Wti Oil Etc Discussion Threads

[leedskier] 16/2/2015 16:41

Fanghorn, the point I was seeking to make is that it is on their radar and the Chinese have long memories and an insatiable demand for metals.

[rhotoid] 16/2/2015 16:40

Offer price is showing at 2.75p - does that seem to indicate someone's come in with a bid?
Abit odd as presumably you can't trade at the moment

[zangdook] 16/2/2015 16:39

If you're suspended pending an announcement, don't you normally make an announcement?

[ashbox] 16/2/2015 16:30

Mach100 16 Feb'15 - 16:23 - 13871 of 13873

'Maybe Rob found a 2p copper coin in his pocket'

It would cost him 3p to get it out :)

[fangorn2] 16/2/2015 16:29

Weatherly International Will Have A Very Powerful Chinese Partner Next Year

News - Sep 16, 2009

We all know the Chinese move slowly but seriously......2009!!! :)

[mattjos] 16/2/2015 16:28

Could be Epangelo nationalising the mine on the eve of production, for all we know or, a hand in the till.
Seems fishy that it was RNS'd middle of the day and not pre-market.
If they've sucked in Polo on false pretences and used the last RNS to help ease our Blackrock, coming hard off the back of the "We have no need for further funding" statement immediately prior to the fundraising then, there would seem to be plenty of ammunition to ensure the BOD are taken to court on several counts.
As ever, the private investor will be the last in the queue for any upside and the first in the queue for the inevitable kicking

[leedskier] 16/2/2015 16:25

Weatherly International Will Have A Very Powerful Chinese Partner Next Year NewsSep 16, 2009If further evidence was needed of the way the Chinese are buying their way into crucial commodity projects across the world, one would need to look no further than Aim listed Weatherly International, a company that has been having a hard time of late. The drastic fall in the price of copper towards the end of last year prompted chief executive Rod Webster to put the company's copper mines in Namibia on care and maintenance, to sell off all non-core assets, and to switch the role of the company's smelter at Tsumeb. Instead of solely treating ore from Weatherly's own copper mines, Tsumeb is now an independent custom facility and treats concentrates from all parts of the world. To make sure this was done to maximum efficiency, Rod had the company's Ausmelt furnace at Tsumeb rehabilitated.As a result Tsumeb has become a major regional custom smelting business, with strong production growth potential through brownfields development and exploration projects. And this strong regional positioning has come to the attention of East China Mineral Exploration and Development Bureau, which is going to pump £16.087 million into Weatherly at 3.6p per share and thus gain effective control with a holding of 50.1 per cent.So far, so good. What now remains to be seen is whether the shareholders of Weatherly think this deal is going to be in their best interests. If they listen to Rod's explanation of the deal they ought to be fairly satisfied. The odd penny more or less at this stage could be as nothing, compared with the potential of a company that would have major Chinese involvement and the possibility of a listing in Hong Kong or Shanghai at some stage in the future. Some of the biggest investors in Weatherly have already given their verbal approval, as they envisage fairly pedestrian progress from the company if it's left to its own devices.A lot depends on one's view of the potential of East China as a partner. The deal is only subject to a Letter of Intent at the moment, but East China is a heavyweight parastatal and it does not go around signing its name lightly. Its' most recent deal in June involved the acquisition of a 25 per cent stake in ASX-listed Arafura Resources. As a result of this deal, East China intends to fund the engineering feasibility study on the major Nolans rare earth project in the Northern Territory. East China is well qualified to help with this as it is one of the few State authorised organisations focused on engaging in mineral and energy exploration, and is permitted to carry out exploration as well as scientific research on major State classified projects.It claims to have discovered more than 160 ore deposits in China, with a combined value in excess of US$10 billion. East China was formed back in 1955, and now has over 4,000 employees, eight subsidiary exploration units, seven scientific research institutions, a business research and development centre and 22 subsidiaries specialising in mining, engineering and drilling. Its technical expertise and qualifications are clear to see, so it is well positioned to invest in exploration and development outside China – and this is clearly the remit it has been given.So, Rod has a whale by the tail, and the first thing East China's funds will do is lift the cloud that's currently hanging over Weatherly in the shape of the US$3 million in outstanding convertible loan notes, not to mention US$1 million in interest. These will be redeemed, as will the remaining US$9 million in convertible loan notes, plus interest when they fall due.The partnership, however, goes a lot further than simply allowing East China to get a hand on a regional concentrator and smelter unit in Namibia, plus some copper mines. All the directors of Weatherly are going to remain on the board, which is a fair pat on the back for them, and it will certainly ensure that the Aim listing is maintained and all information on operations is available. This is important, as once the subscription is done and dusted East China wants to sell to Weatherly its wholly-owned company ECEN, which itself owns some exploration and prospecting licences in Namibia. The price will be based on an independent valuation. It may also introduce some deals to Weatherly on projects based in China or elsewhere in the world, and all such deals would be paid for in Weatherly paper. "Ah", says the cynic, "that's how it is going to increase its holding and squeeze the minority". The answer quite simply is "no". Weatherly has agreed to place such shares so as to keep East China's holding at 50.1 per cent.The deal is due to be completed by the end of January, and by that time approval from Aim, the Chinese government, shareholders, and various authorities in Shanghai and London will have to have been obtained. One important factor is the 'whitewash' from independent shareholders, which means that East China does not have to make a formal bid for the whole company. Rod Webster's early discussions with fund managers indicate that there will not be a problem over this, so 2010 could be quite a year for him and for Weatherly.In the meantime he looks forward to being able to re-open the Otjihase and Matchless mines and is very optimistic about the future of the Tschudi open pit copper project. Last year it underwent a major drilling programme to upgrade it from its initial resource of 356,385 tones of copper. Everything then went on hold, but the data is now being assessed and a significant uplift in the resource can be expected in the next couple of weeks. Detailed mine planning, metallurgical testwork and the finalisation of the feasibility study will follow, and this should all be finished by the middle of next year.Easy to see why East China sees plenty of potential in Weatherly, and it is worth noting that most of the concentrates being toll treated through the smelter come from the Chelopech mine in Bulgaria operated by Dundee Precious Metals, and from the El Brocal mine in Peru from which Louis Dreyfus Commodities supplies concentrate under contract. A couple of useful names that East China will be able to call customers once the deal goes through. And, as long as it does, the new Weatherly will offer investors a fascinating Chinese opportunity.

