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Share Name Share Symbol Market Type Share ISIN Share Description
Kenmare Resources Plc LSE:KMR London Ordinary Share IE00BDC5DG00 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.00 -0.67% 442.00 441.00 444.00 449.00 440.00 447.00 122,245 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 178.3 16.6 11.0 40.7 485

Kenmare Resources Share Discussion Threads

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DateSubjectAuthorDiscuss
18/4/2018
00:43
I agree – seemed like a load of excuses cobbled together to justify a poor production quarter and sometimes may be it is better to have less information! Turning a dredger is not much of an issue but it no doubt involved moving the MSP, pipelines and anchoring systems so if several days were lost doing it within a 90 day period it can have a noteworthy impact. Sales held up to target making use of stocks and production will catch up so on second read, thought it was a solid quarter.
caposoka
17/4/2018
23:34
Took my cash off the table and put it all into the post office.
staffy dog
17/4/2018
22:58
Cap - do you ever remember them telling us they did a 180 turn with the dredger?? I hadn’t heard it before, so it must move very very veerrrrrrryyyyyyy slowly or the mine path must be seriously long. The whole tone of Q1 Pr report amused me no end.
donkey40
17/4/2018
22:05
As an add on to this, historically KMR would set a mine path to target high grade zones in Q4 to build up stock to tide them over Q1 (ref Y14-Y16) but by Y17, the increase in power reliability had reduced the need for this and gave them more operational flexibility. Also, KMR also tend to build up stocks of HMC and partially processed intermediate concentrate so in times of power outages, MSPs continue to operate on generator power even if dredging stops. The same applies during time of dredger maintenance etc or times of poor dredging conditions. These types of operational improvements come naturally as an operation is bedded in and improving operational utilisation time appears part of KMR’s present mission.
caposoka
17/4/2018
21:21
Personally, I always had a suspicion the power this, cyclone that was a smokescreen for deeper issues. They always seemed to get the Production job done - Sales and margins were on the down so blame elsewhere. Of course it was done far more subtly that I express. In my view, with 200/- tonnes finished sticks, production isn’t wagging the tail of this dog just yet.
donkey40
17/4/2018
20:39
We should add, that wasn't Q1 this year (though we don't know what did/didn't happen in Q1 this year), but historically it was a Q1 annually (cyclone season). In Q1 2015 there was significant disruption to power following which a lot of 'traditional' timber carrier infrastructure was replaced by EDM (power company) with metal pylons having concrete foundations. Intent is that they are both cyclone and flood proof.
murraybasin
17/4/2018
19:23
caposoka - thank you for your explanation, we learn something new every day.
trev1223
17/4/2018
16:07
As KMR’s operations are fed off the national grid in Moz (electrically powered MSP and dredgers), dips in the power supply can cause major production issues so ‘dip doctors’ were installed a few years back to smooth out the supply (akin to a larger version of say a UPS in offices). Major outages in the power supply also caused major issues such as power lines being washed away during rainy season (Q1) but repairs and upgrades in recent years have led to a more stable supply. Back up generators were also introduced to keep the critical equipment running but these are only a back-up as they have a much higher running cost (diesel vs hydroelectric power).
caposoka
17/4/2018
16:07
As KMR’s operations are fed off the national grid in Moz (electrically powered MSP and dredgers), dips in the power supply can cause major production issues so ‘dip doctors’ were installed a few years back to smooth out the supply (akin to a larger version of say a UPS in offices). Major outages in the power supply also caused major issues such as power lines being washed away during rainy season (Q1) but repairs and upgrades in recent years have led to a more stable supply. Back up generators were also introduced to keep the critical equipment running but these are only a back-up as they have a much higher running cost (diesel vs hydroelectric power).
caposoka
17/4/2018
10:22
Forgive my ignorance, but what are dip-doctors?
trev1223
16/4/2018
19:45
As an example, slimes were encountered in the mine path during 2017, but it was still a record year for production.
