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MMT expectations
When the pipeline deal is done and that should be very soon because I checked with Oullins and he told me (LOL), do not expect more than 12K at first. It will take some time to ramp up.
FYI, a lot of work is being done in the background and this is the reason the stock is finally moving on high volume. That effort started in August in NYC and is on-going. MMT is now on the radar screen of many institutions and they like the story.
Dividend is around the corner. IMO Q1.
The stars are all aligned.
MMT MAUXF Update
Shell pipeline.
We could have a contract by January. This is advancing very well.
AGIP
Any time. (I think I said that before ) The company is pushing as much as they can.
Insurance money.
Collection in progress
Presentation
New presentation should be available this week
UMU9
We will get an update soon for the intermediate section
GTLA
MMT MAUXF a tale of 2 pipelines
This is a repost from IV where I was answering a question from a poster confused about 2 pipeline negotiations.
I also have a comment about Cormark.
"There are 2 pipeline discussions going on.
Shell pipeline.
This is a discussion with Shell. Mart wants to build their own 50 or so KM pipeline to link with the Shell facilities. To do that they must first have a "petroleum purchase agreement" with Shell. That agreement should be concluded sometime in Q1.
The pipeline will cost around $60M and will be bank financed at 80%. Mart will have a minority ownership with the majority going to Mart's partners and to the local government. Just like the AGIP pipeline where AGIP is a minority owner but the operator. The pipeline capacity will be around 70K to 80K BOPD. The pipeline will take 14 months to build including the permitting and land rights.
AGIP pipeline
They are waiting for some final document but all the lawyers agreed on the terms. It will happen before year end and most probably sometime next week. However until the NR is released there is always a concern. We are talking Nigerian clocks here and they run at a different speed than our clocks.
Bottom line is that I am very convinced that this will be behind us very soon.
Cormark
The Cormark buying of several million shares last week did not come out of nowhere but is not related to a pipeline news. It is related to a lot of work presenting the fundamental of this stock. They bought because they want to make money for their clients and Mart is a screaming buy in their view.
The broker buying will remain high for the next several days with other houses joining in. "
One more comment for some people that think institutions run to their computers and buy stock right after they are given a presentation by a CEO and if they don't then it means they are not interested. I could name a few posters on stockhouse.
Institutions are given presentations by companies everyday. They listen, give it to an analyst (50% at best) and watch for a while if their analyst comment is "interesting" (10%). Then there is a follow up several weeks later to check if the company actually delivered. Now it becomes "very interesting" let's talk seriously. They have this thing called "due diligence" and "liability" if they don't do it. BTW it does not mean that they never get their feet wet right away they just never make a full plunge.
This was the case for Cormark. The first presentation was in August in NYC if you remember and you know the rest of the story.
GTLA
MMT PR should be out in the next few days.
A lot of buyers in Canada. I wonder where they got the idea that Mart was a bargain. I should ask CL if he knows. LOL
MMT at a 52 week high 80c!!!!
Go baby go
MMT MAUXF Q3 results
Wow! So much for what was expected to be a so so quarter.
A lot to digest on the numbers (production a lot higher than I expected according to the PR's) but before I give my comments and reconciliate the numbers I could not help notice a few things:
"Negotiations are ongoing with Agip, the Nigerian operator of the export pipeline, to increase expor capacity for the Umusadege field. Mart's management anticipates that once an agreement is reached the Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the existing UMU-1, UMU-5, UMU-6, UMU-7 and UMU-8 wells. Increases in export production capacity are also anticipated to accommodate future production from the UMU-9 well. "
What about 10 an 11? what about the horizontal re-entry in UMU4 at 9K BOPD?
"To mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new export pipeline options to provide an alternative for future production capacity. The upgrade of the central production facility at the Umusadege field to a design capacity of approximately 30,000 bopd is approximately 60% completed."
That would include 9, 10, 11 and UMU4
"Subsequent to September 30, 2011, the Company entered into agreements with its Umusadege coventurers which affirmed the relationship and the responsibilities of the Company as service provider and Midwestern as field operator and clarified tax obligations of co-venturers effective April 26, 2007. The contractual relationships established pursuant to these agreements are now collectively referred to as the Risk Service Agreements"
Not sure what to think about that one.
"General and Administrative Expenses
Expenses for the third quarter of 2011 were $13.1 million compared to Q310 of $2.4. The overall increase of $10.7 million was due mainly to increases in excise taxes of $7.7 million and late tax filing fees of $3.6 million."
