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KGL, KENTOR GOLD LIMITED
melua
post Posted: Aug 22 2013, 11:04 PM
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In Reply To: melua's post @ Jul 17 2013, 01:42 PM

Brad Gordon must be a glutten for punishment. Now CEO at African Barrick.

African Barrick CEO quits amid sharp gold fall
Cecilia Jamasmie | August 21, 2013

African Barrick CEO quits amid sharp gold fall
Hit by rising costs and declining gold prices, African Barrick (LON:ABG) announced Wednesday it has appointed a new CEO, Brad Gordon, who is replacing Greg Hawkins effective immediately.

As most miners, African Barrick —Tanzania's largest gold company— has been struck by lower bullion prices, high costs and production delays resulting in three consecutive years of output decline, and a 73% value loss since it listed in London in 2010.

The company said that exiting executive Greg Hawkins had left “to pursue other interests,” giving no further details for his sudden departure.

The new CEO, industry veteran Brad Gordon, inherits the challenging task of turning around the struggling company’s operations, particularly in Tanzania. There the miner faces multiple issues, such as illegal mining, strikes, electricity shortages and even a lawsuit.

Last month, a group of Tanzanian villagers filed in London a claim over the deaths and injuries of locals, including one incident where five men were shot and killed at the North Mara gold mine in May 2011.


 
melua
post Posted: Jul 17 2013, 01:42 PM
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In Reply To: melua's post @ Jul 16 2013, 06:25 PM

Sold at 10.5c for a 100+% gain in a week.

 
melua
post Posted: Jul 16 2013, 06:25 PM
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In Reply To: nathanblack's post @ Jul 15 2013, 05:34 PM

I'm surprised more didn't buy at 5c when it resumed trading.

 
nathanblack
post Posted: Jul 15 2013, 05:34 PM
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In Reply To: melua's post @ Jul 11 2013, 10:51 PM

I would think the cash backing is less. The $1.5mil deposit is almost gone now. Then $3mil for the DOCA. Leaves just $11.5mil from the Andash sale. Salaries and planned drilling in Jervois will eat into it quickly and Murchison care and maintenance. I'd say cash backing is closer to 10c and entry at todays price (7.3c) is dangerous on a risk adjusted basis for Andash sale. But if sale goes ahead then possibly get the 10c and maybe a bit more.

 
melua
post Posted: Jul 11 2013, 10:51 PM
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In Reply To: flower's post @ Jun 4 2013, 07:46 PM

Bought some at 5c. Assuming the Andash sale goes through and then KGL tip in $3M for Murchison creditors, that will leave around 12c per share in cash with no debts.
I have zero confidence in management but don't mind buying 12c worth of liquid assets for 5c. Previously sold all my holding at $1+, some at around the $1.40 mark.

 
flower
post Posted: Jun 4 2013, 07:46 PM
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In Reply To: nathanblack's post @ Jun 2 2013, 09:03 PM

QUOTE
Stubborness killed them. They knew long before the market knew about Murchison. But they kept selling the story and trying behind the scenes to save it. Maybe you can blame the fall in gold but management are naive if they didnt factor that into the feasibility of the project


Hi---have never quite understood why KGL had any hope, two simple charts tell the story, surely on a weekly basis a gold stock should at least trade in the general direction of the host commodity.
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Combining Fundamental comments with Fundamental charts.
 


nathanblack
post Posted: Jun 4 2013, 06:35 PM
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In Reply To: nathanblack's post @ Jun 2 2013, 09:03 PM

Positive that they got another $500k down payment and the sale seems to be progressing. With Salam backing ROL, I wouldn't have minded KGL accept partial payment in script to maintain some exposure to a successful Andash. Maybe I'll look into ROL a bit closer. They have assets in Phillippines for diversity and to kill time while waiting for Andash.

 
nathanblack
post Posted: Jun 2 2013, 09:03 PM
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In Reply To: melua's post @ Jun 1 2013, 11:03 PM

Stubborness killed them. They knew long before the market knew about Murchison. But they kept selling the story and trying behind the scenes to save it. Maybe you can blame the fall in gold but management are naive if they didnt factor that into the feasibility of the project.

 
melua
post Posted: Jun 1 2013, 11:03 PM
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In Reply To: nathanblack's post @ Jun 1 2013, 05:52 PM

My opinion is that KGL will never trade again. I doubt very much the Andash sale will proceed. Will the last person to leave the room please turn out the lights? Murchison killed KGL.

 
nathanblack
post Posted: Jun 1 2013, 05:52 PM
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In Reply To: Avenger's post @ Jun 1 2013, 12:33 PM

I fully support the right for people to sell. I hate long suspensions. PLV have been in a similar boat even longer than KGL. But atleast in KGL situation they are using asx listing rules to their benefit. They MUST by ASX rules remain suspended until they release their financials. So I blame the ASX for allowing these situations. But also the market isn't fully informed. The situation is much worse than the last official update.

Simon thinks 4-6weeks more to fix this mess. I have my doubts on that timeframe. Being suspended makes little difference. I really think we might lose everything.

 
 


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