Norseman Gold Share Discussion Threads

[richgit] 07/3/2013 16:50

Giant

David Steinepreis will be one passenger.

I hope my modest stake will be included,yet no doubt it is
all down to the Chinese.

[giant steps] 07/3/2013 15:11

Tulla in the driving seat at Norseman, will there be any passengers ?


RNS 7th March 2013

[noirua] 21/2/2013 13:22

The gold in the Norseman mines, if they can get it out around AU$1,000 per ounce ( all-in cost) and sell it at AU$1,500 per ounce, is about AU$1.7 billion at 150k ounces Au per annum over 22 years.

So much to go for even if the 22 years is reduced to 15 years.

Not to forget that there is also coal on the tenements and exploration potential for more gold and other metals.

Norseman is not that far from the Fraser Range, WA. Where Sirius Resources made a substantial nickel and copper strike at the much heralded 'Nova'.

[noirua] 21/2/2013 12:59

ASX:NGX will not be allowed to trade unless they have sufficient cash for the current quarter and the following quarter. Or a creditor, such as Tulla, makes certain guarantees.

NGL/NGX have given away AU$3.5mn to unsecured creditors, or at least that looks the more likely option. Tulla will have paid a bit more than that.

Tulla are increasing their gamble as they pay off the administrators, staff and the majority of the unsecured creditors.

So what is Norseman Gold Limited worth. On a real, here and now valuation, they are worth less than zero.

On a gamble going forward that the Chinese will put in a lot more cash and take a chunk of NGL, then there looks to be a quite rosy gamble about to begin.

[p3dr036] 21/2/2013 12:17

So the DOCA must be settled one way or the other by the 15th of March [that is 15 working days from yesterday's meeting.] And a meeting of the secured creditors is set for "on or around" the 8th March.

Possible Outomes:

If the DOCA is not agreed then shareholders will receive nothing.

If the DOCA is agreed then at least there is a chance that shareholders might find that their shares do have some value after all. But presumably the shares will be quoted [when/if suspension is lifted] at a lot less than the suspension price. But,in my view, something is better than nothing.

It seems that NGL will then have a year to return the mine to some form of profitability, during which time, shareholders may be in a better position than that of today.

In hope!
p3

[noirua] 21/2/2013 10:33

Norseman Norseman Gold PLC Result of Creditors' Meeting

[andy] 21/2/2013 08:45

Thanks Tom!

[rhotoid] 20/2/2013 11:36

Apologies if I'm being abit dim but am I understanding correctly that this is the upshot?:
- Tulla are putting their claims on NGL on hold for 12 months
- Other creditors get 5c in the A$

If the other creditors don't accept then the whole thing is liquidated and they will get nothing.

The shares start trading again with the present operating situation to be determined but with considerably less debt?

[noirua] 20/2/2013 10:10

Norseman Gold (NGL.L) on AIM Soirée


I can only guess that Tulla are playing for time here and expecting that paying the administrators is cash well spent. The downturn in gold stocks is probably due to end this month and a very firm base seems to have been made.
The gamble move is on the bases the S & P 500 will run-up further and then slide up to 25% from whatever the peak that is reached. That should, if it happens, make a better environment for sale of Norseman Gold Limited.

I think Tulla are looking to pay back creditors in full by just paying them about 5% of what they are owed. How this helps NGL is not fully clear as they stump up AU$3.5m to pay back creditors and Tulla AU$4.501mn.
I need to bend my slide-rule round corners to quite workout what Tulla's position is now.

[andy] 20/2/2013 09:32

GS,

No surprise there really, it's always the way!

[giant steps] 20/2/2013 09:28

Key Reminder - PI's are at the end of the norseman food chain

"
Should CNGC proceed to liquidation there are likely insufficient assets to result in any dividend to any unsecured creditor on an immediate winding up."

RNS 20th Feb 2013 - NGL Company update

[noirua] 20/2/2013 08:39

Norseman Norseman Gold PLC Company Update

[noirua] 31/1/2013 18:25

8 million plus type 'O' trade today: Norseman - Trades - ADVFN

[noirua] 27/1/2013 13:15

Study shows actual gold cash costs are 50% more than what is reported | MINING.com

[house atreides] 14/1/2013 23:10

To be honest I wish they would just sort this out one way or another so I can reaslise the cap gain loss this financial year.

[noirua] 14/1/2013 11:13

This remains the position for Norseman Gold Limited as they struggle to reduce losses whilst only mining tailings. Tulla appear to be holding to their agreement to fund the administrators costs and talks continue on recapitalisation of the subsidiary.
Norseman Gold decision put back to March - Proactiveinvestors (AU)

[p3dr036] 12/1/2013 18:52

Gad! Not phoney Tony? Another socialist selfmade millionaire!

[charles clore] 12/1/2013 13:38

Is your name Blair?