murraybasin
16/4/2018
19:14
Witch doctor lol. Murray I’m not sure I just read the “however”; clause as something worth noting since it was separately mentioned. More like a “BUT..” “Additional supplementary dry mining capacity is being added at WCP A and WCP B, which will help to increase mined tonnes for the rest of the year. However, WCP A will remain in a higher slimes zone for Q2 2018.”
wheniamfree
16/4/2018
18:53
To anyone who knows the company well (Capasoka is one), your arguments do not hold up well. Higher slimes are something the company has to deal with from time to time and do not typically have any significant impact on QoQ production, so won't be an issue in Q2. We don't have precise reasons for stoppages in Q1; it's easy to speculate in the vacuum. However, there has been of the order of SEVEN serious storms during the cyclone season, one of which I've already pointed out wreaked havoc in Nampula in January. The cyclone season is the most obvious reason in evidence for lower production in January. One should tend to look at what is there, not what isn't. Historically we've seen worse, where power has been completely out, but this has been mitigated with on-site diesel generators and dip-doctors. Growth, growth, growth ... adding any significant volume to current production would be bad for the market. Other juniors lining up ought to be taking note. Investors and lenders are likely to be reluctant to support any large scale new projects for precisely that reason. So, be careful if running the rule over new projects ... The strategy at the moment is to sweat the asset, improving recoveries, containing costs, maintaining production and shipping volumes, and capturing price increases. It's not invalid. There's also a witch doctor doing a dance down at the front gate and we should all be concerned about that. If you're going to keep talking about 'high slime zone' you might also inform us all what impact you think it has on production output.
murraybasin
16/4/2018
17:15
Furthermore Q1 has a significant reduction in production figures. Whilst that is a quiet quarter (sales related) that does not account for production. Their year forecast is already in deficit entering Q2 whilst concentrator A is in a high slime zone. Expansion to B still to come therefore how much mined dry ore can be expected to supplement before results are released for this quarter?
wheniamfree
16/4/2018
17:05
That makes sense, the 500tph dredge to be left in place post the moves planned for 2021 I believe? So they are indirectly governed by the Major SHs since their financing has been reigned in somewhat. So by the above indications, whilst capex has been scaled back there is still a necessity for expenditure to generate the same figures YoY at least until 2021. With increased production will come also increased opex, again they are dependant on the commodity prices increasing. It’s more of the same which is what I was trying to highlight, the general report should indicate Kenmare trading flat at best case (by factors which are in their control.) That is unlikely to excite the market?
wheniamfree
16/4/2018
16:43
Cap, 50% was a high ball to show the scope of expansion. Do I expect to see 50%+ increase? Of course not but what I would expect to see is ambition of growth. The point I was trying to highlight was that capex of $19m to expand a plant just to produce similar results is not growth. Whilst grades may improve down the line on reocation treading water is not a growth story, it also does not give the potential to offset any negativite impact from within or external of the company and it’s control.
wheniamfree
16/4/2018
16:28
You are a waster and a loser. Nobody interested in what you say or think here. Keep digging for more history - thing is everyone that follows this company knows it already. So keep wasting your time - muppet brain. As far as I am concerned, from here on, with this company you are on Ignore.
donkey40
16/4/2018
16:25
WhenIamfree – how much investment would be needed to double production? Certainly several hundred million. Would KMR be able to raise this? Even the most ardent of shareholders readily acknowledge there are past confidence issues to overcome first from years of promising and not delivering, even if KMR have now reached the point of having had a couple of years of bedded down production, steadily improvement and improving market dynamics and very positive EBITDA numbers expected for the next few years. Would the load-out quay and transhipment vessels capacity also need doubling? At what cost? Certainly a couple of hundred million. What would the financing cost of all this be? Would the world market want to have another 8% of world supply come on line? There are some decent posters on various KMR boards who readily share ideas from different viewpoints. I don’t agree with keyboard warriors behaving differently to how they would behave face to face but none of your posts are adding value to anyone including yourself. GL with your future investments.
