PRC Pike River Coal

[tony64peter]

A Big thanks for this tip Macduffy. Looking good nearly 80%
Just a thought, but can I interest any of you Pike River people in having a look at Bathurst Resources - BTU?

An Aussie company that has bought ( by option) the rights to the Buller Coal Project from L and M Mining. The BCP virtually surrounds Solid Energy's Stockton mine and hosts similar high quality coking coal as Stockton.

A Definitive Feasibility Study has been completed for the first phase and preliminary reports are favourable. Rail, port, power facilities etc are in place or readily upgradable. A final decision to mine is expected before the end of 2010.


Yes, it's about time BTU had it's own thread!

Sorry for highjacking PRC's but I thought you might be interested.

[swissboy]

48 hours and we should know.
Extract from 2010 results, released on the 25th Aug include comments"
Hydro-mining operations are due to commence in mid September."
If they are aware of any variation they are obliged to release information as soon as known???????

[JoeBlogs]

I agree that they SHOULD update us (although I personally think mid-September covers up to about the 20th), but going on past performance I wouldn't be holding my breath. What we should have heard more about is the new CEO - the term 'shortly' obviously has a different meaning to the PRC board than it does to me.

[Logen Ninefingers]

It's just a continuation of a very very long-running saga of missed dates and a lack of information about what is going on. Now you have a number of situations....when will a new CEO be confirmed / when will hydro-mining begin / when will the next shipment go. If the past is any guide at all, the pattern is that days drift by running into weeks while impatience grows, and speculation and frustration builds and builds as the clock ticks down on when PRC will require fresh funds in order to keep operating.

[tony64peter]

Loading facilities at the port look fully operational with the loader now on the sixth hold.

[Monkey Poms]

In the UK it has been traditional to name a coal seam after a worthy or long-serving employee.
Without Gordon Ward we would not have Pike. He took the pressure from all angles and luck
seemed to have deserted Pike at times. I wish him good health and all the best for the future.
Perhaps management could name a coal seam the "Gordon" seam in recognition of his efforts?

Now that hydro mining is imminent we need a different kind of person to head the company.
Pikers will be disappointed if the directors choose someone who knows little about trading
coal. Someone, for example, who has been on the board of twenty-odd companies with no
experience in coal. This will not do. They haven't got the time to train someone who is
brand new to the game.

I have purchased coal from Americans, Colombians, Venezuelans, Poles, Russians,
Aussies, South Africans, Japanese coal traders, Enron coal traders. One of the
smartest guys I ever met was a Kiwi, from whom I bought a container of Island
Block and Strongman coal. He was a geologist and knew the ins and outs of the
NZ coal industry at the time. Meeting him fuelled my passion for NZ coal.

I have noticed, over the last three weeks, someone with the same name as this
person on thread information, monitoring your views. He has made no posts.
Assuming it's the man I knew, and if he still has all his faculties (!), he could
with his wealth of knowledge be a help to the new man at Pike.

Monkey Poms

[The BOWMAN]

In the UK it has been traditional to name a coal seam after a worthy or long-serving employee.
Without Gordon Ward we would not have Pike. He took the pressure from all angles and luck
seemed to have deserted Pike at times. I wish him good health and all the best for the future.
Perhaps management could name a coal seam the "Gordon" seam in recognition of his efforts?


For what???? For the bad luck he had? If he has put in his effort, it has been very miserable effort. Endless delays, extremely bad estimations, horrible shareholder communications. The shaft incident could be a quality issue by itself. Even now from the last announcement, it sounded like the hydro drilling won't start till next month. I'll wait and see when we are going to be informed. As a CEO, he has failed!

[dsurf]

For what???? For the bad luck he had? If he has put in his effort, it has been very miserable effort. Endless delays, extremely bad estimations, horrible shareholder communications. The shaft incident could be a quality issue by itself. Even now from the last announcement, it sounded like the hydro drilling won't start till next month. I'll wait and see when we are going to be informed. As a CEO, he has failed!

What GW was good at was raising funds from the public, then more funds, then more funds, then more funds, then a placement, then options, then placement. I think GW leaving is a definite sign that no further funding will be required. This means that very shortly PRC will be operating profitably. Another good sign from GW's departure is that it is obvious the board & executive is not a "jobs for the boys club". Also great to get rid of the salary bill.

Thanks for your effort GW R.I.P.

[patrick]

dsurf
Will Gordons replacement be wage free and paid only a $ a tonne?

[Bixbite]

What GW was good at was raising funds from the public, then more funds, then more funds, then more funds, then a placement, then options, then placement. I think GW leaving is a definite sign that no further funding will be required. This means that very shortly PRC will be operating profitably. Another good sign from GW's departure is that it is obvious the board & executive is not a "jobs for the boys club". Also great to get rid of the salary bill.

Thanks for your effort GW R.I.P.

From the NZOG’s annual report -2001

“The above mentioned private share placement gives an implied value to PRCC of approximately $31 million.” NZOG currently holds 22.5 million shares in
PRCC, a 72% equity.”

At the year of 2001, PRC only valued $31M and the value of NZO’s holding on PRC is $22.32M

What the values currently are? Thanks for GW and some other people.

Best regards
Bixbite

[winner69]

Nearly every stock has been on fire the last few days and headed north .... except PRC

Did they have their run last week?

[JoeBlogs]

I think it's more the fact that they are currently sans-CEO

What does 'shortly' mean to you guys?

[Logen Ninefingers]

GW going means they won't be asking shareholders for more funds????? What a joke. I'd say if anything he's the scapegoat, and they'll say "Now the CEO's gone we are cooking with gas. He was responsible for the endless delays, bad communication, problems at the mine........But we are still going to require more funds cos of these past issues".
I've talked about desperation in some of these posts, but it's more like spin. Everything - whether it appears good or bad at first look - is being spun into a positive. This has been going on for some time now & I would say that the rose-tinted glasses are leading to people making excuses for the inexcusable and leading to a total lack of objective thinking.

[JoeBlogs]

It's unlikely they'll be asking shareholders for more funds from now on surely - the shipment has gone, hydro extraction to commence about now. There would have to be a major stuff-up. We know there are no geological issues with the first hydro panel, if they run into problems with hydro and really need to, they could always extract using conventioanl methods one would think? Either way, from what I understand, now that it's all set up, extraction should be the easy part. I'm as critical as anyone regarding some aspects of PRC's management, but I'm not going to go looking for problems when it seems things are going to plan. Of course, I'll feel more comfortable when they tells us who's taking the helm.

[Lion]

It's unlikely they'll be asking shareholders for more funds from now on surely - the shipment has gone, hydro extraction to commence about now. There would have to be a major stuff-up. We know there are no geological issues with the first hydro panel, if they run into problems with hydro and really need to, they could always extract using conventioanl methods one would think? Either way, from what I understand, now that it's all set up, extraction should be the easy part. I'm as critical as anyone regarding some aspects of PRC's management, but I'm not going to go looking for problems when it seems things are going to plan. Of course, I'll feel more comfortable when they tells us who's taking the helm.

Good post, JB, I agree. It would take something out of left field to stop the cash flow now. Mind you, I would like to hear that coal is still being mined. Me and Mr market, I expect. But once we hear that, I think we'll see a decent appreciation of share price. Where are our ShareTrader spies these days?

[Ian]

REL: 1508 HRS Pike River Coal Limited

OFFICE: PRC: Peter Whittall Appointed Pike River Coal CEO

14 September 2010

PETER WHITTALL APPOINTED PIKE RIVER COAL CEO

Pike River Coal is pleased to announce the appointment of Peter W Whittall as
Chief Executive Officer of the company, effective 2 October 2010.

Mr Whittall has held the position of General Manager-Mines since he joined
Pike River at the company's Greymouth mine site in 2005. During that time he
has been responsible for on-site construction, mine development, recruitment
of the new operations workforce and has been closely involved with the
company's recent capital raisings. He moved to the Wellington head office of
Pike River earlier this year.

Mr Whittall holds a Bachelor of Engineering (Mining) and a Masters of
Business Administration both from the University of Wollongong. Prior to
joining Pike River he had 24 years experience in underground coal mines for
BHP Billiton's Illawarra Coal incl
uding managing the Dendrobium, Tower and
Appin coal mines in NSW.

Pike River Chairman John Dow welcomed Mr Whittall's appointment.

"Peter Whittall brings nearly 30 years of experience as a coal miner and coal
mining executive to his new role as Pike CEO.

"He has a practical understanding of our business and as a seasoned executive
is well-equipped to lead Pike River through the transition from mine
development to steady-state mining operations."

ENDS

Further information:

John Dow Peter Whittall
Chairman Pike River Coal CEO designate
(021) 406 234 (04) 494 0190 / (03) 769 8400
(027) 664 4695

[Baddarcy]

We have a CEO Peter Whittall, can't see how that is not good news?

Didn't he buy a whole pile of shares too recently?

[Mr Tommy]

We have a CEO Peter Whittall, can't see how that is not good news?

Didn't he buy a whole pile of shares too recently?

If he did thats a good sign.

[digger]

Does PW also just stay on as general mine manager? Peter certainly knows the entire mine and layout from one end to the other. Peter will now carry what Ron Brierly had from Brierly investments many years ago. Way back in thoses days we used to say RB was such a big thing in BRL that if he should die the company would go into free fall. Peter Whittall has now become that with PIKE.Ron Brierly is still alive by the way.
Good luck and the best to you Peter,but it is necessary for the company for it to have other hands it is also secure in.That is something for the company to develop and to be seen to be developing.

[Ian]

If he did thats a good sign.

Well the market is certainly liking the news

[blockhead]

Its fair to say Mr Market seems happy with this

[Baddarcy]

We have a CEO Peter Whittall, can't see how that is not good news?

Didn't he buy a whole pile of shares too recently?

Well he does have a fair few, i'll let you add them all up.

Name of director or officer of public issuer:Peter Whittall
Name of public issuer:Pike River Coal
Position held in public issuer: General Manager Mines
Number, class, and type of securities now held:
456,030 Ordinary Shares
1,682,400 Partly Paid Ordinary Shares
137,837 Ordinary Shares
186,769 Options (2011)
24,500 Options (2011)

[JoeBlogs]

He needs more 2011 options ;)

[Baddarcy]

He needs more 2011 options ;)

Well he is out of luck, i'm fairly sure i already own them all :-)

[Balance]

Aaww balance, you're an old softy after all

Answer is now clear, isn't it why GW 'left'?

[brucey09]

Srs.
the question is. we pay snr. Ward mucho dineros - he leaves fast no reason? how is this?

[Sideshow Bob]

Debido a que ha estado chupando la teta de materia grasa de los propietarios desde hace muchos años .....

Yo realmente no quieren decir eso, pero una posible explicación

[Robomo]

Debido a que ha estado chupando la teta de materia grasa de los propietarios desde hace muchos años .....

Yo realmente no quieren decir eso, pero una posible explicación

Which of course translates to....

Since you have been sucking the tit fat owners for many years .....

I do not really mean that, but one possible explanation

Not quite sure how that relates to GW????

[bung5]

Which of course translates to....

Since you have been sucking the tit fat owners for many years .....

I do not really mean that, but one possible explanation

Not quite sure how that relates to GW????

* Since he has been sucking.....

[Baddarcy]

Todays NZ herald

Pike workers expected to get $10,000
By Grant Bradley 5:30 AM Wednesday Sep 15, 2010

Pike River's new chief executive, Peter Whittall, knows every nook and cranny of the West Coast site. Photo / Greg BowkerPike River Coal has moved quickly to appoint Peter Whittall as its new chief executive and its workforce should have $10,000 bonuses in their pockets just before he takes up the job.

Whittall is presently mines general manager and will move into the top job on October 2, a week after the bonus will be paid if the company's hydro mining technique is up and running.

"It's a significant incentive for the workforce to focus on. People have been working towards that diligently, as you can imagine," said Whittall, who replaces outgoing chief executive Gordon Ward.

Whittall joined Pike River at its West Coast mine site in 2005, and moved to the Wellington head office in January. He has been involved in capital raisings, and was responsible for on-site construction, mine development and recruitment.

Before joining Pike River he had 24 years' experience in underground coal mines for BHP.

Pike River said last week that Ward, who has been chief executive and managing director since May 2007, would leave the company next month. Chairman John Dow said Ward had been involved with the mine since it was conceived 14 years ago.

Whittall was an outstanding candidate, he said. "The issues with Pike are now mainly operational. He knows every nook and cranny around the place and that's the expertise we need."

Hydro mining - water blasting coal from the seam and pumping it out of the mine with water in pipes - will increase production rate and if successful is seen as a big step for the West Coast mine, which has been plagued by delays and the need to regularly tap investors for more funds.

