recoverable reserves and resources. (j) Exploration expenditure Exploration and evaluation expenditure incurred by the company is accumulated separately for each area of interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure, but does not include general overheads or administrative expenditure not having a specific nexus with a particular area of interest. Exploration expenditure for each area of interest is carried forward as an asset provided that one of the following conditions is met: (i) such costs are expected to be recouped through successful development and exploitation of the area of interest or alternatively by its sale; or (ii) the activities have not established whether or not economically recoverable resources exist; and (iii) active and significant operations in relation to the area are continuing. Exploration expenditure that does not meet the above criteria is written off to the income statement. (k) Cash and cash equivalents Cash and cash equivalents comprises cash balances and call deposits. (l) Trade and other receivables Trade and other receivables are stated at cost less impairment losses. The collectibility of debts is assessed at reporting date and an allowance is made for any specific doubtful accounts. Bad debts are written off during the period in which they are identified. (m) Trade and other payables Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the company. (n) Mine rehabilitation Expenditures relating to ongoing rehabilitation and restoration programs, including for exploration areas on non-freehold land, are provided for or charged to costs of production as incurred. A provision for future rehabilitation and restoration relating to mine closure is accrued on the estimated life of mine. 2007 2006 $'000 $'000 2. Loss from operations Loss from operations has been arrived at after including the following items: Auditors' remuneration 14,500 - Depreciation 2,461 4,979 Directors emoluments - 45 Gold tax - 836 Rehabilitation trust 1,688 - 3. Staff costs Salaries and wages 1,722 9,782 Contributions for superannuation 129 986 Other overheads 141 1,030 Redundancy payments 259 - 1,992 12,057 The average number of employees during the period was: 209 1468 4. Net financing costs Finance costs Interest - holding company - 4,404 Interest - related company - 455 Interest - secured loan - 777 Net foreign exchange losses - 685 - 6,321 Finance income Interest - bank - (8) Net foreign exchange gains (166) (1,462) (166) (1,470) Net financing (gain) / costs (166) 4,851 5. Income tax The prima facie credit on the loss is reconciled to the amount provided in the financial statements as follows: 2007 2006 $'000 $'000 Loss before income tax (12,297) (24,780) Prima facie tax credit at 31% (3,812) (7,682) Tax effect of tax losses not brought to account 3,812 7,682 Income tax - - The directors believe the company has substantial carried forward tax losses available. However, the Fiji Islands Revenue & Customs Authority have issued assessments totalling $11.5m against the company. The company does not believe any amounts are payable and is vigorously defending the claim. No amounts have been provided in the accounts in respect of this claim. Given the material uncertainty in regards to the quantum of available losses, the directors have not provided an estimate of the losses for the purposes of these accounts. 6. Shareholders and third party debts forgiven During the intervening period, there was a change in ownership of the company. As part of this change in ownership, the company was released from a number of financial obligations to related and third parties by the previous parent entity. Since the previous parent entity released the company from their obligations in its capacity as a shareholder, the benefit of this release has been credited directly to equity. 2007 2006 $'000 $'000 7. Other receivables and prepayments Other receivables and prepayments 2,494 3,661 Less: Allowance for uncollectibility (12) - 2,482 3,661 8. Inventories Consumables and insurance spares 4,897 5,514 Work in progress and ore stocks 529 1,878 5,426 7,392 2007 2006 $'000 $'000 9. Deferred expenditure Deferred expenditure - at cost - 429 Disclosed as: Current deferred expenditure - 234 Non current deferred expenditure - 195 - 429 Prior year deferred expenditure was in respect of the ancillary costs related to borrowings from ANZ Bank. These borrowings were forgiven in the subsequent period and the balance of the deferred expenditure written off. 10. Property, Plant & equipment Freehold & Mine