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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Van Dieman | LSE:VDM | London | Ordinary Share | GB00B03HFG82 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.875 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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29/8/2008 11:54 | Result of General Meeting and AGM (Van Dieman Mines) RNS Number : 3105C Van Dieman Mines plc 29 August 2008 29 August 2008 VAN DIEMAN MINES PLC (the "Company") Results of the Company's General Meeting and Annual General Meeting Van Dieman Mines Plc, (AIM:VDM), the AIM listed mining company with an alluvial tin and sapphire mine in Tasmania announces that at the General Meeting of the Company held today all resolutions except resolution 7 were passed. Resolution 7 relates to the allotment of equity securities in connection with the grant of options under the Share Option Scheme (as defined in the Circular to Shareholders dated 2 July 2008). At the Annual General Meeting of the Company held today all resolutions except resolution 3 were passed. Resolution 3 relating to the re-election of Mr Kenan Frey was withdrawn. Mr Frey has as of today resigned as a director of the Company. Mike Etheridge, Chairman, indicated that pursuant to the Company's previously announced Investors Agreement with Galena Special Situation Master Fund Limited (details of which were announced in the Circular to Shareholders dated 2 July 2008), Galena had notified the Company of its intention to appoint Mr Harry Stacpoole and Mr Bill Wise to the board of the Company. Further details of these appointments will be notified in due course. Enquiries VAN DIEMAN MINES PLC Mike Etheridge, Chairman Tel: +61 (0) 4 0870 8778 Ron Goodman, CEO and Managing Tel: +61 (0) 4 0808 3914 Director GRANT THORNTON UK LLP Gerry Beaney / Fiona Owen Tel: +44 (0) 20 7383 5100 FOX DAVIES CAPITAL LIMITED Richard Hail, Corporate Finance Tel: +44 (0) 20 7936 5230 This information is provided by RNS The company news service from the London Stock Exchange END | dispenser | |
26/8/2008 23:45 | The video is very interesting and it is good to see what the setup is and the progress that has been made. Lets hope that finally mangement will deliver!! | dispenser | |
26/8/2008 20:58 | New article should be of interest to holders; Van Dieman Mines plc, the AIM listed mining company with an alluvial tin and sapphire mine in Tasmania, has released an operational update demonstrating significant progress in implementing its revised mine development plan to bring its Scotia mine into production. Progress to date has been encouraging, with the programme to progressively dewater and strip the overburden well underway, and plans to deliver ore to the primary process plants in a slurry form well in hand. Modifications have also been made to the primary process plant as it was originally designed to receive dry feed. | andy | |
26/8/2008 16:38 | The video of their current operations,on their website, is worth a look. f | fillipe | |
26/8/2008 12:55 | Possitive updates, the company appears to not be going to the wall and production next year, but some dilution | dispenser | |
26/8/2008 12:54 | RNS Number : 0085C Van Dieman Mines plc 26 August 2008 26 August 2008 VAN DIEMAN MINES PLC (the "Company") Operational Update The Board is pleased to report that, since it last issued an operational update on 16 May 2008, significant progress has been made in implementing its revised mine development plan to bring its Scotia alluvial tin and sapphire mine in Tasmania into production. Following Board changes earlier this year and a detailed review of the Scotia project, the resulting operational update announced on 16 May 2008, summarised various recommendations and a revised mine development plan to optimise mining and simplify ore transport methods at Scotia. This was necessary as it had been identified during construction of the Scotia project that the processing plant, equipment and mining methods originally adopted were inappropriate due to the alluvial wash and much of the overburden being water saturated. In addition, it was announced that a drilling programme would be planned with the objective of confirming historical Tasmanian Mines Department drill and assay data on which the Scotia resource is currently based. Progress to date and the expected overall schedule to production are summarised below. Progress has been encouraging with the programme to progressively dewater and strip the overburden well underway, and planning to deliver ore to the primary process plants in a slurry form well in hand. Modifications have also been made to the primary process plant as it was originally designed to receive dry feed. The Directors currently believe that production at Scotia is expected to commence in December 2008, with ramp up to full production achieved in January 2009. Although the modifications to the plant and mining activities have yet to be completed or become fully operational, the Company expects that there will be material benefits to both the Scotia and Endurance Projects that will result in reduced capital and operating costs. Commissioning of half of the primary processing plant is expected to take place during October and November, with modifications to the second half of the plant to commence in October and final commissioning of the full plant in November and December. A presentation