North River Share Discussion Threads

[oliversydney] 08/1/2021 18:48

No Castlelake have taken all the assets in exchange for their loans to the company
What a result for them when the mine reopens and commodity prices increase
I attach no blame to James Beams who has lost his investment like all shareholders

[carter1110] 08/1/2021 18:00

Surely will still hold a part of that asset that they have purchased ??

[oliversydney] 08/1/2021 16:55

Just received the administrators report and as anticipated the American investors have the asset for a knockdown price
With all creditors and shareholders receiving nothing
A very wide businessman i knew told me never get involved in a business with American investors as you will be left to dry
Should never have come to this

[crunch123] 24/12/2020 10:12

NRRP's gone bust with a deficit of between £3.1m to £13.1m, according to papers filed on Companies House dated 8 December 2020.

[oliversydney] 23/6/2020 20:21

Have just seen the news On asset match and North river resources about the administrators report summing up the situation
As Castlelake the American investor was unwilling to continue the funding other than agreeing to their taking over a larger part of the equity a stalemate ensued
Our only hope is that the administrators who are also engaged in a process of trying to find a buyer for the mine but whether minority shareholders will benefit I am not confident

[rosievdb] 18/6/2020 14:30

I often wonder about 2Shares !!… (yellowthroat?)

[rosievdb] 18/6/2020 12:45

I often wonder about 2Shares !!…

[ssorj] 18/6/2020 12:10

No surprise really. It was always potential but progress was slow and unfocused. I remember all the good time Martin was projecting. When he went and sold out, so should we. Even before Martin we had the clown Steinepris who wasted money surveying and endlessly dewatering. And the Namib govt put the final nails in the coffin. A disaster all round but luckily I had already moved on from this investment a long time ago; at least I can clear out the bottom drawer now. Good luck with your other investments. Wonder what 2Shares would have had to say about this?

[rsmith57] 16/6/2020 22:50

Shame...think we've been unlucky with timing and recent events. Agree the Namibia delays screwed us earlier.

[oliversydney] 16/6/2020 12:23

Have so much invested in this but my suspicion is that the American investors will buy back the assets for next to nothing from the administrators
Have always lost everything when American backers are involved
Would be interested in Greenstone involvement

[crunch123] 16/6/2020 11:16

Down the pan.
Sort of expected this given the Covid-19 lockdown & its effects on commodity prices.
If only Namibia hadn't held back the licence award for so many years.

[rosievdb] 16/6/2020 09:42

Saw this on north river website today:
On 11 June 2020, Shane Crooks and Mark Shaw, partners at BDO LLP, were appointed as joint administrators of North River Resources plc. The Administrator is in the process of contacting all key stakeholders. No orders can be made or goods/services accepted without the authorisation of the joint administrators. If you have any outstanding invoices due for payment by North River Resources plc, please provide your details to the joint administrators’; team. The joint administrators can be contacted via email [e-mail]

[crunch123] 15/4/2020 09:08

Reports in the media that NL&Z have retrenched 129 staff 'cos of COVID & falling zinc prices

[carter1110] 18/2/2020 19:24

Thanks for getting back to me both, appreciate it
I thought it was all starting to look promising again

[ih_679027] 18/2/2020 18:15

I also can not access the web site for the last week
With regard to the charge the lender who I presume is the American investor requires security against additional funds being available to the company who presumably have cash flow problems at present
Hopefully this can be resolved in the future

[rosievdb] 18/2/2020 18:14

I can get onto Namib lead and zinc but not north river

[carter1110] 18/2/2020 17:34

Can anyone explain what this means and is anyone else having problems with accessing the web site ??

[ih_679027] 17/2/2020 12:31

Not the announcement i was waiting for but half expected bad news as no updates on website since September and zinc price very low
The charge looks like with the American investor as registered in Luxembourg. Always concerned when American institutions exert influence from past experience but obviously short of funds and better than issuing shares and diluting

[rsmith57] 17/2/2020 11:15

New charge..cash bridge. Hope they repay OK..

