Share Name Share Symbol Market Type Share ISIN Share Description
All Active Asset Capital Limited LSE:AAA London Ordinary Share VGG017801082 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.00 7.27% 59.00 58.00 58.60 58.50 54.50 55.50 4,963,790 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.5 -0.3 - 597

All Active Asset Capital Share Discussion Threads

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Article in today's Economist about the DRC and its supposed elections. Not awfully optimistic, but it's a journal I respect. AAA gets a mention near the end: "The country's recovery would be assisted if foreign investors, who mostly fled decades ago, were to return. Some are coming. Adastra, a London-listed mining firm, has signed a joint-venture deal with the government to turn two huge heaps of dirty-white dust into metal. The heaps are by-products of a moribund mine near the once-prosperous town of Kolwezi. Between them, they contain 1.7m tonnes of copper and 360,000 tonnes of cobalt. Tim Read, Adastra's boss, reckons the project has a net present value of $459m. Freelance mining Mr Read's firm is betting that Congo will not go back to war, and that its government-which has introduced a generally admired new mining law-will respect property rights, or at least those of big investors. The Congolese government is betting that Adastra will pay taxes and create jobs that are preferable to the local alternative, examples of which can be seen all around the big pile of dirt. Hordes of freelance miners scrabble for ore by hand, wash it in a river and sell it to local smugglers. Many are injured or killed when their tunnels collapse. Your correspondent saw a boy no bigger than his three-year-old son struggling under a half-sack of ore (he was probably older; malnutrition makes Congolese children quite short). Adastra hopes to make a difference. But after the construction phase is over, the firm will employ only 700 people in a town of 250,000 where unemployment is practically universal. A shop assistant in Kolwezi makes $35 a month-less than those desperate freelance miners. The lowest-paid civil servant gets $2 a month. Congo needs many more Adastras, but they will come only when the country looks less daunting."
ignore this test!
meanwhile, on the dodgy diamond side... DALLAS (CN) - Civil war in Angola has prompted a fraud lawsuit in Dallas County Court. Plaintiff Idas Resources says defendants Empresa Nacional de Diamantes de Angola has used the war with UNITA rebels, and the resulting lack of access to the mines, to cut out the plaintiff and sign a new deal with the Leviev Group, which already is at work at the diamond mines. Plaintiffs, which include Pabecol BV and Adastra Minerals, say they took $27.4 million in profits out of the mines until the defendant cut them out in the secret deal.
some company at last! i thought the investec note v good - highly excited by prospects but v conservative in valuation. in partic noted the disparity between the bond mkt view and the equity mkt view of the risk.
Have bought ('lite') into these after a couple of days mulling them over. Thanks to TMF, including 'SWalker' for flagging them up. The resource story is, of course, excellent, and the sovereign risk might not be totally awful: "Conditions improved in late 2002 with the withdrawal of a large portion of the invading foreign troops. Several IMF and World Bank missions have met with the government to help it develop a coherent economic plan, and President KABILA has begun implementing reforms. Much economic activity lies outside the GDP data. Economic stability, aided by international donors, improved in 2003-04. New mining contracts have been approved, which - combined with high mineral and metal prices - could further bolster Kinshasa's fiscal position and GDP" Apologies if this side of things has been discussed here already: I'm still finding my way around the thread. Thanks, Ram2 for the links, etc. John
Just the fact that another two brokers (Investec and TD newhaouse) have started coverage is an interesting sign. Someone's waking up to the potential.
arf dysg
Dont worry Ram. You arent talking to yourself. The Investec note is very good indeed.
investec positively drool... and good recent presentations...
