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Given the sad state of my portfolio, I've decided it's time I again branched out - re my retirement endeavors - and am skipping the SAT kids sport rounds and heading for the TAB. I may even be looking for names associated with Heritage. If I get a BIG quaddie, you will be the first to know - via a huge buy order for HTM on Monday!
A good weekend to all.
Solid o/s's market rises following that fed cut... this should flow through to our NZX / ASX Monday. For HGD/HTM we could see a bit of a jump next week, especailly if the heavy seller of the last week or two has finished.
Out of interest
Why is HGD so heavily discussed (apart from being one of the few NZ miners) e.g. do they have decent projects coming up etc?
Newmont Waihi Gold, subsidiary of Newmont Mining Corporation, has three years ahead of it with the Martha open cut and it currently it has four years mining life ahead on the Favona underground mine, also at Waihi.
But the future of this operation -- suffering from the same problems of retaining a competent workforce and containing material and equipment costs - will depend on exploration success.
In today's keynote presentations at the New Zealand Minerals Conference today the General Manager for Newmont Waihi Gold, Glen Grindlay said Newmont has a global exploration budget of $US175-180 million and was spending $NZ10 M ($US7.3 M) in NZ, mainly in the Waihi district. Newmont inherited the mid tier gold mining operation at Waihi on New Zealand's North Island when it took over Australia's Normandy Mining Ltd and while it has put the NZ gold mine on the auction block at least once it decided to press on and, in doing so, became the country's biggest spender on mineral exploration. The will to stay on is still there, but exploration success will be critical in the next year or so
The real target, Grindlay said, was to find another Martha mine - the historic underground operation that resumed as an open cut in the 1980s.
He said said that major challenges for the company were the ability to hold a skilled workforce and the long lead times for the supply of machinery and equipment.
He launched his presentation by asking: "How many skilled underground mining staff does it take to change a light bulb? Only one, but first you have to find one that isn't working in Australia or thinking about heading that way soon."
He said that five years ago the ratio at a NZ hard rock mine was 80:20 skilled to new workers and trainees, but that ratio today was totally reversed.
Lead time for delivery of key mining equipment included 90 weeks for a ball mill, 130 weeks for a SAG mill, 110 weeks for gear sets and 75 weeks for a large synchronous motor. A large ore haulage truck could take 140 weeks to arrive and then it probably would not have any tyres.
Grindlay cited a visit to Waihi by comedian Billy Connolly who told the story of a Waihi local, Bones Radford. Bones started at the Martha mine aged 14 and after 50 years he finished with the others when the mine closed in 1952. Connolly said that at his farewell Bones' only comment was: "You ungrateful bastards. If I had known the job was only going to be temporary I would never have come here."
Grindlay said: "Today we need more staff life Bones and more mines like Martha."
Hi Tok3n,
I think the simple answer to your question is that there is a group of contributors and shareholders who are 'bullish' about HGD's prospects in the medium to long term.
HGD has 205K oz of gold + 800k oz silver(JORC compliant)at Waihi and their permit areas almost completely surround that of Newmont. (see the last post by Woody51.)
Actually my understanding is that the Martha pit mine is almost ready for closure now and that Newmont is already having to concentrate on Favona.
If you study the permit areas around Waihi, I think you will quickly understand the potential for HGD and why a JV with Newmont seems logical.
This will eventually come down to $$$, and how much Newmont is willing to pay for the extended permit areas and resource owned by HGD. Any upgrade in resource levels by HGD will put pressure back onto Newmont's management to make some decision about their future in the area.
We also have a JV at Thackaringa with the Broken Hill Cobalt which is managed and 33% owned by HGD. Cobalt is a valuable resource and is in huge demand world wide. The unconfirmed resource levels at the Thackaringa project is 33 million pounds(lbs). The current price of cobalt is US$25 per pound.
Along with this, there are permits pending at Dunmarra Basin for Uranium exploration which should be granted within in the next month or so and there are extensive mineral exploration permit applications in Northland also pending. A recent study study indicated that the mineral resource in Northland could be worth in access of $30billion.
So for some of us, HGD holds a lot of interest and the outlook/hope of large rewards to come.
Cheers
BP:)
PS: I recommend you do your own research. I hold quite a few HGD shares!
It was good to see a bit of 'upside' with HGD/HTM share price today, even if the trading volume on the ASX was bit sporadic. (Woody51 must of been spending his winnings from the weekend! ;))
Lets hope this trend can continue as we head towards the AGM and some important announcements with regards to the Uranium permits and the new MD.
Cheers
BP:)
No, I can assure you it wasn't me haaa. Missed on Universal Queen in the last leg at Melb, for a good result waaa.
My paper losses are looking very sad on HGD - let's hope we do get some enduring news to carry us into the future ...
Hi Woody51,
Must be croesus buying up then!:)
I still prefer a 'paper' loss on shares compared to a 'hard cash' loss on the horses! (they're always a bit of fun though after a hard week on the markets;)!)
I'm 'betting' (speculating that is!) on some good news starting towards the end of the week and continuing through September as long as we don't witness too much more volatility in the global markets.(which of course is the big ? at the moment:confused:)
Cheers
BP:)
PS: An interesting scenario would be to have more than one 'party' interested in a JV at Waihi. Now that would put 'pressure' on Newmont! I 'bet' their exploration budget for Waihi would suddenly increase!
Not me BAP, did'nt buy any shares at all today. Not sure if today was a "deceased feline rebound..".. lets see how the big markets go tonite.........
cheers Croesus
Hi Croesus,
Just a tongue in cheek comment!:)
However my comment about having more than one interested JV partner at Waihi isn't! :)
IMO management 'should' be working hard to negotiate with other interested parties outside of NZ. Time will tell and maybe you already have an insight into this scenario?;)
Cheers
BP:)
Hi BAP, whilst I have a insight (supplied by a Aussie mate) .... it seems stalled... possibly put in the same box as MId Earth, new executive, etc etc...I don't know what it is with this company but they move so slowly.........
Lets see what the AGM brings
A JV at Waihi is what we are after..........
Hi Croesus,
I think it is about value(perceived or otherwise!) For instance Newmont play hard ball, because they believe they have the 'power' over a junior explorer just as HGD. :p
However at the end of the day it comes down to 'productivity vs capital' investment. IMO a resource upgrade by HGD is on the 'books' and this will 'pose' a big question for the likes of Newmont. Do we make an offer based on the average share price over the past year or do we make an offer based on the resource levels and potential resource of the permit areas.
When potential JV partners understand this concept, both groups will start to make money!;) Shareholders will have to be patient in the meantime!:)but the $$$ will roll in.IMO
Cheers
BP
Here are my questions for the AGM.
If anyone would like to comment or add to them please do!
Cheers
BP:):)
__________________________________________________
When will new gold & silver resource levels be confirmed at the Waihi permit areas?
There has been the inference over several years that HGD is positioning itself to ‘partner’ with another company to further develop the Waihi permit area to mining stage. (ie: a JV with Newmont)
Is the company ‘actively’ seeking a JV partner at waihi or in any other permit area?
If so what are the parameters of any deal that the directors would agree to? (ie: 50/50 venture etc..)
Without a JV partner will the company have access to enough working capital for further exploration in the area?
When will drilling at Broken HIll commence and what is the projected timeline for an IPO and resource levels to be identified?
Based on previous announcements regarding BHCL it was indicated that ‘private funding’ is being ‘sourced’ to progress this development.
Will there be preferential benefits to HGD shareholders once an IPO is undertaken and will HGD continue to manage this project once the company is listed?
When will the Dunmarra Basin Uranium exploration licences be granted and how long will it be before drilling and sampling takes place?
Again what is the timeline before Uranium resource levels can be confirmed? With Kentor Gold also seeking licences in the Dunmarra area is there any likely hood of a JV pending here also?
