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CNG China Nonferrous Gold Limited

1.30
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited LSE:CNG London Ordinary Share KYG215771042 ORD USD0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.30 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 68.53M -287.04M -0.7507 -0.02 4.97M
China Nonferrous Gold Limited is listed in the Gold Ores sector of the London Stock Exchange with ticker CNG. The last closing price for China Nonferrous Gold was 1.30p. Over the last year, China Nonferrous Gold shares have traded in a share price range of 0.48p to 2.78p.

China Nonferrous Gold currently has 382,392,292 shares in issue. The market capitalisation of China Nonferrous Gold is £4.97 million. China Nonferrous Gold has a price to earnings ratio (PE ratio) of -0.02.

China Nonferrous Gold Share Discussion Threads

Showing 2226 to 2250 of 3175 messages
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DateSubjectAuthorDiscuss
29/12/2020
11:54
much stronger Bid today
mattjos
26/12/2020
16:01
"From January to August 2020, the Group sold 21,314.66 oz of gold ingots, achieving sales revenue of $36.51m with an average sales price of $1,712.96/oz."

From 1st September to year end, Gold will have averaged circa 9-10% higher than the $1,713 the mine achieved Jan-Aug. Let's call it $1,865

Sept - Dec 2019, they produced 16,645oz

Assuming they do 16,000oz this year in the same time period @ $1,865/oz, that's $29.8m and a total of $66.35m for the year v $49.16m for 2019.

Near as damn it 35% increase in Annual Revenue.

Current mkt cap is $50m so, valued at 0.75 * FY Revs

I don't care what anyone else has to say but, that has got to be too cheap & is stupid cheap if you believe Gold is going to trade anywhere near most commentators price targets for 2021 (GS have $2,300, BofA have $3,000)

mattjos
08/12/2020
12:34
was really hoping we would see some more stock come available at under 7.5p but, maybe that was all the seller had to throw away the other day? Let's see if the quiet gap between Xmas and the New Year offers up any more bargains before what is usually a strong Q1 for gold price
mattjos
02/12/2020
10:44
yesterdays flurry of buying seems to have triggered some renewed interest & now 8p bid by Singer
mattjos
01/12/2020
15:04
Buyer lured that seller in like an octopus waiting under a rock. Well played chap
mattjos
01/12/2020
14:56
That did not last long .. Buyer has cleaned out the two small sellers with three trades over a 40 second period & now it's Bid 7.5p and Offered at 10.4p (28% spread)

Lets hope we can get some more at under 7.5p later this month

mattjos
01/12/2020
14:10
£28.5m mkt cap ??
Seems pretty damn cheap to me .. there are indebted explorers with no chance of ever actually mining an ounce of Gold valued more highly than this.

mattjos
01/12/2020
12:28
7p - yikes, how disappointing
qazwsxedc69
25/11/2020
00:08
Thanks for the detailed reply hounddog. My discomfort is around the major Chinese shareholder and their advantageous position over the company, but you make a good point - they have been supportive so far. I'll keep my small holding and see what plays out here. If we get a clearer picture of the future of the debt situation I'll make a decision then
leopoldalcox
17/11/2020
12:16
It should also be noted that they have external commercial borrowings of $105m of which $70m is due by early/mid next year. $5m in December and a $65m bullet repayment variously described as due March or June 2021. They have no hope of repaying that and it will need to be refinanced. In fact they are very tight on cash and since the beginning of 2019 interest on the shareholder loans has been rolled up and only interest on the commercial borrowings paid out. They have just about been able to pay this interest and some very modest capex out of their operating cashflow. Previous $5m per half year commercial loan repayments have effectively been funded by additional borrowings. The additional borrowings at least show they can get a certain amount of debt finance in the market.

CNG has made a great deal of progress but it still might do no more than 40,000oz this year of production (Mattjos will have a better view). In order to get to a position to start materially clearing down the debt I suspect they will need to be in the 60,000oz plus range with POG at current levels or higher. That will require the current Phase 1 to exceed its original estimated 50,0000z target or to get going with Phase 2 (target to double production to 100,000oz). However, they have said nothing about Phase 2 for a while and I see no capex or capex commitments in the accounts indicating such activity. I think Phase 2 was relatively cheap but still required several tens of dollar millions (Mattjos may corrent me)which they will have to borrow. If they get to the nirvana of 100,000oz and POG stays at around $2,000 this will do very well indeed.

hounddog10
17/11/2020
11:54
leopaldall The majority of the debt ($276m) is owed to the major Chinese shareholder and is secured over all the mine and its assets. This debt has been overdue for some years and no default has been called. However the major Chinese shareholder does have the whip hand and could, presumably, call a default. However, they have shown no signs of doing so.

As you note the refinancing is very unlikely to be an equity raise which would almost certainly have to be a placing with a new shareholder(s)at a deep discount to the current bombed out share price. This would be deeply dilutive to all shareholders including the majority Chinese shareholder. So, presumably, as you say, it will be a debt refinancing. This is about their third attempt at a refinancing (the first two were announced and nothing happened (no explanation) and it might happen again). However, time they should stand more chance of being successful as they have two years of production history. An important question is whether there will be any element of a debt for equity swap on a part of the debt. This would be very dilutive for non-majority shareholders. I am rather unclear why they have not done this before as it would be an obvious solution and on its loans the Chinese majority shareholder is effectively running equity risk anyway. Perhaps it is because the Chinese go about things differently.

