Wti Oil Etc Discussion Threads

[mattjos] 21/2/2015 13:17

Corydon .. Of course the loan finance company will do whatever it takes to secure its asset. The contract with them will be such that they are and will always be no.1 in the pecking order regards the Tschudi asset. They are not mine operators so will need to either sell on Tschudi or have it operated by some third party.It looks quite certain that the third party in question will not one be Weatherly or Rod Webster. Webster's taken his retirement pot out of this now and will be on the way out .. Will probably try to sweeten his pot with a payout if he can. He won't be worried that he will be damaged goods on the job market as he's past retirement age anywayLogiman will not be happy bunnies but will no doubt work hard to ensure they remain involved in the operation of Tschudi as a means of recovering their failed investment in WTI.Tschudi certainly proved to be the game changer that Webster has been so fond of spouting ... It has irrevocably changed the game and will see the company collapse

[corydon] 21/2/2015 09:00

COLLECTIVE VOICE

I fear that the present ‘technical difficulties’ will result in a deal being done with the mining finance house in which the interests of private shareholders are not taken into account and we will come out of this badly. I imagine that any conclusion will not prejudice the Namibian Government or the contractor; it’s also possible that the company may consult institutional shareholders and make preferential arrangements with them. However, as small, separate entities, private shareholders are unlikely to be the subject of concern to the board and we may end up with the least favourable treatment.
We might improve this situation if we join together and speak with the influence that our collective shareholding would give us. I appreciate that many have no appetite for legal action but we’re not at that stage yet; possibly never will be. As individuals we can be brushed aside; collectively that’s not so easy. If you’re willing to at least add the weight of your shareholding to an action group to represent small shareholders, just email kbxc at the email address he’s given in his posting on 111. (it is those four letter @ Hotmail .com. At this stage, there is no cost or further risk to your holding and if there ever is, you’ll have to be consulted and your agreement given. I don’t think we have anything more to lose by doing this and possibly much to gain so I have contacted kbxc. If you can, please do the same.

[dhymeri] 20/2/2015 18:31

Yep a far cry from the heady days of Davy Cameron and the chinese premier overseeing the signing of the agreement. How the mighty have fallen..

[soulsauce] 20/2/2015 16:37

CAF - another big fail by Webster & Co.

[waspfactory] 20/2/2015 16:32

..or better still jump on the next plane to Namibia and help sort out this mess!

[ashbox] 20/2/2015 09:07

CAF falling last couple of days - presumably a read-across of the management style. I suppose there is a lot of investigative work to be done at Tschudi so any poster with good knowledge of heap leach able to give an idea of how long it could take?

[dixi] 19/2/2015 05:22

The above comment from 2012 suggests additional work was required by lenders for the bfs. Just maybe this was not carried out accurately enough for solid results. Nothing like 'winging it' with a few millon $'s at stake.

[dixi] 19/2/2015 05:16

21 July 2011Weatherly International plcTschudi Feasibility UpdateWeatherly ("Weatherly" or the "Company") wishes to inform the market that completion of a Bankable Feasibility Study ("BFS") in respect of the Tschudi project is likely to be delayed until mid 2012.Following discussions with potential financing partners and consultants to the project, the Company has decided to expand the study and commission additional column leach testwork in order to ensure that the study meets the rigorous technical and financial requirements of a BFS. Accordingly, the Company has commissioned 12 additional metallurgical drill holes which will provide the necessary samples for this expanded study. The new column work will form the basis of the detailed design of the leach pads and, more importantly, verify the acid consumption which is the key component of the operating costs.On the basis of past experience, the new columns could take up to 180 days to complete. After taking into account the time to set up and dismantle the columns and assess the information, it is unlikely that the BFS will be completed by mid 2012.