and a video providing additional information and a visual update are available on the Company's website (www.vandiemanmines. Overburden Dewatering Trials Successful Very good progress has been made on the dewatering trials at the location of initial mining of the orebody at Scotia, and on the earthworks that will provide the necessary access as the orebody is exposed. The dewatering trials have confirmed that the overburden can be progressively dewatered by the sump and pump method. It is expected that initial access to the orebody will take place during September, allowing bulk sampling for grade confirmation and determination of likely processing characteristics. The progressive stripping of the overburden has also provided additional information on the location of the mineralised channel where mining will commence, thereby reducing some of the requirement for immediate additional drilling. New Mining Method at Scotia Approved by Regulatory Authorities On 6 August 2008, the Tasmanian Government regulatory authorities gave approval to proceed with the modified mining method. They will monitor progress via normal reporting and inspection procedures. The two principal government agencies involved have been very supportive, and the Company will work closely with them as the mine plan progresses and is further refined. Treatment Plant Modifications Well Advanced The Scotia primary treatment plant that has been installed comprises two parallel processing facilities or *sides* with a total capacity of 300 cubic metres per hour. The Company has made substantial progress on the modifications to *side B* of the plant to both simplify it and modify it to take a pumped slurry feed. The mechanical engineering works are nearing completion and the electrical and water/tails piping modifications have been designed and tendered, and will commence in the near future. Side B is expected to be ready for commissioning during October, and to be in production in December. Modifications to Side A will commence in October, with the objective of commissioning in November/December and achieving full production in January 2009. Modifications and upgrades to the secondary treatment plant or *Tin Shed* are also underway, and will be brought on-line progressively to match this commissioning and production timetable. Commencement of Confirmatory Drilling The process of completing the loan facility over recent months and the consequent delay in accessing the Company's preferred contractor means that drilling will now commence at Scotia in mid-September. This is highly specialised drilling and the Company, following a review of all other options, is committed to using this contractor because of the equipment and experience that they can provide. Initially, the Company will be limiting the planned drilling programme to about 1,000m, covering the area proposed for mining in the first year. This drilling will provide the necessary confirmation of orebody or "wash" grade, thickness and extent, and is expected to be completed by mid October. It will also provide information to fine-tune mining options, assist with dewatering, and enhance mine planning. Assay Protocol & Turnaround Agreed with Laboratory The bulk sample plant and two smaller pilot plants have been refurbished by the Company, and samples from the overburden and from tails from historic mining are being processed. A processing, sampling and assay protocol for concentrate from these plants and samples from the proposed drilling programme has been agreed by our consultants and a nearby assay laboratory. It is expected that the Company will achieve 1 to 2 week turnaround from drilling/bulk sampling to receiving the tin assay by undertaking much of the sample preparation on site. Plan to Expand Production The Board is actively reviewing ways to significantly increase production rate and reduce production risk at Scotia following commissioning. Increasing production is important because the financial performance of the project, and the Company, are highly leveraged to increased production as revenues increase at a much faster rate than do costs. The key components of the potential expanded production are access to multiple mining sites, increasing plant efficiency and throughput, and increasing mining and plant operating hours. All three of these are currently being addressed, and the Company is confident of a positive outcome. Other Developments In the period since May, negotiations have been carried out with a local earth moving contractor and a basis for undertaking contract mining is now in place. The Directors believe that this will provide significant savings, and reduced capital risk, relative to the owner-operated mining method originally planned, as well as providing the flexibility to potentially scale up to take advantage of multiple mining locations. A management review of employment contracts and occupational health and safety (OHS) systems and procedures uncovered significant deficiencies, and led to a voluntary stand-down at the Gladstone/Scotia site in early August. The OHS systems and procedures have been reviewed and revised with a specialist consultant, and new employment contracts prepared for presentation to the workforce. The former will ensure that the Company and its operations are fully compliant with industry best practice in OHS, and the latter will provide the Company and its employees with greater