[mach100] 16/2/2015 16:23

Maybe Rob found a 2p copper coin in his pocket and needs to update the market? I wonder how the seller of 16k worth of shares today feels? Might be superchuffed or supergutted pending the outcome.

[ashbox] 16/2/2015 16:19

One would hope for at least the recent fund-raising price if a t/o is on the cards. Presumably the foot in the knackers will arrive after hours.....

[leedskier] 16/2/2015 16:03

The win/win situation would be for the Chinese to buy Central Ops.

[johnwise] 16/2/2015 16:01

Commerzbank: Unexpectedly Tight Market Should Help Copper Recover

[johnwise] 16/2/2015 15:26

February 6, 2014

FT - China returns to hunt for African mine assets



Namibia set for economic growth, low inflation and mining boom in 2015

[dhymeri] 16/2/2015 15:11

Can't see it being first production - that would have been flourished with an RNS. Just hope it's nothing too disastrous.

[leedskier] 16/2/2015 15:07

I have shares in a former Aim dual listed South African miner, ELS. It is now listed only on the Toronto Stock Exchange(edit) and the South African Stock Exchange.

It too suspended mining operations a while back.

Its share price fell very hard too especially ahead of the events below.

In early November, the Toronto Stock Exchange suspended share trading 'pending an announcement', which when it came was that the Chinese were making an offer which was all cash not for the company but its entire mining operations and at multiples of its then share price. The take-over is subject to due diligence and has not yet been finalised. Even now the share price is trading at a significant discount to the cash being offered. The company intends to buy other mining operations with it.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2014) - Eastern Platinum Limited ("Eastplats" or the "Company") (TSX:ELR)(JSE:EPS) today announced that it has reached an agreement with Hebei Zhongbo Platinum Co. Limited ("Hebei Zhongbo") whereby Hebei Zhongbo will acquire the Company's entire South African platinum group metal ("PGM") business and all loan agreements that Eastplats has with its subsidiary companies, for a total consideration of US$225 million payable in cash on closing (the "Acquisition"). The consideration received by Eastplats will be net of the amounts payable to certain minority interests, which amounts remain to be settled.

Under the Agreement, Hebei Zhongbo will acquire a portfolio of PGM assets including the Crocodile River Mine, Spitzkop, Kennedy's Vale and Mareesburg projects and their associated mining and prospecting rights (the "Assets") in a manner compliant with South Africa's mining laws, environmental and socio-economic requirements.

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An Australian listed Chinese owned gold miner bought BGC last year -- very, very cheaply. BGC was a dual listed Aim/ASX gold miner with gold nominally valued at £bn in an open cast mine, which it did not have the cash to produce.

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I wonder if the Chinese are now shopping for an open cast copper miner in Namibia?

They seem to be more interested in the metal than the prevailing market price for it. I guess they take a long term view.

[finraj] 16/2/2015 15:03

Well Rob said during the call, he was going to talk to the IIs.Couldn't have been pleasant with Polo and Blackrock !!!

[johnwise] 16/2/2015 14:53

21/01/2015 "The Company, as of 31(st) December 2014, had cash reserves of approximately US$10.8 million, excluding draw downs under the Orion Mine Finance loan"... Market Cap £12.82m

[rhotoid] 16/2/2015 14:27

geez, wtf now !

My guesses:

1) Regulatory - investigation hence the need to suspend
2) Takeover or perhaps Polo have bought to a level that needs them to disclose if they are going to make an offer

optismitic but unlikely scenario:
- first production from Tschundi - timing would fit but can't see the need for a suspension

[fangorn2] 16/2/2015 14:26

Why should the offeror be suspended?

[ashbox] 16/2/2015 14:25

Perhaps they have flogged central ops for mega-bucks to concentrate on Tschudi??

[danieldruff2] 16/2/2015 14:24

Good point finraj

[mattjos] 16/2/2015 14:23

Kombat have always been the most obvious predator but, they've struggled to raise just $1.3m lately.

[finraj] 16/2/2015 14:17

If it was a takeover by Polo, shoudnt they also be suspended?

[jp2011] 16/2/2015 14:16

This would make strategic sense but neither party has cash to splash: hxxp://namibiancopper.com.au/assets/NCO_ASX_Ongombo_Drilling_Results_v2.pdf

or hxxp://www.kombatcopper.com/

[mattjos] 16/2/2015 14:11

You can be sure that if it was good news it would have been trumpeted loud and clear.
This coming so closely after the Tschudi early start-up news release & the consistent selling off into that news would suggest (as ever on AIM) that all is not as it might seem to be