$3.6M!!!! Wow! I need to know more about that one.
The morning trading will be interesting. Not sure what to expect.
MMT MAUXF Q3
Should be out in the morning. I am looking for 0.086 CF.
FX could boost EPS
Look for Tax gain to BS or EPS depending how they account for it.
Cheers
PCY Prophecy coal power plant approved
Prophecy Coal unit receives licence for Chandgana plant
2011-11-21 08:55 ET - News Release
Mr. John Lee reports
PROPHECY GRANTED LANDMARK CHANDGANA POWER PLANT LICENSE
Prophecy Coal Corp.'s wholly owned Mongolian subsidiary, East Energy Development LLC, has received the licence certificate from the Mongolian Energy Regulatory Authority to construct the 600-megawatt Chandgana power plant.
In terms of size, this 600 MW (150 MW x 4) thermal power plant license is the first ever issued by the Mongolian government. To ensure strict compliance with Mongolian laws and regulations in obtaining this license, Prophecy retained a number of Mongolian and international consultants over the past 18 months. Considerable efforts were also spent on community relations.
Coal for the Chandgana mine-mouth power plant will be supplied from Prophecy's Chandgana Tal ("Tal") Deposit, for which the company has already obtained a full mining license. Tal contains 141 million tonnes of measured coal and is located just 9 km north of Prophecy's Chandgana Khavtgai project; a deposit with over 1 billion tonnes of measured and indicated coal.
Chandgana is 60 km from Underkhann city (East Energy System), and 150 km from Baganuur city (Central Energy System). Construction of transmission lines linking the two cities through Chandgana is seen as a top priority for a much improved and efficient national Mongolian energy system.
John Lee, Chairman and CEO of Prophecy states: "Prophecy has distinguished itself as the premier candidate to build the next Mongolian thermal power plant. There is an understanding among all stakeholders that Mongolia, being one of world's fastest growing economies, needs additional power. With the IMF projecting a deficit of over 600 MW by 2016, this need has become critically urgent and can no longer be delayed."
The license issuance paves the way to conclude Engineering, Procurement and Construction contractor (EPC) selection, Power Purchase Agreement (PPA) and Project Financing arrangement in 2012. Many of these discussions have been ongoing since early 2011. The target construction commencement date is Q1 of 2013.
"Prophecy has successfully navigated the permitting process through the diligent and concerted efforts of all those involved, and are grateful to the citizens and government of Mongolia for their continued support. With the above timeline in mind, we will focus on the next phases of development in order to achieve our goal of starting-up the first unit by January 2016. We look forward to working with all relevant agencies, authorities, and communities to commission the Chandgana plant. We are confident that our goals will be achieved within the stated timelines." Mr. Lee states.
Visit www.prophecycoal.com for Chandgana location and transmission grid systems.
We seek Safe Harbor.
MMT MAUXF (corrected)
Just to be clear. The contract that is pending signature is for 21K with 18K of that for Mart 3K for another company.
According to AGIP extra demand can be accomodated on the pipeline. AGIP has the space for it. Total pipeline capacity is 65,000 BOPD
Max available is not clear but it is enough for UMU 9, 10 and 11.
Seismics. When they started the field Mart received the seismics but without the coordinates. It was the way of the previous owner to show that they were not happy with the deal.
They now have the coordinates so that is why we had no dry wells since that time.
I got good sources by the way.
MMT MAUXF response to Farwest
Thanks for your comments it is always good to be chalenged.
The probability of UMU9 is a lot more than good. It is a new structure but the 3D seismics show a saddle. It is a continuation of all the zones in the previous structure. In addition they identified new zones below the 9000 level. There is always a risk but that risk is very very low per my understanding.
As I indicated in another post the AGIP pipeline is not full. AGIP told Mart that they will be able to accomodate UMU9 10 and 11 volume. Not sure about the horizontal.
In term of the pumps that is already done. In the lat few months Mart moved the facilities to 30,000 BOPD capacity. Next step is 40,000 in Q1.
Cheers
PS we are looking good today with a big increase in volume in Canada. Now close to 1M shares and 61c
MMT AGIP pipeline
It is my understanding that all aspects of the deal are agreed upon and that Mart is waiting for AGIP to sign it.
