Yes i too have a large holding with average price well above indicated value when AIM listing was cancelled. The economics of the project were never in doubt for those who did the math which is why I didn't sell up at rock bottom earlier in year. - hopefully with much improved Zn price and more certainty over relationship with Namibians we will now see some value coming through. Here's hoping!
update just out which can be seen on assetmatch website
Looking very good with construction to commence in early 2018 to last less than 1 year and payback within 1.5 years and a NPV of US $34.9 with a mine length of 8 years
I have a large holding in this over the years and the value now could be substantial so a lot to look forward to
With Zn price at a high I'm surprised we've not heard anything re progress now that licence has been awarded. Earlier studies confirmed the viability of the NLZM at much lower Zn price but funding or sale do not appear to be on the cards. Any1 heard anything?
They advised us about the receipt of the mining licence in early June.
The release also stated:
"New metallurgical testwork is planned for mid-2017 on fresh, recently drilled core samples from the North region. This work is seen as confirmatory testing for the processing of North orebody material only. Additional testwork will be conducted on old tailings dump material in order to evaluate the appropriateness, and optimisation of, a process flowsheet separate from the fresh ore stream.
Following the grant of the Mining Licence, the Company will now fast-track the update of, and optimised project profile for, a final construction decision, incorporating improved understanding of the orebody gained from all exploration drilling, metallurgical testwork and related process design work, carried out since the DFS was completed. "
Can we presume that the metallurgical testing is, or has, happening? (we're now almost a month past "mid-2017").
What's the timetable for the "fast-track" of the final construction decision?
How often will shareholders be updated?
Can't help thinking that a possible outcome will be an eventual sale to a Chinese company.
9 June 2017
North River Resources plc (North River or the Company) is very pleased to advise that Namib Lead and Zinc Mining (NLZM), its wholly owned Namibian subsidiary, has been issued with a Mining Licence for its Namib Lead & Zinc Mine (Namib Project) from the Ministry of Mines and Energy.
The mining licence application for the Namib Project was filed in April 2014 and the Company has since then been actively engaged with the Ministry. On 28 January 2016 the Company received from the Ministry a Notice of Preparedness to Grant the mining licence (Notice) for the Namib Project.
The Notice contained a number of supplementary terms and conditions relating to matters
including, inter alia, the work programme, production, environment and Namibian participation in the Project that will apply to the mining licence (the Supplementary Conditions).
North River sought clarification from the Ministry on certain aspects of the Supplementary
Conditions and its interpretation of them, and pending this clarification, accepted the Notice on 26 February 2016. In accordance with the process set out in the Notice, the Company then submitted a proposal to the Ministry on 25 April 2016, covering local ownership of the Namib Project, participation by historically disadvantaged Namibians in management of the Namib Project, and the Companys corporate social responsibility strategy.
In November 2016, the Ministry indicated that the Companys proposal to set up two Trusts, the
Namib Lead & Zinc Mine Community Empowerment Trust and The NLZM Employee Benefit Trust would meet the Ministrys requirement for Namibian participation. On 29 May 2017, the Ministry issued a 10-year mining licence, effective from 25 February 2016.
Namib Project development and optimisation
Following completion of the DFS in November 2014, a number of areas were identified where
additional technical evaluation work was required to define a mine plan and processing plant design to a level of confidence to support a project investment decision.
New metallurgical testwork is planned for mid-2017 on fresh, recently drilled core samples from the North region. This work is seen as confirmatory testing for the processing of North orebody material only. Additional testwork will be conducted on old tailings dump material in order to evaluate the appropriateness, and optimisation of, a process flowsheet separate from the fresh ore stream.
Following the grant of the Mining Licence, the Company will now fast-track the update of, and
optimised project profile for, a final construction decision, incorporating improved understanding of Corporate Update of Activities & Issue of Mining Licence for the Namib Project
the orebody gained from all exploration drilling, metallurgical testwork and related process design work, carried out since the DFS was completed.
