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[grbaker] 21/12/2016 09:49

Yes, good news out of IRC.

Now what we need is that Amur River bridge completed.



See also:

"
An Unfinished Bridge, and Partnership, Between Russia and China

By ANDREW HIGGINS
JULY 16, 2016

etc.

Tougher still was the question of who, on Russia’s side, would get construction contracts potentially worth hundreds of millions of dollars. The Chinese decided years ago to entrust the construction of their portion of the bridge to a state-owned engineering company, which quickly got to work and, according to Chinese state television, finished the job two years ago.

But in Russia, where state-funded projects invariably go far over budget and yield expansive opportunities for theft, it took until June to choose among different construction companies, each with powerful backers in Moscow. The winner was SK Most Group, a well-connected private Russian company known for its role in building a bridge in Vladivostok that ended up costing the state more than $1 billion.

The recent arrival in Nizhneleninskoye of heavy construction equipment has raised hopes that the bridge to China might finally be finished. The regional government, in response to written questions, said the delays were because “this project is unique with no analog in world practice and required the solving of a long list of questions.” The government said the Russian portion would cost 9 billion rubles (around $140 million) and would be finished by June 2018.

Chinese criticism has stung Russian pride. In a recent interview with a local television station, Dmitri Astafyev, the head of Rubicon, a state-controlled company supervising the project, urged China to curb its criticism.

“We’re being criticized because our partners in China have built two kilometers already while we’re not able to build as little as 309 meters,” Mr. Astafyev said.

“While the Chinese are, of course, talented, they have, for starters, built the easy part,” he said. “But the key point is the following: They say they’ve built the bridge. Good. But it’s not suitable for traffic.”
"



And:

"
Work on bridge linking Russia to China to start in summer
8 Apr, 2016 14:24

The construction of a bridge across the Amur River, which will connect the Russian city of Blagoveshchensk with China’s Heihe, will begin in the summer. It will be built from both banks simultaneously.

A railway bridge over River Amur in Khabarovsk. (RIA Novosti/Vyacheslav Reutov)China allocates $96mn for Sino-Russian Amur Rail Bridge
The project will be based on the principle of territoriality: Russia will build the bridge from Blagoveshchensk, while the Chinese will do it from Heihe. The connection will be made by Russian companies.

"We and our Chinese colleagues are ready to discuss all the remaining issues so that we could prepare concession and loan agreements by May or June," Amur region spokeswoman Marina Dedyushko told TASS.

The bridge is expected to cost $280 million at the current exchange rate. The regional authorities plan to finish the work within three years and open the bridge in 2019.

The first stage is to build a road bridge across the Amur River and next a railway bridge.

When the construction is finished, the Russian side of the bridge will become the property of the Amur region; the Chinese side will be owned by Heilongjiang Province.

The bridge is expected to reduce transport costs for business, stimulate the development of joint investment projects and help exports and imports in the neighboring regions to get to the destination point faster.
"



Plus:

"
Bridge Between Russia, China Across Amur River to be Built in 2018
© Sputnik/ Svetlana Mayorova

BUSINESS 16:45 14.09.2016Get short URL 21101121 The Amur Bridge Project connecting Russia and China will be completed by 2018.

MOSCOW (Sputnik) — The construction of the bridge across the Amur River connecting Russia and China is expected to be finished in 2018 since all the organizational difficulties are over, the "Izvestia" newspaper reported, citing Russian Transport Minister Maksim Sokolov.

According to the newspaper, the entire project was supposed to be commissioned in 2017 but stalled due to obstacles. The situation moved forward after Presidential Envoy to the Far Eastern Federal District Yury Trutnev instructed to determine contractors and deadlines.

The project involves the construction of two bridges between Russia’s Blagoveshchensk and China’s Heihe and the city of Tongjiang in China's Heilongjiang Province with Nizhneleninskoye in Russia’s Jewish Autonomous Region for freight traffic. The main bridge would increase the turnover of cargo by approximately 10 million tonnes and significantly shorten the distance for shipments through Heilongjiang to Moscow and Khabarovsk.
"

[deanroberthunt] 21/12/2016 07:39

adding a few first thing.

[deanroberthunt] 21/12/2016 06:37

with the equity bull market super overblown (banks, builders et al) with plenty of bubbles prep'd to burst, plus impending inflation......Gold and Silver could be in for a decent 2017...notwithstanding the usual manipulation by the elite.

[deanroberthunt] 21/12/2016 05:33

excellent news, jus need Gold to behave now....

we've had, or we're into a 63 month PM bear market, the norm is 50 months...so we are very long in the tooth of the bear run....

[seppsuess] 20/12/2016 20:05

POG will rebound when the last optimist becomes a pessimist

[m_n_tomlinson] 20/12/2016 16:47

Yes cheers galeforce1.

New RNS. Talk about 'in the nick of' though.

Uncertainty right up to the last minute, not for the conservative investor or faint hearted.

[tsmith2] 20/12/2016 16:41

Good news..

[galeforce1] 20/12/2016 16:39

But that's good news that IRC has made its debt repayment deadline and POG's own debt has been re-scheduled.

The falling gold price is obviously not good news, but there's not a lot anyone can do about that.