posted yesterday and today by a canadian friend who seems to know his stuff... Word on the street in London is a number of institutions are making a field trip out to Kolwesi later this week... Yesterday we had two big plus points..No1 ofcourse,the World Bank came on board...No2 We only had to give up 7.5% of the project and NOT 10%...With regard your specific point,one option in due course will be the issue of new Adastra shares at circa CAD2.75-3.00 later this year,another the issue of shares to a ...partner(s) in the Kolwesi subsidiary company....or a combination of the two etc etc...It may not even come to this..It must be very short odds indeed that a "major" is going to come a knocking on our door... Speaking with Canaccord this morning their revised target price is CAD 4.00+,based only on initial production of 5,500 tonnes of cobalt and 50% probability that production will double in next 5 years..In practise Company is almost certain to supply the higher figure to a very willing World Market as soon as practical....and therefore a more appropiate valuation(again according to Canaccord in London is over CAD5.00.....Revised immediate funding needs are USD45 million...which London institutions will only be too happy to take up in due course...Have a nice day
from a bigger piece on the drc... Adastra Minerals [AIM/TSX: AAA], formerly American Mineral Fields, has been one of the major beneficiaries of the DRC's potential stability. Under Mobutu's rule, the company acquired the rights to develop the Kolwezi Tailings cobalt-copper project in southern Congo. Drilling and development on the property stalled in the midst of escalating violence in 1998, and as the first Kabila regime questioned the validity of Adastra's Kolwezi agreement. Adastra and one-time joint venture partner Anglo American [AAUK], suffered through a great deal of uncertainty in the following years. Adastra began to pursue other exploration projects before a renegotiation of ownership rights in 2001 led to the company finally solidifying its title in May 2004. As for Anglo American, its stake was bought out by Adastra in 2002 for $3.5 million. Today, Adastra owns 82.5% of the Kolwezi Tailings project – although its stake is expected to be diluted downwards by some 20% if the World Bank's International Finance Corporation and Industrial Development Corporation of South Africa go through with plans to exercise 10% shares of the project. *it's just happened - see yesterday's post* The remaining interest in the project is owned by state-owned mining company Gecamines and the DRC government. Adastra is billing Kolwezi as the world's third largest cobalt deposit, with a 112.8 metric tonne resource grading 1.49% copper and 0.32% cobalt. The company is projecting operating costs at a $30.7/tonne, with production costs at $0.54/lb copper and $2.10/lb cobalt. Given historically reasonable price estimates of $0.80/lb copper and $10/lb cobalt, revenue per tonne would come in at $79. Development of the project is expected to take between $300 million and $350 million, with construction slated to begin in 2006, and production starting in 2007 – with initial production of 5,500 tonnes of cobalt and 30,000 tonnes of copper per annum. Whilst the infrastructure surrounding Kolwezi certainly cannot be considered extensive, the project is within several kilometers of an existing rail line that could be easily used for product shipment. In addition, an existing power station is nearby. The biggest stumbling block for Kolwezi's development will likely be a junior obtaining competitive financing for a project of that magnitude in still-fragile Congo. But with the anticipated support of South Africa's IDC and the IFC, Adastra's project will likely be loaned considerable legitimacy in the eyes of institutional investors. (YES) While Adastra's shares have suffered in the recent commodity slump, the company's shares recently traded at C$1.90, more than double its 52-week low of last August. Canada's investment community has also taken note of Adastra's success by beefing up their investment coverage. In a recent analyst note, Canaccord calculated Adastra's expected 62.5% interest in Kolwezi at $220 million, or C$2.75 per share (assuming a $45 million equity dilution for project funding). also in same piece, noted rhis... However, Anvil doesn't intend to end its life in the Congo with Dikilushi. The company announced late last year that it had entered into an agreement with state-owned Gecamines to acquire a 70% interest in the Mutoshi copper-cobalt property for $12.5 million. The project is located nearby to Adastra's Kolwezi Tailings property. and the summary... Looking forward While hopes are high for those companies involved in the Congo, only time will tell whether the situation in the country will truly stabilize. Fighting continues to persist in the eastern portion of the country, and the country has been ravaged by famine and disease. UN humanitarian chief Jan England was recently reported as saying that 1,000 people die each day from violence, disease and malnutrition in the country despite a massive peace-keeping intervention. However, the majority of the country remains reasonably stable. On Monday, Congo adopted a new constitution which paves the way for an election date to be confirmed. From a speculator's point of view, Congo's window of value seems to be narrowing.
good news. ifc backs kolwezi - per bottom post in header. nearly there now...
