Griffin Mining Share Discussion Threads

[phillis] 11/7/2018 08:12

You must have missed that Sage

Didn't Rog disclose that?

[bigbelter] 10/7/2018 19:02

Following lifted from 2009 annual report:

'Although the zinc price has been stable since the recommencement of operations, serious concerns still exist in the global economy with huge public debt levels, rising interest rates, a liquidity and associated housing bubble in China and world zinc supply outstripping demand.

To lessen the impact to the Company’s financial health should some economic shock reoccur and zinc prices deteriorate as in 2008/2009, in 2010 the Company purchased put options over the next year’s production at a very modest cost.

This was considered to be a prudent course of action whilst not in any way limiting the upside potential to the Company should the zinc price continue to rise.'

I know no more............

[sageman] 10/7/2018 17:29

GFM do not hedge commodity prices. Zinc is volatile so hedging is expensive and their experience of it is that they get it wrong as often as they get it right so there is no long term advantage. I believe that they have not hedged for a number of years and Roger confirmed to me recently that they have no intention of doing so.

[phillis] 10/7/2018 17:15

can you hedge concentrate?

[bigbelter] 10/7/2018 16:34

Believing is not quite the same as fact - GFM took put options in zinc in 2010.Whether they did at any other times I do not know.

Podgyted - there are many valid reasons why the company would wish to build up a wedge of cash before showering shareholders with dividends. If this is either beyond you or unacceptable, why don't you just move on ???

[rose_by_another_name] 10/7/2018 12:44

I don't believe Griffin have ever hedged zinc.

[makinbuks] 10/7/2018 12:21

Zinc back to where it was a year ago. Hardly a disaster. Is it possible they might have hedged forward at higher rates than current?

[up just a little bit] 10/7/2018 10:43

Going a bit vertical any news?

[phillis] 10/7/2018 09:36

sadly Zinc price trend not looking too good

[phillis] 10/7/2018 08:48

C'mon Rog
Give it all up
Do a Centamin
I know you read the blogs
:-)

[sageman] 09/7/2018 22:24

Podg, I think you need to wait for the half year results and resultant RNS . You are judging them before they have taken any action. I am sure that they too would love a divi. You need to think this through.

[podgyted] 09/7/2018 21:40

I do judge the BOD on results and currently they are performing badly.

They are creating uncertainty where it is not necessary - this is the whole problem. I'm not arguing that they are running the mine badly.

If a BOD fears a minimal amount of debt to pay a reasonable (not excessive) dividend and start phase 2 concurrently (should that be imminent) - to be be frank they're in the wrong job.

[trawl] 09/7/2018 21:28

whats the story with termination of cantor as joint broker

[sageman] 09/7/2018 20:24

In terms of the dividend 11 years ago you should look at the cash and the price of zinc at that time. In terms of today’s cash I look to be informed but am hopeful that a modest dividend can be paid. In terms of Roger all I can say is that I have always found him to be a decent honest guy. He is constrained by legislation and thus I have learned over the years to ask questions that he can answer and to read between the lines. Roger can never say anything that could be construed as insider trading and he is very professional.

[alangrifbang] 09/7/2018 20:20

I remember getting all exited but it was short lived,you always have to expect the unexpected with griffin.my partner died last August and it's taken nearly a year to get her portfolio of shares through i now hold 200,000 shares in griffin I think it's squeeky bum time,

[up just a little bit] 09/7/2018 19:45

Sageman, Why did they pay a dividend over 11 years ago when they were carrying debt and not generating the cash we have now.

[alangrifbang] 09/7/2018 18:26

The only information I got when I spoke to Roger goodwin was that any money would be ploughed back into the company,and that was it!

[sageman] 09/7/2018 18:19

Podgy, The BOD are not a disgrace. You should read up about the development of the mine and the company as a whole and then write them an apology!. There are numerous reasons why advisers get changed some of which do not sit well in a public forum. Also you need to remember that GFM operate in the opaque world of China. They can only do things when they are allowed. BUT when the are "allowed" they have to be in a position to act. Having spent 5 plus years with a chunky overdraft they will want to keep the bulk of their capital. Just remember though that the BOD have more shares than you have, real skin in the game. Be assured that their interests and yours are well aligned but don't expect a steady flow of information. The BOD are playing poker and in poker you keep your cards close to your chest. I judge the BOD on results and so should you.

[podgyted] 09/7/2018 17:21

Another RNS without explanation.

Shareholders are an annoyance in the background.

I would like to think they will do a TU in July but I strongly suspect if they don't have to they won't. I also suspect they will state at the interim stage that they are holding onto funds for stage 2 and give no detail on when that is likely to be.

The board is an embarrassment.

[phillis] 09/7/2018 16:39

cantors 3yrs+ in the saddle

[kenmitch] 06/7/2018 16:17

Last year didn’t they have to issue that trading update because profits were going to be ahead of expectations? i.e Companies are obliged to tell the market and ditto in reverse when below expectations. A similar “ahead” update this month would give share a good lift. No update would imply results to be in line.

[rose_by_another_name] 06/7/2018 13:28

I've just bought back some of my
April tax sale, in an ISA. Cue
bad news.

[phillis] 06/7/2018 10:05

earlier results announcement i believe
(Bo Subtle? I must be losing my touch)

[mad foetus] 06/7/2018 09:39

We did get a trading update on 20 July last year: does anyone know from their conversations with Roger whether we should expect something around that time this year? It would be a good opportunity to update on a lot of issues given the step change in the company's position over the past 12 months

[bo doodak] 05/7/2018 21:36

The usual subtle antagonism of doyen P at play again I see