RE:RE:RE:RE:RE:RE:RE:debt for equity, dilution and reverse stocksplit@stockhunter20001 no I think you have it all wrong: I have gone on at length on my SA KvN KAT Blog about how valuable I rate our KAT assets, how incredible the Central African Copperbelt is (I was born there; grew up there; had my first Mining Grad job there...).
No. I'm not a fan-boy. What I am, is very critical of KAT's former, and lacklustre, cheating, senior Execs and Board Members: "cheating" as defined not by me, but by the record OSC sanction handed down to individuals named and personally sanctioned by the OSC in December 2018
They ran the company without any due regard for OSC compliance and Glencore, by large measure, let them get away with it. Paying them GLEN Bonuses too, as well as KAT ones! How was that ever "right"? Now of course its a different story. The world's microscope is on Glencore. Now GLEN is retiring (= sacking) numerous of their very own senior, founding Partners. Looks like a "boil wash" for the US Dept. of Justice to me. A +$2 Billion fine next year (= cheap) and that will be the end of that. But I digress.
GLEN now operates KAT with Management seconded to KAT under Management Contracts - there is no KAT. It's all GLEN. I don't like that.
I don't like that they still can't write proper PRs! They have a Lawyer sitting in Baar making OSC compliant disclosures which at best, serve the absolute bare bones requirements but little else. In fact one recent one, acted to erode shareholder value talking about how the Reserves had been depleted over a year with no net addition. Terrible, terrible idea. There are innumerable other ways to make compliance disclosures. All of this is actually indicitive of a VACUUM of leadership.
I don't like that they totally messed up the last CEO transition. I don't like it that we have a Coal Guy as a Chairman - no significant base metals, hard rock mining experience AT ALL in his pedigree. But South African. So probably on Ivan Glasenberg's "Approved" list by which I mean a "like minded individual" who will DO WHAT HE'S TOLD and who, coincidentally, also South African. Case closed. Our Chairman gives alot of "value" to GLEN, and little, if anything for KAT. And I don't like it that we now have a Coal Guy as a new CEO. You tell me, exactly, what it is this new chap can bring to the table over and above a seasoned Mick Davis trained, or BHP bred, hard-rock base metal miner can? Someone who worked in Chile. Someone who worked in Mongolia. Someone who worked on the CA Copperbelt?
You tell me what this new CEO is going to do WRT to market building? Putting KAT squarely back on every single institutional buyer's radar out there from London to Monaco to Frankfurt to Geneva to NYC to Paris to Conneticut to Toronto to Boston to Perth. All these Instos will absolutely PILE back into Cu when Trump and China kiss and make up. And KAT should be on their speed-dial.
Who is doing this work? Who is organizing and arranging site trips to the DRC assets?
What prior relationships does this guy have, exactly, with The City or Bay Street? What Buy Side buddies does he have? What Sell Side buddies does he have? Has he ever raised any kind of money?
I have. I've raised over $420 MILLION in nine different financings for 3 different companies. I've done site trips. 26 of them from Canada to Africa over a 6 year period, alone.
So what is it, exactly, that makes our new guy so special? This Coal Guy? I don't know one Base Metal Analyst that ALSO covers Coal in their franchise.
The facts are Darren, our last CEO, after the cheater one (Johnny Blizzard) was sacked, was a supremely good, commendable ops guy. With 12 years in Central Africa, he was very good for us in re-building our assets: the WOL, the Acid Plant. And the Trains. And the power project. And the De-bottlenecking. But he was an OPS GUY.
We now need someone who can provide a vision, independent of GLEN and one who can build our public profile. Add value. Make smart decisions that are good for the comapny; all of the company - not just for the largest shareholder.
So I'm sorry I'm not a "fanboy". Never have been. KAT is, and should be, only about the Cu & the Co & the Acid. And the cheap Inga power & the massive future Cash Flow at $7k/t Cu & $45k/t Co.
As @Patels and @Sogo rightly point out.
Now having said all the above, I was buying at 39.5c & 40c the week before the last Financials were released but then immediately stopped after I saw our C1 costs in those disclosed financails didn't match that presented to us at the AGM. Another "Discloser" f**k up by GLEN. One hand not knowing what the other was doing. Now our C1 has balooned. To the extent we're losing money in ops. This all needs fixing.
But our shares are looking very cheap to me. So I might start buying again. When I get to a million shares I'll stop...
I hope this helps. Good luck to you whichever way your percker points.
These are my views only. Thanks for reading.