Australian (ASX) Stock Market Forum

AGY - Argosy Minerals

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UPKA said:
That is a worrying sign, is there a way of requesting this information? I'm sure that the company will disclose this information if we all request it?
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Peter H Lloyd, Chief Executive Officer or

Malcolm K Smartt, Company Secretary

Argosy Minerals Inc
Level 2, Suite 10
57 Labouchere Road
South Perth, WA, 6151 Australia
Telephone: 61-8-9474-4178

Email: peter.lloydl@argosyminerals.com.au


Email: mal.smartt@argosyminerals.com.au

I'll be trying to email them to obtain this infomation. If the Mining convention is still intact i will hold, if it isn't i will get out as i won't be comfortable holding on nothing more than a wing and a prayer. If i get a response i will post it, please do the same
 
what it sounds like is when RIO temporarily lost shovelanna from a lapsed lease.

it was good while it lasted but it sounds like its going pear shaped now. they have stated that a mining convention does exist but not whether or not it is current. i would suggest that this may be a play on words by the company.

the bad thing is that if the convention has expired and they are negotiating to get it extended there could be more than a few burnt fingers.

disc: i was on this one from 39 cents and jumped off at 79 cents. missed out on some big profits when it dropped from highs of 1.34 but still managed to double my money (just).

i was under the impression that this the resource was under AGY control and political stability had returned. now it may seem otherwise.
 
Nothing is certain in these countries & all the speculation in the world is not going to shed any light. The only truths are that there is a huge deposit of nickel & the country is dirt poor. I am staying positive. Everyone wants to make money. This country's government especially.
 
What I'm starting to worry about is one of the bigger concerns have gotten to the new government offering a better deal not to renew AGY agreement. Remeber we are talking a lot of money here.

Ive already lost 25% ( brought at 0.94) do i bail or hold that is the million dollar question
 
UPKA said:
That is a worrying sign, is there a way of requesting this information? I'm sure that the company will disclose this information if we all request it?
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While all of these nasty bearish rumors are floating around, someone is quitely buying up hundreds of thousands of shares each day in the hi 60's and up to the mid 70's going on for five days. IF the rumors were not out on the various chat sites then where would the price be? Very convenient way of scaring away a lot of small day traders and scaring out holders.
 
sydneysider said:
While all of these nasty bearish rumors are floating around, someone is quitely buying up hundreds of thousands of shares each day in the hi 60's and up to the mid 70's going on for five days. IF the rumors were not out on the various chat sites then where would the price be? Very convenient way of scaring away a lot of small day traders and scaring out holders.
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Sydneysider, THEY ARN'T NASTY RUMOURS THEY ARE FACT, HERE IS THE PROOF TAKEN FROM AGY's annual report released on the 27th of the 4th. i HAVE HIGHLIGHTED WHERE AGY ADMITS THE MINING CONVENTION HAS LAPSED & NEEDS A CONTINUATION TO CONTINUE WITH THE PROJECT.

"The Burundi Nickel Project, acquired in 1999 pursuant to a Mining Convention between the Corporation’s wholly subsidiary Andover Resources NL “Andover”) and the government of Burundi, has been subject to force majeure due to political instability in Burundi. In May 2005 the Corporation lifted force majeure and initiated discussion with the Ministry of Mines with a view to securing a continuation of the Mining Convention. To date no continuation has been secured."


Then this from the announcement on the musongati project released 26th/4th

"Argosy Minerals Inc. previously announced an important visit to Burundi with a delegation of corporate and technical advisers. During this trip, Argosy representatives met with senior members of the Burundian government in relation to the Musongati nickel deposit, held by its wholly-owned subsidiary Andover Resources pursuant to an existing Mining Convention."

I think it's rather dodgy that in an obscure passage in the annual report tucked away on page 4 of 32 of the annual report that discloses that AGY needs a continuation of the mining convention to continue with the Musongati mine. Then in the releases regaring Musongati that are 1 page release there is no mention that they need a continuation. I would go as far as to suggest that AGY is deliberatley misleading unsophiticated investors & the market in general. Anyone that read the market releases on the Musongati project would beleive that the mining convention was still in order & they were talking to the Burrundi Government about gettting it started again, when in truth they are asking if they can get it started again. BIG Difference

If you read the chairmans address from the annual report this is the main passage from it regarding Musongati.