With regards to increasing Directors fees there is no doubt that the company needs to retain experienced people and the current fees paid are relatively low.
However based on the need to retain working capital for further exploration, wouldn’t it be prudent to offer directors ‘share options’ based on any improved performance(increased share price) by the company?
Over several years the company has relied on supportive shareholders to provide funding for projects, unfortunately a few months ago an opportunity to raise further working capital by way of the warrant conversion was lost.
Do the Directors have any comments to make regarding this issue,especially taking into account there are still other option on issue next year?
Currently the company website and market news releases to shareholders are lacking in the ability to provide information regarding a clear strategy and business outlook for the different projects that have been undertaken. The website is out of date and does not recognise or highlight some of current projects such as Broken Hill or Dunmarra Basin.
Will the company be addressing the way they communicate to shareholders in the near future and can we expect an improvement in communications?
Now that the company has expanded into exploration for a range of metals and minerals, is there any discussion regarding a name change?
For instance Heritage Resources International, would signify that the company has extended it’s exploration and in more than one country.
__________________________________________________ _
Excellent list BAP. Do you consider it a good idea to forward your questions to the company in advance? Assuming Directors want to answer questions in an accurate and honest way it is easier for them to do so with a little prep if they know the questions that will be fired at them before they are johnny on the spot and they have then little or no excuse for not giving a strait answer.
I cant make the AGM but will be looking forward to checking in here after.
The last time I went to an AGM I had the fortune of meeting others from a share site thread on/about that company but missed out on meeting others because we didnt make a point of planing it in advance. I suggest all on this thread who are going make a point of getting together at a meeting point in advance, that is of course if yall want to meet. It can be fun :D
BAP I have to agree, you have a great list of questions.. I will be attending the AGM.
I am a newbie to HGD and see great upside for this stock and have averaged in at around 4.5 cents..so all good
Anyone want to meet ahead of the meeting ? I am a starter, even if only to meet fellow ST threaders !
Hi BAP. The responses to your questions should provide some 'meat' to chew over on this this thread.
My key concern is around the flow of information out from HGD, and improvement thereof. If not already underscored, maybe this could be hammered home at the AGM.
As a shareholder, I want to understand what HGD's goals are, and the steps it plans to take to achive them. I want to have indicative time frames for step completion and these be reported against, as info. is available and this summarised each quarter to provide context, in relation to the 'big picture' and . In this way, I think all shareholders will better understand where we are heading and how quickly we are traveling. As HGD begins to develope its projects it must improve in this area.
Linked to the above, I also support intelligent use of option incentives for Board, key management and possible staff incentives.
More later, dinner calls (or at least the wife is screaming ; )
Jess, my thoughts too. The business plan, objectives etc, that is what is sadly missing now in their communications with shareholders. W. Grigor says time and time again that information flow is one of the keys to creating shareholder interest. HTM (HGD) have got to get that right too.
Hi Woody. This is just so important to adding massive shareholder value. I think if HGD can clearly articulate key objectives and clears steps it not only informs the shareholder, but more importantly demonstrates they know exactly how and by when such real value will be brought out.
HGD has lots of potential but limited resources (not resource;). However, this need not be a problem - if the Board and MD stay focused on achieveing key value adding objectives. HGD have awesome permit areas now - with high probability for a "martha" load resource (this would be world class!!). Its now time however to be clear about what the next steps are in order to 'reel this in'. The critical change has started, with Board and next MD change. Lets see if they can deliver. IMO much will depend on the quality of the next MD...more to discuss on that soon I guess.
I hope HGD doesn't become the gold version of NZO.
Where it takes 20 years to get anywhere, especially when it looks like gold prices are on a verge of a breakout.
Maybe one day, HGD and NZO will merge to become the NZ equivalent of BHP :)
Maybe Radford is looking for his next (MD) role!! In the past he was closely linked with Ottergold (who held a 1/3 interest in the Martha mine)...who knows
Another thought, if the kiwi $ carries on down in the next few years, USD exposure can only be good for HGD, paying costs in NZD (with USD converted revenues).
--------------------------------------------------------------------------------
Strategy, timelines and key objectives for permit areas will definitely be on my agenda at the AGM. Peter and the other Directors should be well 'primed' for answering our questions.:rolleyes:
I'm still hoping to see an announcement regarding the new MD before the AGM. (But again uncertainity prevails!:()
Lets hope they have strategies and objectives that will realise the full potential of all their permit areas and create wealth for all shareholders!
Isn't that why we become shareholders - to see our our 'wealth' improve!:D
Cheers
BP:)
I see BHP are spending up $1.2 b USD to expand its resources this year. The other biggies will surely be along the same lines. Be interesting to see if in the next 12 months we get a spate of takeovers - to obtain control over new reserves, or access to highly prospective permit areas. As HGD has significant (and already permitted i.e. less lead in time) acerage in Waihi this combinition could certainly assist our little coy grow bigger quickly : )
Surprise,surprise , VERY LIGHT VOLUMN today ahead of tomorrows AGM , would have thaught that if there was something substantial to happen at the agm tomorrow that there would be a slight runup of both volumn/price but no which indicates to me that nothing of a real interest will be announced , sad very sad ;;;; but I wait with interest on the show case AGM!
Good luck everyone for the AGM today. I was looking forward to the markets staying positive a little bit longer so that the gain yesterday would continue but a big plummet last night means any good news maybe clouded (in the short term). Then again, who knows. Gold is always positive. :)
Best of luck at the meeting BAP, Hope you get some straight answers....and not waffle and handwringing........
Looking forward to when you post your summary of how it went.
Regards Croesus
Sitting at airport, will try and get a report posted tonight or in the morning.
Here's the links for starters: http://www.heritagegold.co.nz/text/announce.html
http://www.heritagegold.co.nz/PDF/AGM_pres_07.pdf
All go at BHCL! and new MD almost on board!
Cheers
BP:)
Highlights and snippets:
New CEO introduced. Delay was that they had 4 to pick from.
Thakaringa Cobalt IS moving. Spin off by Dec 07, Aus (with shareholder participation) to raise $7m to advance exploration and move to development (already talking to chinese consortium who might develop)
Waihi gold resource definition progressing. Reiterated that discussions with Newmont have in the past occured (JV/TO/whatever, also idea of toll use of plant) but not lead to agreement as Newmont pitching pricing too low. Determination to continue to define resource with possible end game of development with (or without?) JV (depending on how things pan out).
Northland gold - Large tenements. Not priority...but not forgotten either.
Uranium Expl license applications - Must wait till end of Sept to see if there are public submissions (normal process in Aus). Don't know if there will be any. If none, quick progression to grant licenses, if submissions, must be addressed with unknown timeline until content of submissions is known.
General sense of quiet confidence - steady progress has been made in several areas. I can see effort gradually coming together and will reach a point where value starts to accelerate!
Thanks Tobo,
That looks pretty damn good to me. Positive aqction on all fronts; gold, uranium and cobalt- pity there wsn't a chunk of lithium in there. Never mind I'm holding on to HGD. And BAP you're expectation looks to be going to work out. SP $1 within the year!
Seems Promising........Interested in BAPs thoughts.
Cheers Croesus
After trying to decipher my own scribble I have to say the meeting was a pretty quiet affair!:)
There would have been approximately 20 shareholders present and the meeting was ‘controlled’ by the chairman Mr Hill.;)
The resolutions were passed with relative ease.(no surprises there!)
and there were no real difficult questions presented by any shareholders.
Other than Mr Geoff Hill, the other directors present were Mr Peter Atkinson and Mr McKee. Sitting alongside the Directors was the ‘probable’ incoming CEO Mr Trent Lash. Unfortunately he had not signed the ‘dotted line’ at the time of the meeting (hmm..)
