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GBG.WT:LYX
LYNX
Sector:
Basic Materials
Industry:
Metals & Mining
Great Basin Gold Ltd. Common Share Purchase Warrants
Last updated: Mar 8, 2021, 1:42 PM ET
----------------------------------------------------
What is that?
Mining rights and the mine itself are different categories. The rights must have been acquired by GBG, I am not sure if it tranfers automatically with the mine to the new owner.
nagoya1 Monday, 09/21/20 12:20:56 PM
Re: doghouseblues post# 14320 0
Post # 14321 of 14327
I looked at SIB's website, Burnstone will commence production it seems 2021.
GBG
Hoping that GBG shareholders get something from S.A. biggest bankruptcy restructuring.
Who knows how it is with Burnstone mining rights? It is valid till 2027, but who is the owner presently?
Was ich nie verstanden habe ist das es niemals eine Sammelklage der Aktionäre von GBG gegeben hat
Wen man bedenkt das es Aktinäre gab die Millionen verloren haben und das einfach so hingenommen haben
Ist mir das ein Rätsel
Stranger things have happened. It would be close to a miracle if gbg shareholders got something. It is not as if Sib doesn't have the money, they have been spending it elsewhere. Gbglf
Das wäre ja zu schön um wahr zu sein Nagoya wen wir
GBG Aktionäre da noch was bekommen würden
I looked at SIB's website, Burnstone will commence production it seems 2021.
GBG
Hoping that GBG shareholders get something from S.A. biggest bankruptcy restructuring.
helca, acquired all of klondex last summer, including hollister mine
helca acquired all of klondex, last summer, including holisster mine
Sibanye-Stillwater advises that it will enter into consultation with relevant stakeholders in terms of Section 189A of the Labour Relations Act, 66 of 1995, regarding the possible restructuring of its gold operations and associated services, pursuant to ongoing financial losses experienced at the Beatrix 1 and Driefontein 2,6,7,8 shafts during 2018.
The fraud must go on.
Nagoya, I have no news ... It is horrific how the Great Basin Gold GBGLF shareholders were treated... Burnstone still exists the gold still exists... It is being mined...
By The Way, Why did the court case collapse in 2017?
https://www.pressreader.com/canada/stockwatch-daily/20170112/281483571072397
http://www.insolvencies.deloitte.ca/Documents/Brief%20of%20Fact%20and%20Law%20filed%20March%201,%202016.pdf
« ...
14. The Company’s most significant remaining asset is the Burnstone property, located in
Balfour, Mpumalanga, South Africa, (the “Burnstone Property”), which is a producing
gold mine.
15. The Receiver has established a website at http://cfcanada.fticonsulting.com/GBGL (the
“Receiver’s Website”) at which the Receiver posts periodic updates on the progress of the receivership, together with copies of court orders, motion materials and reports filed in the receivership.
16. In addition, the Receiver has created a dedicated email address, gbgl@fticonsulting.com, and a dedicated telephone number, 416-649-8047, which creditors, employees, interested parties and other stakeholders can use to contact the Receiver.
17. On July 5, 2013 the Receiver sent notice of the appointment of the Receiver to the Superintendent, and all known creditors in accordance with section 245 of the Bankruptcy and Insolvency Act.
18. There were no employees and no unpaid wages in respect of GBGL at the Appointment Date and therefore no filing was made in respect of the Wage Earner Protection Program Act.
19. On September 16, 2013 the Ontario Securities Commission issued an Order that ceased all trading in the securities of Great Basin Gold Limited. A copy of the Order as well as a notice was posted on the Receiver’s Website.... »
http://cfcanada.fticonsulting.com/GBGL/docs/GBGL%20First%20Report%20of%20the%20Receiver.pdf
Schön wäre es ich wünsche es jedem von Herzen
I predict that this year we will receive some more optimistic news. I still believe in success.
Absolutely and frustratingly no positive news has been provided regarding...
How did they get away with milking millions of their millions via Burnstone and the Hollister mine imo...
Unbelievable...! https://www.sec.gov/Archives/edgar/data/1561694/000120561313000212/sibanye_joint.pdf
http://www.hdimining.com/s/Historic.asp
https://home.kpmg.com/content/dam/kpmg/pdf/2016/05/reasons-for-judgment-oct-1-2012.pdf
https://www.iol.co.za/business-report/companies/rescue-ruling-significant-1481944
https://www.sibanyestillwater.com/investors/news/media-coverage/2016/item/263-sibanye-gold-s-holistic-approach-is-boost-for-mining-s-image
Pebble Gold Project Hunter Dickinson Inc. https://miningwatch.ca/sites/default/files/hdi_investor_report.pdf
Do you or any others have any GBG news...
GBG
Haben sie es tatsächlich schon bemerkt !, alle Achtung
The Burnstone gold mine in Mpumalanga, which Sibanye bought out of liquidation as a partially built operation, is not a core asset and it too is a candidate for sale or a joint venture, Froneman said.
With Sibanye bringing its high debt levels under control within the next couple of months, Froneman forecast that Sibanye could return to paying cash dividends in its 2019 financial year after a hiatus because of high debt levels when it opted to pay investors shares instead of cash.
OMG, it apparently goes to hell too.
Obviously I'm not as smart as I thought I was. I'm pretty well educated and lots of business experience. I read all these reports and followed GBG Finical reports every month. I always thought there was risk but the financial numbers and forecasts were encouraging, plus the investing of large institutional investors with large stock purchases, plus the large loans and underwriting of debt by Credit Suisse....this all made me feel like we had a good thing going. Before I realized it the stock dropped significantly, but Management had reasonable explanations and a recovery plan.....so I held my position and then the bottom dropped out. I didn't lose a whole lot of money and made it all back plus some trading BABA the last 2 years......BUT....I'm totally pissed off that we were lied to, feed bad data and a lot of folks were hurt much more than I was. No one went to jail, no one was held responsible from GBG management or Board of Directors, and none of them probably lost a dollar! We will never know if anyone was fired from Credit Suisse....they should have been....no analyst was probably fired from the large institutional investors....they should have been fired unless they were all in on it. I know that is far fetched and unlikely but the whole GBG story just stinks. I wish I had the $ and resources to dig into this....wake up Credit Suisse, find out what happened, sue somebody and protect your shareholders. Thank again to GPB for keeping this subject alive and posting stuff that reminds me to be more vigilant and trust no one!