"In May, 2005 the company lifted Force Majeure in respect of the nickel laterite project at Musongati in Burundi. During 2005 and 2006 progress was slow but in recent times we have arranged a meeting with the Government of Burundi to be held in April to discuss going forward with the Convention. During the last twelve months, approaches have been received from a number of major resource companies in relation to the Project. When we originally entered into the Convention over the Musongati Project the price of nickel was US$5,000 to US$6,000 per ton and today the price of nickel is
US$44,500 per ton so that the economics relating to the Project are potentially more favourable. Advancement of the Musongati Project will require a substantial drilling program metallurgical test work, pre-feasibility and feasibility studies."

After such a long period of time Argosy looks forward to commencing these activities.


Again states that they are looking forward to starting it, omitting whether in fact they can start it again. I think it's careless at best, negligent at worst.

I would ask why there is no mention in the releases relating directly to the Musongati projects that it would seem that the mining convention has expired or at best if it hasn't lapsed they need to be granted a continuation to move forward into a PFS & FS & finally BFS.

The conversations have been going on since 2005, I don't think small day traders are getting scared away by message board rumours. Fact is that AGY's mining convention has expired and as to now they havn't got a continuation of the mining convention. Holding this is as big a gamble as putting your money on red at the casino.

Simple fact is Continuation granted, the stock is worth dollars( how many dollars will be determined by jv partner & other factors) continuation not granted, the stock is worth sub 10 cents. Opening the office in Burrundi is a positive sign but dosn't mean much other than hope.

I am interested to hear your thoughts on the mining convention held by Andover and what it means to AGY. It seems that without a grant of continuation given by the Burrundi governemnt, that it isn't worth the paper it's written on.

Balls of steel is what you need on this one.
 
Thanks Barry, there is still a strong interest in the stock, alot of buyers at the lower 70c, and high 60c mark. personally i dont like the future of this stock, prob time to cut my losses n pull it out. this company is js too small to handle such a mine, even with JVs they'll still need to raise alot of capital, unless they can somehow convince the big boys to work with them. with the mining convention expiring or expired, the mine will only go to the highest bidder, and i dont think its gonna be Argosy.
 
dj_420 said:
it was good while it lasted but it sounds like its going pear shaped now. they have stated that a mining convention does exist but not whether or not it is current. i would suggest that this may be a play on words by the company.
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Don't they have a duty of disclosure to let their shareholders and the market know fully and unambiguously whether they still have a current agreement? Otherwise aren't they in breach of their ASX listing privileges?

I must say I bought into this share a couple of weeks ago on the understanding they had secure rights to the resource.
 
Exract from yesterdays Burundi Newspaper...

Burundi police wielding batons dispersed about 200 protesters demonstrating outside the High Court on Wednesday in support of a former ruling party chairman accused of trying to destabilise the central African country. At least two people were hurt as Hussein Radjabu appeared before prosecutors. He denies charges he was working against the government, which he says were fabricated by intelligence services. Radjabu's lawyer, Prosper Niyoyankana, told Reuters his client listened to evidence from two prosecution witnesses during the closed-door session, but gave no other details.

The way these politicians are in these countries dont be surprised if another civil uprising occurs then where will we stand maybe with a different government either more or less in favour of AGY????

I hold AGY and at present am holding a 25% loss We need some clarification on where they stand

Semper Ubi Sub Ubi
 
Actually, that article is quite reassuring. This was a radical Hutu, being put away by a majority Hutu government. Sounds like they handled the situation to me. Looks like the government passed the test and trying to keep the government stable.

I will continue to hold, and have in fact added during the recent weakness. So far, the stock is looking relatively good today.

Also, can you provide a link to this Burundi Newspaper? I didn't know they had an online newspaper. If they do, that is a good sign that the country is starting to modernize.
 
Thanks for that... I am determined to hold this stock but am not convinced enough to buy more. what I have if I lost it all I can handle so ill hold on to what I have an wait it out. below is the link to the news service. I have also included a link to a much wider sth african service that has a specific mining section as well as other area's

Burundi...... http://www.burundirealite.org/news.cfm?LANG=E

Sth Africa....... http://allafrica.com/mining/

I hope these will be of assistance to members not only following this share but others as well.

If a moderator would copy and paste them to a more general area it would be appreciated

semper ubi sub ubi
 
sting said:
Thanks for that... I am determined to hold this stock but am not convinced enough to buy more. what I have if I lost it all I can handle so ill hold on to what I have an wait it out. below is the link to the news service. I have also included a link to a much wider sth african service that has a specific mining section as well as other area's

Burundi...... http://www.burundirealite.org/news.cfm?LANG=E

Sth Africa....... http://allafrica.com/mining/

I hope these will be of assistance to members not only following this share but others as well.

