Morning, thankfully Ian's been a useful tool today and phoned people in Jakarta to establish what the 'craic' is re: Mr. Rachmat Gobel becoming a minister. New ministers Susi, Rachmat to resign from companies. This does bode well for Churchill Mining showing his views indirectly via his holding in CHL however it creates a massive conflict. Shall be interesting to follow...(hold etc...).
Brilliant weekend, so limited items of a pressing nature only! Wider on the market gold gained more strength shame about the pricing! Bowleven allowed for a good stuffing home of some stale positions early on...killing any momentum.
Atb Fraser
Fraser- Hi- a black coffee day, I guess.
ReplyDeleteRe CHL- yes, an incredible move here, which derisks CHL to a degree albeit Mr Gobel has substantial business interest outside of the 11.4% stake here (£3.5m or so), but he did buy at 40p and he has a few options (800k to go with his 10.8m shares) at 50p, so he wont mind if they were triggered too. The next RNS from CHL should cover the rejection of the ROI motions hopefully and then it may help the new Trade Minister to bring businesses to ROI if he can highlight the settlement of the CHL case. Lets see, but I added a few more today.
Re BLVN- I think you have hit the nail on the head there- the good news drew out some sellers so the spike was cut off immediately. They have started back up again but the sellers reappear. The completion of the farm out is needed for a rerate and then their 2015 drill program takes centre stage. Cheap, but then again many oilers are at present.
Cheers. The Leggie
Fraser- That Red Kite copper piece- v interesting call, and they are pivotal re EMED position of course.
ReplyDeletehttp://www.bloombergview.com/articles/2014-10-27/somebody-owns-a-lot-of-copper
Cheers. The Leggie