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[kirbs4] 25/11/2020 09:37

My head is always torn around the timeline. On one hand I am human and accept the current circumstances, I also hear Berils comment last week that the previous JV took 9 months without a pandemic. But on the other hand if that is the case why have they frequently over promised on time lines, we've been told February, March, then no commitment, then October, then "coming weeks". I feel they are justified in the delay but again could've handled it better by being more open.

[crossfirecssf] 25/11/2020 09:20

Yes Actonovator,... the word ‘frustration’ doesn’t do it justice. I almost wish they had just kept it up their sleeve, and we could have avoided this torturous wait. We could have just gone merrily along with the quarterly updates in blissful ignorance!

[actonovator] 25/11/2020 08:00

well its the jv anniversary today - 12.30 ish I think. So the company has 4 and a half hours to avoid the 'it took over a year year' epithet.

[bigglesbingham] 24/11/2020 22:27

This actually represents the opposite. This is the last sell price rather than the mid price so it will actually open at the mid price of 5.25

[doinnuthing] 24/11/2020 20:30

Cyberbub,
Yes they are currently having issues from their web site:
"We are sorry, but some of our pages are temporarily unavailable. Our engineers are working on getting the systems back up and running as quickly as possible. We invite you to check back shortly."

[cyberbub] 24/11/2020 18:41

Is anyone else finding that the Kitco gold price chart is unavailable? Has been for me all afternoon.

[thanksamillion] 24/11/2020 18:19

UT at 5.40 after close, suggests a strong start tomorrow.

[kaos3] 24/11/2020 17:54

Turkish Lira Plunges After Banking Regulator Removes Asset Ratio

...The asset ratio rule stipulates that banks' ratio of loans, securities and TCMB swaps to deposits have to be above 90% for deposit banks and 70% for participation banks. In the numerator, loans, securities and TCMB swaps have coefficients of 1.00, 0.75 and 0.50, respectively. In the denominator, deposits have a coefficient of 1.00 except for FX deposits in excess of FX loans, which have a coefficient of 1.75. With this measure, the BRSA aimed to encourage lending and discourage dollarization.

The only problem is that according to Goldman, following this decision, it is likely that banks will do just the opposite and cut back on lending, either as they actively deleverage, cutting back on supply, or as they respond to lower loan demand — the weighted average consumer and commercial loan rates have already reached 19.8% and 17.0%, respectively.....

[bigglesbingham] 24/11/2020 15:46

Seller still around

[bigglesbingham] 24/11/2020 14:43

Don't dispute that . But lawyers are lawyers.

[bigglesbingham] 24/11/2020 14:42

I would imagine so. When I went to the mine I quizzed sangster and MDV over breakfast regarding the clauses in the current JV and they said all covered and had a copy of contract to hand which I didn't read but was thick wad of paper. So imagine three partners means larger contract. I'm relaxed about exact time we see it as long as everything ok in background , primarily due to money coming into current JV.

[konil] 24/11/2020 14:14

bb, i guess they could run to several hundred pages, so not a small job to ensure consistency.

[charles clore] 24/11/2020 14:13

I would have thought something along the lines of what biggles and konil just said could have been foreseen by the jv partners before hopes were raised when Kerim last updated the market - rather prematurely in hindsight.

[bigglesbingham] 24/11/2020 13:27

No problem in posting views that's what these boards are for. As I say from everything we have heard the deal is agreed it's just getting the thing typed up in two languages which mean the same thing. I know looking at lawyer speak in a uk contract is like reading double Dutch now in Turkish is another ball game.

[bigglesbingham] 24/11/2020 13:20

I'd say two weeks for ratification but don't dispute your logic.

[bigglesbingham] 24/11/2020 13:18

My understanding is the agreements finalised then they go to solicitors to complete working then this wording needs to be same in both languages. So translators and lawyers are the hold up or that's my summation.

[konil] 24/11/2020 13:07

from 30th october rns

"The Parties are undertaking an all-parties meeting today to finalise the terms of the definitive joint venture agreements governing the Transaction. "

and

"We are a further step closer to the completion of the agreements governing our proposed new joint venture in Turkey. Almost all of the necessary government approvals in Turkey have now been received, with only two important outstanding processes remaining, notably the application to the Competition Authority. At this time, we are expecting that these processes, which are conditions precedent to the Transaction, will conclude following the signing of the joint venture agreements."


its 3 weeks on from that rns, so as a minimum i would have expected to have already been told that the jv agreements were finalised, as these are between the 3 jv parties and not dependent on action by authorities, and especially as it was stated that the govt related aspects "will conclude following the signing of the joint venture agreements".

so would it be reasonable to conclude that even the non-govt parts i.e. the jv agreements have not yet been finalised? rhetorical.

[lottsgold] 24/11/2020 11:56

I know what will we do now? haha

[1candc] 24/11/2020 11:49

That's terrible, it now means we only make $1,468 per ounce profit

[lottsgold] 24/11/2020 11:03

Good broken 1820, last dip before the rise I hope!

[paul280i] 24/11/2020 10:06

On second thoughts if it goes into April it gives the opportunity to move more into an ISA.

[lottsgold] 24/11/2020 10:05

Would not be surprised Plas. Although I hope it coincides with the next leg of the PM bull. Either of those things happening should help us make headway again soon enough. What's another few months he says with a grimace.

[paul280i] 24/11/2020 10:04

I think if we get the divi in this financial year (in the UK) it will be a bonus but not holding my breath.

[soulsauce] 24/11/2020 09:57

Plasybryn I have been of that mind since the last update. I think it will be the new year now and probably well in to the spring before we get the divvy.
It would be nice to be surprised but not holding my breath.

[plasybryn] 24/11/2020 09:22

Given they will need/want to give shareholders around 3 weeks to fully assimilate the J.V. Agreement document before the virtual General Meeting which will be held to ratify it, they are running out of time if they want it done and dusted pre Xmas. I can't see them holding the General Meeting very close to Christmas. So if we don't get the Agreement this week, I reckon it will be after Xmas for the General Meeting. I hoping we will therefore get it over the next few days. Normally with these sorts of transformational events, the value would be "priced-in", but in my opinion that isn't the case due to the 9/10 months of slippage. So an announcement this week, confirming the cash injection and the special dividend are confirmed, I see a 30% re-rate to circa. 7.5p. Just my opinion of course.