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tastarga

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Everything posted by tastarga

  1. tastarga

    RRS

    A Donnybrook duster. That may have been the main game for RT, but I think a quick poll of this site would suggest hot rocks is the main game. I have had my little whinge about compliance issues. It is a reflection on the quality of management. But in this market, if they throw up sexy grades (unfortunately none of you really know what they are but no doubt will appear to postulate on the upside in an effort to maintain momentum) then an appropriate return will be the short term outcome. Sexy grades will also encourage you to forgive any management faux pais in the fullness of time-(probably be close to 1 billion shares by then?LOL) Good luck to all holders. (it still sucks from an investment point of view ,hehehe) Cheers,TAS
  2. tastarga

    RRS

    In reply to: econex on Thursday 07/07/05 06:19pm If the shares are held in Yono then you need the notice. If direction was to split the stock, you potentially do not need the notice on what has been issued. Econex how do you know it went to more than four parties-that has not been disclosed anywhere?????? As to the balance, on what has been disclosed there was no mention of shareholder approval yet they have gone ahead and issued the first tranche.(And that is a topic on more than one front). ie is the contract unconditional and not requiring shareholder approval? This is shoddy disclosure. And yes, do your own DD by all means. Cheers,TAS
  3. tastarga

    RRS

    In reply to: mminion on Thursday 07/07/05 05:43pm mminion, please read my reply elsewhere. The 20% rule includes actual issuing the stock (35m when it should have been 40m anyway) and contracting to issue more (a further 60m plus the 5m they ignored). That gives them a beneficial interest in 100m shares at this point in time. 100m shares is more than 20%. I could go on about how they are also in breach of approval under resolution 6 where it clearly states the issue was for capital raising purposes and in fact they should never had issued the 35m anyway, but that is a distraction. The company is super sloppy with disclosure that does not do wonders for the confidence. Cheers,TAS
  4. tastarga

    RRS

    In reply to: mminion on Thursday 07/07/05 05:04pm mminion, you need a specific approval at EGM for a party or related party to have a beneficial interest in more than 20% of the issued capital. The company announced a deal that a party or related parties breach this rule. The earlier meeting did not approve this transaction,pure and simple. You still have not seen a sub shareholder notice. If Brantley's research is correct, this company is even more on the nose than it is already. Cheers,TAS
  5. tastarga

    RRS

    In reply to: Rogue Trader on Thursday 07/07/05 04:14pm This shaping up as a good Pierpont RT. No substantial shareholder notice from Yono Noms. If Brantley's research is correct (post 1/7 at 11.35), Yono was incorporated in March of this year and did the first Heads of Agreement with RRS 18 days later. (Must have been some busy boys then!) Once again,if Brantley's post is correct, the vendor group behind Yono includes the company secreatary of RRS. Appointed joint coy secretary in only January of this year-he must have quickly decided they were not paying him enough! Have not seen any disclosure by the company so we can only speculate about the stench from this one! It was fowl at Christmas, now it may be an entire chook house!!!LOL At least they will be well fed given the size of this can of worms-glad I don't hold this mess. Cheers,TAS
  6. tastarga

    RRS

    In reply to: mminion on Thursday 07/07/05 03:55pm Go back and read resolutions 5 and 6-i did. Purpose=to acquire Forrestania tenements,50m share in resolution 5, and 50m shares to be raised to finance exploration on Forrestania and Donnybrook. So what? This is a seperate transaction altogether. Irrespective, my argument is nothing to do with those reolutions or that EGM. If someone picks up more than 5% you have to put in a substantial shareholder notice=fact. This is in the Corporations Law and has nothing to do with the EGM-it is a disclosure requirement and is a seperate issue. If someone (the point on related parties) obtains a relevent interest in more than 20% of the issued capital, you need shareholder approval beforehand=fact. Corporations law again. The EGM did not have a resolution to cover this particular transaction. Sorry,it sucks. Cheers,TAS
  7. tastarga

    RRS

    In reply to: mminion on Thursday 07/07/05 03:34pm mminion, if the vendor is one party-the issue of 100m shares, even on deferred terms, represents an 'acquisition' of more than 20% on the way the transaction is described. That requires shareholder approval PRIOR to the transaction being formalised and any shares issued. If the vendor is more than one party, pretty hard to argue they are not 'related' parties ,and para above still applies. As to substantial shareholder notices, the Appendix 3B states the shares have been issued on 28th June. Thats 35m shares (not 40m as per the prior announcement) which is more than 5%. If the vendor is more than one party they may get away with it. ,ie the definition of related is different in this instance to the above paras.-it covers specific holders. The contract appears unconditional as the first tranche has been issued (without shareholder approval)-no need for subsequent shareholder approval. Or have they stuffed up on disclosure again as per the variance between issuing 35m shares now, when the announcement said 40m? This is shoddy stuff. And yes, I have experience in the field (not just exploration dirt!LOL) Cheers,TAS
  8. tastarga