Whittall said no further capital raising was envisaged.

Pike River Coal shares yesterday closed up 3c to $1.09.

[JoeBlogs]

Already we're getting some clarity - this is the first I'd heard about this bonus scheme.

[Mr Tommy]

"and will move into the top job on October 2, a week after the bonus will be paid if the company's hydro mining technique is up and running"

So that means hydro mining must be running end of next week at the latest, or no bonus. If Pike are publicly revealing this info then hopefully it means theyre pretty confident of doing it.

[JoeBlogs]

I'd say it means it's all but a certainty, or this was a major slip.

[dsurf]

All excellent news - Happy to see the bonus being paid as it will encourage employee loyalty

[Mr Tommy]

All excellent news - Happy to see the bonus being paid as it will encourage employee loyalty

And I guess thats why GW is leaving on 1 Oct, so he gets the bonus, assuming hydro starts.

[Arbitrage]

It depends on what the bonus is for and what proportion of their remuneration it is. Many employers are moving away from using bonus's as incentives. They may be useful in terms of sales people selling more but in a mining situation where safety and quality of construction ranks highly to avoid collapse, a bonus system may not be suitable.

While initially announcing bonus's will be paid sounds like the miners are performing ahead of schedule, there is no explanation about why the bonus's are being paid. The cynic in me asks why announce this? Is it positive spin to push up the share price?

[Bilo]

It depends on what the bonus is for and what proportion of their remuneration it is. Many employers are moving away from using bonus's as incentives. They may be useful in terms of sales people selling more but in a mining situation where safety and quality of construction ranks highly to avoid collapse, a bonus system may not be suitable.

While initially announcing bonus's will be paid sounds like the miners are performing ahead of schedule, there is no explanation about why the bonus's are being paid. The cynic in me asks why announce this? Is it positive spin to push up the share price?

It seems a pity to have to pay people more to do the job that they were employed to achieve, but at least when they fail to deliver and don't get their bonus they will share our pain. On Pikers past performance most of you might consider something along these lines a safe bet.

[morv]

The bonus was mentioned earlier on this thread by someone who knew someone in the workforce,a productivity bonus if they got the systems going on time and I think the amount was also mentioned

[whirly]

The bonus was mentioned earlier on this thread by someone who knew someone in the workforce,a productivity bonus if they got the systems going on time and I think the amount was also mentioned

Yep and I believe they missed their bonuses last xmas too.

[Logen Ninefingers]

It seems every announcement out of PRC now is met with gushing praise. The simple fact is they are paying bonuses because it is becoming absolutely critical that hydro-mining starts very very soon. The target date given previously was mid-September.
NBR produced an article stating that if the August coal shipment was delayed by 3 weeks they predicted PRC would run out of cash in September. So they've got the cash now from the 2nd shipment but they need more cash and soon.
GW is gone because the target for hydro-mining to start has not been met, and this target - of all the targets that have not been met by PRC over the years - is the most critical because PRC is teetering on the edge of requiring more funds. I am a shareholder....this is not an attempt to drag down the SP on my part, but I see little point in glossing over the facts.

[dsurf]

It seems every announcement out of PRC now is met with gushing praise. The simple fact is they are paying bonuses because it is becoming absolutely critical that hydro-mining starts very very soon. The target date given previously was mid-September.
NBR produced an article stating that if the August coal shipment was delayed by 3 weeks they predicted PRC would run out of cash in September. So they've got the cash now from the 2nd shipment but they need more cash and soon.
GW is gone because the target for hydro-mining to start has not been met, and this target - of all the targets that have not been met by PRC over the years - is the most critical because PRC is teetering on the edge of requiring more funds. I am a shareholder....this is not an attempt to drag down the SP on my part, but I see little point in glossing over the facts.

You are right but I think it is more about relief that hydro mining will actually start very soon and PRC after an interminable delay will actually be a producer and that the SP will soon reflect that

[Logen Ninefingers]

Well I hope it does start very soon, I really do. I reckon the fact that GW is gone and $10,000 bonuses are being waved under noses is a sign that PRC know they have to make it happen now or the consequences will be dire. i.e. they are really getting their a into g. It shouldn't come down to drinking at the last chance saloon to take some steps which maybe should have been taken earlier. There has been incredible apathy to a succession of missed targets....some missed by a mile: years have rolled by to the point where there is now no buffer - everything has to go to plan from this point on, and that is just the right conditions in which our friend Murphy likes to make his presence felt.

[LJB]

If you don't have a vested interest (other than simple job security) why work harder. Bonuses are good. So are employee share schemes. If these guys have been working their buts off above and beyond the normal call of duty for the benefit of us shareholders, they deserve a bonus if they help the company meet a critical target. The sound of coal laden 'iron horses' trundling across across the Canterbury plains is imminent and will be welcome contributors to the little zig zags on seismographs in Christchurch. We can thank the tough buggers under the ground for that.....when it happens.

[Beagle]

Well I hope it does start very soon, I really do. I reckon the fact that GW is gone and $10,000 bonuses are being waved under noses is a sign that PRC know they have to make it happen now or the consequences will be dire. i.e. they are really getting their a into g. It shouldn't come down to drinking at the last chance saloon to take some steps which maybe should have been taken earlier. There has been incredible apathy to a succession of missed targets....some missed by a mile: years have rolled by to the point where there is now no buffer - everything has to go to plan from this point on, and that is just the right conditions in which our friend Murphy likes to make his presence felt.

Good post mate. I reckon you've hit the nail on the head. I susepct there would be huge trouble if Pike tried to come to the market again for more capital. Of course they could approach NZO but I am sure that would really "please" D.S.

$10,000 carrotts for all is a clear sign of how incredibly serious matters have become...not trying to talk the SP down but I might be tempted to buy some more if it did LOL.

[Balance]

It seems every announcement out of PRC now is met with gushing praise.
GW is gone because the target for hydro-mining to start has not been met, and this target - of all the targets that have not been met by PRC over the years - is the most critical because PRC is teetering on the edge of requiring more funds. I am a shareholder....this is not an attempt to drag down the SP on my part, but I see little point in glossing over the facts.

That is exactly the problem all along with lack of accountability of management at PRC - we have a bunch of Pikers on this site who are :

- very quick to make all kinds of excuses,

- criticize and shout down anyone who dares take PRC management to task for gross mismanagement of the project,

- heap praise on the slightest of progress,

Why? Clearly they have bet heavily on the success of PRC and are frightened that by criticizing and taking management to task, PRC will be a disaster.

In fact, the opposite is true.

If only these Pikers are so forgiving in their personal lives with their colleagues, friends etc.

Anyway, hydro-mining better happen or else it's all over.

[Logen Ninefingers]

Some residual questions following the latest events:
1/ Who is the new mine manager?
2/ If Peter Whittal's expertise is as a mine manager, is basing him in Wellington and giving him the CEO responsibilities - thereby taking out the person who 'built' the mine and would seemingly be most needed at the 'coal face' - a smart move?
3/ If GW carries the can for the failings of the project to date, should we also look at the mine manager up to this point: what responsibility should the mine manager take for the numerous delays and missed targets?
4/ Is appointing Peter Whittal CEO a quick fix in terms of PRC being so cash strapped that they can't afford to bring in a top-line CEO from outside of their own inner circle?

[mouse]

Some residual questions following the latest events:
1/ Who is the new mine manager?
2/ If Peter Whittal's expertise is as a mine manager, is basing him in Wellington and giving him the CEO responsibilities - thereby taking out the person who 'built' the mine and would seemingly be most needed at the 'coal face' - a smart move?
3/ If GW carries the can for the failings of the project to date, should we also look at the mine manager up to this point: what responsibility should the mine manager take for the numerous delays and missed targets?
4/ Is appointing Peter Whittal CEO a quick fix in terms of PRC being so cash strapped that they can't afford to bring in a top-line CEO from outside of their own inner circle?
I think that when Peter Whittall went to Wellington we had a couple of new managers appointed to the mine. One was in charge of mining, the other responsible for mine maintenance. I presume this is still the arrangement and that day to day work at the mine is under the control of the managers at the mine. Clearly we are into production and can hope to see lots of coal exported in the near future.

[corporateraider]

$10,000 per miner? We will need another capital raising!

[JoeBlogs]

Now that PRC is entering it's normal operational phase, I think it's a good time to start making comparisons to similar companies. Obviously, there are none that are very similar, but one of the closest I can think of is MCC.

If you compare the proven extractable resource of each (104:17.6mt), and the current market cap, it suggests that all other things being equal (which I concede they are not) the PRC share price would have to be $1.65 (diluted for 2011 options) to be on par with MCC at AU$12.22 (NZD = 0.78 AUD).

If you factor instead for production rate (5.3 actual:1.0 forecast) the PRC price is more like $1.84 per share.

Aside from pointing out the obvious simplicity of my reasoning, does anyone have any thoughts or comments?

[Corporate]

Now that PRC is entering it's normal operational phase, I think it's a good time to start making comparisons to similar companies. Obviously, there are none that are very similar, but one of the closest I can think of is MCC.

If you compare the proven extractable resource of each (104:17.6mt), and the current market cap, it suggests that all other things being equal (which I concede they are not) the PRC share price would have to be $1.65 (diluted for 2011 options) to be on par with MCC at AU$12.22 (NZD = 0.78 AUD).

If you factor instead for production rate (5.3 actual:1.0 forecast) the PRC price is more like $1.84 per share.

Aside from pointing out the obviouse simplicity of my reasoning, does anyone have any thoughts or comments?

I haven't looked at MCC. A couple of questions

Is there coal of the same quality?

Do our operating costs compare, obivously this is only going to be estimated v. actual?

Does MCC have life of mine customers?

Just a couple of thoughts.

[Baddarcy]

Good volume today, pity that there were almost as many sellers as buys thou :-)

[Balance]

Good volume today, pity that there were almost as many sellers as buys thou :-)

Stocks do not move in a straight line - especially for a trading and mining stock like PRC.

[Monkey Poms]

A couple of months ago a company we sometimes buy petroleum coke from
were offered a stake in a one-million tonne per year coal mine in Poland. I
have no idea of the quality of the coal or the thickness of the seams. The
company we deal with declined the offer. ( wonder why ? )

The Polish mine employed 3,000 people.

Monkey Poms

[Monkey Poms]

Some residual questions following the latest events:
1/ Who is the new mine manager?
2/ If Peter Whittal's expertise is as a mine manager, is basing him in Wellington and giving him the CEO responsibilities - thereby taking out the person who 'built' the mine and would seemingly be most needed at the 'coal face' - a smart move?
3/ If GW carries the can for the failings of the project to date, should we also look at the mine manager up to this point: what responsibility should the mine manager take for the numerous delays and missed targets?
4/ Is appointing Peter Whittal CEO a quick fix in terms of PRC being so cash strapped that they can't afford to bring in a top-line CEO from outside of their own inner circle?

Hi Logen Ninefingers
Thought over what you said about Pike's mine manager.
Yesterday I had a drive up to see a former mine owner ( in the course of business ).
I asked the question of how he organised his time working as a mine manager, his duties etc.
Most of his time was spent on sales and overseeing the blending operation, organising transport, bookwork.
Part of the day he was down the pit in contact with (in England) an overman, his "number one". Under the
overman (!) would be his deputy. These people would be responsible for the safety and maintaining of the
mine, and organising the daily production of coal. Under the deputy, are the miners, of course, plus
electricians and fitters. According to my above associate, electricians and fitters were a bloody law unto
themselves.

I'm sure Peter Whittall would have the good sense to delegate good men under him, in similar positions
as "overman" and deputy, ( not sure what you call them in NZ ). In America I believe they're called foremen.

Let's hope in a couple of months time, after hydro mining is up and running, nothing "exciting" happens at the mine
and it's just the straightforward monotonous mining of 3,000 tonnes of coal per day!
(How boring is this forum going to be then? all you guys will talk about is money )!
Incidentally, JB the former mine manager, has 150,000 shares in Pike.