hounddog10
17/11/2020
11:06
Me too.Not selling before 2025 or 50p whichever comes first!
eke
17/11/2020
10:06
Yep still here, still holding not sold any.
dvwrd
17/11/2020
09:46
I’m still in too,substantially. Silly worries over refinancing, as always.Given current POG and next report in Feb I expect a steady return to mid teens then onwards towards 20p.
wind dancer
16/11/2020
21:46
Hi Mattjos Thanks for your reply .I am not adverse to debt either , and it is certainly the better option than dilution in CNG's case . I guess the renegotiating of debt yearly is necessary but always causes unwanted jitters . The debt holders call all the shots now .The increase in production is what we are all waiting for , which will help help with debt reduction .At present I hope current production is enough to service the debt and cover working capital .If not then I will be too pleased and will cut my losses .
hari
16/11/2020
20:23
Still here, not sold any
mattjos
16/11/2020
20:20
Is anyone left here?
doc_oj
15/11/2020
22:27
Hi all,I bought a small position here a few months back after a discussion on the board.Something from the Interims that I think worth discussing. Sorry if it's already been discussed.The company states it needs to refinance. It's going to default otherwise, before the end of December. What do people think will happen here? If they are looking for an equity raise, surely they should already have this moving. Debt refinacing I would guess, but at what terms? The company isn't in a strong position, but the debtor needs to get its money back through CNG repayment or through grabbing CNG's assets. From the interims:"As mentioned earlier, theCompany currently has borrowings of c.US$362m (of which c.US$353m is theprincipal loan amount and the balance represents accrued interest), themajority of which is due for repayment before June 2021 (and a significantproportion of which is due for repayment before the end of December 2020). TheDirectors believe that the Company's major shareholder will continue tosupport the Company but in order to ensure the repayment of existing loans, abroader refinancing is required. Discussions are ongoing and are expected tobe completed in the near term. Further updates will be provided when arefinancing package is entered into."
leopoldalcox
11/11/2020
19:36
Hari, here is how i look at it. There were three possible ways to bring this one into production:

1. the ownership could have remained with hopelessly inexperienced original BOD at the time of listing & they could have tried to do it. Result? No chance whatsoever. That was always a dead end.

2. A different management team raise the necessary Funds by equity issuance. Result? not possible to achieve that amount of funds by equity & there would be Billions of shares in issue before it ever produced an ounce of gold .. IF it ever got that far before the markets refused to fund it further.

3. A JV with an altogether larger entity that can/does have access to the necessary finances. CNIM ticked several more boxes than just access to funds.

We know what has happened and how we have the debt but, not the equity issuance & that CNIM has stood behind the venture from Day 1 despite some significant problems along the way.
We’ve navigated the avalanche, we’re navigating the Covid pandemic & all the time the company is growing and getting stronger, becoming more experienced.
I am not averse to debt if it is demonstrably for productive purposes & that is paid for with the debt is ultimately able to service the debt interest and pay down the capital. That’s sensible use of debt. We will likely not to start to pay back the principle until Phase II of the Mine is completed but, we’re more than capable of dealing with the interest now - at the half way stage of mine development.

mattjos
11/11/2020
18:17
Hi Matt,

I am still neutral at these levels.

Recent Gold price has been great for the Co. But I still do not know after interest payments, how much dent can be made to reduce the debt if at all.

I am 100% sure the debt will continue to hold back the share price.
I am really surprised , as a very astute and intelligent investor that you are, that you discount that in your valuations.( mean that sincerely)
Also Gold seems to be under pressure after the US election. Not sure which way it will go or whether it can hold these higher levels.

hari
11/11/2020
10:17
From the Interims:
"From 2020, the gold price began to rise, especially after March 2020, which has benefited the Group. From January to August 2020, the Group sold 21,314.66 oz of gold ingots, achieving sales revenue of US$36.51million (unaudited), with an average sales price of US$1,712.96 / oz."

Gold has not traded below $1,850 from 2st September onwards. It's averaged circa $1,875 so, that's a 9.45% increase thus far for the Sept-Dec period

mattjos
27/10/2020
13:50
'Tumblweeds start out as tiny seedlings, they sprout in late winter'
bo doodak
16/10/2020
00:30
From the local press;-
oronavirus slows down the growth rate of gold production in Tajikistan
08:48, 15 October Posted by Payrav Chorshanbiev, Asia-Plus
2 1 0 732
Photo: mtdata.ru
Mining enterprises of Tajikistan for the first nine months of this year increased gold production by 10.2% compared to the same period last year, according to the country's Ministry of Industry and New Technologies.

This is less than planned. The slowdown in the growth rate of production of mining products, including gold output, is associated with the coronavirus pandemic in the Ministry of Industry.

At the same time, the ministry does not indicate production volumes.
Earlier it was noted that over the past five years, the annual growth in gold production averaged 20%. The department noted that it plans to keep production at about 20% in the coming years.

The ministry believes that all the necessary conditions exist for this in the republic. Mainly, they intend to increase metal production through the implementation of large investment projects at the Taror, Chore, Pakrut and others.

In recent years, gold production has more than quadrupled: from 2 tons in 2014 to almost 8.1 tons in 2019.

The main gold miner in the republic is the Tajik-Chinese joint venture "Zarafshon", which accounts for about 70% of the total production.

Also, the Aprelevka JV, the Tilloi Tochik state-owned enterprise, the Odina artel, and the Pakrut company are also involved in gold mining in the country.

The Ministry of Industry notes that the produced gold is purchased by the National Bank, the Ministry of Finance and jewelry manufacturing enterprises.

Под;роk3;не 77;: hxxps://asiaplustj.info/ru/news/tajikistan/economic/20201015/koronavirus-zamedlil-tempi-rosta-vipuska-zolota-v-tadzhikistane

eke
15/10/2020
15:30
unfortunately impossible to tell with CNG, shezza .. they always play their cards very close to their chest
mattjos
15/10/2020
15:26
Is there any news flow due or is the next news going to be a production update in Feb?
shezza1
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