One of the company’s consultants Murray Stevens provided a power point presentation covering the permit areas, specifically those based in NZ.
While his presentation was rather bland, he provided some confidence in the gold resource levels at Waihi and was ‘ very upbeat’ about the ability to find higher yields at depth. He also made special not of the ‘Mystery’ vein which was showing good results.:D
Peter took the reins after Murray had finished his presentation and in general he adequately covered most of the questions that were posted and gave a satisfactory overview of the outlook for the company.
Shareholders did get the opportunity to 'pose' some questions although not ‘too many’ put there hands up and Mr Hill did ensure this part of the meeting was kept brief...:rolleyes:
The highlight of the meeting had to be the confirmation of plans to list Broken Hill Cobalt Ltd on the ASX in December 2007:D:D:D
Their objective is to raise up to $7 million dollars to progress production at Pyrite Hill which is part of the BHCL permit area and to advance further exploration targets in the area.
In summary BHCL has completed resource evaluation, mineralogical and metallurgical studies, and cobalt extraction test work and the indications are that Pyrite Hill is ready to progress to production with a minimum 10 year production life.
There is also the potential to extract and process other minerals
resources in adjacent zones, including Co, Au, Pb-Zn-Ag prospects which have been ‘earmarked’ for further exploration
BHCL is currently in discussions with major Chinese consortium(s) interested in developing the resource based on favourable contractual supply agreements. (unofficially they wanted to buy the entire resource outright!)
There was also an indication that HGD shareholders would receive preferential opportunities, however they did not elaborate at this stage.:)
With regards to the Waihi exploration and mapping will continue with the objective to clarify exact resource location, so the company has the option to push ahead with a stand a lone production facility if no suitors come to the fore.
The permit areas almost completely surround that of Newmont and the obvious conclusion is at some stage a JV with Newmont will take place. However in past discussion Newmont has been treating HGD as a junior and wanting ‘far too much while offering too little’.
From my prospective this seems a game of ‘cat and mouse’ at the moment and in the longer term I think HGD will gain the ‘upper hand’ in Waihi for the simple reason, Newmont will eventually need to acquire more resource to feed their existing production capacity and they have no where to go in the area.
After talking to Mr Hill about this matter, he seems confident about their strategy and he indicated the Directors only want parity on any JV arrangement. To date the offers made have not met their valuations, however it was also indicated that other potential suitor(s) are looking!
Apparently the main focus for the incoming CEO will be to market the Waihi resource and I think this permit area is very saleable.
The Uranium Exploration applications are still waiting to ‘see out’ the public submissions process. The company should know the outcome by September 2007.
If there is ‘no public submissions’ the licenses should be granted quickly and the company has already has a testing programme planned. During this period they have been able to do some test work and have established the best locations to progress once they have final approval.
(There is still the possibility of submissions and these will extend the process of approval as the company will have to address the concerns lodged.) IMO this is unlikely to be a problem.
There was little information regarding the Northland permit areas other than in the presentation Murray Stevens. Again he was very positive about the extent of the prospects in the area, but this is a very large and long term venture and I would suggest it will be a few years before they really focus on this area.
The main strategic points to come from the meeting were that the Directors aim to grow the search for land holdings and commodity resources.
The intention is to advance the main permit areas by way of JV’s or stand alone operations and further effort will be made to improve and expand existing assets.
Throughout the meeting and in the ‘tea & cakes’ discussion afterwards the participating management impressed with their confidence regarding future prospects
To summarise I was happy with the outcome and the general answers, however ‘actions speak louder than words’ and we should be looking for real evidence of progress between now and the end of the year.
It will be immensely important for the management to successfully progress the uranium exploration in October and follow up with a successful listing of Broken Hill in December.
The most disappointing aspect of the meeting was that they had not yet agreed to final terms with the incoming CEO and that while he was in attendance they didn’t provide shareholders with any detail of his background, once again they let themselves down with the information process.:rolleyes: (of course I did approach him directly about his background)
Overall promising outcome, but more information required.
Rating 6.5/10 ;)
Cheers
BP:):)
BAP, Thank you for the informative update.
Thanks BAP. Lets hope they push the Cobalt along.
Excellant summary.. 8.5/10
Excellent summary of the meeting BAP. I also came away from the meeting feeling a lot more comfortable about where the company is heading and hearing about some of there plans.
I will let BAP answer Strats question regarding the new CEO but I will say after also talking to the guy.... he is a young, ambitious, entrepenurial and well educated guy.
The expectations were that they could sign an employment contract last night or this morning.
He appears to be what this company needs to get it to the next level.....production.
Thanks BAP, a lot of work and a balanced review. If you google Trent Lash there's a couple come up in NZ. Maybe one of those.
Hi Strat,
I thought it might be prudent to see whether the two parties actually agree to terms before making too much comment, however Oiler2 has summed it nicely with his post.
Apparently Trent is an Otago boy, and has acquired a Canadian accent over recent years!- hey we won't hold that against him if he can get the share price moving upwards!:D
He has worked with some resonably high profile company's and he has an established mine engineering and financial background.
He is well educated, confident and seems entrepenurial and he may even be a little younger than me!;)
From the discussions at the end of the AGM it seemed like confirmation would be soon, if not today, so lets just wait and see!
Cheers
BP:)
Thanks BAP
Overall promising outcome, but more information required.
Rating 6.5/10 ;)
Cheers
BP:):)[/QUOTE]
I was just going over my notes again and I also scribbled down that, Mr Grigor will have a major influence on the success of the BHCL IPO.
The company needs to target Australian 'brokers and investment houses' to give this IPO the 'push ahead' and the credibility it needs. This is where the expertise of Mr Hill & Grigor will pay 'dividends' for HGD shareholders.(IMO)
The BHCL listing could be an exciting opportunity if it is managed correctly.
Of course we still need to see what the benefits for HGD shareholders will be, but I'm confident of a positive outcome.
So lets hope the increased Directors fees to Mr Grigor are incentive enough!:D
Cheers
BP:)
PS: My 6.5 rating may have been a bit harsh also, maybe 7 would have been a fairer grade!;)
So lets hope the increased Directors fees to Mr Grigor are incentive enough!:D
Cheers
BP:)
PS: My 6.5 rating may have been a bit harsh also, maybe 7 would have been a fairer grade!;)[/quote]
Yes lets hope the increased directors fees are incentive enough to keep there interest. :o I believe in "pay peanuts, get monkeys" but let me qualify that by saying that HGD directors have done a great job.
I have to think that sooner or later there has to be a much more attractive compensation package for the executives and directors of the company given what the future developments hopefully are.
We need to incentivise management......... the company doesn't have spare cash so lets look at "performance options"
Once the new MD/CEO is on board I think we will start to see some action. :D
BP I think your 6.5 was a little harsh !
Rolling up at an AGM with a candidate for MD who still hasn't signed on the dotted line has to be one of the more bazaar PR exercises in the HTM bag of tricks. Let's hope he's good and he signs. Thought the cobalt stuff was worthy of a media release out of the AGM to try and pick up investor interest. It's a strange beast this one, very strange.
Woody I agree but think that if they'd skirted the issue or stated "yes we have one in the works" it might have been the final straw for some.
[QUOTE=Woody51;162765]Rolling up at an AGM with a candidate for MD who still hasn't signed on the dotted line has to be one of the more bazaar PR exercises in the HTM bag of tricks. Let's hope he's good and he signs.
Hi Woody,
Yes, it was rather unconventional and unfortunately I believe the Directors now have themselves in a 'precarious' position!:o
This could almost turn out to be a repeat of what happened with Paul Granney the CEO for the 'proposed & dumped' MEM listing.:( Mr Lash may almost have the board by the 'short & curlies' so to speak!;) Lets hope not!