The deal is for 21 K BOPD with 18 K of that for Mart. AGIP has the space on the pipeline for at least UMU8, 9 and 10. The horizontal may be a bit tight but I am not sure and it is not before Q4.
Once the deal is done it will take one week to 10 days to get to 14K to 15K. Merry Christmas
Cheers
MMT MAUXF Mart's forecast for Q3 and 2012 full year
I just produced the forecast for Mart Q3 and 2012. It is posted on stockhouse.
The numbers are a bit scary (good scary)
I could be off by 2 months on the timing but the results would just slide.
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30369903&l=0&r=0&s=MMT&t=LIST
Make sure you look at the next post with the notes to the forecast.
I also posted some comments about dividend
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30370414&l=0&r=0&s=MMT&t=LIST
Let me know if you have any questions
Cheers
MJX.V Majescor
I do not think you can correlate MJX pricing to other miners. Over the last 18 months the price has been in a 20 to 25 c band with 2 up spikes. One last April to 33c for a very short time when tDr. Barrie joined the company as VP of exploration and one at 28c when they announced assays results.
We had one down spike to 15c during the PP.
This is not unusual for a a low volume trade explorer.
We are entering a new phase for Majescor. The results of the new drilling in December will confirm the 2009 drilling. I expect a major jump at that time. Will it last is a good question but I think it will for the following reasons:
The copper/gold deposit is significant with good yield
Close to Newmont on the other side of the border with similar geology
It is very shallow
Very easy to mine
Cheap and very willing labor force
12 months a year operation
Mining permit already done
Good relationship with the Government (french speaking management)
Haiti needs the mine badly
One more thing, I really like the CEO and his pro investor attitude. He is a banker, he wants to make money and he has 3M shares. He also knows what he does not know, that's why he has a very good VP of exploration.
With a $15M market cap and $3M in the bank it is hard to go wrong with this one
GLTA
Majescor MJX.V MJXFF
Looking really good. They started the drilling last Wednesday and everything is proceeding. We should get assays early December and considering the fact that they are mapping the drilling to previous great results they should also be good.
Santa will land on Haiti this year.
MMT.V Mart resources update:
UMU9
The new pad is being connected to the processing facilities right now. They are waiting to finish that up before they move the rig. We can expect spud in 4 to 5 weeks from now. Technical delays are always possible since this is a new location. Remember some of the delays during UMU6 start up.
UMU8
I expect a final flow rate sometime next week.
AGIP
I had given up making predictions but I think we may have a breakthrough. Looks like AGIP will accept a quarterly review of the pipeline loses and a reconciliation. That came up after the government got involved.
For some of you that have a hard time with the reason for such a long procrastinated discussion do not forget that the contract with AGIP is not with Mart but with a group of companies in the region. Even so Mart is the largest one it is not the only one. There are a lot of players around the table and it is Nigeria after all. What would look like a simple business deal for us is not simple in Nigeria.
Bottom line: 2 to 3 weeks for paperwork and restart to a higher flow level. We could be at 18K BOPD by the second part of October. This is best educated guess but about that for a good news!!
Shell
Discusions are on going. They should have a deal before year end IMO. After that it will take one year to finish the pipeline.
The pipeline could be as big as 85,000 BOPD capacity so a lot of extra revenue for Mart.
Taxes
Everybody forgets about that one but it has a major impact on Mart profitability and balance sheet. I expect to see a detailed explanation of the benefits in the Q3 results.
GLTA
It's now panic selling in Asia on gold platinum and silver.
At $1400 I am back in. This is going to be a wild Monday.
GTLA
HNR, Harvest Natural. They had a huge amount of shares traded in after hours starting at 16:01 today. The count moved from 400K traded to 1,600K.
No change in pricing. Any clue what kind of transaction it was?
PCY Mongolian Government Endorses Chandgana Power Plant Project
Not sure if PCY is now in the miner or energy board since they cover both with a power plant and a coal mine.
http://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn%5Fnewsreleases%2Easp%3Fsymbol%3DV%2EPCY%26newsid%3D8308971
IAE. Ithaca. Same here. Time for me to chat with my old friend at the company. Stay tuned.
NKL/PCY
We may have to suffer for another week of down trend or is it an opportunity.
Results of hole 188 should be out the week after next and PCY has a bunch of news coming out at the same time. This will make for an interesting week.
Cheers
Trader Expo is on November 16-19 in Vegas. Anybody interested?
