Citius Resources Share Discussion Threads

[strutt12] 07/3/2013 14:58

I thought the plan was to close Daw mill soon anyway??

That's the reason we've been losing money

Are we insured against Fire????

I think it's 30 Million in the bank and 24.9% share in the property company valued at 282 Million???

[ivancampo] 07/3/2013 14:09

Total mining side liability circa £1m, £30m cash in bank. Penny to drop soon?

1. As mentioned in previous RNS announcements and the Circular to Shareholders dated 18th October 2012 the economic interest is largely limited to the liability for the payment of the Blenkinsopp section of the pension obligation and other residual liabilities including guarantees in respect of leased equipment and professional fees incurred as part of the restructuring. As part of the restructuring UKCMH indemnified Coalfield Resources for these liabilities and they were expected to reduce over time to approximately GBP1m by June 2013. Following the announcements concerning Daw Mill we still expect these liabilities to be extinguished but over a longer timeframe than previously envisaged.

[deanroberthunt] 06/3/2013 14:24

looks like we'll have to wait for the AGM for a ray of hope that we might get an update....but even then thats a long shot.

[greatwhitefunkmaster] 06/3/2013 12:13

Just bought 50k more for SIPP

[deanroberthunt] 06/3/2013 08:14

the lack of newsflow is disturbing, smacks of not much, if anything going on behind the scenes.

[deanroberthunt] 04/3/2013 16:14

..and a Comedian running Italy....probably do a better job and at least we'd have a laugh if he didn't.

[freddie ferret] 04/3/2013 16:02

If UKIP start doing well presumably EU emmissions will cease to be relevant.

[deanroberthunt] 04/3/2013 13:42

this stock has little economic exposure to the UK mines.

[bigbigdave] 03/3/2013 07:13

Sunday Times

Biggest UK pit faces shutdown

BRITAIN'S biggest coalmine may close as early as this week in what will be a crushing blow to the industry.

The shutdown at Daw Mill in Warwickshire is likely to cost UK Coal, the owner, millions of pounds and put 650 jobs at risk.

The mine's future is in doubt because of a fire that has been raging for more than a week. It is the worst underground blaze for 30 years, and sources indicated that UK Coal is close to pulling the plug.

Kevin McCullough, chief executive of UK Coal, a subsidiary of the listed Coalfield Resources, admitted a blaze of such size and ferocity "usually does mean the end of a mine".

UK Coal is the country's biggest producer, supplying about 5% of national energy needs. The company needs to find several million pounds to cover the cost of closure. McCullough has asked the government for financial aid.

Without it, UK Coal could struggle. "If you had to satisfy every creditor overnight, that would be a problem," he said.

However, the chief executive insisted that the mining arm remains a viable business even without its largest pit, which produced 0.8m tonnes in the first half of 2012.

Daw Mill had already been earmarked for closure next year because of geological and production problems.

In November, UK Coal embarked on a rescue deal in which the mines were split from its property arm, Harworth Estates. The two operating companies are subsidiaries of Coalfield Resources, which has a value of £15.5m.

[deanroberthunt] 02/3/2013 08:11

oh ok...

because they no longer have (almost negligible) interest in the mining of coal / mines....just the property assets....

the companies split with the restructuring....thankfully, or this would have been bust with the fire at Daw Mill

[nicedude1976] 01/3/2013 15:39

btw, why did they change the name ?

[deanroberthunt] 01/3/2013 13:29

ahh, another exciting week at fortress Coalfield Resources comes to an end...just can't keep up with the newsflow.

[deanroberthunt] 28/2/2013 09:57

alles ruhig im Doncaster

[deanroberthunt] 27/2/2013 10:23

hey 0.4% rise, hey we're cooking on......err.....coal

[deanroberthunt] 27/2/2013 07:52

plus, I work out a NAV of circa 10p/share.

[deanroberthunt] 27/2/2013 07:39

fwiw RSI is 30.

[strutt12] 26/2/2013 17:06

Or don't look a gift horse in the mouth, and buy ;-)

[deanroberthunt] 26/2/2013 16:52

Freddie.

the problem is the total lack of news, so people get bored and sell.

[deanroberthunt] 26/2/2013 16:52

I'm surprised we are back at this level, considering how significantly more de-risked the company is now.......basically it's a property play....but heyho here we are.