« ...An Economically Robust South African Producer
« ... Burnstone is a low-cost, long-life, shallow mine with a targeted average annual production of 200,000+ Au oz over a 26 year mine life at a cash cost of US$579/oz cash cost based on a ZAR 7 exchange rate. The current resource comprises 12.6 M oz (M&I) with substantial upside potential for later phases of development, positioning Great Basin Gold as a leading mid-tier gold ... »
http://www.proactiveinvestors.co.uk/upload/SponsorFile/File/1/gbg_fact_sheet_may2012.pdf
Really? Hmmmm....
http://www.chamberofmines.org.za/industry-news/publications/newsletters/send/13-newsletters/488-quarterly-update-october-2017
https://www.newswire.ca/news-releases/great-basin-gold-obtains-us47-million-credit-facility-539679102.html
After the Canadian-listed company Great Basin Gold went into...
https://issuu.com/globalafricanetwork/docs/mpumalangacompanies/39
In Mpumalanga it has purchased and started to develop the BURNSTONE Gold mine near Balfour.
https://www.businesslive.co.za/bd/companies/mining/2018-05-03-sibanye-stillwater-delays-r550m-of-spending-in-sa-as-it-focuses-on-debt/
https://www.pressreader.com/south-africa/business-day/20170207/281814283602266
http://www.engineeringnews.co.za/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
https://www.pressreader.com/canada/stockwatch-daily/20170112/281483571072397
« ...BURNSTONE
Burnstone is located in the South Rand Goldfield of the Witwatersrand Basin near the town of Balfour, approximately 75km east of Johannesburg in the Mpumalanga province of South Africa.
Sibanye acquired the Burnstone assets in April 2014, comprising two shaft complexes, namely the surface portal and mechanised vehicle access decline and the vertical shaft (shaft bottom at 495m below surface), as well as a 125,000tpm gold processing plant, the tailings storage facility and surface infrastructure to support a producing operation, albeit with areas still to be constructed.
Burnstone had previously produced approximately 38,000oz of gold before being placed on care and maintenance in mid-2012.
The Burnstone project feasibility study was approved by the Board for project execution in November 2015. The project is planned with a five-year build-up to steady-state production by 2021, then averaging 120,000oz annually for nine years till the end of 2029. Thereafter a 10-year period of decreasing but profitable production supports an initial 26-year life-of-mine plan, yielding 2.05Moz of gold production. This initial LoM plan was limited to approximately 60% of the total Burnstone resource as the mine design and schedule in the feasibility study were limited to mineable reserves within a 3km radius of the shaft infrastructure.
First gold production is planned in the second half of 2018 when there is sufficient on-reef development stockpiled (2.5 years) to start up the metallurgical plant, albeit at a reduced milling capacity. The full production run rate is planned to be achieved in 2021 and the total LoM project capital is estimated at R1,852 million (in 2015 terms).
In 2015, concurrent with completing the feasibility study, R272 million was spent on completing the mine-dewatering and permanent pumping infrastructure, re-aligning the shaft steelwork for rock-hoisting, and completing approximately 2km of development to commence accessing the orebody. The development was completed utilising the existing mechanised development machines which were first refurbished before being put back into production. Three development fleets of equipment were in production by year end.
In 2016, R531 million was spent in the first full year of the feasibility study build-up where the expenditure provided for:
·
4,950m of development. In the fourth quarter, with all development fleets in production, 1,915m of the planned 2,100m was produced and the team’s performance has steadily improved
·
mine infrastructure running costs
·
planned project capital infrastructure
·
procurement of additional mechanised mining fleets and ancillary support vehicles
The budget for 2017 has been revised to R400 million – compared to an initial budget of R672 million – to deliver 6,000m of access development (this is a reduction from the feasibility study’s 8,300m of access development) and to run the mine in support of this revised plan and defer certain project infrastructure.... »
https://www.sec.gov/Archives/edgar/data/1561694/000155837017002504/sbgl-20161231x20f.htm
http://cfcanada.fticonsulting.com/GBGL/docs/FTI%20GBGL%20Receiver's%20Fourth%20Report.pdf
CREDIT SUISSE AG has filed a case in the Supreme Court of British Columbia seeking information from former Great Basin Gold Ltd. director Walter Segsworth over what it sees as a massive mine ...
https://www.pressreader.com/canada/stockwatch-daily/20160831/281479275846850
https://www.linkedin.com/in/peter-van-den-steen-6393444/
Completed BRP at Burnstone July 2014. No longer there.
Peter van Steen unter seiner Leitung wurde der Business rescue für
Die soudgold mine von GBG durchgeführt, er muss doch wissen was diese
Business rescue für die Aktionäre von GBG bedeutet und ob ihre
Aktien nach der Umsetzung des Business rescue Plan
Noch irgend einen Wert haben oder nicht .
Warum kann man Herrn van Steen nicht darüber befragen?
They are mining OUR gold, in OUR mine! Thanks again GPB for sharing your information.