Did the Telegraph say "all-time high of 97p in March" ??? If they'd looked at the share price history they would have discovered that in early 2004 it briefly went over 1 pound. This feasibility study... Does anybody reckon that when that's finished it will persuade the share price to leap upwards? Once the feasibility study is complete there shouldn't be anything stopping the further progress of Adastra. Did the Telegraph really say "... close to agreeing a $340m (£179) project..." ??? Because if 340 million dollars really are only 179 pounds, there are 1.9 million dollars to one pound. I think I'll change a couple of pounds into dollars until the exchange rate returns closer to 1.9 !!
arf dysg
Sunday Telegraph "buy";sessionid=0C2U5CGDG55FZQFIQMGSM5WAVCBQWJVC?xml=/money/2005/05/08/ccmm08.xml&menuId=242&sSheet=/money/2005/05/08/ixfrontmarkets.html&menuId=242&_requestid=10327 Shares in Adastra Minerals (80p) have come off their all-time high of 97p in March and are looking good - the company is finalising a feasibility study to raise finance to build the world's largest cobalt mine. Adastra's Kolwezi cobalt and copper project is the world's largest surface cobalt resource. When the mine is up and running, it is expected to be one of the Democratic Republic of Congo's largest foreign currency earners. The company is close to agreeing a $340m (£179) project finance package, backed by an offtake agreement for the 5,500 tonnes per year of cobalt and 30,000 tonnes per year of copper it plans to produce. With demand for cobalt, which is used in modern batteries for mobile gadgets, growing fast, the shares are a buy.
from a larger (slightly out-of-date) review of diamond activity in angola... America Mineral Fields holds the Luremo and Cuango licenses with Endiama. These two licenses cover the northen half of the Cuango Basin, historically a major producer of Angola's diamonds. Based on the security situation in the country, no work has been carried out, although AMF are keen to begin development once the situation is controlled. which starts to illustrate the potential value currently being disputed over with endiama and the powers that be.
most recent canaccord update...
and re the angola situation... (b) Angola: During the year ended October 31, 2001, the Government of Angola awarded two licences to Endiama E.P. ('Endiama'), the Angola state mining company, for properties to be explored and developed with the Company's wholly owned subsidiary, IDAS Resources N.V. ('IDAS'), a Netherlands Antilles company. These properties are a prospecting licence that comprises approximately 2,690 km2 in the Cuango River floodplain and an adjacent exploitation licence ('Camutue') that comprises approximately 246 km2. Both licences are in the Provinces of Luanda-Norte and Malange, Angola. During the year ended October 31, 2002, IDAS entered into a Heads of Agreement with Endiama and Twins Ltd. ('Twins'), a company representing private sector Angolan interests. The Heads of Agreement governed the ownership structure relating to the two licences in Angola and the obligations of the parties. The parties agreed to the formation of a new company (later agreed to be called 'Luminas') which would exercise the mining rights. The financing of the project was to be undertaken by IDAS. IDAS was to own 51% of the share capital of Luminas for the period of time that any loans to Luminas by IDAS remained outstanding. Endiama was to own 38% and Twins 11%. Once the loans had been repaid in full, IDAS was to own 49%, Endiama 38% and Twins 13%. IDAS also verbally agreed, and subsequently completed, formal drafting of, arrangements with Twins to ensure IDAS' continued voting control of Luminas. The Heads of Agreement and a subsequent agreement entered into by the parties set out the repayment terms of the loans from cash flows and called for a minimum investment of $1,500,000 by IDAS for each of the two licences. IDAS was to pay 10% of its dividends to Endiama during the first eighteen months of production. The board of directors of Luminas was to be comprised of five members, of whom three were to be nominated by IDAS. However, IDAS was unable to progress matters further, and, in September 2004, Endiama made it clear that it had repudiated its contractual obligations. Consequently, the Company announced that it would be seeking legal redress. Filing of the suit in the United States has, however, been temporarily postponed pending the outcome of representations at senior government levels. IDAS is obliged to pay a net profits interest equal to 20% of the profits, to a maximum of $56,000,000, resulting from IDAS' share of income from operations of the Angola mineral properties. 'Profits' means the actual and distributable proceeds received by IDAS from the properties, and will be calculated based on international generally accepted accounting principles.