[carter1110] 12/11/2019 11:33

Thanks for getting back to me, we will just have to sit and wait!! ATB

[oliversydney] 12/11/2019 09:53

I personally hold my shares through a broker and do not get charged for this possibly because I do some trading in the year
I do not see the harm in certificated from apart from the fact it is a cost to the company in admin expenses
We do need zinc and lead prices to increase hopefully next year and to be in full production to make the company an attractive target
It was mentioned when trading profitably we can make further
Investigation of the nine for additional reserves which they are confident have not yet been discovered
As for the timing of future events we will have to be patient in my opinion

[carter1110] 11/11/2019 21:52

Thanks for your comments Oliver, what are your thoughts on holding on to shares through a broker ? Is it best to just get the broker to issue a certificate and not pay fees? What do you think the long term will be real getting any money and how do you think it will take place
Fully understand that you are not a financial advisor however I’ve had this share for a few years and just want a steer in what could happen and how it could take place kind regards

[ih_679027] 06/11/2019 09:52

I was at the meeting and this was an accurate summary of an informative meeting
I was impressed with the knowledge of Ken Sangster and the honesty of James who did mention there had been outside interest in the company during the year
I am sure once we are up to full production and Trading profitably the two main investors would listen to any offers as they would like a return on their investments
I was also encouraged that the main investors did not want to issue any further shares to avoid any dilution and other arrangements had been made to cover any cash shortfall caused by the production set backs
We have a workforce of approx 200 so this is not some tin pot
Company which gives me confidence after so many years of being a shareholder

[crunch123] 26/10/2019 11:25

Thanks for the update Rosie - really appreciated.

I’d thought the 2 core investors would be after a quick exit once mining started.

[rosievdb] 26/10/2019 09:49

AGM James Beams and Ken Sangster.
Few brief points: Downside first
Present production only at 50% basically due to challenges at mine ie, .having to mine at deeper depths and it takes time to get to that point but full production is presently expected 9 months from now. Zinc price down 40% from recent highs but hopeful just part of the circle and will rise again. Dag Kullmann who was in charge at the construction phase of mine was good at getting the mine going but not so successful at training the local employees who needed full training and supervision. Amongst other things brand new equipment purchased only 18 months ago already having to be replaced due to complete lack of maintenance and knowledge how to use. Likewise with pump equipment etc etc. However new person in charge Martin Tjlpita and apparently this situation wont arise again! New equipment on order.
Reasons for lack of website information... no real reason but we should be notified through Asset Match of a new and updated website.
Upsides: sales of zinc made. These sales are paid for 90% before leaving site, remaining 10% paid when re analysed (normally Rotterdam) silver also being sold and at good price.
The general consensus is that companies such as Greencore & Castlelake do not have long term plans to remain in these investments. ( venture companies like these generally do not view the investments to be more than 10 years) but do very much intend to get at least their investment back and hopefully more. Re listing is unlikely at this point. Nothing in the pipeline but there is always the possibility of a an offer/buyout. Also it was pointed out that Castlelake who were the last investors paid 10 times what is being listed on the Asset Match auctions. There are no plans to stop the Asset Match facility but it is recognised that it hasn’t really had the positive effect envisaged. James Beams who is also a private investor like all of us basically said just hold on.
Another interesting point which came up... the licence just suddenly appeared without any further information having to be supplied. Someone from North River met a local government representative (MP?) for Erongo Region at some do and said how horrified NR were that the Namibian government had allowed this project to fail by not granting the licence and that the company had now been de listed and a lot of money lost and no jobs provided etc etc. The MP was also horrified, went straight to the relevant Minister, was told that basically it was an over sight and that it would be done immediately...................... Too late to have given any of us a chance for an early exit and possible return of capital but although I am probably being optimistic I did come away feeling there is some hope within the next 5 years!