« ...Title: BURNSTONE GOLD MINE PTY LTD +27 079 086 9159
Company: Confidential
Country: South Africa
State: Mpumalanga
State/City: Standerton
Publication Date: 22/03/2018
ID: 127802024
We are currently looking for determined workers urgently
with or without matriculation,At BURNSTONE GOLD MINE PTY LTD
COMPANY NAME:BURNSTONE GOLD MINE PTY LTD
LOCATION.BALFOUR MPUMALANGA
POSITIONS AVAILABLE FOR THE POSTS ARE AS FOLLOWS
DOMESTIC/GENERAL WORKERS WITH OR WITHOUT MATRIC
CLERKS
OFFICE ADMINISTRATOR
P.A
I.T INFORMATION TECHNOLOGY
OPERATING POSITIONS AVAILABLE
RDOROCK DRILLING OPERATOR
WINTCH OPERATORS
DUMP TRUCK OPERATOR
RICK DRILLING OPERATOR
FRONT END LOADER OPERATOR
LHD OPERATOR
DEEP ATTENDED
PTV
BELT ATTENDED
RIGGER
ENGINEERING POSITIONS AVAILABLE
ARTISANS
DIESEL MECHANIC
ELECTRICAL ENGINEER
WELDERS
GRINDERS
ASSISTANT BOILERMAKER
PIPE FITTER
NB:FOR MORE ENQUIRIES Please apply through this site. MR Albert Tau
TO BOOK YOUR APPOINTMENTS BEFORE YOU APPLY.
CONTACT INFORMATION +27079 086 9159
NB: jobs that require an upfront payment are scams. Your discretion is advised.... »
https://za.jobomas.com/burnstone-gold-mineptyltd-27079-086-9159_iid_127802024
Who and what is Burnstone Mine PTY Ltd.?
Das ist ganz einfach fragen sie als aktionàr bei Peter van Steen nach was der Business Für die ehemaligen Aktionäre von GBG bedeutet dan wissen wir Bescheid
Agreed, strange that the recent lawsuit was dropped!
https://www.pressreader.com/canada/stockwatch-daily/20170112/281483571072397
Presently, we are at the zero... Hmmm?
What does South African Business Rescue mean to Sibanye Stillwater? http://www.e-mj.com/news/africa/sibanye-proposes-acquisition-of-wits-gold/
http://www.mining.com/sibanye-invest-250-million-gold-mines-keeps-shopping-new-assets/
https://www.iol.co.za/business-report/economy/southgold-business-rescue-completed-1714015
Thanks GPB....I can't believe no one from GBG went to jail and big institution share holders have not successfully filed litigation or a class action law suit.
Millej9, I just found this link https://g.co/kgs/76KVK7 I think that there is any website representing Great Basin Gold is ...positive imho....
& I found https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=35186759
Great Basin Gold & Rusaf Gold Limited
https://offshoreleaks.icij.org/nodes/12074148
https://www.sec.gov/alj/aljdec/2016/id1050jsp.pdf
https://www.sec.gov/litigation/admin/2016/34-79097.pdf
« ...In April 2014, Sibanye exercised its option to acquire the Burnstone operation through a Business Rescue process..... »
»...
Key terms of the Burnstone acquisition
Unique circumstances, unique funding structures 5
Offer
• Sibanye acquires 100% of issued share capital of Southgold (sole owner of Burnstone mine and assets)
• All shareholder loans and inter-group loans against Southgold Offer consideration
• Payment of $7.25 million on completion of transaction
• Total debt reduced by 55% to $177.3 million, back-ranked to new funding and ring-fenced to and repaid from Burnstone free cash flow
« New funding
• Sibanye to provide up to R 950 million, over time, as working capital to support chosen production plan
• Sibanye loan attracts interest at JIBAR +4% (~9.5%)
• Sibanye loan to be repaid first:
• 90% free cash to shareholder loan; 10% to debt
Debt settlement
• On settlement of the Sibanye loan and interest, debt will be repaid from free cash flow:
• 70% to shareholder loan; 30% to debt
• moratorium on interest and capital repayments for 36 months from transaction completion
• Debt attracts interest at LIBOR +4% (~4.5%)
• Option to settle outstanding balances at any time without penalty
• Bank debt ring-fenced to Burnstone ... »
https://thevault.exchange/?get_group_doc=245/1471265156-update2016-04-burnstone-project.pdf
I'm lost! Does GBG (Great Basin Gold) exist as a company? Who is mining the Burnstone Mine? Anybody? Who owns the Burnstone mine,the licenses and permits to mine? I thought Sibayne owned it all? Correct?
« ... Standard Chartered Bank together with Credit Suisse AG, who were principal lenders to Great Basin Gold, a listed Canadian mining company which owned two mines, one in Nevada and one in Johannesburg. Great Basin Gold and both mine-owning subsidiaries were placed, simultaneously, into cross-border bankruptcy proceedings: voluntary company creditors arrangement in Canada, chapter 11 bankruptcy in Nevada, and business rescue in South Africa. Prior to the restructuring, the South African creditors’ claims exceeded ZAR 11 billion.
The final restructuring involved the sale of the shares in the South African subsidiary to another listed mining group, the compromise of certain debt, the refinancing of other debt and the introduction of new finance facilities.
https://www.bowmanslaw.com/wp-content/uploads/2016/08/SL-Restructuring-2.pdf
« ... Still Beyond FRUSTRATING! Regarding the Burnstone Gold Mine!
http://www.saimm.co.za/saimm-events/upcoming-events
“...Note: Business Rescue should generally end within three months, or an extended time as granted by Court on application by Practitioner
Beyond Frustrating http://web.archive.org/web/20120817013309/http://www.greatbasingold.com:80/burnstone.cfm
http://web.archive.org/web/20120817013305/http://www.greatbasingold.com/assets.cfm
http://web.archive.org/web/20130323111047/http://www.greatbasingold.com/burnstone_team.cfm
Welman v Marcelle Props 193 CC & Another (2012) JOL 28714 (GSJ)
“business rescue proceedings are not for terminally ill close corporations. Nor are they for chronically ill. They are for ailing corporations, which given time will be rescued and become solvent”
Quote:
”... Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
“Without the input of the secured lenders, Credit Suisse and Standard Chartered Bank, in terms of advancing post-commencement financing and permitting the unsecured creditors a dividend that they would not otherwise have obtained, Southgold would have been forced to commence liquidation proceedings.”