However IMO the important factor to come from the AGM is the listing for BHCL. We don't need a new CEO to progress this venture or the Dunmarra uranium licences for that matter, we have Mr Grigor & Hill, who I would suggest will do most of the 'donkey' work to progress these initiatives in any situation. see my previous post and remember that Mr Hill is currently the number one shareholder!
Yes, ultimately we need to see the new CEO 'signed up' under agreeable terms, however it won't be the 'end of the world' if this doesn't happen just yet! :)
As I said in my AGM post I believe the focus for an incoming CEO will be to ensure the sale/marketability of the Waihi resources. A satisfactory outcome there is still reasonably dependant on improved resource upgrades IMO!
Cheers
BP:)
I have just come in from a big night (wine) out. But quite honestly, I really think we are too soft on this crowd.
I have come to the conclusion, they are either devious or incompetent.
I really can't believe they got away it at the AGM. What's new?
A whole lot of maybes re the cobalt stuff. And in the end, HTM (HGD) shareholders could be totally diddled anyway. That's if anything ever eventuates.
Re the gold drilling. Either they believe in it or they don't. If they do, then why haven't they got every crew available out there, drilling flat chat?
We don't even know if they are drilling, or whatever!
Forget the uranium, you can bet some greenie will object to the underground water table or something. And if Rudd (Labor) gets in, well every hurdle will be thrown up re Uranium mining you can imagine.
If they really think the gold can deliver, then stop playing bluff and prove up the resource - flat chat.
The PR and the website remain a disgrace. I can't believe Warwick Grigor has got caught up with HTM. All of their communications is so contrary to his stated philosophy re shareholder democracy.
I'm sorry, BAP, Jess etc, but when you read this forum over the last 18 months or so, my take out is - - - well meaning shareholders offering every excuse for a management that has constantly let them down. And in the time of a resources boom.
HGD have been saying for the last 3-4yrs that they have been looking at listing BHCL.If HGD shareholders do get Entitlements they should IMO receive Bonus shares if they take these entitlements up. Once again we wait and see.
Hi Woody,
Why not send an e-mail to Peter Atkinson and Warwick Grigor reiterating your concerns and frustration made your last post! (just leave the bit out about a night out ;)
As I noted in my AGM coverage, the shareholders present (I include myself) did let the Directors 'off the hook' to some degree, however Peter was fairly thorough with his explanations and coverage of the projects and the strategy for Waihi.
You are 100% correct about the company PR and website and maybe some additional shareholder criticsm on this issue may get some action.:rolleyes:
IMO Warwick Grigor would not have 'backed' this company if he didn't see any potential, but he is the only person that can clarify his reasoning on that.
Actions speak louder than words and the directors must now see through their plans for this year.
I have confidence in the outlook for the company, due to the research I have done, the fact that the main permit areas have known/proven resource levels and the credentials of the Directors and shareholders.
Woody, I recommend you phone (or e-mail) Peter & Warwick directly to get their feedback and possibly some reassurance.
Cheers
BP:)
Yep, I think the website could do with a professional lift. The current one looks pretty basic and very dated.
'Perception is reality'
i could not make it to agm but obviously did not miss much, just another boring meeting with regular geological speak it sounds and a few "possibly" this and "possibly" that happening, yip 21 years latter and they have a website that reveals a $2000 start up company that's totally outdated, reflects a part of what they do etc.
I've mentioned as well as others on many occations and nothing is done. I've sunk quite a few $ into hgd and i wonder why most of the time, my view has changed from march this year i'm sorry to say. How much longer ? i think i could seek better op's elsewhere.
Might hang in there a little longer
Hi Etrader,
I was there also and came away quite happy, especially after having met the new CEO. My only disappointment now is that there has been no official announcement as to his appointment .
I am increasing my holdings quite significantly as a result of the AGM discussions. ;)
Your on to it Woody, will be considerable egg on HGD managements face,... if this guy doe'snt sign........ all a bit amateur night in my opinion.
Hi Croesus,
There will no doubt be 'some egg on face' for the HGD management if Trent Lash does not sign an agreement to become the new CEO. As I noted previously the directors are now in 'precarious' position.
However IMO it is still more important that the directors ensure they have the 'right' person for the job and that all terms are agreed on the basis of 'delivery' and the 'meeting' of shareholder expectations.
Ultimately we want Trent Lash and the HGD directors to agree to terms, however IMO it is better to have 'egg on your face' if he is not the person for the job and is not 'willing' and 'able' to meet the terms and an agreed remuneration package.
Personally I feel we are jumping to conclusions even discussing this possibilty just yet, but of course thats what this company sometimes leaves you doing by its lack of communication!:rolleyes:
The priority for the company must be to progress the uranium initiatives and the Broken Hill Cobalt IPO as they have indicated they will. If they don't meet their self imposed time frames they will have much 'more than just egg on their faces'. They(the directors) will have millions of shares that could suddenly lose much of their value.
This time around I don't think they will let these opportunities slip by!
I hope not anyway, although I'm sure you will have your own insight into the outcome!
Cheers
BP:)
From HGD management’s viewpoint it must be very encouraging to see both gold & cobalt prices pushing upwards at the moment.
With gold teetering on a new ‘bull run’ (US$670+/oz) and the demand for cobalt(US$27/lb) increasing steadily what better time for the company to focus on the the Broken Hill Cobalt IPO and a JV at Waihi.
The two links below are well worth a read if you have the time and are interested in the outlook for cobalt and Broken Hill Cobalt Ltd.
http://www.formcap.com/s/CobaltNews.asp
http://cobalt.bhpbilliton.com/
The above 'Cobalt New's link is fairly lengthy so I have copied a couple of extracts from the August News releases that help tell the story of why 'IMO' the BHCL listing has great potential.
Cheers
BP:)
-----------------------------------------
Extracts:
There is another metal, which at the moment is a critical material, one without which the current designs of lithium-ion technology batteries cannot be built: cobalt. I'll explain why this is so in another moment. As it happens cobalt is also critical in the current technology for manufacturing nickel metal hydride batteries, which are as universally used today as they have been since 1999 in all production hybrid-powered vehicles made by Toyota, GM and the other large OEM auto makers.
One bullish trader, meanwhile, had this to say: "Currently the summer holidays have clouded the fundamentals - but in the next few weeks as customers return from vacation - they will need to obtain metal to fill their glowing furnaces. The next chapter in cobalt is going to be very interesting. I don't think the fundamentals have ever been this strong before.
China produces very little cobalt; Japan and Korea produce none. Yet the three of them use together twice as much cobalt as the U.S. Not only that, but China was getting most of the cobalt ore from the DRC for smelting and refining. Now that will be done in the DRC, but China still needs material, more so now than ever.
still no update on CEO. Bodes ill if you ask me.
More PR shortcomings
I'm am quite sober tonight, the forum will no doubt be pleased to hear! Not really smart, talking down your own stock! But this company is "so" exasperating.
Both options and head shares down on the ASX today on more than average volume.
With no news on the CE - or anything else that's encouraging being reported by the company - you have to expect that the shares would slide. And similarly, there's no incentive to 'confidently' average down. There's not a lot of interest in the small explorers at present - people being very choosy in the post sub-prime climate.
We needed a lift around the AGM and because it didn't come we are looking 'very penny dreadful'. Let's hope this is the bottom!
I am still very disappointed the company did not see the obvious merit in putting out a media release about the cobalt IPO. Most punters just wouldn't be aware of it, nor the confidence being expressed re Chinese interest.
Maybe I will write one and post it on here. If management read this forum, and like it, they can have it for free!
I think our families will be wheeling us all in from the psyche ward for our get-together if HTM finally delivers ... At this stage AU 0.7c would be looking like a reason to celebrate!
Gold ticking up again - hit 690USD briefly yesterday.