first quarter results. note update on sit at kipushi... Kolwezi Project, DRC During the quarter ended January 31, 2005, the Company primarily concentrated on progressing its Kolwezi Project. The first phase of the Definitive Feasibility Study ('DFS') - a scoping study analyzing different production levels - was completed. It was concluded that the initial design capacity of the plant should be to produce 5,500 tonnes of cobalt and 30,000 tonnes of copper annually, and work is now underway to complete the DFS on that basis. Work continued on the second stage of the Environmental and Social Impact Assessment ('ESIA'), on negotiating long term sales agreements and marketing arrangements for the cobalt to be produced, and on preparations for project financing. In late November 2004, the Industrial Development Corporation of South Africa Limited ('IDC') informed the Company that, subject to certain conditions, including receiving exchange control permissions from the South African Reserve Bank, it would be exercising in full its option to acquire 10% of the Project. The IDC and the International Finance Corporation each has an option to acquire from the Company up to 10% of the Project on a farm-in basis, at a price related to the accumulated expenditures of the Company and its affiliate up to the time of the exercise of the option. Subsequent to the quarter end, the Company appointed Sullivan & Cromwell to advise on the legal aspects of the project financing. Kipushi Project, DRC In financial year 2003, the Company and Gecamines agreed that priority should be given to finalizing the Kolwezi Contract of Association ('CoA'). Following the execution of the CoA in March 2004, negotiations on the proposed revisions to the Gecamines Agreement were planned to recommence. Meetings were, however, postponed until after the end of financial year 2004, pending Gecamines' detailed review of, and response to, the proposals previously submitted by the Company. Gecamines' response was received during the quarter ended January 31, 2005, and negotiations are now underway. Kumba Base Metals Limited, who, in accordance with the Zincor Joint Venture Agreement, can earn a 50% shareholding in the Company's interest in the Kipushi Project, is fully involved in these negotiations. Once agreement on the revisions has been reached and necessary GDRC approvals have been obtained, the Company anticipates that the feasibility study will commence. Angolan Projects During the year ended October 31, 2004, the Company found it impossible to progress matters further with Endiama in relation to its rights with regard to two mineral properties in Angola. In September 2004, it became clear that Endiama had repudiated its contractual obligations. Consequently, the Company announced that it would be seeking legal redress. Filing of the suit in the USA has, however, been temporarily postponed pending the outcome of representations at senior government levels - thus far without response from Endiama.
avm are an aussie or canadian co. doing copper in drc and very well too. our avm is indeed avocet.
corrientes and cartyne, You mentioned AVM (Anvil) on November 29th and 30th - I can't find the company. The symbol AVM is for Avocet mining. They do gold mining in Asia, not copper mining in DRC. So what were you referring to? Please help, Thanks
arf dysg
The reason the shares are up Today gentleman,is a very positive article on Bloomberg by Tim Read CEO of Adastra Minerals,whom epects Cobalt demand to rise by a fifth due to Hybrid Batteries.The shares gentlemen are as cheap as chips.
big jumps up and down not unusual.
up 10% in London with a few buyers, did it get tipped ?