Monkey Poms

[Logen Ninefingers]

I think what we've seen is an old boys network and a tolerance of failure because of how well connected some people are. GW came from NZO and he was allowed to go ahead and miss every single target date he ever set. Basically if he said something would happen at a certain time you could bet on the fact that it would happen weeks, months or years after the designated date. He came from the NZO 'inner circle'....he was their man heading up their baby.
Most of the time a CEO is the big figurehead of the company. When they step into a role that's already well defined in a well established corporate company, they get the big bonus as the well oiled machine grinds on. In the case of Telecom and Paul Reynolds, if the wheels fall off every one else will (and did) get the boot before the CEO. Corporate and management culture rewards people as much for how well they 'fit in' as for what they do. You'd like to think that the 'fitting in' would apply more to the middle management roles with the really smart people at the top driving the forward momentum and driving the culture. But does it happen in practice?
I think when it's a start-up company where real leadership and real drive is required from the CEO , then you find out someones true mettle. When the recession hit NZ, it was the same story. I was working for a company where management were telling the staff they didn't know what to do, and this was a corporate company. When the going got tough, the people who walked the walk and talked the talk didn't get going. By and large they probably kept their jobs.
Balance describe PRC along the lines of...something like....a bunch of halfwits and managers masquerading as miners. I'd go along with that and endorse it. As much as we have people trying to convince us that PRC haven't missed a beat and that we are on the brink of seeing a massive out-flow of coal, it's a really tight situation right now. September is fast disappearing. I hope we don't see the early October date come and go without hydro-mining commencing.

[mouse]

Hydro mining must depend upon a whole lot of factors. We may get them right first time, we may not. It could require a few stabs at the problem to get the whole lot into production. In the meantime we do have ABM20 churning away. I think, unless the tracks have come off or stretched! We are still in development stage, irrespective of what is said. We are still not producing 80,000 tonnes of exportable coal a month, or even 60,000 tonnes. No need to get into any panic yet.
DONT PANIC!
Hopefuly we will have good production figures for September and even better for October.
The share price of $1.10 seems to me to represent the level of risk. I would be surprised to see it go up much more than that in the present economic situation before steady state production. Which we aint anywhere near yet. I am pretty happy with my investment in Pike. It did require however some amount of guesswork! I may have been right in most of the guesses. Most of the time. It is a funny stock to invest in where guess becomes more important than analysis! But I do not read charts, nor believe analysis. I place lots of emphasis on being able to look at the company. Which is why I sold BNZ, we had some funny owners who were going to save it! Plus never bought Tranzrail. I looked at their diesel locomotives which came through Christchurch, which is totally flat in case you dont know, belching diesel smoke
Pike River does not need any analysis. You just watch the coal pile! They are either producing coal or not. If they dont produce the stuff then they get taken over and the management gets sacked. Which does concentrate the mind somewhat. So we are still into watching the Coal Wharf which is far more reliable than whatever is said by Management.
So watch the wall my darling as the coal trucks rumble by.

[Logen Ninefingers]

Somethings happened.....why is Pike at $1.12 and NZO at $1.31??? They didn't jump up for no reason....

[sideline]

Somethings happened.....why is Pike at $1.12 and NZO at $1.31??? They didn't jump up for no reason....

nzr up hugely too - run on mining/resources/oil? although nzr doesn't really belong in that segment.

[Baddarcy]

Somethings happened.....why is Pike at $1.12 and NZO at $1.31??? They didn't jump up for no reason....

Abnormally large volumes for PRC too, probably just a few people taking a punt that hydro will start next week and trying to get in early.

Over all gain of 1c is nothing to write home about, in line with the over all nzx increase of 17points.

[patrick]

Buyer of OA's past few days;based on PW's statement that he did not anticipate any futher capital raising...he expects hydro to work and if it does and we get anywhere near 3000 tonnes a day 16cent options will look very cheap.
If not i will look very stupid, and much poorer.
And imagine the Hilton ad Club the night the bonus is confirmed... might go!

[friedegg]

remember i had a half bro maybe working there?he told me it happened today,the start i mean

[Corporate]

Definitely higher than average volume today. This bodes well for next week.

[Monkey Poms]

remember i had a half bro maybe working there?he told me it happened today,the start i mean

Well done agent Friedegg.

Monkey Poms.

[mouse]

Well done agent Friedegg.

Monkey Poms.
Intelligence appreciated. Undercover and underground work is of course dangerous and should be paid accordingly. Could we have a whip round to pay our agent? Would it be more useful than spy cameras at Ikamatua? Who would organise the drop box for the cash?

[Corporate]

I'm liking this slow and steady rise. PRC to outperform over the next 12 months. Higher risk than your average bluechip..but the dividend return on a $1 share could be 20% PA for 20 years.

[swissboy]

We are all doing our bit. Twice each day I check if any Rail Engines are booked for Ikamatua on the basis that when Hydro production happenes they will need 4 Engines daily ie: 2 Trains with 30 carriages but nothing so far since the last shipment.

[Pete]

Does anyone know where PRC rank in the top 50? Are they likely to get close to the top 15 if the share price keeps rising, and then benefit from index fund buying...
Also here's a short video of hydro mining if anyone is interested - http://www.youtube.com/watch?v=U4Nsgk9cNYY

[digger]

I'm liking this slow and steady rise. PRC to outperform over the next 12 months. Higher risk than your average bluechip..but the dividend return on a $1 share could be 20% PA for 20 years.

Exactally Corporate that is why NZO should not even look at selling it. I keep hearing from NZO that coal mining is not part of our core business. Well the simple answer to that is NZO should change it core outlook. Our first business is to make a profit and PIKE will be doing that and until we do strick some liquid black gold we should keep the income we are going to get from PIKE. We have had about 7 or eight failures in a row now trying to find oil and after last year i do not see how we can do any better in searching.Guess i have said it all before several times but it still bugs me this talk of selling,or more pricely given out indications that you could be interested.Amen

[gambier33]

Exactally Corporate that is why NZO should not even look at selling it. I keep hearing from NZO that coal mining is not part of our core business. Well the simple answer to that is NZO should change it core outlook. Our first business is to make a profit and PIKE will be doing that and until we do strick some liquid black gold we should keep the income we are going to get from PIKE. We have had about 7 or eight failures in a row now trying to find oil and after last year i do not see how we can do any better in searching.Guess i have said it all before several times but it still bugs me this talk of selling,or more pricely given out indications that you could be interested.Amen

I disagree Digger. I've seen very few companies (e.g. Wesfarmers, Berkshire-Hathaway etc ) that can chew gum and walk at the same time. NZO should stick to their current core business. They should sell PRC as soon as (but not before) the proceeds from that sale can be invested into oil and gas projects that give a better (probable) return than staying in PRC.

[Corporate]

Exactally Corporate that is why NZO should not even look at selling it. I keep hearing from NZO that coal mining is not part of our core business. Well the simple answer to that is NZO should change it core outlook. Our first business is to make a profit and PIKE will be doing that and until we do strick some liquid black gold we should keep the income we are going to get from PIKE. We have had about 7 or eight failures in a row now trying to find oil and after last year i do not see how we can do any better in searching.Guess i have said it all before several times but it still bugs me this talk of selling,or more pricely given out indications that you could be interested.Amen

Spot on Digger. NZO are going to sell the golden goose and have told everyone about it. This is why I didn't buy back into NZO, and instead bought the goose :-)

I don't get it. NZO dump a huge amount of cash on risky drilling, fail to purchase proven undeveloped reserve in the middle of the GFC and now plan on selling their most valuable asset. Then there was the purchase of PPP shares....for what purpose?

[Corporate]

I disagree Digger. I've seen very few companies (e.g. Wesfarmers, Berkshire-Hathaway etc ) that can chew gum and walk at the same time. NZO should stick to their current core business. They should sell PRC as soon as (but not before) the proceeds from that sale can be invested into oil and gas projects that give a better (probable) return than staying in PRC.

nonsense - NZO had the opportunity to cherry pick projects during the financial crisis and failed miserably. The core business has not borne any fruit for a long time.

[Balance]

Exactally Corporate that is why NZO should not even look at selling it. I keep hearing from NZO that coal mining is not part of our core business. Well the simple answer to that is NZO should change it core outlook. Our first business is to make a profit and PIKE will be doing that and until we do strick some liquid black gold we should keep the income we are going to get from PIKE. We have had about 7 or eight failures in a row now trying to find oil and after last year i do not see how we can do any better in searching.Guess i have said it all before several times but it still bugs me this talk of selling,or more pricely given out indications that you could be interested.Amen

NZO = oil and gas. Straying into PRC has already shown that NZO has NO expertise in mining coal.

The project is a disaster in planning and execution terms - sucking up valuable resources and getting nowhere for 2.5 years. That is the lesson learnt.

So NZO will make the right decision and sell PRC - hopefully for a good price.

Other shareholders do not have to accept, do they?

[brucey09]

my guess mr Ward go quick - no hydro this month.

[Monkey Poms]

Exactally Corporate that is why NZO should not even look at selling it. I keep hearing from NZO that coal mining is not part of our core business. Well the simple answer to that is NZO should change it core outlook. Our first business is to make a profit and PIKE will be doing that and until we do strick some liquid black gold we should keep the income we are going to get from PIKE. We have had about 7 or eight failures in a row now trying to find oil and after last year i do not see how we can do any better in searching.Guess i have said it all before several times but it still bugs me this talk of selling,or more pricely given out indications that you could be interested.Amen

Digger, your quote that NZO should change its core outlook is right on the mark. The directors of NZO were silly to to put up the SALE sign for PRC
( some of them should go the same way as Gordon ).
The potential dividend for NZO from PRC would be enough for NZO to drill three exploration wells per year for twenty years.

Another train of thought for Pikers and NZO fans - where would you invest some of the future profits?
I will start the ball rolling.
NZ $40 per tonne rail cost, plus stocking costs and port loading charges on four million tons plus of coal produced on the West Coast
and shipped out of the east coast. A good opportunity for a feasibility study to build a ship- loading facility by conveyor or train
merry- go- round system ( the idea came whilst sitting on the New Brighton beach admiring the engineering of the pier).
It would have to be a long pier to reach the depth of water required.

Mmmmm... daft idea, the greens and politicians would never allow it, you would spend five years trying to grease up to them for
planning consent ( Who do we know who is out of a job at the moment, who is thick skinned and would have the staying power to see it through )?

Monkey Poms

[Monkey Poms]

Replies to the question I posed for Pikers and NZO fans - "Where would you invest some of the future profits?"
They should not be of the nature of placing the profits on the black at the SkyCity Casino in Auckland!

Monkey Poms

[Robomo]

Replies to the question I posed for Pikers and NZO fans - "Where would you invest some of the future profits?"
They should not be of the nature of placing the profits on the black at the SkyCity Casino in Auckland!

Monkey Poms

Also, don't forget that April 2011 will see a further $80 million dollars being raised from options (assuming the share price exceeds $1.25). What will this money be used for, particularly if the HCC price remains high and profits pour into the long-suffering pockets of Pike shareholders?

[blockhead]

Pity Michael Fay et al don't still own the railways or we could buy the line from the Coast to Lytellton, provided we paid him enough, the house in Zurich must be in need of new wallpaper by now.

I say get this damn coal mine humming and then there needs to be a discussion around if NOG should hold onto it or sell it

[digger]

Pity Michael Fay et al don't still own the railways or we could buy the line from the Coast to Lytellton, provided we paid him enough, the house in Zurich must be in need of new wallpaper by now.

I say get this damn coal mine humming and then there needs to be a discussion around if NOG should hold onto it or sell it

No discussion required Blockhead. Until we find some oil we from NZO will need PIKE to deliver income for the next 20 to 40 years.

[mouse]

Counting Chickens Again?

[blockhead]

Maybe Mouse, but you can either have a positive or a negative outlook on situations, I tend to have a positive outlook.

[mouse]

Maybe Mouse, but you can either have a positive or a negative outlook on situations, I tend to have a positive outlook.
I am in an Earthquake zone at present. Another quake this morning.:)

[dsurf]

Also, don't forget that April 2011 will see a further $80 million dollars being raised from options (assuming the share price exceeds $1.25). What will this money be used for, particularly if the HCC price remains high and profits pour into the long-suffering pockets of Pike shareholders?

Only surmising but 2 realistic options are:

Develop the other seam for mining or develop a new project.

[manxman]

In reply to Monkey Poms question:-
First some low risk stuff. They may need a power plant to use the available gas. Otherwise they could be paying all sorts of emmission charges.

Then the Paparoa seam needs to be developed, to increase production by 50%.

Further out, look at a joint venture with either Lyttelton or Taranaki for a Panamax capable port north of Point Elizabeth, right next to Rapahoe. Being totally dependent on Lyttelton does not seem to be the best policy, with a major movement on the Alpine Fault getting ever closer. With the amount of coal which could come out of the Buller region, there may be a problem getting it all over the hill.

[Ian]

PRC
20/09/2010 09:40
MINE

REL: 0940 HRS Pike River Coal Limited

MINE: PRC: Additional Capex Underpins Mine Production

ADDITIONAL CAPEX UNDERPINS MINE PRODUCTION

Pike River Coal advises that a combination of proactive steps the company has
taken to sustain the rate of underground mine development will require the
company to seek a short-term working capital facility.