On Broken Hill Cobolt Ltd...I wonder if HGD holders will get 'free' shares in this. I think the term 'capital appreciation' was used in a recent announcement. This of co**** may mean HGD holds what it can and waters down to paying new entrants. This might work nicely, especially if they lock down a new cornerstone investor - as they have indicated. If the latter occurs, is it worth getting a few extra shares/rights etc if the opportunity arises? Lets see the detail. I guess this is the reason for the delay to any formal announcement/detail. Be nice to finally value BHCL based on a fair value i.e. share price/market value (its currently recorded at bugger all in the accounts). Even if it comes in at a few cents it should support HGD's price quite well, and grow as the cobolt mine developes to cashflow etc.
Things have been quiet, but with a JV, uranium permits, and cobolt spinoff all within 12 months (HGD = NZO time) things are still looking good in my view. HGD also has less than 220m? shares on issue, while higher than a few years ago this is less than alot of other juniors. This means more $ for shareholders when we do realise some real value.
Golden dreams all! (...sounds better than glowing ones : )
Hi Jess9,
The cobalt price looks strong also with it hitting US$28.00 again.
Here is another extract that provides positive news for the future of cobalt.
I just hope HGD management can take advantage of this opportunity before it is too late.
More tomorrow, but since the news below was announced, the cobalt price has increased another 10%.
Cheers
BP:)
London 28 August 2007 12:18, BHP Billiton has booked cobalt sales amounting to more than 40 tonnes at prices as high as $25.60 per lb, marking what some observers think could be a turning point for the blue metal.
Cobalt prices had slid through the summer to their seven-month lows but BHP's sale last week as low as $24.20 could represent the bottom of the market, they said.
Enquiries increased substantially last week after BHP announced its cheapest sale since January 22, and the sales booked on Monday could represent a welcome return of optimism.
"The bottom of the market is here," a trader who bought two of the lots BHP sold on Monday told MB. "Cobalt's on the return."
BHP has sold to a number of parties --- at $24.50, $24.70, $25 and $25.60 --- and is now offering at $26.50.
"It's a high-grade push at the moment," said the trader, adding focus will soon shift to the low-grade market.
Norilsk Nickel booked 15 tonnes at an average of $23.61 per lb last week, but is likely to achieve higher prices this week, he said.
"As of yesterday they were still offering at $24 and if we don't take them out, someone else will," he said.
The flurry of activity coincides with a tender by superalloys producer Cannon Muskegon for more than 100 tonnes of cobalt for delivery next year.
Other consumers are also in the market for fixed price deals for 2008 as the summer doldrums draw to a close.
Traders could be buying metal from BHP to cover future demand and are likely to be betting prices will continue to rise, another dealer said.
"This could be the match" that ignites the market, he said.
Thats all good BAP, but these guys remind me of the A/Bs at successive World Cups...they almost get there then they choke.
But Sarcasm aside... it is all very promising...Cobalt and Gold Price..... re AGM have you phoned Peter re the signing or not of Trent Lash ?? that should have been resolved by now.
No more word on the deal I speculated on a cpl of months back.
cheers C.
Hi Croesus,
I've had 'no word' on Trent Lash to date. Will be on the phone again today!
Things are looking very positive for cobalt at the moment as per extract below. HGD/BHCL management have to take advantage of their position quickly and I think the time is right now!
Lets hope they can get the BHCL IPO moving soon, with some specified detail to the markets and media!
There is plenty of Chinese interest in all Australian resources at the moment and they need a 'guaranteed supply chain' for cobalt just as much as many of the other commodities!
Cheers
BP:)
LONDON (Reuters) - Credit Suisse has opened a market in hi-tech metal cobalt to investors seeking a commodity contract that won't be buffeted by turbulence in other financial markets, the bank said on Tuesday.
Cobalt, a metal mined in Africa, Russia, Cuba and Australia, and used in batteries and aircraft engines, is not traded on an exchange, so until now the only way to invest in it has been to buy the metal and store it -- often not an option for hedge funds. But the new financially-settled contract launched in August by Credit Suisse makes it possible to buy cobalt without ever taking delivery of the metal, the bank told Reuters in an interview.
"It works likes other commodity contracts. For example, if you buy Dec 07 cobalt today at a fixed price of $24.80 and come December, the average for the month prices out at $30.00, then you net receive $5.20. It is purely cash settled," said Lorcan Cleary, Vice President in the commodities group at the bank.
Since cobalt is not traded on any of the world's metal exchanges, the contract is priced on data published by industry journal Metal Bulletin.
"We have taken the proactive step of providing access to a market in the absence of an exchange," Cleary said.
A cobalt contract makes sense now because speculators are looking for new products in which to invest after several years of pumping money into commodities.
While exchange-traded commodities such as copper and gold fell victim to the recent global financial turmoil that began with the collapse in the sub-prime mortgage sector in the United States, off-exchange metal cobalt is detached from shockwaves in other markets.
"One of the attractions of the 'new' commodity markets, such as cobalt, is that they avoid the short-term correlation that the more commonly financially-traded commodity markets are currently seeing," said Kamal Naqvi, Head of Hedge Fund Coverage in the Commodities group at Credit Suisse.
"Clients are seeing such markets as cobalt and coal as purer commodity plays." Among commodities, cobalt's fundamentals are especially attractive, Credit Suisse believes.
The bank has forecast that cobalt prices could spike to $40 per lb by the end of this year. High-grade cobalt now trades around $27 per lb, up 50 percent since September 2006 on strong industrial demand and tight supply.
"We expect the cobalt market to remain in deficit until the end of 2008, as supply struggles to keep up with strong demand," the bank said in a research report earlier this year.
The fact that around half the world's cobalt reserves are in the Democratic Republic of Congo, which has a history of extreme instability, is a key risk to supply.
"Going forward, the cobalt market could be further squeezed by supply disruptions, such as rising cost, declining ore grades, potential labour strikes, a lack of infrastructure support and political unrest in the DRC," the report said.
GLENCORE ALLIANCE
Credit Suisse can access a ready source of the metal thanks to its alliance with Glencore.
Through its shareholding in mining firm Xstrata and deals with other producers, this Swiss-based commodities trader has sales rights to a large chunk of the world's cobalt.
"The challenge for new commodity products is creating and maintaining liquidity. Through our trading alliance with Glencore, Credit Suisse is the only bank that is able to consistently source such liquidity in many of these markets," Naqvi said.
"We have plans to further extend the list of tradable commodity products going forward."
Among other commodities traded by Glencore are coal, and steelmaking additive vanadium, which along with cobalt is one of a group of substances collectively known as "minor metals".
Credit Suisse's move into cobalt comes at a time when several commodities trading firms are trying to break into minor metals, attracted by an outlook of rising demand and higher prices.
The global trend towards greater use of high-tech products such as laptop computers, flat screen televisions and catalytic converters, all of which contain minor metals, will raise the cost of these metals, merchants believe.
I think cobolt is in a up trend - if so, "HGD time" may even favour patient holders. Be nice if the cobolt trend spiked and stablised like uranium : )
Croesus.....re the signing or not of Trent Lash??
I believe with Heritage being a dual listed company on both the ASX and NZX there are different compliance/legal requirements that must be met before making any CEO announcements public.
Being a NZ domociled company, management will be more familiar with the NZX requirements rather than the ASX, hence the suggestion they expected to make the announcement to the market sometime early this week.
Trent Lash is on board :D It can only be the ASX requirements that are holding up the announcement.
LONDON, Reuters, by Daniel Magnowski (05 Sep 2007)
Credit Suisse has opened a market in hi-tech metal cobalt to investors seeking a commodity contract that won't be buffeted by turbulence in other financial markets, the bank said on Tuesday.
Cobalt, a metal mined in Africa, Russia, Cuba and Australia, and used in batteries and aircraft engines, is not traded on an exchange, so until now the only way to invest in it has been to buy the metal and store it -- often not an option for hedge funds. But the new financially-settled contract launched in August by Credit Suisse makes it possible to buy cobalt without ever taking delivery of the metal, the bank told Reuters in an interview.