[alpha534u] 18/2/2015 16:37

a quick comparison mine venture now operating at 89tons per day in mexico ..it had problems from the off ..was bought out ..installed new expertise and re-designed ..read below ..also look on the company website and youtube ref Cobre Del Mayo ...all sounds very similar to Tshudi...The beginning of Piedras Verdes MineIn March 2002, Frontera Copper Corporation ("FCC") was incorporated to purchase 70% Phelps Dodge's interest in the Piedras Verdes Project, and bring into production the run-of-mine heap leach SXEW copper project in Sonora, Mexico. One year later, FCC acquired the remaining 30% of Piedras Verdes Project from Azco Mining.In Q4 2004, Toronto Stock Exchange ("TSX") listed FCC started the process of financing and building the open pit and run of mine copper heap leaching operation at the Piedras Verdes Mine (PV Mine). It did so through a wholly owned Mexican subsidiary, Cobre del Mayo ("CDM").Deposit modeling, grade control, the contract mining arrangement and other relevant aspects of mine planning and operation were deficient. These caused a loss of permeability in the heaps and impaired production. In combination with the interruption of acid supply in 2008, they resulted in high cash costs and negative cash flow.In late 2008 – as the financial crisis progressed – these operational deficiencies, in combination with high leverage, falling copper prices and the loss of access to capital markets (evidenced by its share price declining from a high of $7.86 to $0.24), rendered Its operation untenable in the absence of external support.In mid 2008, Invecture Group S.A. de C.V. ("Invecture") identified the PV Mine as an asset that could deliver significant value by the implementation of revised mining and processing strategies under the direction of a new management and technical team, with substantial new financial investment and support.On December 3, 2008, Invecture announced an offer to acquire all of the common shares of FCC. On May 4, 2009, the acquisition (the "Acquisition") was completed. FCC delisted its common shares from the TSX. Through this Acquisition, Invecture obtained full control of FCC's 100% ownership of CDM. FCC redeemed its TSX listed senior secured notes in March 2012 and ceased to be a reporting issuer.Key Initiatives Implemented by the ownership of InvectureSince the Acquisition, CDM under the new ownership of Invecture has:Changed from contract mining to owner operation and purchased the former contractor's equipment fleet.Purchased, re-engineered and installed a crushing, screening, conveying and stacking system (collectively, the "Crushing System") to convert the operation from Truck Dump Run of Mine ("ROM") to a primarily crush-conveyor stacked heap leach.Undertaken the successful recharacterization and modeling of alternative styles of mineralization.Developed new mining and processing plans ("Mine Plan") based on this new understanding of the styles and spatial distribution of mineralization.Developed and implemented an effective ore quality and grade control system providing good characterization of ore types and directing selective mining and processing to improve copper recovery.Hired new senior operating management with relevant experience in comparable operations.Initiated an aggressive resource definition and expansion drill campaign.Developed plans to process the high-grade chalcocite and chalcopyrite ores, using a grinding and flotation plant to achieve much higher metallurgical recoveries to concentrate.Developed a new resource model and Mine Plan to produce a target ~47 ktpa (~100 M lbs) of copper.Over the last year, the resource expansion and infill drilling program and has increased the LOM planned production by over 1.0 Bn lbs of copper. The drilling and exploration program is planned to continue until Q4 2013 and continues to add resources with a high rate of conversion into reserves. Based on the success of this program along with other exploration efforts including a recently completed ZTEM geophysical survey, the Piedras Verdes deposit appears to be significantly larger than currently defined and open in three directions. Management believes the LOM resource and production estimates will grow very significantly.Invecture's business strategy and investment mandate is to identify opportunities where significant value can be realized by combining management capability, technical expertise and financial resources to execute a successful operational turnaround. The PV Mine has been transformed into a high quality copper producing asset and has been operating at its nameplate capacity of ~85 tpd for the past ten months with near-term production expansion and an attractive growth profile through its ongoing exploration program.

[888icb] 18/2/2015 14:27

It doesn't say much for the due diligence conducted by Legal & General and Blackrock who are 2 very large institutional investors.

[corydon] 18/2/2015 14:19

I am in contact with KBXC. If you are interested in taking some initiative, please do the same.

[augustusgloop] 18/2/2015 13:11

Never going to win in court on this one.

I am one of the most anti-fraud by directors posters about.
Even I don't believe that this was fraud.

The directors have a long history of incompetence (not even gross incompetence by AIM standards).

They simply didn't build in enough contingencies into their plan for opening the mine - these things happen everywhere.
The incompetence is in believing that they were good managers when in fact they were less than adequate.

ELBAN

[dhymeri] 18/2/2015 12:56

Guys, see posting by Kbxc on the iii board. If you're interested in taking some action could you email your WTI holding to him at his hotmail address.

[dropside] 18/2/2015 12:29

JP2011 Agree and I will support that. We need to find exactly what has been going on.

[dhymeri] 18/2/2015 12:23

Agreed. Let's wait to see what they announce. JP2011 your idea sounds a better and more realistic option.

[dixi] 18/2/2015 12:02

I don't really see that anything can happen until the company reports to the market on the final course of action to be taken.

[jp2011] 18/2/2015 11:24

Surely better to force the company into an EGM for a vote of confidence. The Board will probably win but the humiliation of the vote will be priceless.

[targatarga] 18/2/2015 10:26

corydon - if you look at the skr thread it may help. Appears you were screwed eons . imho

[corydon] 18/2/2015 10:05

I have just posted as follows on iii

I am interested in taking an initiative with the board. I am currently taking action against another AIM company and have engaged solicitors and barrister with first class capabilities in this kind of issue. However it is seriously expensive if it goes all the way. The formation of a group of investors is the first step. I think we need to write urgently to Webster and the Chairman to ensure that they are aware of the need to factor in the need to act in our best interests in any negotiations, in the knowledge they will face determined action from us.

If you are interested in joining / forming a shareholder action group, please post but I emphasise it's expensive.

[dixi] 18/2/2015 09:31

Best wait for the final outcome - but it is the commentary in the RNS I posted earlier from 30th of Jan that has really got me annoyed as it sucked me back into WTI.

[mally6] 18/2/2015 08:59

Dh im in get the scumbag

[dhymeri] 18/2/2015 08:44

Great. Let me post the same question on the iii and lse boards and see what response I get. If there is sufficient interest I can set up a group online somewhere where we can discuss what action we can take if any.

[basquinth] 18/2/2015 08:06

dhymeri
I certainly have an appetite for it.
Best
B

[dhymeri] 18/2/2015 07:24

Should this go belly up, which it is presumed it will do, is there any appetite amongst investors to see if any collective action can be taken against Rod Webster and the rest of the management team with regards to misleading investors and mismanaging the company?