Pike River chairman John Dow says that discussions are at an advanced stage
with potential funders and the company expects to be able to advise an
outcome by the end of September.

"During the current quarter good progress has been made with the installation
of hydro-mining equipment although capital costs have been higher than
budgeted and installation has taken longer than expected," says Mr Dow.

"Pike River has also committed to the purchase of a second (previously
unbudgeted) ABM20 continuous miner.

"The introduction of the first ABM20 in August has proved an unqualified
success in driving production roadways a
nd in achieving improved development
rates and we look forward to taking delivery of the second machine ready for
operation at the start of 2011. The increases in costs, and the delay in the
receipt of revenues from the second coal shipment last week, have impacted
short-term cash flow and led to the need for additional working capital."

Mr Dow says the mine's hydro-mining equipment is now fully installed with
commissioning and first extraction planned to start this week. Pike River
will review the progress of roadway development and hydro extraction over the
coming weeks and incorporate the data into a review and updated forecast of
annual production expectations.

"While we now have to deal with the short-term impact of the additional capex
we have committed to, it has been pleasing to see the results of introducing
the new continuous miner and, with hydro mining imminent, we are moving into
a phase where our future production rates will be able to be forecast with
more confidence.
"
End CA:00199910 For:PRC Type:MINE Time:2010-09-20 09:40:31

[whirly]

Capital Raising...

http://www.nzx.com/markets/NZSX/PRC/announcements/4145570/Additional-Capex-Underpins-Mine-Production

Mate they're keeping themselves warm huddled round a 44gal drum of burning cash.

[blockhead]

And a few posts back we were wondering where any cash raised from the rights might get used ??

[Ian]

I didn't think the news was that bad ? - short-term working capital facility is no big deal

[JoeBlogs]

It's shouldn't be a huge deal, but I think we now know why Mr Ward is no longer with us.

[zon]

Plus hydro is installed with it starting this week. I know some getting touchy with dates, but this is a start up mine.

[blockhead]

I think Mr Ninefingers was onto it a while ago

"GW is gone because the target for hydro-mining to start has not been met, and this target - of all the targets that have not been met by PRC over the years - is the most critical because PRC is teetering on the edge of requiring more funds"

[Ian]

The interesting thing will be the new production forecasts based on the new gear and current mine state.

[fabs]

Never ending la di da di da--------

[Logen Ninefingers]

I guess I should have anticipated a flood of "no big deal" posts. Nothings ever a big deal is it. To those of us with our eyes open, PRC is now becoming a very predictable organisation. It is reactive rather than proactive. There is little direction, little sense of urgency, little accountability. The organisation is extremely arrogant when it thinks it is on top of things, and very humble during the (frequent) times when it is on the ropes and hanging out for more cash. I doubt the right people are in the right places within the company: Mr Ward was allowed to drift along for years and you can't now change the whole culture over night just because he has finally departed.

Anyway, get set for a wave of posts about "lovely coal soon making it's way to the port" and "stockpiles are building up, not long to go now boys".....we are just one equipment failure away from this tenuous situation becoming calamitous. This is what happens when you do not pull out all the stops and nail things up front. Pike have eroded their buffer from years down to nothing. There has not been enough accountability surrounding the delivery and usage of millions and millions of dollars of shareholder funds. All shareholders are responsible for this current state of affairs.

[dsurf]

I am wondering why PRC management felt the need to inform the market at all if it is indeed a short term cashflow issue which it probably is. I also question the need for a separate release. A far better option would have been to include it in the official "hydro mining begins" release or the quarterly report.

[JoeBlogs]

I think they're obliged to tell us about it as it could potentially lead to major problems if they can't get on top of it quickly. It's just another reminder of the risk involved with PRC, and why the share price is where it is.

[Logen Ninefingers]

I have some questions going forward:
1/ It is all very well to begin hydro-mining: what is the level of confidence in PRC to maintain production.....how high is the level of confidence that, once hydro-mining begins, a yearly rate of 1 million tonnes of production will be attained and maintained?
2/ How long will the 2 Indian companies with a stake in PRC wait until they start to move from a passive footing to a more aggressive outlook on the 'difficulties' PRC is having? At what point do they start to demand some major changes?

[Beagle]

This company, at very best, has an extremly chequered track record, at worst management are inept, incompetent, arrogant and have displayed a woeful approach to keeping investors informed of on-going developments, or more accuratly, what's not being developed.

I'm tired allready and I've only been an investor for three weeks !!

In at 97, out at 1.08, 11% profit for three weeks and won't be back till they can actually prove they have a viable profitable operational mine with management that have demonstrated a completly new approach to investor relations. Lets get real here guys. This company has a truly appalling record. At least NZO have some credibility and notwithstanding their sizeable investment in PRC are probably a better bet IMO..

[JoeBlogs]

Good questions, here's my two cents:
1) My level of confidence is consistant with a high risk investment - I'm aware of the fact it could all end up in a smoking heap
2) They, like us, should be expecting much more clarity with the start of hydro mining - I'd imagine any big infrastructural issues from this point will be looked at with more 'aggression'.

[fabs]

Easy fix, just ask for more dosh from NZO, they got plenty and do not know what to do with it and are on the look out for money spinners, overlooked by the rest of the market.

[zon]

I guess I should have anticipated a flood of "no big deal" posts. Nothings ever a big deal is it. To those of us with our eyes open, PRC is now becoming a very predictable organisation. It is reactive rather than proactive. There is little direction, little sense of urgency, little accountability. The organisation is extremely arrogant when it thinks it is on top of things, and very humble during the (frequent) times when it is on the ropes and hanging out for more cash. I doubt the right people are in the right places within the company: Mr Ward was allowed to drift along for years and you can't now change the whole culture over night just because he has finally departed.

Anyway, get set for a wave of posts about "lovely coal soon making it's way to the port" and "stockpiles are building up, not long to go now boys".....we are just one equipment failure away from this tenuous situation becoming calamitous. This is what happens when you do not pull out all the stops and nail things up front. Pike have eroded their buffer from years down to nothing. There has not been enough accountability surrounding the delivery and usage of millions and millions of dollars of shareholder funds. All shareholders are responsible for this current state of affairs.

Firstly I should offer my humble apologies for having an opinon different to your correct one.
To answer your later questions, this is a start up high risk venture with high upsides and downsides - but a risk I, and others, have been willing to take. I know that things will go wrong becuase it is not possible to dig a large hole in the ground and pull out coal in an easy, step by step manner, while keeping on the right side of environmentalists and expect everything to happen in the pre-set timescale. I accept this as part of the high risk deal. If there was low risk there would be less chance of a (very) high return.

[tony64peter]

Sell your shares then.I'll happily buy them today at $1.00.
I guess I should have anticipated a flood of "no big deal" posts. Nothings ever a big deal is it. To those of us with our eyes open, PRC is now becoming a very predictable organisation. It is reactive rather than proactive. There is little direction, little sense of urgency, little accountability. The organisation is extremely arrogant when it thinks it is on top of things, and very humble during the (frequent) times when it is on the ropes and hanging out for more cash. I doubt the right people are in the right places within the company: Mr Ward was allowed to drift along for years and you can't now change the whole culture over night just because he has finally departed.

Anyway, get set for a wave of posts about "lovely coal soon making it's way to the port" and "stockpiles are building up, not long to go now boys".....we are just one equipment failure away from this tenuous situation becoming calamitous. This is what happens when you do not pull out all the stops and nail things up front. Pike have eroded their buffer from years down to nothing. There has not been enough accountability surrounding the delivery and usage of millions and millions of dollars of shareholder funds. All shareholders are responsible for this current state of affairs.

[Logen Ninefingers]

I haven't stated that your opinion differs from mine. I think it's possible to post optimistically about Pike's future and to keep the sycophantic and irrelevant stuff to a minimum and also have concerns about what has been happening. Why is it impossible to criticize what has been happening while at the same time wanting better? Or are the positions mutually exclusive: either sycophantic or critical?

Why should this a high risk venture may I ask? This has been years in the planning, it's been funded and re-funded at every turn, we are led to believe that the leadership is sound and that highly experienced mining people are involved, we are led to believe that the equipment and staff are of a high calibre, we are led to believe that 1 million tonnes of coal per annum production is an attainable figure - GW even said 1.3 million tonnes were likely to be achieved in some years. The processing plant and the other external infrastructure has been in place for some time. It's not as though a whole lot of people and equipment were dropped in the bush a couple of months ago. We are led to believe that the start of hydro-mining is a mere formality. Yet we get this non-stop diatribe on "high-risk" and "start-up". Are you telling me that the project itself, after all the ground that has been covered, should still be considered "high risk"?

[Logen Ninefingers]

Sell your shares then.I'll happily buy them today at $1.00.

You can have them for $1.25

[tony64peter]

So you still think there is some upside to owning these shares then??
You can have them for $1.25

[Logen Ninefingers]

So you still think there is some upside to owning these shares then??

Definitely. This project is like the All Blacks coached by Mr Magoo, wearing their boots on the wrong feet, and run by a dysfunctional organisation like....the NZRU for instrance. I'd still back the All Blacks. I don't think it's out of the question that a coal mine can operate in NZ....it's been done before I think.
It's also "too big to fail" - the dollars are going to continue being hosed into it like a beam of high pressure water hitting a coal face until something gives.

[tony64peter]

Nice analogy.........
Definitely. This project is like the All Blacks coached by Mr Magoo, wearing their boots on the wrong feet, and run by a dysfunctional organisation like....the NZRU for instrance. I'd still back the All Blacks. I don't think it's out of the question that a coal mine can operate in NZ....it's been done before I think.
It's also "too big to fail" - the dollars are going to continue being hosed into it like a beam of high pressure water hitting a coal face until something gives.

[Mr Tommy]

The PIke NZ$50 million equity-raising package - May this year (not even 4 months ago)

"The Rights Issue offer and placement will provide funding through the ramp-up into hydro-mining operations and will also provide a cash buffer of $18 million."

[patrick]

HOW MUCH
HOW MUCH
HOW MUCH?

Or will we OWNERS not be told when it is organised?






B....y Typical

[Logen Ninefingers]

The PIke NZ$50 million equity-raising package - May this year (not even 4 months ago)

"The Rights Issue offer and placement will provide funding through the ramp-up into hydro-mining operations and will also provide a cash buffer of $18 million."

Surely you must know that it is not possible to dig a large hole in the ground and pull out coal in an easy, step by step manner? Pointing out something like this obviously means you have totally lost faith in the project, you are part of the Rebel Alliance and a traitor. How dare you question our corporate genius overlords.

[Logen Ninefingers]

I wish The Empire had been in charge of getting this thing moving.....

Gordon Ward: The Emperor's coming here?
Darth Vader: That is correct, Commander. And, he is most displeased with your apparent lack of progress.
Gordon Ward: We shall double our efforts.
Darth Vader: I hope so, Commander, for your sake. The Emperor is not as forgiving as I am.

[zon]

Everyone will have an opinion and usually different from each other. My point is calling those with a different opionion blind will expect the same sort of reaction.
I agree to a point that PRC communication could be better, but I treat this investment in a very different way to others I have made. We are not investing in a company that has an income in a way we would with most other stocks, more like taking a bet that it will have one eventually and that it should be big. There will be problems along the way - nobody would plan to have a ventilation shaft collapse for example - and I am sure there will be more bad news, but I hope that in 12 months I will be receiving some nice dividends.

[Logen Ninefingers]

I agree to a point that PRC communication could be better You're not concedeing a lot.
There will be problems along the way Understatement.
nobody would plan to have a ventilation shaft collapse for example 1/ Get it right first time 2/ Why not? 3/ How long ago was that again?
and I am sure there will be more bad news Failure of management planning? Inability to learn from mistakes? Bad news for who?

[Casa del Energia]

I think the majority of investors have misunderstand the purpose of this mine - it is not actually for the extraction of coal for the purpose of smelting ferrous metals. It is actually being operated to make sufficiently large holes to pour vast quantities of money into.

So far, it is a roaring success.

[JoeBlogs]

zon, very good posts. Some people don't seem to understand the concept of playing the ball, not the man.

[Logen Ninefingers]

zon, very good posts. Some people don't seem to understand the concept of playing the ball, not the man.

Another rugby analogy. Yes, very good posts from nzo...sorry, I mean: zon.
I'm sure we all agree that the 'halfwits and managers masquerading as miners' down in Wellington have to get off the golf-course and get this thing happening.