"It works likes other commodity contracts. For example, if you buy Dec 07 cobalt today at a fixed price of $24.80 and come December, the average for the month prices out at $30.00, then you net receive $5.20. It is purely cash settled," said Lorcan Cleary, Vice President in the commodities group at the bank.
Since cobalt is not traded on any of the world's metal exchanges, the contract is priced on data published by industry journal Metal Bulletin.
"We have taken the proactive step of providing access to a market in the absence of an exchange," Cleary said.
A cobalt contract makes sense now because speculators are looking for new products in which to invest after several years of pumping money into commodities.
While exchange-traded commodities such as copper and gold fell victim to the recent global financial turmoil that began with the collapse in the sub-prime mortgage sector in the United States, off-exchange metal cobalt is detached from shockwaves in other markets.
"One of the attractions of the 'new' commodity markets, such as cobalt, is that they avoid the short-term correlation that the more commonly financially-traded commodity markets are currently seeing," said Kamal Naqvi, Head of Hedge Fund Coverage in the Commodities group at Credit Suisse.
"Clients are seeing such markets as cobalt and coal as purer commodity plays." Among commodities, cobalt's fundamentals are especially attractive, Credit Suisse believes.
The bank has forecast that cobalt prices could spike to $40 per lb by the end of this year. High-grade cobalt now trades around $27 per lb, up 50 percent since September 2006 on strong industrial demand and tight supply.
"We expect the cobalt market to remain in deficit until the end of 2008, as supply struggles to keep up with strong demand," the bank said in a research report earlier this year.
The fact that around half the world's cobalt reserves are in the Democratic Republic of Congo, which has a history of extreme instability, is a key risk to supply.
"Going forward, the cobalt market could be further squeezed by supply disruptions, such as rising cost, declining ore grades, potential labour strikes, a lack of infrastructure support and political unrest in the DRC," the report said.
GLENCORE ALLIANCE
Credit Suisse can access a ready source of the metal thanks to its alliance with Glencore.
Through its shareholding in mining firm Xstrata and deals with other producers, this Swiss-based commodities trader has sales rights to a large chunk of the world's cobalt.
"The challenge for new commodity products is creating and maintaining liquidity. Through our trading alliance with Glencore, Credit Suisse is the only bank that is able to consistently source such liquidity in many of these markets," Naqvi said.
"We have plans to further extend the list of tradable commodity products going forward."
Among other commodities traded by Glencore are coal, and steelmaking additive vanadium, which along with cobalt
http://www.mineweb.net/mineweb/view/...6615&sn=Detail
Strat - as background that sounds great. Something to consider if holders have the choice to hold sell or accumulate spinoff shares (assuming this/or similiar occurs). Holding BHCL directly of course would give 100% exposure to cobolt (vs 33% or less after listing through HGD shares).
Hmmm...BCHL listing could be quite exciting, depending on the quantity and quality of the resource. BAP, any informal views on this, as of now?
HGD 07/09/2007 OFFICE REL: 1312 HRS Heritage Gold NZ Limited OFFICE: HGD: Appointment & Notification of Allotment KEY APPOINTMENT BY HERITAGE GOLD Heritage Gold NZ Limited has today entered into a management contract with Endeavour Group Limited ("EGL"). Under that management contract, Trent Lash (a shareholder and director of EGL) will provide management services to Heritage Gold akin to those of a CEO. Heritage Gold is pleased to announce the appointment of Trent Lash as the company's new chief executive officer. Heritage Gold has been searching for a replacement since Peter Atkinson announced his intention to step down earlier this year. Mr. Atkinson will continue to act as a consultant for the company and remain a director of Heritage Gold. Trent has 15 years direct and indirect experience in underground and open pit mining for a range of mineral resource companies in Australia, Canada and South America. This included experience with the gold industry of Western Australia. Trent has a Bachelor of Applied Science in Mining (Hons) degree from University of Otago, and is a qualified civil engineer (University of Auckland). He has a strong track record of developing business strategies in the resource related sector. Heritage Gold chairman Geoffrey Hill says: "Trent's expertise in mining and geology will be of significant value to the company." Trent's previous roles include CEO positions in mid-sized public and private companies, and as divisional manager for large multinational organisations with a market capitalisation of up to $200 million. Trent says he is delighted to be joining Heritage Gold when it is entering a new phase, particularly with its gold mining projects near Waihi and its Australian-based projects in cobalt and uranium. "The gold mining industry is at an exciting stage of its development, making this the perfect opportunity to take on this role," he says. "Heritage Gold has a great deal of potential, in particular its ability to crystallize the value of its existing asset base and advancing the Waihi properties." The management contract is effective for three years from 1 September 2007 to 31 August 2010. The base payment is incremented annually in the second and third years by 7.5% and 7% respectively and an annual 10% performance bonus for achieving material advances in the Company or significant milestones is included. To incentivise performance under the management contract, Heritage Gold has today issued 8,000,000 Options to EGL. The Options are in three series: the first series being exercisable between years 1 and 4 after the date of issue, at 9 cents per option; the second series being exercisable between years 2 and 5 after the date of issue, at 12 cents per option; and the third series being exercisable between years 3 and 6 after the date of issue, at 16 cents per option. Termination fees apply if the Company or the Contractor terminates the management contract. Depending on the circumstances, the termination fee is a nine month payment for termination within the first twelve months and after twelve months the termination fee is three to six months payment. In announcing the new appointment, Mr. Hill took the opportunity to thank outgoing managing director Mr. Atkinson for his long serving contribution to the company. "Peter has been with Heritage Gold since it floated in 1986 and has been instrumental in guiding the company through from its formative years. We look forward to continuing to work with Peter in his capacity as a consultant to ensure a smooth transition for Trent."
Hi Strat & Jess9
Here’s some ‘food for thought’ or at least a compelling story for HGD management to ‘pitch’ to investors.
Research clearly indicates a new upward trend in the price of cobalt based mainly on supply difficulties globally.
A positive aspect for Broken Hill Cobalt Ltd and HGD is that China and several other Asian countries produce no or very limited amounts of cobalt.
They are reliant on importing the material to ensure their continued expansion and to keep production facilities functioning. At present they are sourcing a lot of their cobalt from countries that are politically unstable.
With recent supply uncertainty in the Congo the timing could be perfect for BHCL to progress a listing and further stimulate discussion with Asian interests.
The Chinese Premier and many other Asian dignitaries are currently in Australia and are visiting and meeting with*business leaders. Their search is on!
Asian based consortiums are investing heavily in mineral resource projects that will continue to ‘drive’ their homeland production facilities for decades to come.
Any mention of Asian ‘interest’ in a project is a ‘price driver’ and HGD and BHCL must seize the opportunity now.
We already know that there has been ‘positive’ discussions with Asian consortiums that are interested in acquiring cobalt concentrate. So any initiative at Broken Hill should be ‘off ' to a good start if they can secure a suitable product sale agreement.
From the AGM it was indicated that consultants have been contracted and are dedicating their time to developing the BHCL project and at the presentation it was indicated*that Pyrite Hill resource had a minimum production life of ten years.
Getting their ‘timing’ right is no doubt important, however there must now be an opportunity for the directors to create some awareness in the markets and media relating to the global outlook for cobalt .
The markets in general know very little about the uses for cobalt and it’s value. This could be a great opportunity for HGD and BHCL to create some awareness both through the media, to sophisticated investors and brokers.
For instance cobalt is critical component for much of our current technology, lithium-ion batteries, hybrid-powered vehicles, tyres, the medical and aerospace industries, are just a few of the areas that are very reliant on the constant ‘uninterrupted’ supply.
