Beowulf Mining Share Discussion Threads

[anley] 16/12/2014 11:40

Still no news on the Mining License.............

[mikes333] 15/12/2014 13:30

He should strike himself off too!
Absolute baloney, when will AIM get some real Police? And the US appeal court condones insider trading today! Too much! Still in, still down and still freakin frowning!!

[shoggoth] 15/12/2014 12:44

Anley, thanks. If CSP had been serious about picking up deals in the market of the last 12 months when there were many to be had, he would have done so. I just don't think they are serious, they are just talking out of their hats.

[anley] 12/12/2014 10:47

SHOGGOTH......I believe that the new directors will not push hard to claim the BEM/Agri loan back but it will be dealt with in the year end accounts of BEM when they are published in JUNE 2015. They have better things to deal with.

There is no hope in AGRI being a "phoenix" company as CSP would be hard pressed to find a backer and besides what real and profitable mining deals are there at the moment? His best bet is to be bold and have the company struck off at Companies House so many of us can claim a CGT loss.

Still no news on the mining license..............

[shoggoth] 12/12/2014 05:23

Anley, was there any mention of the possibilities of claim against Agricola vs liquidation of the company (AGRI). It would be in the interests of all Agricola shareholders if it were wound up, in order to claim capital losses to offset, finally.

[anley] 09/12/2014 12:43

Sorry to hear that you have sold but keep in touch.

[loadsamonay] 09/12/2014 12:12

Anley - we've swapped. I have been v bullish on BEM, but confess to selling my remainder a month or so back. The commodity prices driven by chinese economy drove the 2008-2011 bubble. Things will turn back, but I fear its going to get worse before it gets better. A lot of fingers being burned in mining stocks now as the majors flood the market with cheap iron ore, and chinese demand lessens. Oil is not exactly doing much better - afren, one of my favourite stocks has fallen from about £150 to 40p. I've gone slighlty defensive for the past month or so and my only holdings are rolls royce, shell and dubai ports, and univision for a punt. I'll of course keep an eye on bem, but i don't think even a positive mining inspectors decision will do much for the share price now. I've done v well from bem having bought in v early, although confess to holding on too long and missing the peak, but sold a load for personal reasons at pretty big profit and am now thankful I did. I'll keep monitoring as I know the company well. IF there are signs of the IO price going up, i may come back in, but I've better things to do with my scarce cash now - like keeping it in the bank! :-)

[anley] 09/12/2014 11:56

From my NY desk............

Alderon Implements Cash Preservation Program

December 9, 2014

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”;) reports that it has implemented a comprehensive cash preservation program that will allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing during the intervening period, aside from the financing required to commence construction at the Kami Iron Ore Project. Measures associated with this program include a number of voluntary vendor payment deferrals and relief from debt servicing requirements such as those outlined in the transaction with Liberty Metals & Mining Holdings, LLC (“LMM”) described below, and workforce reductions. The Company has kept its core team of executives intact which will allow it to continue to advance the Kami Project construction financing efforts and to commence construction in a rapid and seamless manner once such financing has been obtained.

“These cost savings measures do not mean we are now on care and maintenance,” says Mark Morabito, Executive Chairman of Alderon. “We are working more closely than ever with our partner Hebei Iron and Steel (“HBIS”) on increasing Chinese participation in the project in order to increase access to available capital from China. Earlier this year, The China National Development and Reform Commission (“NDRC”) said Chinese steelmakers should keep building up stakes in global iron-ore assets in the interests of China's strategic security and "speaking rights," or influence, in global trade. China's ore imports rose 10% in 2013 to a record 819 million metric tons, according to customs data. The NDRC also said that China's iron-ore demand will still rise, its reliance on imports won't change, and the degree of monopoly in global iron-ore resources will still keep increasing.” Mr. Morabito adds, “this continuing commitment from our Chinese partners under NDRC mandate gives us confidence that we will be able move the Kami project into construction.”

BEM are now conserving cash and looking for a partner but the above shows that even with a partner and at the moment a low IO price not all goes to plan.