If a moderator would copy and paste them to a more general area it would be appreciated

semper ubi sub ubi
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Everyone needs to chill the ill informed commentary on AGY. Yesterday i pulled the trading records on AGY for the last month. U might have heard of some of the brokers who are trading in AGY. The largest traders were (in order) were UBS, GB Were, Macquarie Institutional, Credit Suisse, Citigroup, Deutshe, Merrill Lynch, ABN Ambro, JP Morgan, Commonwealth, Morgan Stanley. Not one small broker in the list! I guess they must not be listening to a lot of ill informed commentary flying around the web.
 
Seems to be coming back with a vengance and with no ann I just hope that it will be sustainable. Why didnt I listen to others an buy more when they were 30 cents cheaper.... ow well we live an learn..:banghead:
 
sting said:
Seems to be coming back with a vengance and with no ann I just hope that it will be sustainable. Why didnt I listen to others an buy more when they were 30 cents cheaper.... ow well we live an learn..:banghead:
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I think its another buy frenzy due to the low sp the last few days, i dont expect the negotiation to resume for few more mths. I dont like this stock now, i think i'll die young js watching the sp jumping up n down like a rabbit.:eek:
 
UPKA said:
I think its another buy frenzy due to the low sp the last few days, i dont expect the negotiation to resume for few more mths. I dont like this stock now, i think i'll die young js watching the sp jumping up n down like a rabbit.:eek:
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True, if there isnt an announcement, then a speeding ticket monday, followed by a pullback.

But, if you have the courage, there is def money to be made on the volatility while it lasts.
 
Ruprect said:
True, if there isnt an announcement, then a speeding ticket monday, followed by a pullback.

But, if you have the courage, there is def money to be made on the volatility while it lasts.
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Posted the same thoughts on another board, all the trades today have been mainly under the 5 grand mark. So no serious buying up going on. Am just going to hold this for the long term and see how it plays out.
 
the barry said:
Posted the same thoughts on another board, all the trades today have been mainly under the 5 grand mark. So no serious buying up going on. Am just going to hold this for the long term and see how it plays out.
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A total of 4.4 million shares traded today at $3.9 million. Must have been lots and lots of smallish trades or some larger ones late in the afternoon, I guess. regards YN.
 
YELNATS said:
A total of 4.4 million shares traded today at $3.9 million. Must have been lots and lots of smallish trades or some larger ones late in the afternoon, I guess. regards YN.
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Yelnats, check out http://stocknessmonster.com/

You'll see that there isn't 1 major parcel bought. If an institution or potential buyer is grabbing stock then they are doing a good job of it.

With 100 million stocks on offer & the potential value of the deposits people don't want to miss out. It goes up a little and the investors follow like sheep.

Without an announcement she'll retract again...However you wouldn't want be caught out not holding them if they put out an announcement that they are going ahead with the develpopment of the musongati mine.
 
So much for the peace process... this is an extract from the Burundi Newspaper...

BUJUMBURA, 2007-05-12 - A South African mediator arrived in Bujumbura on Saturday to push forward a stalled peace process between the government and country's last rebel group, the Forces for National Liberation (FNL).

The FNL quit a joint ceasefire monitoring team last month, saying government troops had not withdrawn from areas under their control, which was one of the terms of a truce signed in September.

Although both parties say they are ready for discussions, they have yet to agree on when and where they should take place.

"I came here to see how we can remove the obstacles that seem to be blocking the implementation of the ceasefire agreement," said South African mediator Charles Nqakula, who held talks with Burundian President Pierre Nkurunziza.

Nqakula said he planned go to Dar Es Salaam, Tanzania, to meet FNL leaders and give a report to regional leaders who will then decide on the date and the venue of the meeting.

The FNL fear for the security of their leaders in the Burundi capital Bujumbura.

Nkurunziza has said the government is flexible on the location, saying it could be outside of Burundi, but criticised the FNL for "changing its mind all the time".

The FNL is demanding new negotiations on their integration into the country's institutions and a clear understanding of what role they will play in the nation's armed forces.

The peace agreement between Nkurunziza and the FNL stirred hopes of lasting peace in the coffee-growing nation after more than a decade of ethnic civil war that killed 300,000 people.

But the FNL's persistent insurgency is seen as a final barrier to stability in the landlocked country of 7 million.

Semper Ubi Sub Ubi
 

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