MMT running .57 in US .55 in CA
Could it be that some people started ready the Q
Cheers
MJX status. The rig contract has been signed and the rig mobilized. They have to take it accross the border and due to paper work you can always expect delays. Nothing is simple in Haiti.
1 month to get it on site, 1 month of drilling, 4 to 6 weeks testing.
They have the lab lined up in the DR so we should get results by early December.
The plan is to reconfirm the 2009 results but they will also drill deeper. They expect very good results at the new level.
I am very bullish on MJX. Considering the results of the 2009 drilling the market cap of comparables is 10 or 20X the present MC.
I had a good discussion with the CEO and I found him a very shareholder friendly person.
NKL, let me see, is that the company PCY owns 45% of the oustanding shares?
Seriously, now that NKL is close to $6 it is hard to see them going 3X from here. PCY with its market cap equal to their NKL holding should be an easy 4 to 5 X from here.
I play both but right now I favor PCY for the upside.
PCY share stucture
Shares Outstanding: 196,181,338
Options: 23,900,050
Exercise price range: $0.25 - $0.98
Expiry date range: February 2012 - June 2016
Warrants: 19,452,115
Exercise price range: $0.10 - $0.85
Expiry date range: August 2011 - October 2012
Fully Diluted: 239,533,503
Detail of the warants as of Q1 report:
Exercise price Number Expiration
$0.10 3,250,000 December 31, 2011
$0.40 15,375 December 31, 2011
$0.46 62,500 September 4, 2011
$0.49 1,859,321 February 17, 2012
$0.60 187,500 August 18, 2011
$0.60 133,750 December 31, 2011
$0.60 143,750 December 21, 2011
$0.65 414,000 September 1, 2011
$0.66 3,831,511 October 28, 2012
$0.70 536,250 September 4, 2011
$0.77 5,377,932 March 31, 2012
$0.80 2,964,731 March 31, 2012
$0.80 337,750 April 21, 2012
$0.80 2,753,097 March 23, 2012
$0.80 712,000 October 8, 2011
$0.85 1,800,000 December 24, 2011
Total
$0.10 to $0.85 24,379,467
The difference between Q1 and now (24M warrants vs 19M warrants) is that the December 2011 warrants were accelerated
So it is not 6M but 19 M warrants. Some warrants expire in august but I am not sur how many, could be the 6 M. The warrants represent 10% of the outstanding so not really a big dilution.
Next Tuesday we will get the quarter so it will be detailed in the report.
Cheers
MMT, Q2 results will be on Monday
I am predicting $27M in CF or 7c a share
Not bad for a 42c stock
Imagine what they could do with a real pipeline.
Good luck to all the East Coast posters/readers this weekend.
OT Irene
Good luck to all of our East coast friends this weekend.
PCY, why do you think I am buying more
We all come up with the same math and that includes people in the company.
Also, do not forget the power plant approval coming in 6 weeks and a fleurie of PR's coming in 2 to 3 weeks.
No wonder insiders were buying at the 90c level a few months ago.
RG. No I did not go there. I was invited by Tom but could not make it.
Chen is there right now. Not sure about the weather condition. Bad weather could ground the choper.
They already looked at how to mine it. Simply put they push it down the slope. The big thing is that they do not have to build a $B tunnel like NG has to.
I do not want to set the goal too high for RG but it has the potential to be a monster.
I am sure they have some assays results already, they are trying to get a bunch of them together so they can give a full picture.
Another thing is that what they are drilling right now is only one area of a multi area property.
Cheers
NKL drill 188
The results for the core sample from hole 188 should be released in 2 weeks. This could give a new boost to NKL and PCY
PCY.V Buying more today. Results in one week and it should show the NLK holding on the balance sheet.
I have a suspicion that they will unload NLK in September to finance part of the power plant in Mongolia.
Sprott 10% + PCY 45% et voila they have a package for a buyer at $8 a share. People like HBM are loaded with cash.
That's just a WAG of course but an educated WAG.
We will see.
PCY/NKL Matt, just a couple of more things on PCY:
I asked how they are going to file Q2 with the NKL transaction. Even so they do not have 50% of the company NKL will be consolidated into CPY. The reason is that they are the majority shareholder and both companies have common management. The interesting part will be how do they value the shares of NKL on their balance sheet. PCY MC is $130M The value of NKL shares owned by PCY is $103M, so only $27M for the PCY value. That's a very low valuation for the Mongolia mine alone and they have a lot more than that.