    RRS

    Something very very very strange. The announcement on 24th says consideration,besides cash, is 100m shares of which 40m are to issued immediately for the Peruvian interests-yet they have only issued 35m? Why the difference? Where's the substantial shareholder notices? The issue was announced on the 28th,you have 2 days to do the paperwork. And where is the EGM notice for shareholder approval beforehand???? The deal represents more than 20 % of the then issued capital, ie 100m shares on 376m then authorised to be issued, ie 26.6% of the issued capital . The actual granting date for the second tranche, ie 1/12/06, is irrelevent as the contract has been executed for the lot now!!! (They are being granted a beneficial interest in the 100m!) This company is a fair dinkum worry! Cheers,TAS
  9. tastarga

    RRS

    Personally think the historic suspect practices of the then board and its consulting geologists still leave one to tread very much in a cautionary manner with this little beasty. It still has most of that board intact, and it would concern me greatly if the same geologist was involved in Peru. 1.There appears to be a lot of heated debate over the geology-there has been no definitive statement by the company or its consultants as to the geological host being chased-sedimentary a la Athabasca ,or vein sets or a mixture of both-veinlets? I did a quick search this morning and the best I can find is a mate of a mate on a chat site (this one) that can speak the language and can interpret the Government Reports,suggesting it is sedimentary. I tried to google up autunite -a mineral that attracts attention as a spectacular specimen. Is it economic by itself? Don't know, but that is irrelevent as it is invariably found inconjunction with more standard uranium minerals.(Rum Jungle had autunite apparently). Does its mineralogy suggest it was emplaced in a sedimentary environment. Being a calc phophate, it is inconclusive (though starting to lean towards sedimentary-it likes moisture!) Net result-undecided. 2.Donnybrook results-supposedly drilled (RC) some 10 holes commencing around 20 th May. Drilling should have been completed by the end of May. Being only RC chips the results should not take long. Five to seek weeks is pushing it even with the labs being busy. 3. Ability to pick up a world class uranium deposit off its own bat? As I've said before, Santa does not work in the mining industry. If it is so good, why so cheap? The quick answer is that it isn't until proven otherwise. The structure of the deal was suspect in the first place. A $200,000 non-refundable deposit before you even do due diligence? Pull the other one. Initially the deal was merely to be an 'option', not even the asset itself. At least that has been pretty much rectified. But are you starting to get a feeling about the competence of these fellows! Also one of the prime scams was to have a mining interest in such a remote location ,no-one could verify it was any good or not. The modern age of communication is making this trick a lot harder, and having a few Canadians active on surrounding acreage calms this argument. Speaking of which, why not shop the deal around Canada-may have gotten a better premium-or maybe not? The jury is out and at this stage it looks 'hung'. Cheers,TAS
  10. Clarke is sadly out of form, plus this strange bad back for someone so young. Hussey would get the nod from me ahead of Katich.(Who inturn should be watching Langers spot closely). Kasper also looks suspect, incomes Lee. If Warne is making waves-MacGill straight away. Shane has had enough warnings-behaves like a spoiled brat, even in his domestic life. Don't want him upsetting the rest of the boys. If Gillespie does not show rythm in the nets, Tait should be given a chance asap. This is a Test team, not a holiday camp. Grupenfuehrer TAS, cheers!
  11. tastarga