properties & Buildings, Work in Total leasehold land development plant & progress equipment $'000 $'000 $'000 $'000 $'000 31 December 2006 Cost Balance as at 1 July 2006 1,912 64,172 77,163 - 143,247 Net transfers from related - 11,606 5,753 - 17,359 entities and adjustments during the period Additions during the period 4,186 3,336 7,614 15,136 Disposals during the period - - - - - Balance as at 31 December 1,912 79,964 86,252 7,614 175,742 2006 Depreciation Balance as at 1 July 2006 - 50,186 44,773 - 94,959 Depreciation for the period - 2,738 2,241 - 4,979 Balance as at 31 December - 52,924 47,014 - 99,938 2006 31 December 2007 Cost Balance as at 1 July 2007 2,388 129,977 79,600 7,865 219,830 Additions during the period 490 182 688 - 16 Balance as at 31 December 2,388 129,993 80,090 8,047 220,518 2007 Depreciation Balance as at 1 July 2007 - 129,977 51,182 - 181,159 Depreciation for the period - - 2,460 2,460 Impairment losses - - - - - Balance as at 31 December - 129,977 53,642 - 183,619 2007 Carrying amount Balance as at 31 December 1,912 27,040 39,238 7,614 75,804 2006 Balance as at 31 December 2,388 16 26,448 8,047 36,899 2007 11. Share capital 2007 2006 $'000 $'000 (a) Authorised capital 8,000,000 shares at $0.50 each 4,000 4,000 (b) Issued and paid up 8,000,000 shares at $0.50 each 4,000 4,000 12. Trade and other payables Employee benefits 3,605 3,285 Other payables 3,298 5,158 Trade creditors 12,472 13,040 19,375 21,483 Disclosed as: Current 19,375 17,073 Non current - 4,410 19,375 21,483 13. Unsecured loans Emperor Mines Limited - 202,025 Sovereign Insurance Company Limited 5,350 - Viso Gero International 14,706 - 20,056 202,025 The above loans are unsecured and interest free and the terms of repayment are at the discretion of the lender. 14. Interest-bearing loans and borrowings Current liabilities Lease liabilities - 259 Secured loan - ANZ - 17,113 - 17,372 The loan facility from ANZ Bank was secured by: (i) a first registered deed of charge over all present and future assets and undertakings of the company other than excluded assets (SPL's 1283, 1296, 1418, 1360, 1411 and CX 626 and all the shares in Tuvatu Gold Mining Company Limited); (ii) a first registered mortgage over all freehold and leasehold land; (iii) a first registered mortgage over all Special Site Rights (SSR) 6, 7, 8 and Special Mining Lease (SPL 54, 55 and 56); and (iv) a first registered bill of sale over its motor vehicles. The company has been released from all obligations to the ANZ Bank in the intervening period (refer note 6). 2007 2006 $'000 $'000 15. Commitments Commitments in relation to finance leases are payable as follows: Not later than one year - 109 Later than one year and not later than two years - 109 Later than two years and not later than five years - 67 Later than five years - 6 Minimum lease payments - 291 Future interest charges - (32) Net finance lease liability - 259 Disclosed as follows: Current liabilities (Note 14) - 259 Non-current liabilities (Note 14) - - - 259 16. Investment Shares in subsidiary 1 1 Shares in subsidiary comprises 1,000 ordinary shares of $1 each in Tuvatu Gold Mining Company Limited. 17. Related parties (a) Directors The names of the persons who are directors of the company at the date of this report are as follows: Amelia Wesson Brian Wesson David Anthony Lenigas Donald Ian George Layman Strang Kiran Caldas Morzaria Directors emoluments are disclosed under note 2. (b) Transactions with related parties - interest Interest paid to as well as received from the ultimate holding company is set out in note 4. (c) Joint venture arrangements The company's operations at Vatukoula were previously carried on through joint ventures with Koula Mining Company Limited (KMC). The company's interest in the results, assets and liabilities of the joint ventures was included in the relevant profit and loss and balance sheet items. In the intervening period, all activities were undertaken by the company and all assets and liabilities of the joint venture are included in the balance sheet of the company. (i) Vatukoula joint venture The agreement provided for the company to hold 80% and Koula Mining Company Limited 20% interest in the existing mine at Vatukoula and all related facilities. The joint venture was responsible for exploring, developing, mining and processing ore extracted from the joint venture area. In the current period, the company has 100% control over the operations and therefore, all assets and liabilities of the joint venture are now included in the balance sheet