flexibility as it moves to an expanded production plan. Further to the announcement of 18 August 2008, in which the Company announced the decision to close the Company's Sydney office and to transfer the bulk of the administration and financial control functions to Tasmania, the Board is pleased to announce the appointment of a new Chief Financial Officer and Company Secretary, Ms Lisa Norden, effective from 1 October 2008. Ms Norden is a CPA and a member of the Australian Institute of Company Directors and will head up the Company's financial team. Endurance We anticipate that the Endurance Project will be a major beneficiary of the modifications being implemented at Scotia such that it will be able to take full advantage of these benefits. The Endurance Development Plan and Environmental Management Plan is currently under consideration by the regulatory authorities, but on the understanding that there are likely to be variations in the final mining method adopted. Subject to permitting approval and changes to the mine plan, we are now planning for the Endurance Project commencing production in around mid 2009. Enquiries VAN DIEMAN MINES PLC Mike Etheridge, Chairman Tel: +61 (0) 4 0870 8778 Ron Goodman, CEO and Managing Tel: +61 (0) 4 0808 3914 Director GRANT THORNTON UK LLP Gerry Beaney / Fiona Owen Tel: +44 (0) 20 7383 5100 FOX DAVIES CAPITAL LIMITED Richard Hail, Corporate Finance Tel: +44 (0) 20 7936 5230 This information is provided by RNS The company news service from the London Stock Exchange | dispenser | |
26/8/2008 12:54 | Van Dieman Mines gets 750,000 pound bridging loan from investor Galena LONDON (Thomson Financial) - AIM-quoted explorer Van Dieman Mines Plc. said it has secured a 750,000 pound short-term bridging loan from major shareholder Galena which it will use to fund its working capital requirement. Van Dieman said the loan carries an interest rate of 3 percent above the three-month London interbank offered rate. The company said it has made significant and encouraging progress in implementing its revised mine development plan to bring its Scotia alluvial tin and sapphire mine in Tasmania into production in December, before accelerating to full production in January. Although modifications to the plant and mining activities have yet to be completed, the company expects that there will be material benefits to both the Scotia and Endurance Projects that will result in reduced capital and operating costs. TFN.newsdesk@thomson ran/ms1 | dispenser | |
23/8/2008 21:53 | KABANGA TIN MINES ZAMBIA (quite impressive) Libra Pty Ltd is a private equity investment corporation established in Australia for 18 years and acts as the project developer. The company plans to go public in 2008 and then list on the Australian Stock Exchange ("ASX") in May 2009. Tells it all: For location: Open Google Earth, focus on Zambia enter "Siankopo Libra" | vanbrussel | |
05/8/2008 12:53 | Disp - is that on Plus Markets? | pachandl | |
04/8/2008 15:21 | anyone got ant ideas on last weeks and todays large trades? | dispenser | |
07/7/2008 16:39 | I wondered why we have been up all day the 100,000 buy at 5.75p explains it | dispenser | |
02/7/2008 16:42 | IC has tipped it a buy with both current price and recent announcement, but not for widows and orphans. | ramnik007 | |
02/7/2008 10:48 | ITRI.co.uk weekly newsletter 30 Jun 2008 Galena bails out Van Dieman Mines A UK£5 million loan facility from Galena Special Situations Master Fund, part of the Trafigura group, has helped Van Dieman Mines narrowly avoid insolvency. VDM announced in mid-May that it had changed its plans to develop two tin mine projects in Tasmania and the company has also experienced some turnover of senior executives. The deal with Galena will make it a "Strategic Investor", holding loan notes which it can subsequently convert into an increased equity stake. Galena currently holds 12% of VDM, but could increase this to 33.5%. Galena is also an investor in the South Crofty tin project in the UK, via Western United Mines. In a statement released today, VDM said that "as a result of the need to seek further funding the Company's projects at both Scotia and Endurance are further delayed. It is expected that commissioning of the Scotia project will commence in September 2008 and production at the Endurance project is now expected to commence in the second quarter of 2009." The Scotia project will have an annual capacity of 700 tpy of tin-in-concentrate and the Endurance one will be slightly smaller. Mike Etheridge, the company's Non-Executive Chairman, commented: "Galena's investment decision was made under uncertain and difficult conditions and at short notice, and is a vote of confidence in the Company's projects and prospects. It ensures the necessary funding to undertake the critical trial mining, dewatering, plant modification and confirmatory drilling work to determine project feasibility." | vanbrussel | |
30/6/2008 15:58 | I agree with chipperfrd, when production begins there should be significant upside from this level, but not to the 45p level, but to around the 20p level. This is not the only company struggling to get fianance, BRR has had to raise money at low levels. At least VDM has got the money, many compaines will not be able to raise money and will go under, watch the biulding industry carefully, many smaller companies are going bust!!!! | dispenser | |
