Kenmare Resources Share Discussion Threads

[donkey40] 15/3/2019 00:58

So the CMD back in October - what was the point of that again ....

This was a serious question - 6 months on from the CMD and .....nothing. Sure things have a lead time but I’m getting the sense there is no pressure from within to try end this share price malaise

[murraybasin] 14/3/2019 21:50

Looks like Tommy does a drive-by once a day (or less) ...

[donkey40] 14/3/2019 20:19

Flattery will get you everywhere. I hadn’t appreciated the senior debt clears soon, leaving subordinated holders as the paymasters. That may change the nature of conversation, especially if EIB voice is lesser. Need to look at that.
But this debt is 5% - cheap as chips. So why clear it quickly. Makes zero sense to me - and as you rightly say, I am incredibly clever on these sorts of things!
Of more interest/concern, are management really telling us they are simply battening everything down and sweating the Moma asset for all they can. Sure they had to fix below the waterline, and the refinancing gave the $$ to do that. But are they still fixing (disguised as optimising).... If so, then scary just how much was spend on mine construction.... ie how much potential waste. Hmmm.
I always knew that China chloride plants would be the next big growth area for feedstock supply. This seems to be coming online steadily now. If that accelerates (since the Chinese nearly always over-capacitise), then we should have price spikes and good stuff like that. For hopefully quite a while - still all ahead of us. We are a long time dead so I am ok if they get a hurry up on.

[caposoka] 14/3/2019 18:41

Of course you’re right they could raise equity. Think it is highly unlikely as a) cash flow will be sufficient; b) bank loan would be preferable c) they could slow things down or pay less in cash sweep etc etc. You are much more experienced on these matters but hopefully I am on the right track. I only banged on about it as finding a new more flexible arrangement came up as in the Q&A and Nosir asked for an opinion. The fact they considered it, took no action to date and the issue will diminish as the debt is repaid says it all for me. At least it was a topic to chew over instead of lamenting the share price hadn’t gone up!

[donkey40] 13/3/2019 23:25

LSE lads are bickering tonight.

Clearly they would need a certain level of EBITDA to generate enough cash to repay capital, then allocate a meaningful enough amount to cover cash sweep and dividend and some for interest (not the big deal NoSir is trying to make of it) and an increasing amount for Tax.

So aren’t we the clever clogs that thought things would simply and quickly default back to the simple approach of play the cycle.

Cap - they could always issue a bunch of new shares to finance some or all of the Capex to relocate to Pilivi. But no - there is a complete 180 degree turn in modus operandi compared to the old Kenmare.

Still, all these projects and preparing for dividends and keeping things super tight keeps management busy (but I imagine not too stressed). And guess who the only people doing well here at the moment are....

[caposoka] 13/3/2019 10:29

Donkey, I struggled with that too at first glance. Appears to be a (too) clever presentation of figures to show a downward trend when actually the costs are rising but haven't looked at it again - yet.

[donkey40] 13/3/2019 10:19

I struggled with the reconciliation of cash costs per product. Collectively up in total for 2018, yet saying ilmenite was actually down. Which means zircon, futile and concentrates well up. Yet these are small % of production/sales, so that doesn’t make sense in first glance to me.

[pugugly] 13/3/2019 09:06

Conference call was encouraging (imo) - Also available as a webcast-

[murraybasin] 12/3/2019 20:52

What's delayed variable substitution got to do with anything?

[datahead] 12/3/2019 11:08

Results tomorrow yawn !n!

[donkey40] 06/3/2019 23:24

The poor wee fella is just a tad kranky with his LSE mates. And misses his good olde buddy Kenmore since he was the only only that ever talked any sense on that board. Plus of course the ever dependable unflappable Cap.

[plat hunter] 06/3/2019 22:05

What you on about Murray?

[murraybasin] 06/3/2019 21:55

It seems one of the two realized this is a long game and has backed off. The other one has an IQ of ~0.

[murraybasin] 04/3/2019 21:45

One man said, may the 4th be with you. Another said, I'd gladly pay you Tuesday.

[ih_658216] 28/2/2019 14:09

Will give you that one. Sleep walking beauty now out of the way for a substantially reduced award. Results soon and should be good, solid, bullish. The question is - is that the trigger or do we continue on building the base which coincidentally is the same price as the Material Deleveraging price (or slightly lower) from 3 years ago ?! Dat da part dat nooo make sense !

However Kinsella would appear to be closing the book on legacy issues. Time to prosper soon me’thinks.

[plat hunter] 27/2/2019 21:18

Wait for the floor Donkey, it's the safest place to pick up a falling knife from.

Sustained period in this range is good, "the longer the base the higher in space"

[ih_658216] 27/2/2019 00:12

End of Feb and still twiddling. What are the TA and chartist clevers now saying ?!

[ih_658216] 24/2/2019 14:06

Thanks for your unparalleled insight. Always good to know we got folks like you to keep us from beating ourselves up too much. You are a beaut mate xx

[murraybasin] 23/2/2019 08:42

Looks like we have another 'DelBoy' ... turnaround specialist waltzes in full of the joys of spring and still waiting for two-eighty to come around 12 months on.