The company also expects to have in September a steadfy flow of news outside of the power plant. I do not know what they have in mind but considering the track record it should be good.
PCY could be a multi bagger next year and possibly it could be as soon as year end.
Cheers
Wow, You should cut down on the caffeine. I think "not quite agree" means I do not completely agree. I took your "a lot" as "the major reason" but what do I know.
You do realize that we are having discussions where we exchange opinions. If we all agreed what would be the purpose of having a discussion, it would be boring.
By the way I must have missed the post where you explained the all Chavez situation. The only post I could find was "that's a lot of what caused today's gold spike" Had I known then about your research I would have mentioned that 18,000 tons of gold are held in jewelry by women in India ( President of World Gold Council on CNBC today) That the quarterly demand for gold is 990 tons,. That between the US and the major euro countries reserve holdings are around 19,000 tons That central banks holdings are only 18% of the total gold holdings in the world, etc etc.
I could go on but you can find some very nice gold statistics at this link:
http://www.gold.org/investment/research/regular_reports/gold_demand_trends
IMO Chavez's 99 tons plus any other holdings he has is not enough to disrupt the world gold market and after all it is not like that gold disappeared, it just changed owner. I cannot see how in the world it will "put a crimp in things" for the gold price.
The point I expressed about the impact on some miners was discussed today by several gold specialists that were concerned with the fact that several countries in Africa and South America could follow suit with Chavez. Now that would have an effect on many gold miners valuation. Of course we all know that miners have been behind in valuation before Chavez's move. CL001 has discussed that fact many times. I only pointed out that it did not help them catch up right now but they will in time.
You may be right, I may be wrong but let's make sure every opinion is welcome and discussed nicely.
GLTY
Chavez and Gold. I do not quite agree with that statement. Gold price today had to do with Europe and eco data. However, the Chavez nationalisation of gold mines had a lot to do with the miners not getting a lift from gold price. Except for MJX of course.
MJX.v/mjxff. What a day for Majescor 108%
I was lucky enough to participate in the private placement at 20c. At this rate I will be in the money with my 35c warrants by the end of the week. I almost bought more yesterday at 14c so since I missed it I had to do it today at 27c today.
The results were great and they will be confirmed by the new drilling getting under way. The market cap is minuscule so we could see a huge move very shortly. 27c is going to look like a real bargain.
cl001, thanks again for Majescor, you are the best.
MMT. Comment on CFO resignation
I never made any public comment about the CFO resignation but I answered several questions about it by PM on IH and SH. So, here is my public comment.
First of all it was not a surprise for me. At the AGM it was very obvious that Angela was out. The biggest reason of her departure was the fact that she was never really part of the team. Not sure if it was a personality issue but the relationship created a lot of frictions with the Board. It is a real problem for any company if the CFO is not totally part of the team. The CFO role is not only to keep the books but to guide management in a convincing way. Doing it by confrontation does not work. When I had CFO's working for me his or her office was always next door to mine. I really like Angela and I think she did a great job preparing the company for the new accounting requirement. I will miss her and I am sure she will do well in her next assignment.
So, no bad stuff on the books just bad chemistry. It happens!
The backup plan is sound and they have a search on for the permanent replacement. If the company is to progress to $1B dollars market cap we need to have a very solid CFO that can work seamlessly with the Board. I like the fact that Wade is upgrading the team. It will not be cheap to do that but it is worth it.
Something to watch will be the Q2 report. I will read it very carefully. With all of the issues I would expect the expense level to go up but the profit picture being so good it will not be a problem.
The timing of the announcement was interesting. The stock would have been hit if it was not for the world financial turmoil that took everybody down. With all the bad stuff going on it went very stealth. Another thing that helped is that it was presented the correct way as a reorganization.
Good luck to all, new week should be eventful
Have a nice weekend
MMT latest
Monthly report should be out Monday. In review cycle right now.
AGIP pipeline. Good chance of a resolution early next week. My understanding is that they are very close.
Cheers
RG.V RMIOF, big jump this morning. We should be very close to the assays results.
It's an exploration company with low market cap. They got a good price for it. I was expecting it at a lower price.
What it means is that they got good results on the first 2 drills and they are pushing hard.
I bought more this morning in the low 50
Expect more PR's soon.
RG, a lot of people are coming up to the same conclusion and I think we will see RG up by the end of the day.
A few more things are in the works
Stay tune.