Contango Holdings Plc, a company focused on unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe ("Muchesu Project"), owned by Monaf Investments (Private) Limited ("Monaf"), has been notified that a company controlled by a director of Huo Investments (Pvt) Limited (the "Investor") has purchased 6.502% of shares in Monaf, from a local minority shareholder. The Company's interest in Monaf is unaffected by this purchase. |
Amazed this lifestyle vehicle is still running
What will be the next story they will tell to raise funds from the gullible? |
Nice price for the buyers. Manipulated down for them? Never! |
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The Garalo-Ntiela gold project in Mali. Announcement in Mali of a partial lifting of the suspension relating to the allocation of mining titles.
Would this announcement help CGO at all with their gold project in Mali ??
Extract from CORA RNS this morning
"Cora Gold Limited (AIM: CORA), the West African focused gold company, is pleased to note that on 7 March 2025 the Government of the Republic of Mali announced a partial lifting of the suspension relating to the allocation of mining titles. This partial lifting of the moratorium, which had originally been put in place by the Government on 28 November 2022, will come into effect on 15 March 2025. In its announcement, the Government confirmed that from 15 March 2025 its mining administration, in accordance with the provisions of the 2023 Mining Code and its implementing regulations, will receive for processing:
● applications to renew exploration permits and exploitation permits;
● applications for the transition from the exploration phase to the exploitation phase; and
● applications for direct or indirect transfer(s) of operating permits.
In its announcement the Government stated that the partial lifting of the moratorium does not apply to applications for the issuance of new mining titles or for the transfer of exploration permits."
??? |
You realise it is in the prospectus to take this private and share holders will get absolutely shafted.Prove me wrong |
The cashflow will come. Huo hasn't bought this mine on a whim. He needs the coal for the two 300MW coal fired power stations he's building. They alone will need over 1m tonnes of coal per annum... |
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Key numbers from the Chairman's statement
" Funding and Capital Structure
The Company anticipates a significant improvement in its financial performance during 2025, driven by royalty payments under the Mineral Royalty Agreement ('MRA') with the Investor. The Company has received $500,000 in royalty payments, with a further $500,000 to be paid shortly. An additional $1,000,000 is expected in Q2 2025 in line with the $2,000,000 per annum minimum royalty schedule outlined in the MRA.
Moving forward, royalty payments during the second half of 2025 and beyond will be directly tied to operational productivity at Muchesu. The Investor's primary focus remains on the production and sale of coking coal, which generates a royalty payment of US$8/tonne to the Company.
Following the publication of a Short Form Prospectus ('SFP') in January 2025, the Company raised gross proceeds of £1,850,000, with the Investor subscribing for 142,000,000 shares. Following the Subscription and subsequent on-market acquisition of shares in the Company, the Investor currently holds 154,750,000 shares in the Company resulting in a holding of approximately 20.42%, establishing the Investor as the Company's largest shareholder, further aligning the Investor's interests with those of the Company.
The Subscription funds paid by the Investor, in addition to the received and expected royalty payments, will principally be used to repay outstanding investor loans, which stood at £4,418,062 at 30 November 2024 (the 'Investor Loans').
The Board has agreed with the holders of the Investor Loans, many of whom are long-standing shareholders of the Company, that any additional income will initially be applied to the repayment of the Investor Loans and for general working capital purposes before the Company implements its intended dividend policy. The Board will continue to update shareholders on the production levels at Muchesu and royalties are paid one month in arrears.
Outlook
Looking forward, I remain highly optimistic about the outlook for the remainder of 2025 and beyond. We are well positioned to transition from being a mining operation to a profitable royalty business, with the infrastructure now in place to support continued growth. As we ramp up production at Muchesu and begin to see the full impact of the DMS plants, we expect operational momentum to accelerate, translating into increased sales and increasing royalty receipts.
I am confident that the steps we have taken, alongside the continued support from our Investor, will enable us to deliver on our strategy and create lasting value for all stakeholders. I would like to express my sincere gratitude to our shareholders for their continued trust and support.
We look forward to providing further updates on operational developments and the continued success of the Muchesu project. "
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Need to see production figures to project future royalty payments and potential dividends. The $2m guarantee isn't enough - it will just about pay overheads and a slow repayment of the creditors. |
There it is |
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SP taken down to share subscription price, 1.1p, then buying comes in.
Typical after a fund raising share issue.
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1.6m tonnes of coal for Huo's power stations will yield a good dividend for investors longer term and pay their salaries!
DYOR
hxxps://www.pressreader.com/zimbabwe/the-herald-zimbabwe/20220917/281496460137503?srsltid=AfmBOop50AIXwoitDpjno72bkKu_YLH2EBa4hrQW0-_WiQ-W3DQrlVhi |
No, they'll get it when the need to pay themselves again IMO. |
Another $500,000 payment this month might move the share price upwards. |
The two 300MW coal fired power stations will consume about 800,000 tonnes of coal each. This is why Huo is buying the mine (or most of it) and taking a shareholding in Contango. Once the regulatory approvals have gone through, I would expect an offtake should be put in place which will support the long term operation of the mine and its profitability. |
You can't just look at the chart, there have been multiple factors at play here |
So, looking at the chart, since 2020, you don't think you've been scammed then? |
Its just regulatory hurdles being cleared before the shareholding in the mine can be transferred over to the Chinese. The fact that they are investing in the mine before the shareholding is transferred shows how much confidence the Chinese have. If you look at what Huo is already involved in, he has been part of the $13bn investment in Mapinga, which involves building two 300MW coal plants. So he will presumably will need an large offtake from Monaf for some coal...
hxxps://www.pressreader.com/zimbabwe/the-herald-zimbabwe/20220917/281496460137503?srsltid=AfmBOop50AIXwoitDpjno72bkKu_YLH2EBa4hrQW0-_WiQ-W3DQrlVhi |
Time to face facts APF, this one has been a scam since day one. |
I imagine the monies received will be used to pay salaries. |
They probably have. But not necessarily as the agreement is payment of 2mill of royalty per annum regardless of any revenues. |
As payments under the MRA have been made one can assume that coal is actually being shipped. |
I believe the lack of news is to drive the price down for a cheap buy out. And I do not think I will be far wrong. A penny will be breached by next week in my opinion |
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$1 Million was due by end of Dec...... Got $200,000 but told the other $800,000 would not be paid until the end of January.
End of January received nothing. No news, no notification.
Share subscription to Huo has been completed towards the end of January but no RNS to say CGO has received the $1,000,000 proceeds from the subscription.
That makes circa $1,800,000 from Huo overdue and is highly material to CGO's financial position, so shareholders must be informed of where that money is by a Regulatory required RNS.
Shareholders are also being starved of news on Operational matters which is also key for shareholders to know.
Coal production was said to have started months ago and new equipment was due to arrive in January.
Not a peep from CGO.
Is the mine producing, if so how much is being produced and how much is due to CGO ? Where is the new equipment supposedly to be delivered in January ?
As there is a CCP interest in this company and their abysmal record is well known, it would be better to get on to the Regulatory body sooner than later to investigate what is really happening, if we do not get informed by RNS sharpish.
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Sub 1p almost here |
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