South African company Southgold Exploration is a wholly-owned subsidiary of Toronto-based Great Basin Gold (GBG) Limited, which is an international mining company engaged in the exploration and development of gold properties. Southgold’s principal asset is the Burnstone mine in Mpumalanga.
During August 2012, GBG suspended active production at Burnstone in the hope of selling the mine in order to settle creditors. Seeking protection from creditors in the interim period, Southgold filed a resolution in 2012 placing itself in business rescue, and commenced proceedings under Canada’s Companies’ Creditors Arrangement Act, which is the equivalent of South Africa’s business rescue proceedings.
Standard Chartered Bank and Credit Suisse worked closely with the business rescue practitioner appointed to supervise Southgold, and advanced significant post-commencement financing to enable the successful business rescue, which included restructuring Southgold’s debt and equity.
According to Ms van Zuylen, “The restructuring had cross-border implications in that it involved the restructuring of debt owed to Canadian, Swiss and English creditors in addition to South African creditors.”
The restructuring involved banking and finance law, insolvency and restructuring law, corporate law, litigation and mining law issues. Documents were governed by English law and South African law (prepared by Bowman Gilfillan), and Cayman and Swiss law (drafted by local counsel).
The Bowman Gilfillan team comprised: Lionel Shawe and Lisa Botha (Banking and Finance), Claire van Zuylen and Sizwe Msimang (Insolvency and Restructuring law), Alistair Collins, Marc Pinchuck, Candace Hennessey, Johan de Wet, Ingrid Sinclair, Claire Tucker (Mining and Regulatory), and John Sahli and Clement Mkiva (Litigation).
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
http://www.blakes.com/English/WhoWeAre/FindPerson/Pages/Profile.aspx?EmpID=101619&format=PDF
http://services.bowman.co.za/Brochures/PracticeAreas/Restructuring/Restructuring.pdf
Where is the South African Business Rescue?
“...Where is the GBGLF business rescue... How were the shares restructured? If at all?
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Southgold was a member of the Great Basin Gold (GBG) group of companies with its main business of mining exploration
>GBG was a Canadian company listed on the Toronto Stock Exchange
>Company is the owner of the Burnstone mine – Mpumalanga
>Southgold was placed under business rescue on 14 September 2012, pursuant to a voluntary resolution passed by the board of directors and Peter van den Steen was appointed as the business rescue practitioner
>Provision of post-commencement funding by secured lenders
http://www.tma-sa.com/events/tma-sa-conference-2015/80-13-35-pm-jared-n-and-eric-l-werksmans-attorneys/file.html
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Conclusion of a restructuring and support agreement between the business rescue practitioner, the secured lenders and the noteholders
>Transaction structured as a –
>restructure of Southgold’s shares in certain subsidiaries
>transfer of intra-group assets to Southgold
>sale of the shares in Southgold to Wits Gold for R1
>restructure of Southgold’s debt and security to the secured lenders. Debt to be repaid over time
>payment by the secured lenders and Wits Gold of amounts to be made available for payment to noteholders and trade creditors upon closing of the transaction
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
Quote:
One of the biggest and most complex business rescues brought under the new Companies Act of 2008 has come to a successful conclusion, in the process saving jobs and highlighting the important role that banks play in business rescue proceedings.
Southgold Exploration, which filed a resolution in 2012 placing itself in business rescue, had its business rescue plan approved by creditors on 11 July 2013, which ultimately resulted in the company terminating its business rescue on 1 July 2014 so that it could continue to operate.
Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
In 2013 « ... JOANNESBURG (miningweekly.com) – South African gold explorer turning producer – Wits Gold – is acquiring the out-of-pocket Burnstone gold mine on excellent terms.
Wits Gold CEO Philip Kotze told the media on Monday that the proposed acquisition was providing the company with an ultra-low-priced shortcut into gold production.
http://www.miningweekly.com/article/burnstone-2013-07-15/rep_id:3650
http://cfcanada.fticonsulting.com/GBGL/docs/GBGL%20First%20Report%20of%20the%20Receiver.pdf
http://www.miningweekly.com/article/sibanye-to-push-burnstone-restart-from-zero-base-2014-06-06
https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone
« ...South Africa: South Gauteng High Court, Johannesburg
http://www.saflii.org/za/cases/ZAGPJHC/2013/33.html
« ... In the application of:
CREDIT SUISSE GROUP AG........................................First Intervening Party
STANDARD CHARTERED BANK..............................Second Intervening Party
(Reg. No.: 2003/020177/10)
IN RE:
The Ex Parte application of:
PETRUS FRANCOIS VAN DEN STEEN N.O..............First Applicant
SOUTH GOLD EXPLORATION (PTY) LIMITED
(in business rescue).......................................................Second Applicant... »
« ...BURNSTONE GOLD MINE (PTY) LTD +27(079 086 9159)
BURNSTONE GOLD MINE (PTY) LTD +27(079 086 9159) Standerton
We are currently looking for determined workers urgently with or without matriculation,At BURNSTONE GOLD MINE(PTY)LTD*COMPANY NAME:BURNSTONE GOLD MINE(PTY)LTD *LOCATION.
