Hambledon Mining Share Discussion Threads

[captain_crash_and_burn] 25/10/2012 10:54

Why are in Earth are they still pursuing this fine malarky, they got burn't and need to just bite the bullet.

I know I'm probably just being blind, but I just can't see how the directors can drive this co. further underground (forgive the pun). They are either utterly clueless (and there's reasonable evidence to support that assertion) or they have a plan, that perhaps involves Akmola?

[vish65] 25/10/2012 09:33

sloppyg - The deferment of the u/g as you say for 9 months only looks short and costly which is where i think Akmola comes in. They seem determined and somewhat desperate to get a stake in this and will no doubt push for one of the sites with the shortest lead time for ore extraction to truck ore to the process plant (under a JV agreement to soften the outlay ) Even at 2.5gt Stepok is better than they are getting at the moment although Tellor offers +10.0g/t
This would be the cash cow for further Seki development IMV.

Apart form the costs for seki u/g the grades also seem on the 'poor side' of expectations hence deferment could well be beyond 2013. (when gold is higher?)

One thing seems clear the timeline needed for HMB is short and getting shorter.

[chestnuts] 25/10/2012 07:39

The last rns about losing the 2nd appeal this shows that either the paperwork is getting faster as in last time it took over 2 weeks to issue an rns on a failed appeal, or the broker (fairfax) have seen common sense, or TD as seen sense.

[chestnuts] 24/10/2012 21:19

65 million trades in last 3 days or so , maybe NB never got 1.8p, and the price will be ammended later.

[sequoia] 24/10/2012 19:42

Another 8m shares traded at 1.335. Are we waiting for the Presidential race to decide the outcome,massive slide or huge rise?.
seq

[dofmeister] 24/10/2012 19:35

Somethings up, around 40m in late trades reported over the last 3 days.

[sloppyg] 24/10/2012 19:29

I don't believe the current mgt team have any intention of reopening it in its current guise. It is simply not viable hence the mothballing; although shareholders will obviously not be presented with the facts.

It's anyone's guess how much of the 10m has been spent since the interims at the end of June. The exit costs of the existing contractor will not be insignificant for starters.

Capex required could be a further $100m+ for the u/g so best case is a JV of sorts; remains to be seen what that means for current shareholders although the 1.8p hopefully provides a floor.

Incidentally do people really believe that they would go through the operational issue of dismantling the current infrastructure, incurring the cost of doing so only to reverse it all in a couple of quarters time when the balance sheet has been strengthened by a few quid best case!

[jimmy12345] 24/10/2012 18:11

this company is going to run outta money.

the underground mine will cost a lot to keep on maintenance, if they dont by the end of winter whatever they have spent on the mine incuding machinery will most likely be lost. its a catch 22 as they say.

the opencast mine will not produce enough funds to pay to resart or maintain the mine so effectively its lost, the company will need a placing to start again and who is going to invest in them?

my prediction is a suspention of the shares in 6 month, then a sale of the mine to a local operater. this i suspect is what the kazak government want any way.

i could be wrong, cant we all. and i hope i am, but too many years to get this right and just failure.

[1nf3rn0] 24/10/2012 17:27

Same old hmb. Still uninvestable.

[sloppyg] 24/10/2012 16:15

Quality Ian.

Next rns will no doubt read successful in reducing the fine; however the pending refund is marginally less than the outstanding legal fees due but good news as can be offset and will improve the balance sheet.

Need to move on now ......

[rhotoid] 24/10/2012 16:11

"The Company is also making arrangements to engage additional legal advisers to support the process" - translation is that daffern is a clueless moron who doesn't know jack all about the case - he must know they're legal basis by now or not.

[giant steps] 24/10/2012 16:10

That's a nice summary

One may note Daffern involvement in both ANGM and HMB

[ianio5691] 24/10/2012 15:58

To market, to market,
to buy a fresh cow,

To milk it, to milk it
Daffern didn't know how

He pulled on it's tail
Instead of its tit,

Instead of pure gold,
He got covered in sh*t!

[elban] 24/10/2012 15:55

The unfortunate thing about dealing in places like Kazakhstan is that the locals can legally shaft you.

Their legal system just doesn't work in the same way as that of civilised societies - think more of England circa 1550 - if the local bigwig land owner likes your cow, then it is his cow and the courts will punish you if you say otherwise.

[vish65] 24/10/2012 15:49

I'm sure and if they'd put the same time and effort into running and planning the mine better (eg higher recoveries) the fine would have been funded ,the matter closed and we could move on.

Very uncomfortable with this

[giant steps] 24/10/2012 15:47

Upsetting the local court is going to put
seki at huge risk on mining licence imo

[ianio5691] 24/10/2012 15:44

Surely the legal costs of keep contesting this must be horrendous.....

[hoveactually] 24/10/2012 15:43

I would have thought that the original fine was already factored in the current share price with any reduction being a bonus.

[ianio5691] 24/10/2012 15:15

Hambledon Mining Plc

("Hambledon" or "Company")

Update on the Tailings Dam 3 Fine

24 October 2012

Hambledon Mining plc ("Hambledon Mining" or "Company") (AIM: HMB), the Kazakhstan gold mining and development company, announces an update relating to the fine and penalties imposed by the Specialised Inter-district Economics Court of East Kazakhstan on one of the Company's subsidiaries, Sekisovskoye Mining Company LLP ('SMC LLP') in response to a minor breach at tailings dam 3 at the Company's Sekisovskoye gold project on 30 October 2011.

Further to the announcement made on 29 August 2012, on 23 October 2012, the Court of East Kazakhstan Region (the "Court") heard the Company's appeal against the ruling on 16 August 2012. The Court has upheld the original Claim. The Court handed down a verbal judgement with a written judgement to follow.

The Company is intending to appeal against this resolution to a higher level court, the Court of Cassation within the Regional Court of East Kazakhstan. The Company is also making arrangements to engage additional legal advisers to support the process.

Hambledon continues to have confidence that the amount of the fines and penalties which the Company has already paid are unjustifiable and the Company continues its appeal process with the aim of obtaining partial repayment of the fines paid to the Kazakh Government.

The Company will make a further announcement when there are any material developments in connection with the above court actions.

Enquiries:

HAMBLEDON MINING:
Telephone [phone]
Charles Zorab

[dofmeister] 23/10/2012 19:11

Interestingly, Hambledon are due to update Rule 26 disclosure on the website by 2 November (last updated 2 May).

Charles, perhaps you would care to update us ?

[dofmeister] 23/10/2012 18:58

I presume we could ask the company to disclose the information under AIM rule 26. They know who the buyer is and are under an obligation to disclose under this rule on the website. A penalty is applicable otherwise.

"The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months".

I'm sure the EBRD will want them to comply (promptly) and we as shareholders would be able to bring pressure to do so, particulalrly given EBRD presence on the Board.

Anyway, lets see what Friday brings.

[shores] 23/10/2012 18:49

Thank you Phillis. Yet again with Hambledon it's anyone's guess.

[phillis] 23/10/2012 17:22

you may find a holding - probably in the name of ABC Co Ltd

Only the Company can request the identity of the beneficial owner (if not known) under what used to be a 212 notice (think it is now a 793)

yes -there we are

[shores] 23/10/2012 16:27

Would an inspection (for a fee) of the register of members find an answer? What is the time limit for updating the register of share transactions? The company is registered on the London stock exchange and is therefor governed by English law?