LOOK at the second paragraph concerning the Chinese governments statements on Iron Ore................a good example for the risk/reward deal........bought again at 1.64p and will continue as and when...........

[mikes333] 09/12/2014 11:16

Also BEM are not locked into crippling transport cost agreements as Northland were.
We live in hope as does the local community requiring jobs and a stop to impending ghost town status.

[m_don] 09/12/2014 11:13

I agree regarding the MI and the government. Pathetic really.

But as for BEM, I certainly don't think it's gameover.

[loadsamonay] 09/12/2014 10:43

northland bust, looks like game over for bem for the time being... Maybe lkab will pick them up in due course if the licence is granted, but probably for a few hundred thousand or so. Shame, and shows short sightedness on the part of the Swedish government, who have just not stepped up to the plate and let the Sami (in fact only a small portion of the sami) run circles around them for far too long during the last few years. The local community in favour of a mine, were also too quiet in my view. Bem were a bit sloppy with the licensing, but pulled it together eventually.

The length of time the mining inspector has spent on this is shameful. No decision is a form of decision in itself - as delays cost - and investment windows close. (A bit like the procrastination over here about a new runway at heathrow/gatwick/not at all - delays costs and not making a decision is in fact a decision.)

I guess Lkab might step in to pick up northland now too - just as something for the back burner.

Iron ore will creep up eventually...

SHame for all the employees at Northland...

[m_don] 09/12/2014 10:26

Ok, Thankyou.

Yes, looks like it. BEM are different though, we are an explorer with no debt and not looking for production for some 5 years, and currently looking for a development partner. This share price seems very low.

[anley] 09/12/2014 10:00

MDON.............no as I send all my communications via the Company Secretary.

Not surprised about Northland as it has $650m of debt with a falling Iron Ore price and no chance of refinancing in these markets.

This announcement may have led the MM to be even more cautious and so marked the price of BEM down.

[23blade] 08/12/2014 20:12

Northland - oh dear

[m_don] 08/12/2014 19:03

Anley, do you know Kurt Budge email address?

Risk/reward looks potentially very good but as you say. Patience.

[23blade] 08/12/2014 16:44

thanks again anley

[anley] 08/12/2014 16:36

The Chairman phoned me and told me they would not throw good money after bad and that they have and will do all in their power to concentrate on getting the business back on track but in these markets we just have to be patient.

I have topped up my holding at I do have faith in what is under the ground and who knows it may be more than we all thought.

For me its the best share option money can buy as I have looked at the risk/reward ratio many times.

A market cap of £6m v the value of the IO found and not allowing for any future finds is one way I have looked at this. There are other ways.........

[23blade] 08/12/2014 15:03

Anley, thanks for sharing your letter very well said that man! Would be interested to see what reply if any you get.

[nashwan123] 07/12/2014 22:15

Good letter Anley and power to our elbows, speaking as one who blindly allowed myself to go underwater. Why spend money on a Chairman when we could spend that money on digging ore? Finances are tight and so all your suggestions warrant serious consideration and responses to shareholders.

[superslob] 07/12/2014 16:02

Anley, thanks for the reply!

[anley] 07/12/2014 10:57

SUPERSLOP and others..........I am afraid not but I think it is up to us to ask the directors, auditors to ask for a formal repayment and let them take it from there.

CSP could had back all his BEM shares as a partial repayment!

I suspect that they are not the only "fringe" payments made to CSP but the auditors will no doubt be forced to look at just what happened and report to shareholders in the new year. I will be asking at the AGM in 2015.

Thank you for your kind words.......

[danielmiller1] 07/12/2014 04:20

All interesting stuff, I have merginally increased my holdings and looking forward to a return to the killing fields in the region of 95p

Good to all with the b^lls to keep holding!

[superslob] 06/12/2014 21:02

Anley, another good letter.

Do we have any case against CSP as an individual, rather than through Agricola, as shareholder approval was never sought for that loan? Or is it just another of his mistakes we can't do anything about as it's classed simply as a poor business deal he was legally entitled to make?