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[laurence llewelyn binliner] 20/3/2024 10:52

#PH, Business Wire is a Berkshire Hathaway company, not News Wire..



However our problem here is totally reversible subject to an agreement or compromise to get the wheels turning, and then everyone gets paid.., the sooner the better too..

[plat hunter] 20/3/2024 10:47

The domain has been registered since 1996 and updated in February. Still can't find any submissions prior to February using the link from the twitter post. Nor can I find any press releases on Corica's own website.

I'm still not entirely convinced this is a genuine circulation. If it is then I would hazard a guess that the 27 million owed is the total commercial value of the entire contract rather than what is owed to date on current delivery.

[plat hunter] 20/3/2024 10:44

LT... Found my error. I googled the area code and it gave me the the international result, double checked and it's also the prefix for california

[sclper] 20/3/2024 10:43

Even if HUM does owe $27m, Corica won't be able to force HUM to pay now. The amount will be subject to arbitration or a court case that will take years. HUM will clearly have a counterclaim due to under/non performance by Corica.We'll have to see if an interim agreement can be reached or whether HUM will bring in new mining contractors. Jt has already brought in one additional fleet which presumably wouldn't have been necessary if Corica were performing as contracted.

[1knocker] 20/3/2024 10:41

LLB, I don't feel very reassured by the line 'If production had come in as we hoped, all would be well'. It hasn't, and all is not well.

as to discussions with the bank, I gave you a fly on the wall insight into that a couple of days ago!

[lowtrawler] 20/3/2024 10:37

PH, don't know where you are looking. Business Wire is one of the largest services of its type in the world and has been going for over 50 years.

[jbravo2] 20/3/2024 10:37

@QS99
All your cash flows generations go out of the window when you're not mining, and have no reasonable prospect of mining at the forecast rate for months, barring paying $27m.
Perhaps with some negotiation, $20m?
They're in the largest hole they've ever been in. By far.

[laurence llewelyn binliner] 20/3/2024 10:28

#PH, as suspected, we were right about the monies owing and not surprising, the amount (if accurate) is though, but the reason being the mining tonnages have not been delivered to contract..

We will now see how supportive Coris bank are, and what we can do to settle up or compromise to get going again, we have c3,000 ounces of inventory for starters..

Corica recommencement of works is conditional on the Company, within 28 days of the date of the notice, making payment of monies owing to Corica and providing Corica with a Company Deed of Guarantee

[plat hunter] 20/3/2024 10:27

LT...I meant businesswire. Everything about my last post stands.

Look for yourself. The website went live on the 19th of Feb this year, registered in Algeria with the websites first submission being in Chinese.

Corica's own website has much more reach than business wire, why not make a statement on your own website?

[avsome1968] 20/3/2024 10:26

Can see the banks taking it now, Betts needs to find another job was a good decision to sell mine at 8p took a small loss//// oh why did i buy them again lol nothing is going to change// how's your spread Plat?

[avsome1968] 20/3/2024 10:20

Cant believe there are idiots still buying?

[lowtrawler] 20/3/2024 10:18

DB, if you take Corica at face value: HUM either have $27m to pay them or they don't. If they don't, they will need the bank to provide additional funding and a company guarantee. The bank are unlikely to do this without further demands. Selling Dugbe is unlikely to provide the size of funding needed nor in sufficient time.

[beatme1] 20/3/2024 10:16

Placing 2/3p

[1knocker] 20/3/2024 10:14

Q how did you go bankrupt?
A Slowly at first, then very quickly.

[lowtrawler] 20/3/2024 10:12

PH, it was posted on Business Wire, owned by Berkshire Hathaway and in business since 1961. Don't know why you are referring to "Newswire".

[dickbush] 20/3/2024 10:12

The panic is not surprising but it does no good financially or reputationally for Corica to send HUM to the wall. Nor will our CEO wish to see an end to his fat income. Shareholders have to believe that the advertised assets are there.

I have just read that link to the Corica statement. It looks credible to me. If, IF, as HUM has stated, Corica has failed to meet its commitments there must be a compromise out there. Another $27 mil on top of the $77 mil repayment due this year is doable but HUM needs to get back to work asap. IMO it also needs to sell Dugbe and stop living in high risk cloud cuckoo land. Its value has never been higher and I have no doubt that there are more than a few miners who would love to buy it..

[qs99] 20/3/2024 10:10

An interesting one given recent placement....

what is obvious is that the relationship has broken down as this should have been sorted out of the public eye DYOR

[1knocker] 20/3/2024 10:10

I told you where all the money has gone - in the posh wine bar next to the office!
They owe money there too .....

[jbravo2] 20/3/2024 10:06

Oh dear.
Another 27m to come out of "the pot"
If they haven't been spending it on mining where has all the money gone?

[plat hunter] 20/3/2024 10:05

Some due diligence.

Newswire is a brand new website launched on the 19th February 2024 and based in Algeria. The company serves as a place for companies or individuals to post their own press releases.

Now if I was a multi million, multi jurisdiction company would I be making press releases about contractual disagreements on a platform less than 2 months old and based on Algeria?

[lowtrawler] 20/3/2024 10:05

wskill, thanks for that link. It provides Corica's side of the argument. I know who I would believe.

[creditcrunchies] 20/3/2024 10:01

This dropping like a rock now thing is you only have to look at the accounts they don't have any cash on hand to operate, their working capital is closed to -£100 million, their debt is 150 Million, their debt repayments are over 12%. They need more capital.

[wskill] 20/3/2024 09:48

Dont see how HUM still owe Corsica $27m unless Dan and the boys have made off with it to Canada.