    ARH

    In reply to: mme on Tuesday 05/07/05 12:57pm mme, Did you miss the first sentence over the page from the second last heading concerning funding alternatives? As to the source,being a sedimentary deposit the nearby ultramafics would have been looked at historically as the first port of call despite what the company says.It has been looked at for 35 years. And don't forget, this is an inverted sedimentary unit, the 'source' could have come from anywhere in reality-it was put there a long long long time ago. It isn't fresh, and it isn't necessarily close to the source! one for the optimistic traders. Cheers,TAS
  12. In reply to: zoomer on Sunday 03/07/05 01:08pm On the political front ,my group subscribes to a private economic group briefing, been to Manila 4 times so far this year and will be there again in around four weeks, communicate via email with local brokers, mining companies, and high net worth individuals a few times each week. Am a mineral economist by background. Actually shook hands with GMA at a mining conference in Feb. Also read local news on a daily basis on the web-The Manila Times etc. (Their press is not quite as independent as our journos). As to LAF, I am from the industry and know about half the LAF directors. Also know some of the people at CMX and IRN-the ones based in Melbourne. And also know a few of the project financiers,lawyers and accountants active in Makati. Avoided the place until late last year when doing some research. Then the Supreme Court ruling eased the approvals for development. You would be surprised how many of the world's majors are now active in this country-it has enormous low cost mining skills coupled with prospectivity second to none. It is like Chile was at the start of the 70's, but the Philippines missed that growth thanks to the Marcos regime. But it should be rembered , politics in this country is a passion, and a complex passion at that. You will find the elder brother siding with the say Government ,whilst another brother goes with the opposition-irrespective of the outcome the family still wins. As part of this game is around 80 elite families that dominate wealth, business in general, and politics of course. What the press writes about is merely chest thumping by the various families. The current anti GMA push is spearheaded by a Senator who happens to be the son of the former President Estrada who was deposed a few years ago in a serious corruption scandal. Ex presidente is currently facing serious charges under house arrest (Philippino style) and needless to say the son wants dad off the hook. On the LAF front management has done an amazing job-from approvals, through finance to construction. It is the first new development in 30 years. It has an attractive gold cap whose cash flow will assist in rapid repayment of project finance,whilst copper and zinc kick in later this year-with tax free holidays of between 5 and 7 years. Have not been to the minsite yet, but hope to get there in a couple of months time once all the other 'parasites' have had a sticky beak!LOL Cheers,TAS
  13. In reply to: stockdude on Saturday 02/07/05 10:35pm Personally would have lent more towards Phelps Dodge prior to the Golden Grove acquisition, now my favourite would be Teck. The later is all cashed up and wants to significantly increase its copper exposure. Anglo Ashanti? Just a gold miner-not base metals and gold. Anglo American-different story, and they have recently done the Laos jv with the OX. Cheers,TAS
  14. Hindsight is a wonderful thing-did the OX price run ahead of itself early last year when RIO took the opportunity to exit? Hard to fault management achievements since then, the opposite being the case-production delivery timetables met, output fluctuations were pretty much budgetted for, any hedging was done to leave the upside for any price movements which there subsequently has been, the Minotaur acquisition should be positive as should Scuddles/Golden Grove, cost of funding has been achieved very much at the lower end of the scale-so what gives? The next phase, besides the announced production targets, should see additional exploration success-Laos (by itself and later with the Anglo jv),regionally around Prominent Hill where the OX now has a dedicated and professional team, Thailand maybe (with another major not KCN?), China quite possibly/probably. Apparently senior management have had a breather post the Scuddles acquisiton being announced to recharge batteries so to speak. They are simply doing nothing wrong yet the share price has underperformed its peer groups. If it keeps going like this it is going to be a monty for a predator. You don't see so many world class projects at the lowest quartile in terms of operating costs stay available at these comparative prices. Cheers,TAS
  15. In reply to: Brierley on Saturday 02/07/05 08:11pm GMA is playing ducks and drakes-would like to open the mine officially when the relevent Minister-Defensor, will also be in attendance. He appears to be playing his own political game at the moment. Management at LAF not particularly fussed-they are opening it for the bankers etc in around 10 days time. If she comes she comes. (Plus around 200 security staff and 150 journos/tv crews in ascene probably similar to the helicopter attack scene in Apocalypse Now-"I love the smell of napalm in the morning set"). But GMA is under pressure-it is not every day you send your hubby into exile-good catholic girl like that too!LOL Cheers,TAS
  16. In reply to: Brierley on Saturday 02/07/05 01:01pm Think you will find it is standard teething stuff common to the start of every mining project. Minor difference is that, being on an island, it may take a bit longer to change some piping/bolts whatever. Betting on a PR splurge week after next subject to wheather/ politics and acts of god! Cheers,TAS
  17. tastarga

    STU

    In reply to: AJ007 on Wednesday 29/06/05 03:10pm The best dozen or so targets Santos had in mind prior to relinquishment have now been drilled by STU/COE/BPT etc, you are now down to either step outs or second liners as far as the oil goes in the Cooper-notice the success rate dropping off the cliff in the past twelve months? The next big leg for commerciality has to be from gas-and preferably not through Santos in the short term as they simply will not pay enough. STU has good gas targets and if you look at their forecast drilling programme for the second half of this year it is very much gas in terms of wildcats (plus a few oil step outs for short term cash flow supplements). Ian's EPIC scenario is spot on the money from my discussions with the MD-Tino is quite approachable. Cheers,TAS
  18. tastarga