30/6/2008 12:25 | Looks like a very good deal for Galena - but there would appear to have been no alternative to an effective rescue package on Galena's terms. I make the fully diluted no. shares 251.6m, assuming the FIRB give consent. Obviously makes for a serious dilution of existing holders but much of that was already priced into the share price There should still be worthwhile upside assuming they finally get into production. But longer to wait. I will stick with my holding and await events. | chipperfrd | |
30/6/2008 11:18 | Although Galena's terms seem harsh, they could probably have imposed any terms they like and we must be thankful, I suppose, that the conversion price is 6p rather than 1p ! Since we are likely to be offered more shares @ 6p (or less) in the autumn, there seems little point in buying more now. My shareholding in VDM will join several others at the back of a drawer where I prefer not to think of them but at least these might come good one day. The moral of this story is not to invest in any mining company that needs to raise capital in the current climate. Nor, regrettably, can we always believe what we are told. | varies | |
30/6/2008 08:57 | Looks as though the PI's have been well and truely screwed - Company is now effectivly owned by Galena. I suppose it is better than going bust BUT do not expect to see any major recovery in share price. I strongly suspect we might see a trade sale within the next couple of years subject to resource - I personally cannot see any reason to prticipate in a fund raising where control is so concentrated. Other views? Annthing else to read between the lines - Personally I worry about why draw down was cancelled | pugugly | |
30/6/2008 07:20 | Strategic Investor Provides Loan Facility (Van Dieman Mines) RNS Number : 8175X Van Dieman Mines plc 30 June 2008 30 June 2008 VAN DIEMAN MINES PLC Strategic Investor Provides Loan Facility Following the ongoing strategic review by the Directors of Van Dieman Mines Plc, (AIM:VDM), the AIM listed mining company (the "Company") which has resulted in the Company implementing changes to the mining and processing methods of the Scotia mine; the consequential delays to production (as outlined in an announcement on 16 May 2008); and the refusal recently by the providers of the Company's current debt facility to honour a drawdown request for A$1.95 million, the Company has been forced to seek alternative and additional financing. The Board has been actively seeking alternative and additional funding from both potential equity investors and debt providers for several months. Unfortunately, advanced discussions with a major Australian bank which the Board had expected to complete imminently were recently terminated in the face of the ongoing and much publicised difficult conditions in financial markets. In the absence of immediate development funding, the Company would have imminently become insolvent, leading to receivership and the potential for total loss of shareholder value. It is against this background that the Board has obtained the financial support of Galena Special Situations Master Fund Limited ("Galena") as a strategic partner and major shareholder in the Company. The Company announces that it has entered into an investors agreement and loan facility agreement with Galena for up to £5 million on the terms and subject to the satisfaction of the conditions set out in further detail below. The Company, together with its subsidiary, Van Dieman Mines Pty Limited ("VDM Australia"), has also entered into a royalty agreement with Galena (together the "Agreements"). As a result of these Agreements Galena will become a strategic partner and a more significant shareholder in the Company. The principal terms of the Agreements are as follows: * Galena has granted an immediate loan facility of up to £3 million which, until the satisfaction of certain conditions set out below, is to be drawn down in part to fund the Company's immediate working capital requirements, at the sole discretion of Galena (the "Loan Facility"). Galena has agreed to an initial draw down of A$1 million. Under the terms of the facility agreement the initial Loan Facility may be extended by up to a further £2 million on the same terms subject to the conditions and variations set out below. In particular, the additional £2 million may only be drawn down at the discretion of Galena to the extent that the Company is not able to raise that sum through an equity issue. * The Company's ability to demand full draw down of the Loan Facility is conditional upon the Australian Foreign Investment Review Board ("FIRB") consenting to Galena, as a non-Australian entity, taking registered security over the assets of the Company and VDM Australia (together the "Group"). It is also subject to the shareholders of the Company passing the resolutions referred to below. * The Company and VDM Australia are in the process of seeking the requisite consents from the FIRB. It is expected that a response will be received from FIRB within four to six weeks. The Board anticipates that FIRB approval will be obtained. Upon registration of the security over the Group's assets, the Group will be entitled to immediately draw down on the remaining portion of the Loan Facility. * The Loan Facility will be used, in the first instance, to fund the Group's immediate working capital requirements including payment of the Group's creditors and to fund the working capital