:BULFOUR (MPUMALANGA) POSITIONS AVAILABLE FOR THE POSTS ARE AS FOLLOWS *DOMESTIC/GENERAL WORKERS WITH OR WITHOUT MATRIC *CLERKS *OFFICE ADMINISTRATOR *P.A*I.T (INFORMATION TECHNOLOGY) OPERATING POSITIONS AVAILABLE *RDO(ROCK DRILLING OPERATOR) *WINTCH OPERATORS *DUMP TRUCK OPERATOR*RICK DRILLING OPERATOR *FRONT END LOADER OPERATOR *LHD OPERATOR *DEEP ATTENDED *PTV*BELT ATTENDED *RIGGER ENGINEERING POSITIONS AVAILABLE *ARTISANS *DIESEL MECHANIC *ELECTRICAL ENGINEER *WELDERS *GRINDERS *ASSISTANT BOILERMAKER *PIPE FITTER NB: FOR MORE ENQUIRIES PLEASE CONTACT MR Albert Tau TO BOOK YOUR APPOINTMENTS BEFORE YOU APPLY.CONTACT INFORMATION +27(079 086 9159) NB: jobs that require an up-front payment are scams
http://za.jobrapido.com/jobpreview/24448915
February 2018 « Great Basin Gold is conducting a feasibility study for a shallow new gold mine known as the Burnstone project.... »
https://irr.org.za/reports-and-publications/atLiberty/files/liberty-mining-and-people-the-impact-of-mining-on-the-south-african-economy-and-living-standards
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
Wir werden sehen. Fremde Rettungspläne wurden wieder zum Leben erweckt!
https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone/history
Das bringt doch alles nichts mehr Goldenpolarbear das sind
Längst alte Geschichten , wir werden niemehr einen Cent von
Unserem investierten Geld sehen
« ...“Net debt” represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye and therefore exclude the Burnstone Debt. Borrowings also exclude related-party loans. Net debt excludes Burnstone cash and cash equivalents.... »
https://thevault.exchange/?get_group_doc=245/1495015984-Sibanye_European%20Gold%20Forum_11am%205%20April%202017.pdf
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03/rep_id:3650
Ron Thiessen stated « I am confident that we will not only survive but we will thrive as we move forward in building our Company... »
Ronald W Thiessen, Chairman of the Board
Great Basin Gold
http://www.sharedata.co.za/Data/008540/pdfs/GB%20GOLD_ar_dec08.pdf
« ...Court Case Over AFRICAN Miner’s Collapse Ends Abruptly
Great Basin Gold Debentures Drop Lawsuit
https://www.pressreader.com/canada/stockwatch-daily/20170112/281483571072397
« ...Court case over African miner’s collapse ends abruptly
Great Basin debentureholders drop lawsuit
Stockwatch Daily12 Jan 2017By Mike Caswell
A LAWSUIT over the demise of Great Basin Gold Ltd. and its purported $1.3-billion (U.S.) in assets has come to an unspectacular conclusion in the Supreme Court of British Columbia. The debentureholders behind the suit have dropped the case. Each side will bear its own legal costs.
The lawsuit was brought bya group, led by Linden Advisors LP, that held $45.7-million in unsecured convertible debentures in Great Basin. The group lost most of its investment after Great Basin entered insolvency proceedings in 2012. The lawsuit sought damages from Great Basin’s former management, claiming that the company had misrepresented the value of its assets.
The case was being actively litigated and had been set for trial in September, 2017, but the matter came to a sudden end on Dec. 19, 2016. On that date, Linden and the other plaintiffs filed a consent order dropping the matter in its entirety. The order states that there will be no costs, which means that each side must pay its own legal fees.
The order concludes a case that Linden and two other investors filed on Aug. 14, 2014. The other plaintiffs were Crystalline Management Inc. and Wolverine Asset Management LLC. The defendants were former officers and directors of Great Basin. These included Ferdinand Dippenaar, the company’s president from August, 2005, to August, 2012. The suit also named Great Basin chairman Ron Thiessen.
The lawsuit sought to hold management accountable for what the debentureholders saw as a substantial misrepresentation of the value of the company’s assets. Linden said that it acquired Great Basin debentures in 2009, based on the value the company attributed to its two main projects, Hollister and Burnstone. The company had valued Burnstone between $414-million (U.S.) and $1.17-billion (U.S.), with a mine life of 19 years. After adding the value of Hollister, the company’s two main projects were worth $1.3-billion (U.S.), the suit stated.
After the initial investment, all seemed to be well, according to Linden. The Burstone project went into production in January, 2011, and the project’s reserves and mine life increased too. Meanwhile the Hollister project received a boost to its reserves as well. Alongside these purportedly positive developments, Mr. Dippenaar called the Burnstone a “world class project” that would produce into the future. The company expected Burnstone to start contributing cash flow in July, 2011.
There were no concerns throughout 2011 and into 2012 about the company’s cash position, Linden said. On Oct. 24, 2011, the company claimed to have enough working capital. It also increased its valuation of the Burnstone project, placing a $1.53-billion (U.S.) figure on the project. The company acknowledged some production delays, but in an April 3, 2012, earnings call Mr. Dippenaar assured investors that those issues were resolved. As the debentureholders understood things, the company was advancing without any troubles, the suit stated.
Problems soon appeared, however. According to the suit, the company first disclosed on Aug. 12, 2014, that it was having “operational challenges” bringing Burnstone into production. The company also said that it had a working capital deficit of $23-million. Despite those issues, the company maintained that the value of the
projects was more than the company’s market capitalization, the suit claimed. The company did not write down either project.
Just weeks later, a much larger problem ensued. On Sept. 19, 2012, Great Basin entered insolvency proceedings, in which it ultimately sold all of its assets. As Linden saw it, the true value of the company’s projects emerged through those proceedings. In May, 2013, Great Basin sold Hollister for $15-million and a 15-per-cent royalty, which was assigned to the company’s secured lenders. Meanwhile Burstone went for $7.25-million (U.S.) and the assumption of $170-million (U.S.) in debt. Linden said that this value was a mere fraction of what management had claimed the projects to be worth.
The lawsuit sought damages for negligent misrepresentation, a declaration that the directors and officers breached their duty, and a declaration that the debenture prospectus contained misrepresentations. In addition to Mr. Dippenaar and Mr. Thiessen, the defendants were: Lourens Van Vuuren, Willem Beckmann, Philip N. Bentley, Patrick Cooke, Terrence Barry Coughlan, Dhir Anu, David M.S. Elliott, Bheki Khumalo, Harry Wayne Kirk, Octavia Matloa, Philip Kotze, Joshua C. Ngoma, Johan Oelofse, Dana Roets, Gert J. Robbertze, Sipho A. Nkosi and Walter T. Segsworth.