    STU

    Note the amount of hedging that roles off tomorrow, being replaced by puts-yeah!!! Cheers,TAS
  19. In reply to: SCD on Friday 24/06/05 08:36am No doubt the analysts are presently pumping up their spread sheets, working out the earnings impact/ gearing ratios and so on. To my mind the acquisition has a number of less obvious benefits:- 1. Diversity of cash flow-spreading the risk both in commodity terms (still not a big zinc fan personally!) and more importantly, geographic terms. 2. It provides a strengthening of short term cash flows whilst ramping up Sepon and bringing Prominent Hill onstream. 3. It continues to build the balance sheet, enhancing its position in the 'global market'-hits more radar screens. 4. Golden Grove is a top quality operation with a solid profit margin-it maintains the quality of the OX assets. 5. A very hidden benefit is the ability to rotate mining staff. The technicians (mining engineers/metallurgists/geos etc) do not mind a secondment to places such as Lao for short periods-up to 2 years- but from a domestic bliss point of view they need to come home for lengthy periods. Otherwise you finish up with high staff turnover which comes at considerable cost-not just in attracting fresh people but in project continuity/implementation. It may sound waffle but I have seen it happen on a number of occassions. 6. The exploration potential around Golden Grove should not be underestimated-it was neglected by Normandy as it was not a primary focus, the same under Newmont. And the market knows by now, the OX has some good explorationists for brown field expansions. I like it. The market may do other things. Cheers,TAS
  20. In reply to: irwin on Thursday 23/06/05 08:24am A calculation of the new zone ,with the dimensions provided, gives a figure of approx 650,000 tonnes. At the customary grade of 10-14gt they conservatively use in defining 'economic', thats around another 250,000 ounces to be added to the production profile. Another one for the cucumbers! Cheers,TAS
  21. tastarga

    GIP

    In reply to: lurgan on Sunday 19/06/05 04:37pm Holding back something that is price sensitive puts him in trouble with the ASX?ASIC in regards to continuous disclosure /fully informed markets and directors duties in general. There can be exceptions but these are canvassed in the listing rules-and they encourage a general reference as a minimum where say a confidentiality agreement may come into play. The BFS being described by posters as a 'partial' one, is more in reference to not including one of the potential bi-products from potential tantalum production-feldspar. It is a non-standard industrial mineral whose marketing features are dictated on a case by case situation-there is no orderly market. Cheers,TAS
  22. In reply to: chinaski on Friday 17/06/05 04:42pm The CMX property is first rate in my opinion, but....... It may appear that CMX is not necessarily totally onside in the local community in which it operates-the local valley is onside, but the regional polies/Church/NGO's are proving difficult. In addition, to get the final approval you need a Declaration of Feasibilty. CMX presented that a few months ago. Only problem is that the relevent Government department is meant to issue it, not the company! (Nice try though, LOL) Askew is a smoothy, and Thompson has a great track record of delivering on projects once he is given the go ahead. And the answer is? Sorry, no idea. Cheers,TAS ( who still prefers LAF for the time being)
  23. In reply to: raynor on Wednesday 15/06/05 10:30pm Others appear to disagree about the Philippines . China's Jinchuan Nonferrous Metals Corp and Baosteel just announced a US$1billion facility for a nickel plant in Surigao (northern Mindanao) in jv with Philnico Mining Corp. TVI just commissioned a plant upgrade on their gold operation. The Japs are pushing another nickel deal on Luzon (Sumitomo and Mitsui). BHP , Phelps Dodge, Anglo, Ivanhoe, Newmont, other major Chinese and Korean Houses are all upscaling their presence at the moment. As to LAF being a prime target-the operations are isolated on their own little island. Their are better 'targets' than theirs. I will be through there again in a few weeks-sources on the ground suggest it is the usual beat up by the opposition because their former President, Estrada, has corruption proceedings pending. Only a few thousand protesters last weekend, when it is worrying is when you have one million protesters such as Estrada faced ! Cheers,TAS
  24. tastarga

    AVM

    In reply to: lurgan on Thursday 09/06/05 10:07am Lurgan, first point, do they need to raise funds in the future? second, if the impact of the 4Corners Report/S&G meddling is to act as an overhang on the stock, it often leads to a takeover a la Delta in the Solomons instance. third, if they do need to raise funds,( hopefully on the back of a positive right reason), they will probably do it through Canada/Europe where they have a less cluttered view of commercial realities. BT has an amazing ability to get things going and should never be underestimated. Cheers,TAS
  25. tastarga

    AVM

    In reply to: john constantine on Wednesday 08/06/05 10:18pm Firms such as Slater & Gordon take this type of 'class action' on a contingency basis-not on hourly charge out rates. If successful they get a cut of the proceeds-around 10% I think was the figure against BHP in the OK Tedi fiasco. Note OK Tedi is still in operation and doing quite nicely for its current shareholders, which includes the PNG Government, but not BHP-the ones who paid for it all! They lost the Solomon's Island case against Bruce Resources and had to cough up big time. Second prize is always attractive to them-heaps of free publicity for their own firm. The 'warrior' for the underdog! Trick poor Bill Turner should have used-agree to be interviewed, but in a setting of your choosing and only ever do it 'live'-that way they can't edit to twist the comments!!! Cheers,TAS
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