required to undertake the trial mining, dewatering, plant modifications and initial confirmatory drilling (~1,000 metres) through to the end of August 2008. On receipt of the approval from FIRB the Company's existing debt facility will be repaid from the remaining Loan Facility proceeds and Galena will be granted a fixed and floating charge over the assets of the Group. This security will remain in place until all monies lent by Galena have either been fully repaid or converted into Ordinary Shares. * A general meeting of shareholders (notice of which will shortly be sent to shareholders) will be called for 29 August 2008 (the "General Meeting") at which resolutions increasing the authorised share capital of the Company and increasing the Directors' authorities under section 80 of the Companies Act 1985 and disapplying pre-emption rights under section 95 of the Companies Act will be proposed (the "Resolutions"). In the event that the Resolutions are not passed then the Company will be required to repay all monies received from Galena under the Loan Facility plus a break fee of £600,000. The Company will also be required to pay this break fee in the event that the requisite consents from the FIRB are not received by 29 August 2008 or in the event of either early repayment of the Loan Facility or an event of default. * Conditional on the Resolutions being passed at the General Meeting, the amounts drawn down under the Loan Facility will be replaced by loan notes (the "Loan Notes") which are convertible at the discretion of Galena into ordinary shares of 1p each in the Company (the "Ordinary Shares") at a price of £0.06 per Ordinary Share. * Following the passing of the Resolutions, the Company will also grant Galena £3 million of warrants to subscribe for Ordinary Shares in the Company (the "Warrants") with an exercise price of £0.07 per Ordinary Share. The Warrants will not be exercisable until the earlier of 31 December 2008 or completion of a proposed equity raising prior to 31 December 2008 (see below). * Interest on the Loan Notes will accrue at LIBOR plus 3% per annum. During the first year, interest will be payable in Ordinary Shares at £0.06 per Ordinary Share. Thereafter, interest will, at the agreement of both Galena and the Company, be payable in either cash or in Ordinary Shares at £0.06 per Ordinary Share. * Galena may elect, 12 months after the first draw down of the Loan Facility that 25% of the Group's free operational cash revenues is directed towards the redemption of the Loan Notes, subject always to Galena's right to convert the Loan Notes. * Galena will receive a royalty of 1.5% of the Group's net sales revenues for 15 years from the date of these Agreements. * It is envisaged that the Company will undertake an equity raising of up to £2 million before 31 December 2008 by way of a private placement. The Directors currently believe that this will provide the necessary funding required to meet the commissioning costs of the Scotia mine. Galena will have the right to participate in this equity raising for its pro-rata proportion of Ordinary Shares held at such time (both directly and indirectly) and those Ordinary Shares it would hold if all the Loan Notes had been converted. However, the Warrants will not be included in such calculation. It has further been agreed that, at Galena's discretion, it may, in the event that the equity raising is undersubscribed, subscribe for additional convertible loan notes in respect of the shortfall which may, at Galena's election, be converted into Ordinary Shares, such conversion price being the lower of 6p per Ordinary Share and the price per Ordinary Share pursuant to the private placement. In the event that Galena does subscribe for additional convertible loan notes it shall be entitled to additional Warrants on the basis of one Warrant for every one Ordinary Share into which the loan notes are converted. * For so long as any amount remains outstanding to Galena under either the Facility Agreement or there are outstanding convertible loan notes or as long as Galena holds 10 per cent. of the issued share capital of the Company, Galena may appoint two directors or observers to the Board. The Board currently believes that these facilities should enable the Company to proceed to full production at its Scotia and Endurance tin-sapphire projects. Update on Scotia and Endurance Projects As a result of the need to seek further funding the Company's projects at both Scotia and Endurance are further delayed. It is expected that commissioning of the Scotia project will commence in September 2008 and production at the Endurance project is now expected to commence in the second quarter of 2009. Related Party Transaction Galena is currently directly or indirectly interested in 18,455,000 Ordinary Shares in the Company representing an interest of 11.97% in the total voting rights of the Company. Galena is therefore a substantial shareholder of the Company and considered to be a related party as defined under the AIM Rules for Companies (the "AIM Rules"). The entry into the Agreements and the terms and conditions contained therein including the Loan Facility and the possibility of extending the facility by up to £2 million is therefore classified as a related party transaction for the purposes of the AIM Rules. Accordingly, the Directors, having consulted with Grant Thornton UK LLP (in its capacity as the Company's