The defendants each denied any wrongdoing. In his July 22, 2015, response to the suit, Mr. Dippenaar said that there was no guarantee of the company’s success, and its disclosure clearly indicated that fact. Exploration variables, lack of financing, as well as economic and market conditions could all affect its success, he contended.
Mr. Dippenaar also leaned heavily on the legal disclaimers in the prospectus. Those disclaimers specifically stated that investments in the company were speculative and involved a high degree of risk. Moreover, the debentures were unsecured obligations and there was no guarantee that the company could pay the interest and principal. At the time, the company had an 18-year history of losses and there was no guarantee it would be profitable.
Great Basin Gold no longer trades in Canada, the company having delisted from the Toronto Stock Exchange on Oct. 25, 2012. In 2010, the stock had a high of $3.07. The company still has a listing on the lowly OTC Markets, where it was last at 0.18 cent.
(GBGLF)
https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02976.html
« ...Great Basin ex Segsworth fights Credit Suisse case
Great Basin Gold Ltd.’s former director, Walter Segsworth, has asked a judge to deny an attempt to force him into providing a deposition for a Nevada fraud case. He says that he has nothing relevant to contribute.
https://www.eenews.net/stories/1060080079
https://www.bnn.ca/commodities/video/alaskan-pebble-project-achieves-agreement-with-u-s-epa~1153416
https://www.pressreader.com/canada/stockwatch-daily/20160923/281509340663766
« Great Basin Gold– Hollister Mine (Nevada), Burnstone Mine (South Africa)... »
« ...Key Points for Investors and Other Stakeholders:
• Great Basin Gold Ltd. (“GBG”), was a publicly-traded international mining company engaged in the exploration, development and operation of gold properties. It operated through 22 subsidiary companies that reported through consolidated statements. A number of the subsidiaries were in- corporated and based in known tax shelters (British Virgin Islands, Cayman Islands, Cyprus).
• The company entered receivership in 2013, while Ronald Thiessen was still Chairman of the Board, and Scott Coughlan was still a Director. From 1996 through 2007, the company was under HDI control, based on a contract dated December 31, 1997. HDI ceased to be a “related party” after 2007.
• Philip Kotze was also a company director from 2011 until 2013, and was the President and CEO of HDI-subsidiary Atlatsa from 2008 to 2011. He later bought the HDI Burnstone Mine out of the liquidation proceedings in 2013.
• Subsequently, Thiessen and Coughlan were defendants in civil proceedings filed in British Co- lumbia and Nevada by Credit Suisse AG, GBG’s largest creditor. In February-March 2011, prior to GBG’s bankruptcy, the company borrowed US$70 million (the “Hollister Facility’) from Credit Suisse to finance mining operations at its Hollister gold mine in Nevada. In 2012, follow- ing the bankruptcy filing, Credit Suisse executed a US$35 million debtor-in-possession financing facility (the “Canadian DIP Facility”) connected to the Canadian bankruptcy filing, which was subsequently increased to US$51 million in 2013. Credit Suisse filed suit in Nevada alleging that the defendants had provided information, at the time of the Hollister Facility, stating that the life of the Hollister Mine was estimated at over eight years, the proven and probable reserves at the mine were estimated to be 907,000 Au(eqv) oz, and the net present value of the mine was C$236 million. Following the bankruptcy proceeding, however, the Hollister mine was reported to have “only a three-year life of mine and proven and probable mineral reserves of 187,000 Au(eqv) oz.” When the mine was sold in 2013, it was sold “for only US$15 million and a small percentage of future profits.” Credit Suisse alleged “negligent misrepresentation, fraud and breach of fiduciary duty” on the part of the defendants. The Nevada proceedings were settled in July, 2017. 132 De- tails of the settlement were not
• Thiessen and Coughlan were also defendants in a related civil proceeding filed in British Colum- bia in 2014 by Linden Advisors LP, Crystalline Management Inc. and Wolverine Asset Manage- ment, LLC. The plaintiffs were investors in debentures issued by GBG in 2009, who alleged that the defendants made material misrepresentations concerning GBG’s financial and liquidity position in a GBG prospectus related to the debenture issue. After counterclaims and responses filed by both sides, this proceeding was settled and dismissed in December 2016, with neither party taking anything from the other.
• In May 2013, the Hollister Mine was sold at auction for US$15 million by Waterton Global Re- source Management. In Q3, 2016, Waterton shut it down. Hollister was again sold, to Rimrock Gold, which then sold it to Klondex for $80 million and some shares and warrants in Klondex. Franco-Nevada holds a 3-5% NSR on the property (subject to gold price).
• In 2013 in South Africa, at the Burnstone Mine, GBG subsidiary Southgold filed for bankruptcy protection. The company’s debt exceeded US$400 million (largely owing to Credit Suisse and Standard Bank). Southgold brought in a private business rescue practitioner- Peter Steen, who sold the mine to Philip Kotze’s Witwatersrand Consolidated Gold Resources (“Wits”) for $7.25 million133; Wits also assumed the company debt. However, the plan cut the debt to $177.5 million and required Wits to bring the mine back into operation within three years. The rescue plan was announced in July 2013.134 Wits could not meet its obligations either, and, by the end of the year, the entire company had been bought by Sibanye for less than $40 million... »
https://miningwatch.ca/sites/default/files/hdi_investor_report.pdf
https://www.northerndynastyminerals.com/pebble-project/project-overview/
« ...Investors are mad with the state of play at Great Basin Gold Ltd., an international gold mining company with mines in Nevada and South Africa that is now in bankruptcy protection.
And there’s a lot at stake given that through RBC Capital Markets, Great Basin raised $57.5-million of equity capital just over six months back from a unit offering at $0.75 per unit. It also raised $86.3-million of equity — at $2.55 a share — in February 2011. One year back, again through RBC, it raised $126.5-million from the sale of five-year 8% convertible debentures.
