 | | | Minesite Weekly Roundup 14th - 21st October 2013 | | | | Dear Minesite subscriber, Shares in Nyota Minerals dropped by more than 20 per cent last week, as the company, which has been on the ropes for years, all but threw in the towel on its most recent value-destroying asset, the Tulu Kapi gold project in East Africa.
Before that Nyota was in diamonds, but it also had forays into brick-making, nickel in Burundi and other white elephants.
As part of the surrender of Tulu Kapi, the same optimistic soul which is acquiring the asset has agreed to lend Nyota US$360,000 at 10 per cent while the sale goes through.
The heads of terms on this deal are non-binding, so there are no guarantees.
Separately (or is it?) there's been no update on the efforts of major shareholder Centamin to unseat the incumbent boss Richard Chase.
That all looks academic now, though. The transaction on Tulu Kapi does not constitute a reverse takeover under the Aim rules, so it's possible that shareholder permission will not be necessary.
But in any case, a general meeting of the company, requisitioned by Centamin, will take place on 15th November, and surely fireworks will still fly. But this is a company in its final death-throws, even if it does trumpet that it will retain exploration ground in the vicinity of Tulu Kapi.
There are many similar such stories in the market at the moment, especially in Canada. And with that in mind it was nice to see some companies in nothing other than rude health presenting at last week's Minesite forum. The event was extremely well-attended – and why wouldn't it be. All the companies we featured – Condor, Kefi, King River and CSR21 have been making great strides of late.
Immediately after the forum, shares in King River jumped by 48 per cent. And this is a company that's not yet drilled its major asset.
If anything highlights that this is a stockpicker's market, it's the difference between King River and Nyota. | 96th Minesite Forum - 5th December 2013 |
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