of the company. (ii) Tavua Basin joint venture The agreement provided for the company and Koula Mining Company Limited with equal interests to explore the Tavua Basin for minerals. (iii) Tavua Basin Mining joint venture In accordance with an agreement dated 1 July 1994, the 50% interest in the Tavua Basin Mining joint venture was transferred to the company from a related company, Jubilee Mining Company Limited. (d) Holding company Viso Gero International Inc. was the ultimate parent on the 14th December 2007. On the 1st April 2008 River Diamonds plc completed acquisition of the remaining shares in Viso Gero International and became the ultimate parent of Westech Gold Limited. Amounts receivable from the holding company are unsecured and no fixed terms of repayment have been arranged. Interest is charged at a variable rate of interest, which averaged 8.0% at 31 December 2006. 18. Capital commitments At reporting date, the company had commitments for the purchase of plant and equipment amounting to $208,000 (2006: $Nil). 19. Contingent liabilities The Fiji Islands Revenue & Customs Authority has issued taxation assessments against the company in the amount of $11.5million. The company does not believe any amounts are payable and is vigorously defending the claim. No amounts have been provided in the accounts in respect of this claim. The company is a plaintiff in several litigations with respect to potential claims of creditors, workers compensation and industrial action. The Directors believe these litigations will not have a material effect on the financial statements. 20. Subsequent events (a) The company is in the process of entering a scheme of arrangement with creditors that were owed a total of $14,970,879 as at period end. On legal advice, a proposed compromise between Westech Gold Limited and its creditors ('Proposed Scheme') under section 208 of the Companies Act (Fiji) has been planned. The intention is to register the Scheme of Arrangement with the High Court to ensure all creditors abide by the arrangement and to prevent any winding-up actions from being taken. In order to obtain support for the Proposed Scheme, a letter was written addressed to each of the known creditors outlining the Proposed Scheme requesting them to respond with an indication as to whether they would support the Proposed Scheme. The letter forwarded to creditors indicated the intention of Westech Gold Limited to pay to all creditors a 10% instalment of the total outstanding liabilities commencing on December 7, 2007. Further, the balance of the outstanding liabilities would be paid in four equal instalments on March 31, 2008, June 30, 2008, September 30, 2008 and December 31, 2008. No payment was made on March 31, 2008, however given the continued level of support for the Proposed Scheme, Westech Gold Limited intends to apply to the High Court through counsel, to have the Proposed Scheme registered. No further action has been advanced from any creditor since payment was made (although no notification has been received of any action being withdrawn entirely.) (b) The company entered into a deed on the 10 August 2007 between the Government of the Republic of Fiji and Westech whereby the company was granted certain tax concessions and in particular: (i) a reduction in tax royalty payments from 6% to 3% on ore extracted for a period of five years; (ii) a two year exemption on import duties on automotive diesel and industrial diesel oil for use at the mine; (iii) a five year exemption form export tax; (iv) an exemption from fiscal duty on the import duties on the import of plant equipment, machinery and motor vehicles required to operate the mine for a period of three years; (v) eligibility to seek exemption from payment of withholding tax on overseas payments of interests, consultants fees and dividends; In addition, the 10 August 2007 Deed confirmed that the special mining leases, Special Site Rights and Special Prospecting Licenses remained valid and notwithstanding any previous breaches of the Fiji Mining Act. Under the terms of the Deed the company agreed to contribute funds to the Vatukoula rehabilitation trust fund aimed at the remediation of the environmental and social aspects of the local community around the mine. The contribution is a total of F$6,000,000 over 5 years. (c) By a letter agreement dated the 21 February 2008 between FIRCA and the company, the company is required to make certain without prejudice payments out of revenue in respect of a disputed tax assessment and relating penalties