Vatukoula Gold Share Discussion Threads

[chinese investor] 15/7/2014 07:43

VATUKOULA Gold Mines Limited needs further funding of about $US15million-$US20m ($F27.52m-$F36.69m) on top of the $US40m ($F73.39m) committed by Zhongrun International Mining Company Limited to meet its production commitment.

General manager Kevin Zhu said they had identified the amount of funding needed to achieve its longer-term targeted production rate of 100,000 ounces of gold per annum.

"Recent structural changes in staffing and departmental responsibilities have been introduced together with revised productivity bonus calculations to provide increased incentive for underground workers.

"New underground mobile equipment (four trucks and two loaders) has been purchased and is already in operation.

However, operating costs remain high with the most significant of these being power generation," Mr Zhu said.

He said Vatukoula gold mine was an old mine by world mining standards and a "quick fix" was neither anticipated nor being sought, adding an incremental and sustainable improvement was being planned.

"Currently, production is on par with last year cumulated from January to June."

In terms of their recent delisting on AIM - London Stock Exchange's market for smaller, growing companies, Mr Zhu said the directors of the parent company in London (Vatukoula Gold Mines Plc) conducted a review of the benefits of share trading on AIM.

"In consultation with the company's advisers and its major shareholders, it was agreed that it was in the best interest of the company and its shareholders as a whole if the admission of the shares to trading on AIM was cancelled," he said.

"The board had concluded that the commercial disadvantages and costs of maintaining a listing at this time in the company's development outweighed the potential benefits."

He said the special resolution to delist was put at a general meeting of shareholders on June 23 this year and was duly passed with the delisting effective from July 1.

[atlantic57] 15/7/2014 07:39

The new managements description of the mine and the amount of work that needs doing to meet production targets is somewhat different from endless optimistic presentations and production guidance provided by Paxton over the last 5 years.
It is becoming more and more evident that he had no idea what he was doing.

[atlantic57] 15/7/2014 07:39

The new managements description of the mine and the amount of work that needs doing to meet production targets is somewhat different from endless optimistic presentations and production guidance provided by Paxton over the last 5 years.
It is becoming more and more evident that he had no idea what he was doing.

[21traader] 14/7/2014 22:28

VATUKOULA Gold Mines Limited needs further funding of about $US15million-$US20m ($F27.52m-$F36.69m)...Today, 10:27 PM

[timgw] 01/7/2014 09:59

I remember going to the cinema as a child. At the end of the Looney Tunes cartoons the message an the screen was - That's All Folks! Deja Vu all over again!!

[chinese investor] 30/6/2014 16:33

Lots Of PIs Still Holding Shares !
Roll On December !

[chinese investor] 30/6/2014 15:33

An Hour To Go !

[andy] 30/6/2014 12:18

The surprise for me is that people are still buying!

[chinese investor] 30/6/2014 07:04

Last Day !

[andy] 28/6/2014 11:34

Atlantic57,

Me neither!

I wonder if there will be a last minute rush to the exit?

[chinese investor] 27/6/2014 12:29

The Real Exit Has Started.
Doors Close EOP Monday I Think !

[atlantic57] 25/6/2014 18:13

It is to late for private investors to benefit.
Would you trust Zongun to look after the interests of private investors I would not.

[chinese investor] 25/6/2014 16:56

Gold Zooming !

[andy] 20/6/2014 16:01

atlantic,

Perhaps because said T1pster was late in to the game, and knew little or nothing about mining!

People should be looking at those already in production.

In safe jurisdictions (USA/Canada/Australia/ maybe Mexico, Philippines, Europe) and with reasonable to low costs.

A BIT of hedging is OK if at a good price.

The only exception would be a company very close to production (within 6 months) and well financed!

[atlantic57] 19/6/2014 23:13

Andy we could do with pooled knowledge as it is very difficult to pick miners now.some have delisted or moved to other exchanges like Vgm and medusa.some have gone bust like Norseman and ascot.
Others will have hedged their production so will not benefit from a rising gold price.

As we have seen the quality of previous tips in this sector has been very poor.

[andy] 19/6/2014 22:36

CI,

Keep your predictions coming!

Plenty of other producers in the sea as they say!

[chinese investor] 19/6/2014 17:43

$1,400 Gold Coming !

[chinese investor] 19/6/2014 17:35

Gekks,
Zhongrun can dilute existing shareholders to nothing.
If you think gold price is going to increase then try other gold mines.
IMO
Not Advice !

[gekks] 19/6/2014 17:30

Will Sprott & Canadian Zinc be holding on to their shares ? If POG does increase markedly in next year or two perhaps worth holding on here ?

[chinese investor] 19/6/2014 17:10

What Have I Won ?

[chinese investor] 19/6/2014 08:15

$1,300 Gold Coming !

[malcolmmm] 18/6/2014 09:38

No one subscribing to TW's 'Nifty Fifty' then? wouldn't touch anything his tips with a barge pole after losing 5K on Ascot after all the hype, sold these at 202p, just 58 left. I hear his funds went well!!! Anyone for a chocolate pizza Ug

[atlantic57] 16/6/2014 12:50

Andy it is a very tough and demanding job !

Producing production 'guidance' for 5 years and persuading institutions to part with million of pounds to just dig tunnels in the ground for 5 years leading to
more tunnels.

Probably worth first class !

[andy] 16/6/2014 10:41

atlantic57,

In club or first class?

It's tough, but somebody has to do it!