[Baddarcy]

Sorry a bit off topic, but i found this comment in The Australian

http://www.theaustralian.com.au/business/mining-energy/old-king-coal-still-reigning-in-the-commodities-markets/story-e6frg9ex-1225926426291

"Pedler produced a chart that shows enterprise value per tonne of resource. Pike River Coal (PRC) was top at $5.44, followed Gloucester Coal (GCL) at $3.64. Five other companies were valued at greater than $1, but there were some interesting valuations further down the chain."

[Billy Boy]

Qutoe from Granny ( NZ Herald) Today

"Pike, whose mine location includes part of the Paparoa National Park, expects to announce by late September the results of its advanced discussions with potential funders. The company reported a $39 million loss for the year ended June, following a $13m loss in the 2009 year. Its shares traded at $2.50 in mid-2008" unquote.

$2.50 !!! what a lot of bullsh*t.
I dont see why we need to roast pike management when this pack of Muttonheads are about
BB

[Ian]

Sorry a bit off topic, but i found this comment in The Australian

http://www.theaustralian.com.au/business/mining-energy/old-king-coal-still-reigning-in-the-commodities-markets/story-e6frg9ex-1225926426291

"Pedler produced a chart that shows enterprise value per tonne of resource. Pike River Coal (PRC) was top at $5.44, followed Gloucester Coal (GCL) at $3.64. Five other companies were valued at greater than $1, but there were some interesting valuations further down the chain."


Is this saying pike is valued at $1.52 ? 18m tons of coal at 5.44 = 98million / 64m shares

excluded options to be excersised and they may be allowed to get more coal out

[mouse]

Counting Chickens Again?
Posted At 9.00am today. And the golden egg has again failed to hatch. This is a mine. It is dependant upon People, the electric supply, water, mining equipment. The German equipment failed almost totally. The tracks fell off. The electronic drive train failed and had to be replaced by hydraulic. New mining equipment had to be bought, the ABM20. Plus a spare! The ventilation and escape hatch tunnel failed and a new one dug. Our coal is a bit behind schedule.
Who cares. I have made profit from Pike. My 10,000 Pike shares cost me probably only $7,000. Not too bad.
I would willingly put in for more shares at $1.00 each. So would most of us. Gordon has gone, which is a pity. Change of Management is frequently dangerous if done at a critical time. Which now is.
We need to get some coal out. Any volunteers to pop over and assist? No experience needed. Must be able to drink but not smoke down the mine.
Any news from our agent down the at the mine today?

[friedegg]

$2.50 !!! what a lot of bullsh*t.
I dont see why we need to roast pike management when this pack of Muttonheads are about
BB[/QUOTE]
whats the problem?they did trade at $2.50

[Wilkins_Micawber]

Qutoe from Granny ( NZ Herald) Today

"Pike, whose mine location includes part of the Paparoa National Park, expects to announce by late September the results of its advanced discussions with potential funders. The company reported a $39 million loss for the year ended June, following a $13m loss in the 2009 year. Its shares traded at $2.50 in mid-2008" unquote.

$2.50 !!! what a lot of bullsh*t.
I dont see why we need to roast pike management when this pack of Muttonheads are about
BB

According to my records it was more like $2.45 (closing price) and at the end of June 2008 but think that it did get to $2.50. I'm not sure that the relatively minor errors in value and dates qualifies it as being bullsh*t though. I'm a bit unclear about who the Muttonhead/s is/are.

[Hoop]

$2.50 !!! what a lot of bullsh*t....

BB

Nah..no bull****
30th June 2008.... opened 2.36... high of 2.50.... closed 2.45

[Billy Boy]

According to my records it was more like $2.45 (closing price) and at the end of June 2008 but think that it did get to $2.50. I'm not sure that the relatively minor errors in value and dates qualifies it as being bullsh*t though. I'm a bit unclear about who the Muttonhead/s is/are.

Twas end June 2008 touched close enough I suppose
But that was a one off, one time .... why present things in that mannor ??
Dag out the extrems I suppose....
BB

[Logen Ninefingers]

The German equipment failed almost totally. The tracks fell off. The electronic drive train failed and had to be replaced by hydraulic. New mining equipment had to be bought, the ABM20. Plus a spare! The ventilation and escape hatch tunnel failed and a new one dug.

Our coal is a bit behind schedule.

Who cares.

LOL - the tracks fell off - priceless. You're leaving out the graben, the great blue duck crisis of '09, and 'Operation Rat and Stoat' in the Nah Trang valley from early '10.

[Robomo]

PRC
20/09/2010 09:40
MINE

REL: 0940 HRS Pike River Coal Limited

MINE: PRC: Additional Capex Underpins Mine Production

ADDITIONAL CAPEX UNDERPINS MINE PRODUCTION

The increases in costs, and the delay in the
receipt of revenues from the second coal shipment last week, have impacted
short-term cash flow and led to the need for additional working capital."
End CA:00199910 For:PRC Type:MINE Time:2010-09-20 09:40:31

I note with concern the delay in payment from the Indian Coke Maker (was it Gujarat?) this shipment was made to - I hope they are being charged penalty interest rates. They are contracted for 'life of mine' supply. Action needs to be taken promptly to get this payment. The ramifications of allowing delayed payments are huge when hundreds of millions of dollars are likely to be affected.

[Logen Ninefingers]

The PIke NZ$50 million equity-raising package - May this year (not even 4 months ago)
"The Rights Issue offer and placement will provide funding through the ramp-up into hydro-mining operations and will also provide a cash buffer of $18 million."

.....pretty sure the Graben / the ventilation shaft / the knocked out german panzer / the attack of killer bush pigs etc all occurred before the the above proclamation was announced to an expectant market.

[Logen Ninefingers]

I note with concern the delay in payment from the Indian Coke Maker (was it Gujarat?) this shipment was made to - I hope they are being charged penalty interest rates. They are contracted for 'life of mine' supply. Action needs to be taken promptly to get this payment. The ramifications of allowing delayed payments are huge when hundreds of millions of dollars are likely to be affected.

Unfortunately the Indian Coke Maker holds all the cards. PRC has been performing like a juggler with no arms.....the Indian Coke Maker is probably sitting there fuming about the fact they've only received enough coal to power a small BBQ. The Indian Coke Maker is probably a bit grumpy right now.

[Hoop]

Twas end June 2008 touched close enough I suppose
But that was a one off, one time .... why present things in that mannor ??
Dag out the extrems I suppose....
BB

Typical media:p ...telling true lies :(
Normally a flag is bullish in a sharp uptrend ..hasn't been the case for PRC in the past....odds on for this time?
If it does the target price is $1.21

http://i458.photobucket.com/albums/qq306/Hoop_1/PRC17092010.png

[Beagle]

The PIke NZ$50 million equity-raising package - May this year (not even 4 months ago)
"The Rights Issue offer and placement will provide funding through the ramp-up into hydro-mining operations and will also provide a cash buffer of $18 million." .

This company has consistently failed to achieve even short term forecasts relating to simple matters like cash flow, so therefore any forecasts previously made are wide open to significant variances, yet some people on here still hang their hats on the promised 1 million tons per annum, go figure ? What PRC can actually mine on a consistent basis is frankly anyone's guess and there's certainly no point in asking anyone at Pike.

[Baddarcy]

Ok so i'm going to try to look at today announcement objectively as i can..... the bits that interested me were as follows:

will require the company to seek a short-term working capital facility. ----- Ok so basically i read this as they need to extend the overdraft a bit, is this really a major issue?

discussions are at an advanced stage with potential funders and the company expects to be able to advise an outcome by the end of September. So we can expect a positve announcement in the next few days then, am i wrong in expecting a positive bounce when they make that announcement?

the mine’s hydro-mining equipment is now fully installed with commissioning and first extraction planned to start this week. Is this not the most awesome news ever in the history of the mine???

Pike River will review the progress of roadway development and hydro extraction over the coming weeks and incorporate the data into a review and updated forecast of annual production expectations --- This bit i am a little concerned about, as i am expecting them to advise they are not going to be producing the 140,000 tonnes by year end, thus there will be the usual reaction to the SP.

[Logen Ninefingers]

Ok so i'm going to try to look at today announcement objectively as i can..... the bits that interested me were as follows:

will require the company to seek a short-term working capital facility. ----- Ok so basically i read this as they need to extend the overdraft a bit, is this really a major issue? Possibly....they need everything to go to plan now; there's no cash buffer.

discussions are at an advanced stage with potential funders and the company expects to be able to advise an outcome by the end of September. So we can expect a positve announcement in the next few days then, am i wrong in expecting a positive bounce when they make that announcement? No, not next few days - its says end of September.

the mine’s hydro-mining equipment is now fully installed with commissioning and first extraction planned to start this week. Is this not the most awesome news ever in the history of the mine??? Sounds good.

Pike River will review the progress of roadway development and hydro extraction over the coming weeks and incorporate the data into a review and updated forecast of annual production expectations --- This bit i am a little concerned about, as i am expecting them to advise they are not going to be producing the 140,000 tonnes by year end, thus there will be the usual reaction to the SP.

I reckon they won't do 140,000 this year, but they should be able to if they are going to do 1 million tonnes next year.

So todays announcement is the one we can rely on? This one - "The Rights Issue offer and placement will provide funding through the ramp-up into hydro-mining operations and will also provide a cash buffer of $18 million." - was dodgy from the get-go? I just want to know which announcement or target date to put my trust in.

[Baddarcy]

I reckon they won't do 140,000 this year

Me neither, what i am worried about is how the market will take it. As the production expectation calcs will be very closely followed by new analyst reports and valuations. Any drop in production estimates will cause a drop in valuations, which lets be honest won't help the SP.

But i am expecting a "yay we started Hydro Minining" announcement later this week, so hopefully this will offset the downside of the production downgrade.

[Unicorn]

It looks very much like the last plan, announced just 2 months ago is now toast "Export shipments from September 2010 onwards are expected to be approximately 20-30,000 tonnes per month with production building to around 40,000 tonnes per month by December 2010."

What was supposed to be another 100,000 tonnes or more (worth over $30M) now looks like it is going to be somewhat less. But how much less? The new CEO needs to set a target, and make sure it gets met.

[Billy Boy]

Hoop old son !!!!
I did'nt fish for you..... why did ya bit ???
regards to Mrs Hoop ;)
BB :ohmy:

[mouse]

We cannot expect to get a steady production figure before the end of this year. We can hope to mine say 650,000 tonnes next calendar year, 2011. Production should then move up. All of the equipment is new and unproven in our mine. The miners have to learn how to operate the machinery in the most efficient manner. All takes time, training and experience. We have to let the mine get going. It is a mine, not a bank. Unrealistic expectations normally fail to happen. The Share Price is good at present for where we are in the production cycle. The returns will be very good once we get full scale mining.

[Corporate]

I think the announcement was relatively well received by the market. The buy side still looks solid and only a small decrease for the day.

[Logen Ninefingers]

We can hope to mine say 650,000 tonnes next calendar year, 2011. Whats that based on?
All of the equipment is new and unproven in our mine. All of the equipment? What makes this mine different from another coal mine?
The miners have to learn how to operate the machinery in the most efficient manner. Do we have anyone there who has operated this kind of machinery before?
We have to let the mine get going. I'll hop out of the way then.
It is a mine, not a bank. No argument there.
Unrealistic expectations normally fail to happen. Where are the unrealistic expectations coming from? Who raised them?
The Share Price is good at present for where we are in the production cycle. How do you quantify good?
The returns will be very good once we get full scale mining. Good.

[BigBob]

blah blah blah

I'll hop out of the way then.

blah blah blah

I'm looking forward to the peace and quiet....

[gNZ]

Anyone know what sort of lead times there are on arranging the shipping and how this compares to stockpile capacities? I think maybe they will hold back for quite some time to really get their money's worth for the shipping this time ; assuming hydro is up and running properly within a few weeks.

Is the hydromining procedure itself very technically challenging or has it been support systems holding things up?

[Monkey Poms]

I note with concern the delay in payment from the Indian Coke Maker (was it Gujarat?) this shipment was made to - I hope they are being charged penalty interest rates. They are contracted for 'life of mine' supply. Action needs to be taken promptly to get this payment. The ramifications of allowing delayed payments are huge when hundreds of millions of dollars are likely to be affected.

I suggest in future an irrevocable letter of credit required paid on the B.O.L required on every shipment.
Any disputes regarding money to be settled by mutual agreement at a later date. This policy should be implemented.

Hope I am wrong. Pike may have to pay in some way for being over- optimistic regarding coal delivery to Gujarat.

Monkey Poms.