And their rage is directly proportional to how fast developments have changed at the company whose shares are listed in Canada, the U.S. and South Africa.
Adding to the frustration is that battles have emerged between classes of security holders brought on by the demands of the providers of debtor in possession financing and the collateral holders of the convertible debentures thought they enjoyed. (One holder said that he expects, at best, to receive $0.25 on the dollar.) And because Great Basin is obligated to pay the legal costs of the lenders and the holders of the convertibles, about $10-million will be drained. Indeed in its latest update, issued one week back, Great Basin said that the DIP loan “remains in technical default.”
http://business.financialpost.com/news/fp-street/the-mess-at-great-basin-gold
Really? https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone/history
rbdc came back from the dead after six years of me waiting never sell hahahahhhh
Sibanye - Net-debt (excluding the Burnstone Debt and including the $450 million convertible derivative instrument) at 31 December 2017 was ZAR23.176 million ($1,875 million).
Who knows if/when they start the Burnstone gold producing again??
It is obvious that the story will continue only after Burnstone is ready and producing profit. Till then there is no chance to fight that crooked gang.
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https://www.sec.gov/litigation/admin/2016/34-78363.pdfGreat Basin Gold Limited
ABOUT THE COMPANY
Great Basin Gold Limited is an international mining company with two emerging mines in the world's richest gold regions: the Hollister Mine on the Carlin Trend in Nevada and the Burnstone Mine in the Witwatersrand Basin, South Africa. These assets, combined with exploration activities in Tanzania and Mozambique, make Great Basin Gold an exceptionally well positioned investment opportunity.
Burnstone Mine is the first greenfield operation to come online in the Witwatersrand Basin in 30 years, commencing production at a time of record high gold prices and increasing demand. The Hollister Property presents one of the highest-grade deposits entering production today, with prolific potential to increase resources through further exploration of the surrounding area. Lead by a multidisciplinary team of respected industry veterans, Great Basin Gold is poised to transition into a significant commercial producer with excellent growth possibilities.
Great Basin Gold Limited is an international mining company engaged in exploration, development and operation of high-quality gold properties, all while building shareholder value and sustainable communities. The company is currently focused on its two emerging flagship mines in the world's richest gold-producing regions, the Hollister gold mine and associated operations located on the Carlin Trend in Nevada, USA and the Burnstone gold mine located in the Witwatersrand Basin goldfield of South Africa. Together, these operations comprise a total resource base of 23.4M Au oz and 7.3M Au oz reserves.
Great Basin Gold is evolving into a leading mid-tier gold producer through a well-defined strategy of:
Great Basin Gold also has prospective exploration projects in both Mozambique and Tanzania.
Canadian Imperial Bank of Commerce
400 Burrard Street
Vancouver, British Columbia
Canada V6C 3A6
Computershare Trust Company of Canada
4th Floor, 510 Burrard Street
Vancouver, British Columbia
Canada V6C 3B9
McMillan LLP
Royal Centre, 1055 West Georgia St
Suite 1500, PO Box 11117
Vancouver, BC V6E 4N7
Canada
PricewaterhouseCoopers Inc
2 Eglin Road,Sunninghill 2157
Private Bag x36
Sunninghill 2157
South Africa
Great Basin Gold Limited, incorporated in Canada - Reg no: 436691
Registered & Operational Offices:
138 West Street, Sandton 2146, South Africa
1108-1030 West Georgia Street
Vancouver BC, Canada, V6E 2Y3
The Board of Directors of the Company has adopted these Corporate Governance Guidelines to assist the Board in the exercise of its responsibilities:
Corporate Governance Policies and Procedures Manual
JSE Annual Compliance Certificate 2011
NYSE Amex Corporate Governance Certification Form 2010
Shareholder's Rights Plan Agreement
Great Basin Gold is continuing to increase its resource base through focused exploration programs. Over and above continued activities at the Hollister and Burnstone properties, greenfields exploration is also being undertaken in Tanzania and Mozambique.
The Witwatersrand Basin deposits, such as that found on the Burnstone Property, generally represent gold concentrations, called placer deposits (or "reefs", in local mining terminology), hosted within coarse-grained sediments (conglomerates) deposited in braided stream channels on broad river plains. Economic gold concentrations commonly extend for several km down the dip, and for up to 50 km (30 mi) along strike of the sedimentary rock units. Gold occurs as detrital grains in nugget-like shapes and secondary (re-crystallized) grains, ranging in size between 0.005 and 0.5 mm diameter.
The Witwatersrand Basin has been affected by several structural events. Many studies now differentiate between deformation that was taking place during deposition of the Witwatersrand sediments and subsequent deformation. Deformation that occurred during the deposition of the sediments played a key role in the distribution and thickness of the host rocks as well as the occurrence of the gold-bearing reefs. Later faulting and buckling of the sequence determined which parts of the basin remained buried, and the depths to mineable horizons.
The South Rand area is located in the north eastern part of the Witwatersrand Basin. In the South Rand, the Witwatersrand sequence is thinner than in other parts of the Basin. The West Rand Group, comprising about 1,500 m (4,920 ft) of alternating quartz arenite and shale units, unconformably overlies the Archaean granite-greenstone basement rocks. The overlying Central Rand Group strata are approximately 900 m (2,950 ft) thick and include the Kimberley Reef horizon, which is the main gold-bearing unit on the Burnstone Property. The Johannesburg Subgroup, including the Bird amygdaloidal lava and the Kimberley shale, is about 300 m (985 ft) thick. The Turffontein Subgroup is approximately 600 m (1,970 ft) thick and is made up of a sequence of quartz arenites and conglomerates that correlate with the Elsburg Formation.
An 18-km (11-mi) long northwest-southeast gold trend has been outlined on the Burnstone Property that appears to be associated with a large, ancient, braided channel system extending over the property. Drilling has also shown that two northwest-southeast trending sub-parallel faults, spaced four km apart, have uplifted the central portion of the gold corridor. As a result, a substantial portion of the gold-bearing horizon along the main deposit trend lies between 250 and 750 m (820-2,640 ft) in depth, which is relatively shallow for Witwatersrand gold deposits. The average thickness of the reef is 35 cm.