With the market price of cobalt sitting at US$28.80 at present and expected to climb to US$40 in the foreseeable future, what a great ‘pitch’ to be able to put to the investment markets, brokers and the media!
For HGD & BHCL shareholders we now just need some 'action' to make this all become reality!:D
IMO the 'processes' are all beginning to come together!;)
Cheers
BP:)
PS: IMO Mr Hill & Grigor will have very important 'roles to play' in the success of BHCL.
Lets hope the new part time CEO can light a fire under HRD mangement and get them out of their rocking chairs eh? :D:rolleyes:
Hi Strat,
IMO, the incoming CEO will be focussing on the marketability/saleability of the gold resource at Waihi, rather than BHCL.
The development of BHCL will be 'driven' from Sydney, hence my comment regarding Mr Hill & Grigor.
BHCL is to be listed on the ASX and these two Directors have plenty of 'clout on that side of the Tasman.
I would suspect the first step before preparing a prospectus etc...will be to introduce some initial ‘backing’ finance sourced from sophisticated investors in Australia. Possibly sources already well known to both parties I quess?
Cheers
BP:)
PS: JUST RELEASED
OFFICE: HGD: Appointment & Notification of Allotment
KEY APPOINTMENT BY HERITAGE GOLD
Heritage Gold NZ Limited has today entered into a management contract with
Endeavour Group Limited ("EGL"). Under that management contract, Trent Lash
(a shareholder and director of EGL) will provide management services to
Heritage Gold akin to those of a CEO.
Heritage Gold is pleased to announce the appointment of Trent Lash as the
company's new chief executive officer.
Heritage Gold has been searching for a replacement since Peter Atkinson
announced his intention to step down earlier this year. Mr. Atkinson will
continue to act as a consultant for the company and remain a director of
Heritage Gold.
Trent has 15 years direct and indirect experience in underground and open pit
mining for a range of mineral resource companies in Australia, Canada and
South America. This included experience with the gold industry of Western
Australia.
Trent has a Bachelor of Applied Science in Mining (Hons) degree from
University of Otago, and is a qualified civil engineer (University of
Auckland). He has a strong track record of developing business strategies in
the resource related sector.
Heritage Gold chairman Geoffrey Hill says: "Trent's expertise in mining and
geology will be of significant value to the company."
Trent's previous roles include CEO positions in mid-sized public and private
companies, and as divisional manager for large multinational organisations
with a market capitalisation of up to $200 million.
Trent says he is delighted to be joining Heritage Gold when it is entering a
new phase, particularly with its gold mining projects near Waihi and its
Australian-based projects in cobalt and uranium.
"The gold mining industry is at an exciting stage of its development, making
this the perfect opportunity to take on this role," he says. "Heritage Gold
has a great deal of potential, in particular its ability to crystallize the
value of its existing asset base and advancing the Waihi properties."
The management contract is effective for three years from 1 September 2007 to
31 August 2010. The base payment is incremented annually in the second and
third years by 7.5% and 7% respectively and an annual 10% performance bonus
for achieving material advances in the Company or significant milestones is
included.
To incentivise performance under the management contract, Heritage Gold has
today issued 8,000,000 Options to EGL. The Options are in three series: the
first series being exercisable between years 1 and 4 after the date of issue,
at 9 cents per option; the second series being exercisable between years 2
and 5 after the date of issue, at 12 cents per option; and the third series
being exercisable between years 3 and 6 after the date of issue, at 16 cents
per option.
Termination fees apply if the Company or the Contractor terminates the
management contract. Depending on the circumstances, the termination fee is
a nine month payment for termination within the first twelve months and after
twelve months the termination fee is three to six months payment.
In announcing the new appointment, Mr. Hill took the opportunity to thank
outgoing managing director Mr. Atkinson for his long serving contribution to
the company. "Peter has been with Heritage Gold since it floated in 1986 and
has been instrumental in guiding the company through from its formative
years. We look forward to continuing to work with Peter in his capacity as a
consultant to ensure a smooth transition for Trent."
For further information please contact:
Peter Atkinson M: 021 630 463
Trent Lash M: 021 424 989
Good to see some movement at the station finally. Good luck to Mr Lash and all.
Yes BAP - it's good he's giving it a lash.
You knew I was going to drop that line sometime!
I really am pathetic!
Good News and a great idea. He may get to know what the shareholders are thinking.:D
Hi Oiler, As much as it seems Heritage needs a rocket under em and young blood might be just what the doctor ordered its hard not to be positive with posts from BAP and Jess keeping morale up:D. If they loose heart all is lost lol:eek:
PS I enjoyed meeting you at the Share Trader Auckland gathering and regret leaving early but was truely not a well pup that night. Looking forward to a decent yarn with ya at the next one. If any other posters here are north of the bombays you should seriously consider going to the next one too.
A more friendly or charming gent than Oiler you will not find :cool:
That CEO announcement looks like a good starter. On the face of it, he appears to have the right experience and from comments made here the necessary energy and motivation to transform HGD. The option/equity incentive should make it worth his while to get HGD at least into the 20's in the short to med term. We know the value is there, our new CEO just needs to be focused on how best to bring it out. If he suceeds in this, early 20's of course maybe far to low, especially if we also hit a commercial uranium deposit next year, or the cobolt extends alot further than originally thought (wouldn't that be nice)!! HGD's days in the sun are getting closer. Things are indeed coming together. However, one step at a time for now, let the man settle in ; )
Welcome aboard Trent!
:o:o:o thanks for those kind words Strat.
Strat we do need to chew that fat at the next meeting. From Chicago down the Mississippi to New Orleans, great music. We may even find some time to talk about share trading :D
off to the Wellington meeting this afternoon.
will miss the other 2 Amigos SC & Serpie.
Gold closed over $700 US : )
Picked up some HTMs today.........will put them in the bottom drawer.
Well done Croesus, being patient paid off. I see there is still good depth building on ASX, a positive in the current overall market.
Gold USD $705 today - at least our NTA is rising ; )
Good buying Croesus, at this price I might try to 'pick up' a few more myself.
All the signs (gold & cobalt price) are turning in HGD's favour at the moment, so I was a 'little' surprised to see the share price drop today? :confused:
With the positive resource prices, a new CEO, combined with news about the uranium permits just a couple of weeks away, I would have suggested an increase in share price was about to happen! (hmm!) You just never know-do you!
I'm sure the gold & cobalt prices will keep heading up for a long while yet and tomorrow is another day!:rolleyes:
Cheers
BP:)
With Gold and Cobalt prices looking positive, maybe we will see the HGD management starting to take advantage of their resources at some stage soon?
The 'buyer' volume looks strong on both the NZX & ASX, we just need some good news to push their 'bidding' price upwards.
Maybe the granting of the uranium licences at Dunmarra Basin may ‘set up’ another surge upwards in the next few weeks?
i understand that if the licenece applications are successful, drilling will start fairly quickly afterwards, possibly by November.
Cheers
BP:)
More uses for Cobalt -
Platinum Falls as Daihatsu Develops Fuel Cell Without Platinum
Publisher: Bloomberg
Author: Marianne Stigset
Sept. 14 (Bloomberg) -- Platinum fell in London after Daihatsu Motor Co. said it developed a new fuel cell that doesn't use the precious metal, prompting speculation demand may decline from carmakers, the biggest consumers.
Daihatsu, Japan's largest minicar maker, today said it is seeking to replace platinum with cobalt and nickel. A typical fuel cell for a car uses 200 grams, or more than six ounces, of platinum, the company said.
The announcement ''triggered some reactionary selling,'' said Rory McVeigh, a senior platinum trader at Commerzbank AG in Luxembourg. Still, ''I can't see myself driving a fuel-cell car for another 20 years.''