[mouse]

What we have to do is hydro mine. That is get the pumps working and flush the coal into the flume. The coal is then, as I understand it, sorted underground or crushed into small bits. We then send it down the 2kms mine tunnel to the entrance. Next we have to send it down the 10km slurry pipeline to the coal preparation plant. Stockpile then truck to Ikamatua. None of this has been tested with a steady stream of coal. We have managed to export a total amount of 40,000 tonnes. That is not a real test of equipment or production. So, do not expect miracles since they normally do not happen. We have had our one allocated miracle this year in Christchurch with no-one being killed in the Earthquake. Two miracles a year are impossible. Let the mine start production, hopefully we will get over 50,000 tonnes per month production next year. The figure is a guess. However, a year ago I forecast we would not be in full production before the end of this year. I could be wrong, but I doubt it.

[Logen Ninefingers]

I'm looking forward to the peace and quiet....

I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the freedom that I provide, and then questions the manner in which I provide it. I would rather you just said thank you, and went on your way.

[mouse]

Hi, Monkey Poms. Can you comment on my post please? Am I being realistic or pessimistic?

[Hoop]

Hoop old son !!!!
I did'nt fish for you..... why did ya bit ???
regards to Mrs Hoop ;)
BB :ohmy:

Hmmm..oops
BB..I thought that meat had a lead taste to it:p..I wonder where the hook is:confused:
Thxs BB...Mrs Hoop is concerned again..."You didn't buy more of those shares did you??"
"Umm..yeth"

[gNZ]

What we have to do is hydro mine. That is get the pumps working and flush the coal into the flume. The coal is then, as I understand it, sorted underground or crushed into small bits. We then send it down the 2kms mine tunnel to the entrance. Next we have to send it down the 10km slurry pipeline to the coal preparation plant. Stockpile then truck to Ikamatua. None of this has been tested with a steady stream of coal. We have managed to export a total amount of 40,000 tonnes. That is not a real test of equipment or production. So, do not expect miracles since they normally do not happen. We have had our one allocated miracle this year in Christchurch with no-one being killed in the Earthquake. Two miracles a year are impossible. Let the mine start production, hopefully we will get over 50,000 tonnes per month production next year. The figure is a guess. However, a year ago I forecast we would not be in full production before the end of this year. I could be wrong, but I doubt it.

Thanks Mouse.

So while 40kt is a far cry from thorough testing; the slurry system (and sump) isn't completely untested, and neither is the general theory of hydro-mining.
Is anyone aware of circumstances at the pike that are unusual or pose a particular challange to hydromining?
not inc. humans :) , they got hold of some experianced opperators a while back didn't they?

[geezy]

i m just thinkin about capital raising at the mo. PIKE is still asking for me money, surprise? i dont think so. the market did not think so too.

[Monkey Poms]

What we have to do is hydro mine. That is get the pumps working and flush the coal into the flume. The coal is then, as I understand it, sorted underground or crushed into small bits. We then send it down the 2kms mine tunnel to the entrance. Next we have to send it down the 10km slurry pipeline to the coal preparation plant. Stockpile then truck to Ikamatua. None of this has been tested with a steady stream of coal. We have managed to export a total amount of 40,000 tonnes. That is not a real test of equipment or production. So, do not expect miracles since they normally do not happen. We have had our one allocated miracle this year in Christchurch with no-one being killed in the Earthquake. Two miracles a year are impossible. Let the mine start production, hopefully we will get over 50,000 tonnes per month production next year. The figure is a guess. However, a year ago I forecast we would not be in full production before the end of this year. I could be wrong, but I doubt it.

Hi,Mouse
For over a year now I forecast hydro-mining to start in August. It looks like it's started now, so I am a month out. I never expected any miracles before August. I believe Gordon's forecasts for the start of hydro-mining were grossly wrong (as has been proved many times),and that he KNEW they were out by a good way. Did he mislead us for a purpose to keep our spirits up? Gordon's forte was raising cash. And helping through the planning stage. After that, to be perfectly honest, in my opinion he was a liability.

What have we got? I still believe the mine is value for money, despite the problems with the earlier coal cutters. Now they have been
partially re-designed by having the hydraulics fitted. The coal loading facilities at Ikamatua are well-designed and up to the job. The
coal washing plant will cope with 3,000 tonnes a day. In fact, it works better at full capacity, as there is less vibration on the plant than
when it is operating on a reduced load. The South African operator who controls the washer knows his stuff, and when I met him he was busy training up the NZ lads. We'll have no problems there. Their frustrations are the same as ours. They want the coal to come down that pipe so they can wash it.

I think your opinions regarding the tonnage is not far from the mark. However, the weakest link in the operation is going shortly, and I think we all deserve a good run with the hydro-mining, which I feel sure will happen. I am lucky that I have an advantage over most of the Piker's on this forum, in that I have personal experience of handling coal. Don't be overawed by your 650,000 tonnes - Pike can easily get that out of the
ground.

Stay positive, don't get jittery. If anyone out there can't take the heat, it might be best if they sold their shares.
( do you want the Poms and Aussies to own ALL the shares?!)

Monkey Poms

[Robomo]

Good informative post MP, you obviously have considerable knowledge of the business of coal mining. Would you consider standing for the PRC board?

[brucey09]

snr. Monkey Pom
their is 1 more serious unknown which is worry. future grabens due to insufficient tests from the surface - for whatever reason - DOC etc.

[Baddarcy]

I suggest in future an irrevocable letter of credit required paid on the B.O.L required on every shipment.
Any disputes regarding money to be settled by mutual agreement at a later date. This policy should be implemented.

Hope I am wrong. Pike may have to pay in some way for being over- optimistic regarding coal delivery to Gujarat.

Monkey Poms.

I think there has been a bit of a misunderstanding here, the announcement yesterday said the following "and the delay in the receipt of revenues from the second coal shipment last week, have impacted short-term cash flow and led to the need for additional working capital..

My interpretation of this statement is that because of the delay in getting the coal onto the ship, the payment was received late, i.e. the shipment was supposed to be July, then August, but was actually the first week of September. This is the delay Pike was talking about, not that the Indians were slow to pay.

[Baddarcy]

snr. Monkey Pom
their is 1 more serious unknown which is worry. future grabens due to insufficient tests from the surface - for whatever reason - DOC etc.

Sorry Brucey, but that statement is just plain wrong. Have a look at all the inseam drilling they have done. We know there are no more grabens in the near future.

There may well be more, but they are over a year away and more inseam drilling will locate them well in advance.

[mouse]

Many thanks for your analysis Monkey Poms. Hopefully few will sell their shares to you lot, or worse the Oz lot. I appreciate your input since you know coal. I am only a technician with wide experience of Murphys Law. So most of what I write is based upon that, not specific knowledge of mining.
What does concern me is the 10 km long slurry pipe line. I forsee teething troubles with it. But I am sure the chaps operating it will sort those out. I just wish that we could put our 'rights' to work by buying in now at a dollar, not $1.25 in April.
Again, many thanks Monkey Poms. Delighted I may well be wrong on only 650,000 tonnes next 2011 year.

[Robomo]

I think there has been a bit of a misunderstanding here, the announcement yesterday said the following "and the delay in the receipt of revenues from the second coal shipment last week, have impacted short-term cash flow and led to the need for additional working capital..

My interpretation of this statement is that because of the delay in getting the coal onto the ship, the payment was received late, i.e. the shipment was supposed to be July, then August, but was actually the first week of September. This is the delay Pike was talking about, not that the Indians were slow to pay.

Don't agree with you B..y. Coal is shipped on a f.o.b. basis therefore payment should be received as soon as the coal is loaded on the ship. Thus the money ($6 million) should have been in PRC's bank account last week and there would be no need for PRC's announcement yesterday. You can't blame "delays", if this was so then nobody would pay anything for coal out of Newcastle where there are endemic delays. Gujarat are a significant shareholder in PRC but this does not entitle them to delay payments - I'll be looking forward to the note in the accounts that itemises the penalties imposed.

[Bixbite]

Hi,Mouse

................

Stay positive, don't get jittery. If anyone out there can't take the heat, it might be best if they sold their shares.
( do you want the Poms and Aussies to own ALL the shares?!)

Monkey Poms

MP Monkey Poms,

If you and your British rich friends took-over NZO, all the NEW ZEALAND oil & gas plus its coals would be under your British's control.

p.s. Such a good name - NEW ZEALAND, Roger suggested to replace it with PACIFIC!!!???

Bixbite

[fabs]

Never mind all this pie in the sky speculation of tonnages end of this F/Y years 11,12,13. etc,etc.
Lets just get to 40000 tonnes per month on a consistent time line asap.
We can then day dream our lives away.
BTW does any one know how many people are on PRCs payroll, since say about the last 6 months, are they all fully occupied just curious?

[JoeBlogs]

I'm pretty sure the payment would have been made in the normal way, IMO the delay they refer to is just as Baddarcy said - and I'ts actually not an excuse in itself, it's the pushing back of subsequent shipments that's caused a WC problem - just PR spin me thinks.

This is a forward looking issue, so the exact timing of the $6m is really neither here nor there (assuming it's been paid by now, which surely it has).

[dsurf]

At risk of being comparaed to a fungi, there is also another subtle move forward in the latest statement, ie "they are talking to financiers". This implies that they now qualify for "commercial" funding backed by "stock" or virtually certain future sales big enough to secure the funding. Another step forward and another indicator that this project is de-risking. Who knows maybe in 2011 we will be considering margins and levels of profitability

[Monkey Poms]

Robomo you have plenty of industrious Kiwis to choose from. Every year I spend about two months in the South Island. mainly Tasman Bay area.
I will offer to put a shift in splattering the coal with the water blaster.

Monkey Poms.

[zon]

At risk of being comparaed to a fungi, there is also another subtle move forward in the latest statement, ie "they are talking to financiers". This implies that they now qualify for "commercial" funding backed by "stock" or virtually certain future sales big enough to secure the funding. Another step forward and another indicator that this project is de-risking. Who knows maybe in 2011 we will be considering margins and levels of profitability

There is also the question of stock. From memory (not sure of the actual figure without checking) there was about $6m of stock in the annual report, this has not all been sold - or has it?

[Robomo]

Monkey Poms - I too bought my sons a power water blaster each for Christmas many years ago. Their mother took dimly to the lounge furniture being blasted but perhaps they could be resurrected for coal mining duties??? One blaster in each hand maybe - you could do a lot of damage. Make sure you get a promissory note before committing yourself tho.

[peat]

price has been quite quick to break out of the congestion phase....the previous triangle lasted 6 weeks , whereas this one only took three.

[dsurf]

price has been quite quick to break out of the congestion phase....the previous triangle lasted 6 weeks , whereas this one only took three.

I put it down to that Ausi article that showed PRC is very undervalued on a resources to net debt basis - should be about 1.5 current price or circa $1.60.

Discl own PRCOA's

[Corporate]

hmmm who would have thought...a high of $1.14 for the day!!

NZO won't let Pike sink. Funding won't be a problem.

[clips]

Quess that is payment on b/l... hmmm we are dealing with the sub continent here, best (and only in my experience) terms for that part of the world - irrevocable letter of credit received before shipment and covered with credit insurance

[mouse]

Quess that is payment on b/l... hmmm we are dealing with the sub continent here, best (and only in my experience) terms for that part of the world - irrevocable letter of credit received before shipment and covered with credit insurance
Well put. You have also avoided, just this time, arrest by the Thought Police.
Hi Monkey Poms.

[tony64peter]

That would have to rate as one of the funniest posts ever. Still chuckling

Well put. You have also avoided, just this time, arrest by the Thought Police.
Hi Monkey Poms.

[JoeBlogs]

The OAs seem to be going cheap! I think the fact that PRC has stood up so well after a bit of negative news is very bullish! Should be sky rockets in flight when we hear (no doubt in the same release) that hydro has roared into life, and the short term finance has been finalised. Fingers and toes crossed eh!!!

[LJB]

The OAs seem to be going cheap! I think the fact that PRC has stood up so well after a bit of negative news is very bullish! Should be sky rockets in flight when we hear (no doubt in the same release) that hydro has roared into life, and the short term finance has been finalised. Fingers and toes crossed eh!!!

How dare you be so optimistic!

[JoeBlogs]

Oh, right you are, shall go and sit in the corner and think about what I've done ;)

[patrick]

JOE
Agree they look cheap but,as a holder,i am biased.
I recall years ago the date for exersise of Options in NZOG ( i think it was) being extended.
Can history repeat itself?

[the machine]

when GW leaves then what will happen to any employee partly paid shares he has?
using the nzo recent example, they were converted to fully paid shares and sold on market

me thinks ame may happen next week after GW leaves and raises some hany cash for prc

how many GW has I do not know

M

[Baddarcy]

PRC seems to have run out of steam today and gone a bit quiet.

Would be a good time for the official hydro mining announement :-)

[rabcat]

I am a little confused by this stock! They have all these rights which mature early next year and thus PRC will then have a large inflow of cash from shareholders?