GeologyThe Hollister Property is located at the intersection of the Carlin Trend and the Northern Nevada Rift. The Carlin trend is a northwest trending, 50-mile long metallogenic corridor, which hosts significant opencast and underground operations that have produced in excess of 70 million ounces of gold. Carlin Trend-type mineralization is 38-43 Myrs (Eocene) in age. The Northern Nevada Rift is a north - northwest trending structural feature made up of bimodal volcanic rocks that host Miocene-aged (13-15 Myr) low sulphur-type epithermal gold deposits such as Midas, Mule Canyon, Buckskin National and Hollister. The Paleozoic stratigraphy and Eocene magmatic pulse that is critical to the development of Carlin-type deposits to the southwest are in evidence at Hollister, as are the Miocene mineralizing events. The Hollister stratigraphic section includes Ordovician sedimentary rocks intruded by mid-Eocene plutons and unconformably overlain by a veneer of Miocene volcanic and volcano-sedimentary rocks. Devonian sedimentary rocks have been intersected at a depth below the Ordovician sediments under the Roberts Mountain Thrust.
Epithermal gold mineralization at the Hollister Property occurred in the early Miocene (15.1 Myr) and is directly related to right - lateral wrench tectonics associated with the Northern Nevada Rift, where it over-prints the Carlin Trend. The Hollister Property hosts a low-sulfidation Au-Ag epithermal system characterized by banded quartz veins with electrum, native gold and silver selenides. To date over 40 mineralized veins have been modeled in the main Clementine-Gwenivere vein systems. The veins are narrow (1-3 feet wide), and commonly display colliform banding, brecciation and silicification features indicative of multiple pulses of fluid movement. The low-sulphur epithermal vein systems form as part of a geothermal system around the interface of hot volcanic derived hydrothermal fluids and cold meteoric water influx. Similar active systems such as Yellowstone National Park (Wyoming) and the Taupo Volcanic Zone (New Zealand) demonstrate many of the features observed at Hollister.
Although mineral resources and reserves are delineated on the epithermal vein system hosted in Ordovician metasedimentary host rocks, continued exploration of the orebody has delineated zones of disseminated gold mineralization in the overlying Tertiary volcanic, within which restricted structures host zones up to 100 oz per ton Au. These super high grade Blanket Zones are being accessed and developed as a separate ore source, and have to date have been tested metallurgically at a separate whole ore roasting facility.
Some of the primary geological elements of the sediment-hosted gold deposits of the Carlin Trend are present at the Hollister Property, including Eocene intrusive rocks and lower-plate carbonate rocks. The Hatter stock (a grandioritic intrusive) at the Hollister Property has been dated at 39 Ma and is similar to 39 Ma biotite-feldspar porphyry dikes occurring in the Goldstrike area 5 miles SE in the Carlin trend. The main pulse of gold mineralization on the Carlin Trend is dated at about 38 Ma and commonly thought to be associated with late-Eocene magmatism.
Great Basin Gold is an international mining company with advanced stage developed projects: Hollister on the Carlin Trend in Nevada and Burnstone in the Witwatersrand Basin.
Responsible delivery: we are passionate about delivering value - not just to our investors, but to the surrounding communities in which we operate.
Great Basin Gold is a speculative investment. Readers should perform their own due dilligence and recognize that the posts contained herein may contain inaccurate information and/or unjustified hype.
SA Quote:http://www.miningmx.com/financial_tools/chart_centre
Website: http://www.grtbasin.com/
SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000865492&owner=include
SEDAR:http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00004256
Properties: Burnstone - http://www.grtbasin.com/index.html?lf=1;pg=9;
Hollister - http://www.grtbasin.com/index.html?lf=1;pg=10;
Presentations:http://www.grtbasin.com/index.html?lf=1;pg=16;
Fact Sheet:http://www.grtbasin.com/gup/filez/GBG_Jan_2008.pdf
RECENT 2016 info about this FIASCO
http://www.klondexmines.com/investors/news/klondex-announces-agreement-to-acquire-the-hollister-mine-and-ccad100-million-subscription-receipt-offering
http://www.iol.co.za/business/news/southgold-business-rescue-completed-1714015
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
https://www.sibanyegold.co.za/investors/events/presentations/2016/send/37-2016/366-update2016-04-burnstone-project
http://www.iol.co.za/business/news/southgold-business-rescue-completed-1714015
https://www.sibanyegold.co.za/investors/events/presentations/2016/send/37-2016/365-update2016-03-gold-projects
https://www.sec.gov/alj/aljorders/2016/ap-4010.pdf
https://www.sec.gov/alj/aljorders/2016/ap-4045.pdf
https://www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/Great-Basin-Gold/Documents/Petition-to-the-Court.pdf
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex429.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex428.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex430.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex431.htm
https://www.sec.gov/alj/aljorders/2016/ap-4051.pdf
http://www.kpmg.com/ca/en/services/advisory/transactionrestructuring/creditorlinksites/great-basin-gold/pages/default.aspx
http://cfcanada.fticonsulting.com/GBGL/default.htm
http://www.lawsonlundell.com/media/news/373_CAIRP%20Commercial%20Technical%20Update%20-%202013.pdf
http://www.witsgold.com/investors-and-media/company-announcements/2014/results-of-scheme-meeting-and-finalisation-announcement-03-13-2014
http://www.sibanyegold.co.za/index.php/2012-12-30-10-07-54/sibanye-gold-technical-and-operating-update-4-5-june-2014/doc_download/152-the-burnstone-project-richard-stewart-senior-vice-president-business-development
https://www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/Great-Basin-Gold/Documents/First-Affidavit-of-Steven-Duenkler.pdf
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