beat me to it wayout. he in full for linkaphobes... Adastra Marches Higher as Star Cobalt Project Progresses By Stephen Clayson 24 Feb 2005 at 09:00 AM EST LONDON ( -- Adastra Minerals, the AIM and TSX listed [TSX: AAA | AIM: AMZq] miner is progressing in a determined fashion its primary asset, the Kolwezi cobalt and copper tailings deposit in the Democratic Republic of Congo. The company owns 82.5% of the project, a stake which is likely to be diluted by the exercise of options to acquire 10% each by the International Finance Corporation and Industrial Development Corporation of South Africa. Adastra's shares have tracked steadily upwards since September 2004 under the impetus of increasing market confidence that the Kolwezi project will come to fruition. First production of cobalt and copper is currently projected for the fourth quarter of 2007. Meanwhile a definitive feasibility study and environmental & social impact study are well underway and scheduled for completion for May and August/September respectively. The Kolwezi tailings dam is being developed primarily as a Cobalt project, and contains a resource of 112.8mt grading 1.49% copper and 0.32% cobalt. Around 97% of the dam's mass has been evaluated to JORC standards, and as a result of this there is little resource expansion upside to the project, but by the same token there is little geological risk. The resource will be upgraded to the proven reserve category once the definitive feasibility study has been completed. Phase one of Kolwezi's exploitation will see 5,500t/yr cobalt and 30,000t/yr copper extracted from the project, but Adastra CEO Tim Read says that one of the company's long term objectives will be to increase output by approximately twofold during phase two of its exploitation. Recovery rates of 76% copper and 93% have been attained in metallurgical trials conducted on around 100t of material, and the company's processing proficiency is aided by the expertise of metals giant Umicore with whom a technology supply arrangement exists. Infrastructure provision in the Kolwezi area is reasonable, with a power station already established on Adastra's property and with ample capacity to supply the project. A railway suitable for transporting output railway passes by 2km away. Adastra's $15m cash pile should be sufficient to see it through until the serious fundraising stage for Kolwezi. The total capital cost estimate supplied by Adastra for the project is $292.2m, with operating costs per tonne of ore processed projected at $30.7/t and metal production costs before credits at $0.54/lb copper and $2.10/lb cobalt. Based upon a low price scenario of $0.80/lb copper and $10/lb cobalt revenue per ton of tailings processed would come in at $79, while in a high price situation revenue per ton comes in at $112.5 based upon copper at $ and cobalt at $15/t. The arrangement of project finance is anticipated to be concluded by Q1 2006, allowing construction to begin in the same quarter. Phase one mine life is estimated at in excess of 50 years, while phase two output levels would bring this down to a projected 29 years assuming 5 years of prior phase one production. Adastra is rather bullish on the outlook for Cobalt over the next decade or so, believing that the market will remain tight until at least 2010. The fundamentals of the market look encouraging; with significant sources of demand growth identifiable and room for considerable expansion of supply, but Cobalt has a history of price volatility and the outlook is by no means certain. However the growth trend in demand for Hybrid Electric Vehicles, for portable electronic devices incorporating lithium ion batteries, for gas to liquid processes, and for polyethylene manufactures, all of which require cobalt as an input, bodes well for the metal's demand prospects. Adastra expects demand to grow at 10% per annum over the next decade, and is therefore 'optimistic' that the market will allow the implementation of Kolwezi's phase two mining plan. In addition to the Kolwezi project, Adastra holds an exclusive option to redevelop the Kipushi zinc mine, also in the Democratic Republic of Congo and the Cuango diamond licences in Angola. Exploration of the Cuango licences is on hold pending legal wrangling with the Angolan government who have failed to conform to the terms of the licence agreement, for which Adastra is seeking redress in the US courts. Kipushi is an existing underground mine in reasonable condition but with seriously depleted surface infrastructure, and contains total measured, indicated and inferred resources of 567,872t copper and 4,942,334t zinc. Adastra believes that once it can spare the effort Kipushi could re enter production relatively expeditiously, but its current overarching priority is Kolwezi.
Thanks wayoutwest for that.
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