nominated adviser), confirm that they are satisfied that the terms of the Agreements and the grant of the Loan Facility are fair and reasonable insofar as the shareholders of the Company are concerned. Upon conversion of the Loan Facility into Loan Notes and assuming such Loan Notes are converted into Ordinary Shares, Galena will be interested in 68,455,000 Ordinary Shares representing an interest of 33.52% in the total voting rights of the Company (assuming that no additional Ordinary Shares are issued). In addition, Galena shall be interested in 42,857,142 Warrants to subscribe for Ordinary Shares at £0.07 per Ordinary Share. As the Company's place of central management and control is outside the UK, the Panel on Takeovers and Mergers has agreed that the Takeover Code does not apply to the Company. Accordingly, Shareholders will not be asked at the General Meeting to approve the waiver of the Rule 9 obligation that would apply if the Company were managed in the UK. Mike Etheridge, Non-Executive Chairman, commented: "The Board appreciates the financial support provided by Galena at this very difficult time for the Company, and welcomes it as a strategic and major investor in the Company. Galena is connected with Trafigura, the international metal trading group and is an ideal strategic partner. Galena's investment decision was made under uncertain and difficult conditions and at short notice, and is a vote of confidence in the Company's projects and prospects. It ensures the necessary funding to undertake the critical trial mining, dewatering, plant modification and confirmatory drilling work to determine project feasibility. Your Board considers that Galena's support and Board representation will provide financial, operational and strategic support as we develop and optimise the Group's tin-sapphire projects. We also appreciate the support of our other shareholders, and look forward to providing them with an opportunity to invest under similar terms to Galena's investment later in 2008, when the project risk will have been reduced." Background to Galena Galena Special Situations Master Fund Limited was launched in August 2006 to invest in the mineral, mining, processing, energy and freight sectors and presently has US$200 million under management. Galena Asset Management Limited is the investment manager of Galena Special Situations Master Fund Limited and additionally manages in excess of US$600 million in other funds investing in base and precious metals. Galena Asset Management Limited is a subsidiary of Trafigura, one of the world's leading international commodity traders, which specialises in the oil, minerals and metals markets. Enquiries VAN DIEMAN MINES plc Tel: +61 (0) 2 8908 5111 Mike Etheridge, Chairman Email: Ken Frey, Managing ken.frey@vandiemanmi Director GRANT THORNTON UK LLP Tel: +44 (0) 20 7383 5100 Gerry Beaney / Fiona Owen FOX DAVIES CAPITAL LIMITED Tel: +44 (0) 20 7936 5230 Richard Hail, Corporate Finance BANKSIDE CONSULTANTS Tel: +44 (0) 20 7367 8888 Michael Padley / Libby Moss | dispenser | |
20/6/2008 14:54 | Online buy sizes are odd, selftrade will only sell me 25,000 at 7.9 yet barclays will sell me 500,000 at 7.7. Anyone else checked online size orders. | celeritas | |
20/6/2008 14:35 | Can't say that I have anything useful to say about the new management - I have not spoken to any of them yet. | chipperfrd | |
20/6/2008 14:23 | Thanks again chip, will read the broker notes. Glad the original management have gone, do we know if the new management have any form. | celeritas | |
20/6/2008 14:07 | Celeritas, Your questions are probably best answered by reference to the broker reports on the VDM site. See The FDC one on 16th May is a fairly cautious summary of recent events. Basically, most of the original management have been turfed out. Equity dilution is one possible option Resources have not changed but they are doing some new drilling to prove all is well Chip | chipperfrd | |
20/6/2008 13:50 | Thanks for the update chip, getting the funding would probably be viewed positive for the company. Are we likely to see share dilution? Whats the news on the jorc reserves? Who is left from the original managment. Risk reward looks very favourable now so i am looking to buy in. | celeritas | |
20/6/2008 13:42 | Hi Celeritas, Good to see you dropping in! New management were predicting a start-up at Scotia in July with full production being reached by year end. However, they also mentioned a likely short-fall in working capital - hence the negative sentiment expressed in the share price With regard to tin production levels there would appear to be no change to the annual rate of 700tpa from Scotia and around 500tpa from Endurance with the latter now kicking off around 1Q09. However, I guess everyone is rather holding their breath (and purchases) in case of further bad news/delays/expense/ I have added on the drop and would wish to add further on positive guidance, but there are clearly risks attached. It is a typical risk/reward situation but I like the tin outlook and there are only a limited number of ways to get some exposure - so I'm in!! All the best Chip | chipperfrd | |
20/6/2008 13:28 | Hi chip, just looking in on these again. What is the update on these now regarding Tin quantities and the mine opening, look a very good price to buy now but i thought that at 14p. | celeritas |
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