But by then they should be hydro mining and producing large cash flows and hopefully profits.

So what is the point of all that cash from share holders?

[777]

The options have to be in the money for holders to pay up. There is no certainty of that.

[blockhead]

I am a little confused by this stock! They have all these rights which mature early next year and thus PRC will then have a large inflow of cash from shareholders?

But by then they should be hydro mining and producing large cash flows and hopefully profits.

So what is the point of all that cash from share holders?

Not sure if there is a plan for all the cash but if I was Mr Whittal and had a whole lot of spare cash in the drawer I would be off down to Greymouth or where ever the shop is to buy 1, 2 or 3 of those nice new shiny ABM 20 machines and then start churning the coal out just as fast as the conveyor belt could handle it

[Monkey Poms]

On a scale of 0 to 10. I wonder how Friedegg's step- brother is getting on.
Just a thought.

Monkey Poms.

[mouse]

So what is the point of all that cash from share holders?[/QUOTE]
Pike River mine is only the first of our mines. We are into developing other mines, new and existing. Hence the need for cash. Also the reason Peter Whittall is based in Wellington. It is a political decision and Peter will help the politicians with useful advice. We have to get Pike River flowing first, then we can start on the next mine. NZ is wide open for coal mining. Ignore the Green pressure.

[rabcat]

So what is the point of all that cash from share holders?
Pike River mine is only the first of our mines. We are into developing other mines, new and existing. Hence the need for cash. Also the reason Peter Whittall is based in Wellington. It is a political decision and Peter will help the politicians with useful advice. We have to get Pike River flowing first, then we can start on the next mine. NZ is wide open for coal mining. Ignore the Green pressure.[/QUOTE]

I didnt realise PRC was going to develop other mines. I thought this was a stand alone project.

Has PRC disclosed a dividend policy? I had assumed that they would pay out a high level of profit as there was little reason to retain profit except for unforseen circumstances. ( Which there seem to have been many!)

[macduffy]

Quess that is payment on b/l... hmmm we are dealing with the sub continent here, best (and only in my experience) terms for that part of the world - irrevocable letter of credit received before shipment and covered with credit insurance

Normally, yes, but aren't PRC dealing with a major shareholder here?

If so, they may warrant, and possibly demand, rather better treatment than having to put up an L/C.

[JoeBlogs]

Surely they would also want to not cripple the company they hold shares in?

[Monkey Poms]

Normally, yes, but aren't PRC dealing with a major shareholder here?

If so, they may warrant, and possibly demand, rather better treatment than having to put up an L/C.

There should be no exceptions regarding the L/C even for major shareholders Pike are the custodian of your investment.
Look up the vessel m/v Christopher sank North of the Azores December 23. 2001 with 160,066 m/t of Colombian coal on board on passage to the UK. (I have the L/C)
Piker's have had enough problems in the past to contend with, without being caught up with the situation I have described regarding the ill fated Christopher on route from the port of Bolivar Colombia to the UK

Monkey Poms,

[the machine]

Pike River mine is only the first of our mines. We are into developing other mines, new and existing. Hence the need for cash. Also the reason Peter Whittall is based in Wellington. It is a political decision and Peter will help the politicians with useful advice. We have to get Pike River flowing first, then we can start on the next mine. NZ is wide open for coal mining. Ignore the Green pressure.

I didnt realise PRC was going to develop other mines. I thought this was a stand alone project.

Has PRC disclosed a dividend policy? I had assumed that they would pay out a high level of profit as there was little reason to retain profit except for unforseen circumstances. ( Which there seem to have been many!)[/QUOTE]

Its news to me about any further mines, but with the change of government then who knows. PRC would certainly be in the box seat if the was a change of government policy and in this regard one wonders if increased mining under national park at pike will be first on the radar, since only mining a portion of the estimated resource so far.
M

[Robomo]

Has PRC disclosed a dividend policy? I had assumed that they would pay out a high level of profit as there was little reason to retain profit except for unforseen circumstances. ( Which there seem to have been many!)

Its news to me about any further mines, but with the change of government then who knows. PRC would certainly be in the box seat if the was a change of government policy and in this regard one wonders if increased mining under national park at pike will be first on the radar, since only mining a portion of the estimated resource so far.
M

At the Roadshow a couple of years ago I asked about anticipated level of dividends and was told by Gordon Ward that at least 50% of profits would be returned to shareholders as dividends. This was picked up by the press and was reported in the Herald, Chch Press and others and also, I believe by Sharechat.

There has never been any mention of going beyond Pike River or any expansion other than the Paparoa seam. Pure speculation at this stage.

[digger]

I didnt realise PRC was going to develop other mines. I thought this was a stand alone project.

Has PRC disclosed a dividend policy? I had assumed that they would pay out a high level of profit as there was little reason to retain profit except for unforseen circumstances. ( Which there seem to have been many!)[/QUOTE]

Hi Rabcat,
Thank god that Pike is a stand alone project. Being in every way a start up venture with start up staff it has had more than its share of problems,with a lot of those problems coming back to green staff. So for now PIKE needs only one mine. The future however must be much different. This greenhorn kiwi dive into new projects has a way of paying off after experience is gained----look at the Americas cup as an example.
So yes a stand alone for now but valuable lessons are being learned and when the Pike staff take on the next mine it will be a new ball game.
We could very well need the income from the option conversion in april 2011.By then the Pike staff will be problem hardned and with production income finally coming in new projects will be needed just to keep managments from experiencing problem withdrawal symptoms . Could also be a good way of growing the company and its shareprice.

[Billy Boy]

[QUOTE=the machine;320367]I didnt realise PRC was going to develop other mines. I thought this was a stand alone project.

I was at a presentation in Dunedin and whilst talking with GW (If I remember correctly) after the meeting,
One of our group asked if Pike was going to develop others.
"you bet ya we will" was the emphatic reply "thats why we are retaining 50% of profits"
Probably more people should try and get to these meetings as they are well worth it.
I like going to the ones in Invercargill because there are no "would be's if they could be's" waisting
time.
BB

[Robomo]

[QUOTE=the machine;320367]I didnt realise PRC was going to develop other mines. I thought this was a stand alone project.

I was at a presentation in Dunedin and whilst talking with GW (If I remember correctly) after the meeting,
One of our group asked if Pike was going to develop others.
"you bet ya we will" was the emphatic reply "thats why we are retaining 50% of profits"
Probably more people should try and get to these meetings as they are well worth it.
I like going to the ones in Invercargill because there are no "would be's if they could be's" waisting
time.
BB

I was at the Invercargill meeting (very informative it was too - and the scones afterward were nice) and there was certainly no mention of further mine development then, not that anyone asked the question of what the retained 50% profit was going to be used for.

It would certainly be an interesting question to be asked at the next AGM. In fact I will send an email to PRC asking that this be directly addressed by the Chairman at the AGM, together with estimates of dividend payout - considering that profits may be very variable depending on coal price and forex at the time.

[fabs]

Foe heavens shake,
lets get to a regular out put of 20000 Tonnes per month and paid for,
then look forward to the first 50 cents per share Div. on the 12th. of Dec 2012 as per Prospect.

[Dr_Who]

Surely they would also want to not cripple the company they hold shares in?

It depends if the Indian's are looking to take out PRC in the near future or not. I would assume PRC is a potential T/O target cos NZO is not a long term holder of its stake.

If I was a buyer, I would want the sp as low as possible.

[JoeBlogs]

Hmmm, hadn't thought of that Doc - you think they'd be looking this early on though? Still a bit of risk, although it's obviously a huge bargain so maybe worth it? Wonder what sort of valuation PRC would get?

[Dr_Who]

Hmmm, hadn't thought of that Doc - you think they'd be looking this early on though? Still a bit of risk, although it's obviously a huge bargain so maybe worth it? Wonder what sort of valuation PRC would get?

Just have to look at over the ditch to see what potential PRC can bring to the table. PRC has been de-risked with the tunneling completion. They are now moving to fast track coal extraction. I think the ball is in NZO's court when they will put their stake on the market and to find a buyer. The Indian's would a potential buyer of NZO's stake, since they are also the buyers of the end product. As for the valuation, just look what the Asian's are paying for the Aussie coal mines and you will get an idea what PRC is worth.

http://www.theaustralian.com.au/business/city-beat/white-energy-cockatoo-coal-resource-generation-get-citi-tick/story-fn4xq4v1-1225928247480

[macduffy]

There should be no exceptions regarding the L/C even for major shareholders Pike are the custodian of your investment.
Look up the vessel m/v Christopher sank North of the Azores December 23. 2001 with 160,066 m/t of Colombian coal on board on passage to the UK. (I have the L/C)
Piker's have had enough problems in the past to contend with, without being caught up with the situation I have described regarding the ill fated Christopher on route from the port of Bolivar Colombia to the UK

Monkey Poms,

I don't disagree with any of that, M P.

Just pointing out that the Indians were important large shareholders/customers and may have negotiated favourable terms, including payment terms.

[Billy Boy]

[QUOTE=Dr_Who;320415]It depends if the Indian's are looking to take out PRC in the near future or not. I would assume PRC is a potential T/O target cos NZO is not a long term holder of its stake.QUOTE]

I think the Indians would be stopped from a complete take over. Not in the best interests etc..
There can little doubt that gvment are looking to open up other areas and would rather have
NZ'ers doing it than outsiders.
Yes Pike will expand when they get up and running. Else why start in the first place.?
BB

[mouse]

[QUOTE=Billy Boy;320396]

I was at the Invercargill meeting (very informative it was too - and the scones afterward were nice) and there was certainly no mention of further mine development then, not that anyone asked the question of what the retained 50% profit was going to be used for.

It would certainly be an interesting question to be asked at the next AGM. In fact I will send an email to PRC asking that this be directly addressed by the Chairman at the AGM, together with estimates of dividend payout - considering that profits may be very variable depending on coal price and forex at the time.
I went over to the AGM last year and queried why Peter Whittall was off to Wellington. The reason was that we need to get in and position ourselves for possible coal mining in the rest of NZ. Hence we establish a good track record, open the Pike River mine and then once we are up and running open another mine. The experience we have gained and the development team we have put together is brilliant and we have to use it for more mining. Government want to lift Kiwi living standards, mining will help to do that. We are in on the ground floor, in fact even better, underground. Enjoy the ride.

[Sideshow Bob]

And I'd point out that India buinesses promise a lot - but delivery is not on the due date - Commonwealth Games is an example of where they've been seriously caught out .... BIG TIME! ... Not that they can't deliver ... Just don't expect it on the due date!!!!!!

Sounds just like Pike River Management..................

[RRR]

I strongly oppose shipping coal to India from now on due to concerns raised and they should find another buyer who will pay on time....

[the machine]

I strongly oppose shipping coal to India from now on due to concerns raised and they should find another buyer who will pay on time....


Does anyone have any proof the there has been a payment problem with the coal - that is outside agreed terms?

I have seen nothing in this regard.

M

[RRR]

me neither.

[JoeBlogs]

Does anyone have any proof the there has been a payment problem with the coal - that is outside agreed terms?

I have seen nothing in this regard.

M

No, I'm sure we would have been informed if that was the case, just people misreading the last bit of PR spin re delayed shipments causing delayed receipt of payment.

[Baddarcy]

Does anyone have any proof the there has been a payment problem with the coal - that is outside agreed terms?

I have seen nothing in this regard.

M

Of course they don't, they just seem to have read a quote in the last announcement and completely misintrepreted it. Lets look at the facts.

Here is the quote "The increases in costs, and the delay in the receipt of revenues from the second coal shipment last week, have impacted short-term cash flow and led to the need for additional working capital.

Given the shipment left port on the 6th of September and the announcement with the above quote was made on the 20th September, we are talking 14 days. So the delay in receipt is referring to the 14 days period OR...... that the actual shipment was first due to leave in July, then August, then actually left in September, that is 2 - 3 months.

So what do you think is more likely cause that PRC has run out of money..... because the Indians paid 14 days late OR the shipment was delayed 2 -3 months..... Seems fairly obvious to me what the statement actually was referring to.

[Logen Ninefingers]

If the vessel left port on the 6th it needs to get from Lyttleton to India, dock, discharge the load of coal, the coal needs to be loaded on a train, and sent to the railhead closest to the Indian Coke Makers plant, and it needs to move from the railhead to the consignee. Once the commodity is with the consignee, then I would expect payment. This whole process takes time.
The ludicrous conspiracy theories about this big shareholder trying to cripple PRC so they take it over are absurd beyond belief, as are the demands that we find a new buyer for the coal. No doubt this big shareholder is being extremely patient through all this: they are told they can expect coal in July - and they make their plans accordingly, then it's August - and they make their plans accordingly, then it's September -....and they are starting to get frustrated and angry.