and FIRCA would permit further gold exports pending the courts decision in relation to the tax dispute. (d) On the 14th December 2007 River Diamonds plc (Incorporated and registered in England and Wales) signed a conditional agreement to acquire from Viso Gero Global Inc., (Incorporated in the British Virgin Islands) the 80% of the share capital of Viso Gero International Inc., (Incorporated in the British Virgin Islands) not already held by River Diamonds plc. Viso Gero International Inc. was the ultimate parent on the 14th December 2007. On the 1st April 2008 River Diamonds plc completed acquisition of the remaining shares in Viso Gero International and became the ultimate parent of Westech Gold Limited. 21. Principal business activity The principal activity of the company during the period was the operation of a gold mine. On the 5th December 2006 the company ceased active mining; however the mine continued to operate on a Care and Maintenance basis until the end of June 2007. From July 2007 to December 2007 the mine was recommissioned with gold being produced late October 2007. 22. Principal place of business and registered office The principal place of business and registered office is located at: Vatukoula Fiji Islands. |
Posted at 23/4/2008 14:02 by seagreen In all fairness to the boys on the MM's desk there has clearly been a bit of a seller around and until he is cleared out we will just have to sit and suffer someone has just spat otu 500,000 at 3.75, but if they bought in at less than 2p thats a good turn. I posted earlier on the traders thread a comparison with Hambeldon HMB market cap £62.5m targeting to rehit 40k oz production of gold in Kazakstan RVD market cap £67.41m targeting to rehit 120k oz production of gold in Fiji 3 times the production level in a safer environment virtualy the same market cap? You would expect RVD to be at least 12p then? And looking at the Collins Steweart note Feb 07 on HMB that says their market cap should be circa £140m or 30p share on a like for like assets in the ground basis compared to other gold companies as thet have 3.5m oz in the ground........... Poor old RVD has only got 5.1m oz in the ground which would give it on a similar like for like basis of $72 in the ground a market cap of £184m or 11p although the gold price has moved from $600 odd to over $900 and acording to the Hithcins note the comparable rate is now $97 in the ground which would give HMB a market cap/share price of 40p a share on a comparable basis and RVD a market cap/share price of 15p. BUT RIGHT NOW IT AINT!! Looks to me as though we have two undervalued gold mines with very good grades |
Posted at 28/3/2008 07:41 by seagreen My view is TMP is worth around 4.5p when RVD is 7p and as RVD is only worth 4.5p TMP will have to wait for the world to recognize how undervalued RVD is, hence I jetisoned TMP and took a profit, that is not to say TMP wont become a good buy again soon.TMP were always going to have to raise funds on the back of their rvd investment to pay for their additional rvd shares (ok they can give paper but not convinced they will) and to progress their Georgian assets so need to wait and see how that goes. One way or anotehr though they will be indirectly marketing RVD and I think RVD are also going on a bit of a road show to point out how under valued this company is, which is timed to coincide with the acquisition next week on 1st April, so hopefuly we will see this move up to 6p and then further as the production is ramped up. There is also a rumour which I tyake with a pinch of salt that they have also turned down one bid from a South African major who wanted their reserves for its balance sheet as 5M oz of gold is enourmous and gives this a 50 year mine life if it produces 100,000 oz a year its of the clock so I shall wait patiently for my 20 to 25p whilst the world wakes up after the credit crunch etc etc etc |
Posted at 20/3/2008 23:13 by blackadder30 Been watching this for a while now (and TMP) too hyped up on the BB with the OXS settlement and the expectations in RVD although the involvement by mssr Lenigas at RVD could bring either TMP or RVD through next week.Fiji news also over hyped and kept me out for a while but think will put limit orders in for Tues - say 3.6 on TMP and 3.85 on RVD. TMP looking the worst of the 2 as Spread is 13% could be hard to pull back - RVD spread of just over 6% a bit easier to handle... ...but the logic could just go right out the window at open next week ;-) |
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