Platinum for immediate delivery fell $7, or 0.5 percent, to $1,289 an ounce as of 11:14 a.m. in London. Carmakers used about 4.2 million ounces of the metal last year in autocatalysts, equal to 62 percent of total demand, according to London-based metals trader Johnson Matthey Plc.
Palladium, also used by carmakers, slid $2.25, or 0.7 percent, to $330.50 an ounce.
To contact the reporter on this story: Marianne Stigset in London at mstigset@bloomberg.net
-END-
Demand for cobolt seems assured, which will underpin the price. Thanks BAP.
The other part of the share price increase equation is for HGD to quantify a nice big resource there. A 10 year mine sounds like a nice start (at Broken Hill). This I guess means that the the identified resource is at least large enough to be commercial, but the big question is how commercial? I would like a good steer on this ASAP, or at least an indication of what is planned and by when to provide some robust estimates.
One would assume that this is all part of the IPO package...this should be very interesting reading.
While eating those sausage rolls at the AGM and shmoozing, did anyone get an impression of the likely resource size at broken hill or scale of work in progress there?
Croesus, one might assume you think it makes holding HGD worthwhile - simply for its cobolt exposure/prospectivity? Would such a thought be correct?
Back to gold. I see it is nicely through the US$700 barrier. The run today on a UK finance co, can only push gold higher. Wonder how possible US 1000 is? At that level, I'd volunteer my own spade and weekends to help HGD find the stuff at Waihi quicker !
Hi Jess and Bap and co,
I have a Jekyll and Hyde relationship with HGD, at times I curse at managements lack of nouse..their pathetic communication skills... lack of go forward... but I realise this will eventually work in my favour....enabling me to buy shares cheaply.....but.... it is still speculative... and probably only worthy maybe 1% or so of my investment funds...
If the Cobalt is there we may be sitting on a huge assett, as with the gold at Waihi... but odds on Peter and co will yet again F*&% it up.... will HGD shareholders get a benefit via the cobalt float... wouldn't count on it... will we give Waihi away for a few muskets and blankets.. probably....one only has to look at the pigs **** of a job they did with HGDCA warrents....
so yeah... to paraphrase "The Clash" should I stay or Should I go " f#$#% if I know. but for now I am staying
cheers Croesus
ps... WIDWA are in my view the best buy on the NZ market, and no, I am not saying why.. DYOR.
Hi Croesus,
I think the new CEO Trent Lash is in the position to 'breathe' some new life into HGD. It may take him a week or two to get the 'lay of the land' so to speak, but he seems pretty enthusiastic about the company’s potential the role he is undertaking.
I think we will start to notice his presence in the next few weeks as he starts to implement the strategies and directives coming from Mr Hill and Grigor. (I understand that Mr Grigor was very keen for some ‘new blood’ to be introduced into the company.)
The timing is ideal for Trent to create some momentum with the outcome for the uranium licence applications a matter of weeks away and the BHCL IPO in it's planning stages. I believe that drilling is taking place at Thackaringa and consultants are working through 'paperwork' for the listing.
IMO HGD need to move away from the 'sole' strategy of partnering with Newmont at Waihi. They need to 'go for gold' and establish resource levels that will support a stand alone production facility.
If they could 'double' the existing resource levels that would also improve the marketability of the entire project and bring in alternative suitors to Newmont. (several bidders would be better than one!)
It will be interesting to see whether Trent can convince the investment and broking community to take another look at HGD after years of slow progress.
There maybe some interesting weeks ahead IMO!;)
Cheers
BP:)
"If they could 'double' the existing resource levels that would also improve the marketability of the entire project and bring in alternative suitors to Newmont. (several bidders would be better than one!)" - BAP
BAP, this would be very sensible as it would put HGD in control of wealth creation, from Waihi.
HGD is relatively small, I hope Trent has that special "CEO" skill of understanding the global strategy as well as quickly being able to take a macro view to make it happen. What I measn is not getting lost in the unimportant detail. To be able to zoom down and focus coy effort on only the most key things (that matter and will add value) to make the strategy reality. This skill when used always generates strong results, and is what this coy needs to change in a positve way.
In the past I have felt that Peter has tried to do to much at the same time - with the result of spreading efforts too thin. In doing a little bit of everything, I feel what results is alot of nothing - from a shareholder value perspective.
Lets see if Trent and the Board's new strategy/energy can indeed change this. We should re-assess where HGD is in 12 months based on this key change to th constitution of HGD manerment/Directorship. Fingers crossed that hindsight will show that this is the tipping point and with a little luck we will be in multi-bagger territory by then!
Ticking up in AUS today. Wonder if the heavy seller(s) over the last wee while have 'left the building'. If so, after a little more sitting it maybe time to head higher again. Considering recent market jitters buyer support remains quite strong, especially on the ASX.
Gold still over US 700
Hi Jess9,
There is definitely some good signs, however we need that all important communication from the company.
There has been 'little' news released about the CEO appointment or the BHCL IPO. This is not good and only leads to second quessing and creates more sceptics.
I'm sure Trent is busy 'learning the ropes' so to speak, so lets hope he can get some information flowing through soon.
The outcome of the uranium applications is just a few weeks away also, so along with BHCL there is plenty of opportunity for him to create some renewed interest and momentum for the company.
Cheers
BP:)
Jess, BAP, I still wonder what's happening on the gold front. Gold is one sector that is still attracting money - after the recent market jitters. The Waihi JORC resource - and the promise of of an upgrade - is still the jewel in the Heritage crown, as far as I can see. Sure, Broken Hill MAY deliver a good return on our 33% interest - and the uranium play is a BIG unknown. But, without that gold, this company would have very little to show for years of work. If anything, it's the Waihi resource -and its promise - that's still underpinning the company.
For six months we have been teased about on-going work at Waihi - never any mention of rigs or anything on the ground, just technical talk about investigations of possible new rich veins etc.
I hope we will get some clarification on this soon. If the company really thinks the resource can be substantially expanded, then they should be out on the job, drilling their butts off like other gold miners. I find the current situation re Waihi quite bewildering, to be frank.
Trent has a few things to sort through, there's no doubt about that. But at Waihi and Broken Hill we do, at least, seem to have marketable resources. Many other small miners, with capitalisations much greater than Heritage, are still drilling and hoping.
All that's required is a hard nosed, professional and energetic approach to the project development and more contemporary and transparent communication with shareholders and investors.
The next three to six months will be most interesting. We'll have movement at the station on at least two of our three 'fronts'.
It is clear from recent communications with his clients, that Warwick Grigor is well aware of the inertia that had beset Heritage. The fact that he took on the directorship in these circumstances, is indicative of a guy who doesn't shirk a challenge. And as I have said previously, Warwick is a straight shooter, who respects shareholders and their interests.
Trent has some good operators to support him and I will be observing with excited interest, how the 'new' Heritage evolves.
Bang on Woody. Trent (and Warwick) also have the right financial incentives to be well compensated with share appreciation...we therfore wait (some more) and see. However, this time key ingredients have changed. So we might get a very different outcome to that of the past. Here's to action, results and significant share appreciation going forward then!
US fed res cuts rates .5%, gold going to go ballistic, HTM need to pull finger and make hay while the sun shines.
theve had 21 yrs to relax, nows the time
something interestingto listen to.
http://www.bloomberg.com/news/av/
listen to marc faber, saying a US rate cut would be suicidal, i have alot of respect for this guy. alot of his predictions are spot on.
http://www.bloomberg.com/avp/avp.htm...oNtU.D0pcE.asf
Might be old news, but i was reading today that Newmont signed a JV(back in Feb) with GEL to explore areas west of the HTM region(Hauraki). They have a magnetic survey of the whole area done a while ago and are picking targets to drill. I wonder if there aerial magnetic survey would have covered htm's permit ares. Anyone know more?
They must think the region has potential. There JV gives them 60% by spending 1.5M.
Looking forward to the next update from HTM.