The final investment decision to develop the Namib Project will depend on favourable project
economics and the availability of finance for the up-front capital required for construction.
Over the past year, the Company has drawn Shareholders' attention to the efforts of the Company to identify cost saving opportunities. In line with this need, the London corporate office was closed and all other corporate costs reduced or eliminated. In Namibia, following completion of the drilling programme in late 2016, activity on the Project and at site was cut right back pending clarity on the development timeline for the Project.
North River furthermore announced on 17 March 2017 that the resolution to cancel the admission to trading on AIM of the Ordinary Shares was passed by shareholders, and was made effective on 27 March 2017.
Following the cancellation of the AIM listing, the Company appointed Asset Match to facilitate
trading in the Ordinary Shares. Asset Match is a firm authorised and regulated by the Financial
Conduct Authority and operates an ele
North River Resources has announced that its wholly owned subsidiary, Namib Lead and Zinc Mining, has been issued with a Mining Licence for its Namib Lead & Zinc Mine from the Ministry of Mines and Energy.
Interesting and presumably why NRRP are having difficulty agreeing the licence terms for the NLZM. In the long term this will only disadvantage Namibians. While the Namibian governemnt may be able to shoehorn this requirement into existing projects their unlikely to attract new investment. Globally mining is only just emerging from the botton of the cycle and many predict that it will revisit the bottom (excluding uranium and lithium) before too long. I really cant see new investors wanting to commit to solving poverty in Namibia with shareholders money when so many other counties ( e.g spain and BKY) are offering real incentives to businesses wanting to set up in depressed communities. I had big hopes for NRRP but, as is so often the case in mining, greedy govenments can often destroy an otherwise sound investment
Obeth Kandjoze, Minister of Mines and Energy, comment this week:
We have also implemented additional conditions on mineral licenses to reserve a minimum of five percent participation in all licenses to Namibians and 20 percent of historically disadvantaged Namibians must form part of the management structure of the license holder.
The applicant must also submit an explicit programme on how it will contribute to poverty eradication, particularly in the context of empowering the poorest of the poor, the youth and women,
In the first instance, I would suggest registering www.assetmatch.com and adding North River Resources to your 'watchlist'. Here you will have access to dedicated company page which contains a raft of information including auction instructions, how to participate, price history and a live order-book of buyers and sellers.
NRRP will also be posting shareholder updates here too and we will ensure that you are kept up to date.
If there is anything that you need help with then please do not hesitate to get in contact on Tel: 020 7248 2788 or alternatively Email: [email protected]
FLU I really did not know what the process was for this, it is the first time I have experienced a share de-listing totally.
I contacted my broker and they advised that I can get a share certificate for an admin fee of £25.
Saavedra, is there a reason why you cannot get the certificate? If you have lost it you can get a new one by applying to the registrar ( the company secretary will tell you who that is)
- unless another holder has a cert?
Lost certificates can be re issued by means of an indemnity form.
If your shares are held in a nominee account instruct your holder as to your wishes, they are still
Tradeable until 27/3.
There is a chance that an asset will be injected into the shell, this company holds a lot of Tax losses that Greenstone may well want to use. It could be at an unknown point in the future.
Anyone just wanting to know what is going on could hold on to 1 or more shares so you get the annual report.
One thing could be to turn up to any meeting with a certificate, a lot of effort!. It depends on how strong ones feelings are.
2shares would have quite some comment.
We could have used his input here the last few years.
I wonder how he could have commented the Board without having been banned from this bboard for the use of faul language.
Utterly disgraceful how this company has performed.
Exactly the opposite of how the Romans went to the fight, no honour and no dignity.
For whats it worth, I am not selling at these levels.
And I do wonder, who has been buying the last week?
So there is someone with faith in this company.