caposoka
16/4/2018
14:38
Donkey, quick question. How was MC in his early days and what ventures did he attempt before each and everyone amounted to diddly squat? Perhaps however he is a martyr too? “Murray - ignore this pr*ck. If he is that stupid to think the correct strategy is to double production and half the 100year mine life, he isn’t worth any effort.” Brilliant, just brilliant. That is the best thing I’ve ever heard/read. Many companies aim for a 20-30 year LOM which is a-typical time frames for their mining/production license terms. Perhaps if they had your drive and ambitions they should reduce their production by 66% and extend their LOM to 100 years. That is what your telling everyone right? And I’m the stupid one lol.
wheniamfree
16/4/2018
13:44
Amusing - a company with punlished Reaerves, no offtakes, delayed tenders, minimal staff, major investment still ahead, construction of P&E all ahead, no prior experience of extracting and selling gas, only prior experience of selling 2 companies in their home country to gas majors, now operating in Africa and thinking repeating a hat trick will be somewhat straight forward. This is the pursued strategy - and this genius dares to criticise a company with 25 years experience of exploring, investing, operating, employing and exporting from Africa. Go back to where you came from please. You are simply here to be a disgusting pest. Go away, take your BS with you and spread it elsewhere !!!
donkey40
16/4/2018
13:32
Murray - ignore this pr*ck. If he is that stupid to think the correct strategy is to double production and half the 100year mine life, he isn’t worth any effort. Anyway, he is just being a mischevious copycat, with his ambition quip. Let him focus on a bag of gas with rapidly depleting cash, no commercial contracts, a delayed RFP process which delays commercial plans ever further, BS chit chat about other potential Offtake contracts, more directors on the board than actual staff numbers, no in-country presence worth talking about, industry partners that have promised much and delivered nothing. Pretty much sums up his bag of gas. His comparisons against Kenmare are, as you and Cap and the rest well know, just him trying to wind me up. Best ignored on this board.
donkey40
16/4/2018
13:10
Tlou is running a two pronged approach for value accretion, upstream reserves along with downstream gas to power commerciality. The RNS on reserves was due on or around the time of the RFP delay, no coincidence since either were due at the same time. There is no revised competition to the RFP as known as it has been shortlisted again for the same two parties - there is nobody else in Botswana or the S.A. region with any independently certified CBM reserves. Within Botswana there is nobody else with environmental impact assessment approval a process that takes some 18-24 months to complete and is needed before even exploration can commence let alone any form of development or production and additionally Tlou have a production license for one of their ten blocks already in place. All of which are 100% owned. Even the other party in the RFP has zero of these, putting them already around 5 years behind. Tlou would be 100% owner of the upstream and 50% owner of the downstream with their partner IPC. The full value resides in the gas reserves the electricity generation and sale is revenue generative but its the gas reserves where the intrinsic value resides. The market over reacts, the RFP was expected to be a success but bearacracy threw in a curve ball. As such the documents are likely to be amended at government level hence the resubmission. This is the first CBM in the entire country - there is nobody else hence first move advantage but with the caveat of paving their own path. Tony Gilby is twice proven in the industry, take a look at sunshine gas and arrow energy if you are interested. Capped at sub $20m on creation as founder and sold to BG group for $1.1bn. There is too much to list here but needless to say the delay is a mere speed bump on ONE of many potential customers including mines, businesses etc locally and also the opportunities to sell regionally via the Southern African power pool of which there lies a circa 8000mw deficit on demand. Not the place to discuss here but plenty more to it than the above point you raised.
wheniamfree
16/4/2018
09:16
I've no interest in CBM, but, what I do find curious is the timing of the last TLOU reserves update relative to the timing of the termination of the prior tender process. You could be forgiven for being circumspect about those sorts of coincidences. What's unclear now is who the revised competition will be when it comes to the 100MW CBM plant tender. If TLOU is going to supply the gas, but not generate the power, does it mean TLOU hasn't managed to capture the full value chain? Are there other CBM licensees in-country who are positioned to supply whatever company is finally awarded that 100MW tender? Despite the 944% reserve increase announced in February, the share price is less than half of what it was in January. Doesn't seem like anyone is convinced by Tony Gibly's other options should he not succeed in the power tender. Seems to me like the Government didn't want to award to either of the two parties who already submitted and hence the need for the rerun. Admittedly, based on a very cursory review of some TLOU releases.
murraybasin
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