[Mr Tommy]

Did you guys know that Pike has an investor relations person. Maybe fire off some of your questions to her, see if she will get involved here like Chris Roberts does for NZOG.


http://www.pike.co.nz/corporate_directory.php

Investor Relations
Hélène Ambler
Relationships Manager

Phone: +64 4 494 0213
Fax: +64 4 494 0219

Email: helenea@pike.co.nz

[Mr Tommy]

Going back to this story last week, this implies the bonus will be paid today if hydro mining is up and running.
Waiting in anticippppppppation.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10673477

Pike River Coal has moved quickly to appoint Peter Whittall as its new chief executive and its workforce should have $10,000 bonuses in their pockets just before he takes up the job. Whittall is presently mines general manager and will move into the top job on October 2, a week after the bonus will be paid if the company's hydro mining technique is up and running.

[JoeBlogs]

If the vessel left port on the 6th it needs to get from Lyttleton to India, dock, discharge the load of coal, the coal needs to be loaded on a train, and sent to the railhead closest to the Indian Coke Makers plant, and it needs to move from the railhead to the consignee. Once the commodity is with the consignee, then I would expect payment.

News to me, I thought standard terms for this kind of thing were FOB origin? So unless the seller is extending credit to the buyer, the shipment is paid for before it leaves - that's certainly when the revenue is recognised, and I can't imagine huge credit terms on several million dollars worth of sales.

[RRR]

I strongly oppose shipping coal to India from now on due to concerns raised and they should find another buyer who will pay on time....

I was just kidding....Some posters are trying to 'mislead'(not misread) the investors to get some cheap shares.

[peat]

The ludicrous conspiracy theories...

this thread really goes go off the rails sometimes....

As a technician the way I see it price action tells everything and yesterday price closed at a 5 month high with recent volume good.
Potentially negative news such as CEO departure and working capital low is NOT affecting price negatively which is a sign of strength - imagine what might happen to price if some good news is released.

[JoeBlogs]

Potentially negative news such as CEO departure and working capital low is NOT affecting price negatively which is a sign of strength

That's been a hugely positive indicator for my money. I think if we get a push from some decent news, we can kiss this range goodbye!

[Logen Ninefingers]

News to me, I thought standard terms for this kind of thing were FOB origin? So unless the seller is extending credit to the buyer, the shipment is paid for before it leaves - that's certainly when the revenue is recognised, and I can't imagine huge credit terms on several million dollars worth of sales.

Maybe the Indian Coke Maker did negotiate some cash on delivery type deal, after putting up with all the delays. It's not out of the question considering they have had to keep stumping up with cash & have so far had little to show for their investment.

[Logen Ninefingers]

Going back to this story last week, this implies the bonus will be paid today if hydro mining is up and running.
Waiting in anticippppppppation.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10673477

Pike River Coal has moved quickly to appoint Peter Whittall as its new chief executive and its workforce should have $10,000 bonuses in their pockets just before he takes up the job. Whittall is presently mines general manager and will move into the top job on October 2, a week after the bonus will be paid if the company's hydro mining technique is up and running.

So either today or Mon / Tues next week we should know whether hydro-mining is now up and running.

[Logen Ninefingers]

That's been a hugely positive indicator for my money. I think if we get a push from some decent news, we can kiss this range goodbye!

Obviously hydro-mining being emminent outweighs CEO departure / working capital needed news. No one is selling in this environment when they are being promised that hydro-mining is virtually up and running. We are now at a cross-roads. The next few days shape as being the most momentous days in the history of this whole enterprise to date.

[Baddarcy]

A little flurry of activity this morning on both PRC and PRCOA. More shares traded in the first 5 mins today than the whole of yesterday.

[blockhead]

Suspect you mean "imminent" not "emminent" Mr 9 digits. The imminent departure of the emminent CEO is probaly of little importance right now, getting that slurry line cranking down to the stockpile is whats important.

If 10g bonuses are happening today I suspect the Blackball Hilton will be the first beneficiary, do we have a camera mounted down there ??

[JoeBlogs]

Obviously hydro-mining being emminent outweighs CEO departure / working capital needed news. No one is selling in this environment when they are being promised that hydro-mining is virtually up and running. We are now at a cross-roads. The next few days shape as being the most momentous days in the history of this whole enterprise to date.

'Obviouse' is a dangerous word in the sharemarket. For a second there, I had visions of the Pope manning the hydro monitor ;)

[Logen Ninefingers]

Any news on hydro mining? Has it started yet?

[fabs]

Bet our Cat will have Kittens first , due in about 3 weeks

[Flintstone]

Commonweath games: hosted by Indians, built by Cowboys.
Hope PRC not in the same basket.

[Logen Ninefingers]

PRC don't have 3 weeks to get this happening. I bet the start of hydro-mining is the critical factor in getting the working capital.

[dsurf]

Does turning a hose pipe on and leaving it running count as "hydro mining has begun"?

[Baddarcy]

Does turning a hose pipe on and leaving it running count as "hydro mining has begun"?

If you point it in the right direction, then yes.

[Logen Ninefingers]

If you point it in the right direction, then yes.

So it's a goer then? Someone turned a hose pipe on and pointed it in the right direction?

20 Sept 10
Mr Dow says the mine’s hydro-mining equipment is now fully installed with commissioning and first extraction planned to start this week.

Fully installed - wow!!! First extraction planned to start this week - wow!!

Can we get a confirmation on that Mr Dow please? Surely someone who wanted their $10,000 bonus managed to point and shoot the fully installed equipment at the coal face?

[Baddarcy]

So it's a goer then? Someone turned a hose pipe on and pointed it in the right direction?

20 Sept 10
Mr Dow says the mine’s hydro-mining equipment is now fully installed with commissioning and first extraction planned to start this week.

Fully installed - wow!!! First extraction planned to start this week - wow!!

Can we get a confirmation on that Mr Dow please? Surely someone who wanted their $10,000 bonus managed to point and shoot the fully installed equipment at the coal face?

Yeah i was kind of expecting an announcement today too.

[tony64peter]

Thought I might fly down to CHCH tomorrow, rent a car and drive across for a snoop. Is there public access to the prep plant and load out facilities?

[bull....]

guess they need some positive news to support cap raising

[Logen Ninefingers]

Thought I might fly down to CHCH tomorrow, rent a car and drive across for a snoop. Is there public access to the prep plant and load out facilities?

Awww geez.....you shouldn't have to do this. It seems like a lot of trouble to go to. You know how carefully guarded this information is; my guess it's alsatians and guard posts around the perimeter. It will be absolutely killing PRC that they have to reveal the 'bridging finance' situation to the great unwashed masses. They wouldn't have done it if they had a choice. Can't you just wait it out (as the days of September are ticked off) like the rest of us? That's what we had to do with the July....I mean...August...I mean....September shipment.

[mouse]

Thought I might fly down to CHCH tomorrow, rent a car and drive across for a snoop. Is there public access to the prep plant and load out facilities?
No, but as a shareholder you could contact our Wellington Office and request a tour of the plant. Dont forget the AGM is the 15? November at the mine. Would be better to come to that. You could camp out at the Blackball Hilton. Book soonest as there is some demand at that time.

[Monkey Poms]

'Obviouse' is a dangerous word in the sharemarket. For a second there, I had visions of the Pope manning the hydro monitor ;)

You had better get yourself seen to Joe.
Mental institutions in NZ could be filling up with Pikers.:)

Monkey Poms

[JoeBlogs]

Hmm, maybe we could arrange a group discount??

[mouse]

Hmm, maybe we could arrange a group discount??
Would Accident Compensation Corporation, ACC, pay for the care as a result of an accident, the patient accidently investing in Pike, or would we have to be admitted under the Mental Health Act. Further, would it be our Mental Health that would be being protected or the General Publics Health? Would Pike Management make the initial complaint? A group discount would seem to indicate we should all be held at the same mental health facility. Or would it be Home Detention, without access to computers?

[JoeBlogs]

At least if we are all held at the same facility we could continue to scheme and come up with conspiracy theories - a valuable theraputic tool! I reccommend "The Centre for Pike Afflicted Mushrooms" in Gore. We'd be kept in the dark, and the food is sh!te, but we're used to that, aren't we? :p

On a more serious note, cracker end to the week on Wall St - if the stars align next week and we get an announcement we could be sitting pretty.

[the machine]

looking forward to some positive news re pike hydro and a re rating of the sp

last week bought 30,000 prc and 30,000.

M

[tony64peter]

Only average................at best
Theres a pile of coal at Ikamatua and another at the prep plant.

[Baddarcy]

Only average................at best
Theres a pile of coal at Ikamatua and another at the prep plant.

So you did actually go and have a look, thats dedication !!

Don't suppose there is any chance you took a photo while you were there or an describe how big the piles were?

[Logen Ninefingers]

So, based on what John Dow has said previously, by now hydro-mining should have started, and first extraction should have taken place. $10,000 bonuses should now have been paid to all workers.

[Lion]

So, based on what John Dow has said previously, by now hydro-mining should have started, and first extraction should have taken place. $10,000 bonuses should now have been paid to all workers.
Yes, you'd think so.
You'd also think the start of hydro-mining would count as a significant event that should have an announcement.

[tony64peter]

Assuming that the photo pg1 of the PRC presentation "Financial Results for Half Year Ended 31 December 2009 and Operations and Funding Update" from their website is showing 20,000tonnes then the pile at Ikamatua is 6000tonnes and the pile at the prep plant is the same. There is also another larger pile at prep site but it appears to be a lower grade with large chunks.

[tony64peter]

I doubt Hydro production has started, as when I was there Sat there was no activity at the prep plant.

[winner69]

Assuming that the photo pg1 of the PRC presentation "Financial Results for Half Year Ended 31 December 2009 and Operations and Funding Update" from their website is showing 20,000tonnes then the pile at Ikamatua is 6000tonnes and the pile at the prep plant is the same. There is also another larger pile at prep site but it appears to be a lower grade with large chunks.

Maybe its the same pile of stuff just put into different photo's .... amybe not even their coal

Reading you post reminded me of this photo I came across yesterday
http://online.wsj.com/article/SB10001424052748703989304575503821229703834.html?m od=WSJ_hp_editorsPicks_4

[Baddarcy]

I doubt Hydro production has started, as when I was there Sat there was no activity at the prep plant.

Wouldn't be too concerned about that, in the last quarterly report they did say they were working a 5 day week with 2 days training being done in an effort to improve the advance rates. So it was a good chance it was a training day you were looking.

[Logen Ninefingers]

How long til we have confirmation that hydro-mining started last week and the bonuses were paid?

[Balance]

How long til we have confirmation that hydro-mining started last week and the bonuses were paid?

LN - what a question to ask!

Mushrooms do not like sunlight - PRC knows that and will make sure Pikers/Mushrooms continue to grow blissfully.

[Hoop]

LN - what a question to ask!

Mushrooms do not like sunlight - PRC knows that and will make sure Pikers/Mushrooms continue to grow blissfully.

Price 114

Hoops last trades ..all buys..
88
89
98
97
93
93
94
96
107
Hoops a happy mushroom http://i458.photobucket.com/albums/qq306/Hoop_1/HappyMushroom.jpg

[dsurf]

go the shrooms - hopefully they will turn into truffles

[Logen Ninefingers]

Price 114

Hoops last trades ..all buys..
88
89
98
97
93
93
94
96
107
Hoops a happy mushroom http://i458.photobucket.com/albums/qq306/Hoop_1/HappyMushroom.jpg

It's just a paper profit....some major bad news would wipe out your paper gain.

[Bixbite]

go the shrooms - hopefully they will turn into truffles



Ganoderma lucidum is also precious.

.

[mouse]

It's just a paper profit....some major bad news would wipe out your paper gain.
True of all investments in the stock exchange until you sell. Providing of course you have a paper profit, as opposed to a paper loss!!!

[patrick]

BIG week starting tomorrow, 500,000+ traded today, up 2cents and the boys at the mine not yet buying untill they get the bonus.
I pick Options to be 19cents by Friday.

[blockhead]

Hope your guess is good Patrick because I have a hat full of them all owing me 16.1c

[Logen Ninefingers]

and the boys at the mine not yet buying untill they get the bonus.

Shouldn't they have the bonus by now?

[mr.needs]

Shouldn't they have the bonus by now?

This is surprising, no announcement out yet...

[JoeBlogs]

Also, with the end of September fast approaching, we're due some info regarding the finance facility.

[Logen Ninefingers]

This is surprising, no announcement out yet...

Dry humour at it's best.