Thanks for posting that. I had forgotten his posts, which were common when I had shares a couple of years ago. Then after I sold I glanced back at the bb, and there was mystery, because there had been no posts by him for a while.
It does happen a fair bit on these boards where posters are often retired investors, that a frequent poster passes away. Sorry to hear about it if that is what has happened.
In answer to yours, I like to think he would have sold before losing the lot, and maybe recouped a bit on one of the bounces.
Correct if you actually hold the share certificate but if they're held for you in a nominee account that will be it unless you can get the nominee to arrange for you to be sent a certificate for your holding.
I have just voted against the delisting, not that it will make much difference.
However, my understanding is that even if they delist we still have part ownership of the company although a minority holding. Can someone confirm for me if this is correct.
One of the things that really rankles about this situation is that when all the board changes were made back in January 2015 one of the reasons given for the change in the RNS was 'financial discipline.'
That quality was jettisoned by the crazy decision to continue the expenditure on exploration until December 2016 rather than adopting the prudent course of conserving the funds to tide over the company until the licence was awarded.
At one of the infrequent 'quarterly' conference calls one of the PI's suggested mothballing the project until the licence was awarded. This suggestion was discarded.
PIs have been badly let down by the BoD.
I would be interested to hear Martin French's take on what's happened.
When an AIM minnow gets all its funding from one source the writing is writ large on the wall. I salvaged a few quid from a dreadful investment a few years back, and have kept watching. Sorry it has come to this.
No surprise that when Greenstone get over 75% they take it private. Significant, imo, that they aren't even offering a buy-out deal, and understandable that the Namibians aren't signing off the licence to a skint company, they will do so when Greenstone raises more cash, which will wipe out what remains of the (untradable) equity. The RNS about the latest drilling results gave nothing away, which was a bit of an alarm bell in retrospect.
My mistake was to gamble on the Chinese a few years back. Since then it has been downhill all the way to this precipice. Hold and hope? Many of you probably wouldn't get anything after dealing costs anyway ...
I sold out here last year at considerable loss (it seems a bit of a common theme with my AIM investments in the past 10 years), so my sympathies for any long termers still invested here. The trouble when things drift as long as they have here, you somehow imagine the only news will eventually be positive.
On Friday last week I posted comments on the Herencia board highlighting how many so-called Management seem to earn a very good living at our (Investors) expense. It could be echoed here along with many other Companies it would appear.
Its become all too common of late as AIM companies seem to be disappearing faster than ever and while this may or may not be supported by actual stats, to me at least its deterring me once and for all to steer clear of AIM registered companies.
The lack of Regulation, almost inevitable ignorance by BoD's when things get tough and inability to exercise any influence makes PI's investments especially vulnerable. Sure, we know the risks are high, but some of these makes casinos look generous in their payouts.
Yes, its taken me rather a long time to realise this expensive lesson!
We all saw it coming but still is nasty to digest.
Just for the fun of it, I would like to point out that Mr James Beams has invested 100.000 sterling of his private funds because he both has both and honor.
Sadly his colleagues Mr Mark Sawyer and Mr Haworth lacked these qualities.
For the market it should be a clear and loud signal to stay away from Greenstone and from Namibia.
Well, perhaps a vacation in Namibia can be considered as it does have some qualities.
Investing in it is not one of them.
It does raise the question of why the board continued the massive spend on the drilling until December when they knew they weren't getting anywhere with their license negotiations. They should have battened down the spending much earlier (& failure to do so reflects very badly on the board). Obviously have no idea what NRRP's negotiation skills were like but the company has been shafted by Namibian politicians.
This at a time when Namibia is about to hold a mining expo which has the strap line of 'reaping the benefits of mining investment.'
Well, there you are... over the brink. It was pretty much always inevitable as there simply was never a plan other than wait and see what the ministry decided (and they sat there in stasis, with no benefit to them of acting). When asked what the contingency plan was if the ministry didn't grant a licence it was obvious there wasn't one).
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