[m_n_tomlinson] 20/12/2016 15:06

What's so incredulous is that POG did not benefit from this year's Gold and silver rise, unlike HOC, KAZ, VED, etc. We could not clear 10p and now we're being hit by the retreat. POG is effectively in a hole it can't get out of, whilst the aforementioned miners are clear of the danger zone.

[m_n_tomlinson] 20/12/2016 15:03

It is indeed beginning to look like a pointless investment.

The guy who said gld was heading under $1000 and POG under 5p may well turn out to be right.

[wallywoo] 20/12/2016 14:42

Now that is the key question again, pops. If you believe that all is good with the worlds financial system and that gold (as a safe haven) is no longer needed then this is a pointless investment.

However, for the rest of us we just need to wait for the games to play out.

[popeye888] 20/12/2016 13:01

All depends on the gold price and it's not looking good.

[juju44] 20/12/2016 08:41

Down, that is

[wallywoo] 20/12/2016 08:24

Who knows m_n. I have thght POG is seriously undervalued which is why I have invested 6 months ago. They have now covered all my reasons why I thgt it was undervalued:

1) Debt too high and not completely covered by the banks (I think this is not the case now)

2) Not investing enough to ensure high production (with underground and POX coming on stream this is not the case)

3) Dilution coming (and too high a price of acquisition) - now cancelled

4) IRC becoming self sustaining and contributing to POG. With full production coming in early 2017, this should now be the case.

So we are still undervalued, despite all the changes above. POG now need to demonstrate a healthy future and we should rerate along with the gold price

[m_n_tomlinson] 19/12/2016 16:15

'IRC still trading at around 34cHK, which is 150% higher than it was 6 months ago.'

Yeah I had noticed that. Some sort of paradox? Is POG the sacrificial lamb for IRC?

[wallywoo] 19/12/2016 15:47

IRC still trading at around 34cHK, which is 150% higher than it was 6 months ago, so shareholders are hardly panicking. POG will be fine, just need the dust to settle a little and this silly gold price to turn. Won't take long IMO.

[m_n_tomlinson] 19/12/2016 15:31

Looking more like a 4p takeover target, rather than a 14p one!

[m_n_tomlinson] 19/12/2016 15:23

Will IRC get suspended if they don't pay up?

Just what are the management up too?

How can they be so disorganized that they haven't sorted the payment out yet, even after 2 massive placings in IRC and POG.

I feel very betrayed. Some Christmas.

I thought Hambro would be financially astute and competent coming from a banking dynasty.

[m_n_tomlinson] 19/12/2016 15:20

And Obama is pushing hard to nuke Russia before he gets booted out!

I jest, but this Russian narrative is getting way out of hand.

Somebody tell me, what did Obama get the Nobel Peace Prize for again?

[cliffo2] 19/12/2016 15:10

Understandably, the focus is on current company issues that need resolving positively asap.
On a wider issue, judging by the sudden spike up in gold on Friday afternoon as the news broke of the incident with the Chinese. I can't imagine that there won't be further provocations imminent, possibly more protracted or serious.
Would anyone want to be short gold with that in mind?

[daniel levi bmd] 19/12/2016 14:37

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[galeforce1] 19/12/2016 14:06

So IRC has to make the payment to its creditors by December 20th, which is tomorrow, and is currently $10m short.
Let's hope that the directors of IRC have got this sorted!

[grbaker] 19/12/2016 12:30

N.B. General Nice Development Limited, a limited liability company incorporated under the laws of Hong Kong, is who owns shares in IRC (and which has also so far failed to pay IRC various interest payments).

General Nice Development Limited is a different company to 'General Nice Resources (Hong Kong) Limited' mentioned in my post above.

[grbaker] 19/12/2016 12:27

There's also this, which while not directly bad news for IRC, which is worth a read:



"
CHANGE IN DIRECTOR’S INFORMATION

Wednesday, 7 December 2016: IRC Limited (“IRC” or the “Company”, together with its
subsidiaries, the “Group”; Stock Code 1029) makes this announcement pursuant to Rules 13.51(2)(l) and 13.51B(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”).

The Company has been informed that a winding-up order was made by the High Court of
Hong Kong against General Nice Resources (Hong Kong) Limited (“GNR”) on 5 December
2016 and the Official Receiver has been appointed as the Provisional Liquidator of GNR. Mr. Cai Sui Xin (“Mr. Cai”), a non-executive director of the Company, is a director of GNR and GNR is directly owned as to approximately 80% by controlled corporations of Mr. Cai.

Due to Mr. Cai’s directorship in GNR, the winding-up order against GNR constitutes an event required to be disclosed by way of announcement by the Company pursuant to Rule 13.51(2)(l) of the Listing Rules.

GNR is a company incorporated in Hong Kong and is principally engaged in the trading of, among others, iron ore, coking coal and coke. The shareholder of the Company, General Nice Development Limited, has informed the Company that GNR has no direct or indirect shareholding in IRC. As far as the Company is aware, GNR is not a shareholder, or beneficial owner of any shares, of the Company or any other Group company.

Save as disclosed in this announcement, the Company has no other information on the above matter that needs to be brought to the attention of the shareholders of the Company.

etc.
"