RMI - Resource Mining Corporation
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anyone knows why this SP got smashed today?
is it coz nickel price down or other ?
seems that sellers try to sell at any price at the moment
is it coz nickel price down or other ?
seems that sellers try to sell at any price at the moment
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anyone knows why this SP got smashed today?
is it coz nickel price down or other ?
seems that sellers try to sell at any price at the moment
I'd say its a combination of traders jumping ship, mkts getting smashed, nickel price getting smashed, Wowo drill results are delayed and last but by no means least the fact that company is in desperate needs of funds ie placement ($1m in bank and they are going to spend $800k this qtr, leaves $200k
)It will beinteresting to see if the support at 8c holds
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I'd say its a combination of traders jumping ship, mkts getting smashed, nickel price getting smashed, Wowo drill results are delayed and last but by no means least the fact that company is in desperate needs of funds ie placement ($1m in bank and they are going to spend $800k this qtr, leaves $200k
It will beinteresting to see if the support at 8c holds
Thanks YT,
I would like to see as well whether 8c support hold.
Thinking to top up. Still nervous with the market reaction at the moment though.
prawn_86
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i am happy holding mine still.
i am waiting for the wowo results, even if they have been delayed.
the biggest worry IMO is the placement that will have to occur, as this could take the wind out of the sails if it happens after the wowo ann. Although perhaps they will get a partner on board as they have been having a large amount of interest.
i will re-evaluate after the wowo results.
i am waiting for the wowo results, even if they have been delayed.
the biggest worry IMO is the placement that will have to occur, as this could take the wind out of the sails if it happens after the wowo ann. Although perhaps they will get a partner on board as they have been having a large amount of interest.
i will re-evaluate after the wowo results.
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did someone just sell 3M shares ??
all support 8c and 8.1c wipe out in one transaction.
this is not looking good at the moment..
all support 8c and 8.1c wipe out in one transaction.
this is not looking good at the moment..
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Could be because their WOWO project is a laterite project in the back blocks wilderness of PNG that is going to require massive capex to develop - so the economics of the project would be pretty Ni price sensitive.
They're also a lot of drill results away from actually confirming the resource levels being speculated on or securing funding and even further from having a developed mine (at least 4 years min away I would have thought but probably far longer).
Laterite is difficult and expensive to process so it also becomes less attractive as Ni prices fall.
The comparable Ramu project is being developed by a chinese govt owned company as far as I understand it, and is costing over 1 billion in Capex. This is only speculation, but its possible that it has a strategic value for the chinese govt that means they're not as concerned about the commercial aspects.
Wowo is a very high risk prospect as far as I can see (which will be no surprise to anyone thats read my other comments in this thread). Not too sure about management either in terms of ability or experience.
(e.g. seems to be taking them a long time to get a bit of drilling done, but that will happen when you have to fly your equipment in by helicopter because the nearest road is hundreds of km's away).
They're also a lot of drill results away from actually confirming the resource levels being speculated on or securing funding and even further from having a developed mine (at least 4 years min away I would have thought but probably far longer).
Laterite is difficult and expensive to process so it also becomes less attractive as Ni prices fall.
The comparable Ramu project is being developed by a chinese govt owned company as far as I understand it, and is costing over 1 billion in Capex. This is only speculation, but its possible that it has a strategic value for the chinese govt that means they're not as concerned about the commercial aspects.
Wowo is a very high risk prospect as far as I can see (which will be no surprise to anyone thats read my other comments in this thread). Not too sure about management either in terms of ability or experience.
(e.g. seems to be taking them a long time to get a bit of drilling done, but that will happen when you have to fly your equipment in by helicopter because the nearest road is hundreds of km's away).
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50% rebought.........
oversold into nearest support, maybe.........
repurchased at .08................
Because there were more sellers selling and not enough buyers buying. This is because those people think the price of the stock will be going down.
ALFguy
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They mentioned discussions with investment groups so that may be a solution to their funding problem.
A lot of crazy selling today, even when there was little in the sell stack.
Combination of a Friday and the current market me thinks.
I sold at 10c (the same price I bought a few days earlier), but am back in mid 8's. Would think it'll hold around here.
Delays with Wowo but gpr results in a few weeks. Just need a little patience now....and no bad news from the states!
A lot of crazy selling today, even when there was little in the sell stack.
Combination of a Friday and the current market me thinks.
I sold at 10c (the same price I bought a few days earlier), but am back in mid 8's. Would think it'll hold around here.
Delays with Wowo but gpr results in a few weeks. Just need a little patience now....and no bad news from the states!
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Once again Cuttlefish I have to disagree with your post,
Yes Wowo will cost probably $1B in Cap Ex, but its NPV wil still be 2-3x that using a LT Ni price of even $10lb
I can't believe you acknowledge the Chinese developing Ramu and then criticise Wowo, the Chinese developing Ramu shows if nothing else that "laterite project in the back blocks wilderness of PNG that is going to require massive capex to develop" will still get the go ahead by them!
Even if RMI sold 95% of Wowo and maintained a 5% free carried interest it would be worth $50m+ to RMI so keep that in mind,
Right now Wowo is 100% owned by RMI, as I have said THERE IS NO WAY that RMI can develop it without a very very cashed up JV,
Also re JORC its based on historical drilling, alot like MGO's Yandeera, or MTN's Mt Gee and as I have said over and over and over again, when a JORC is firmed up for minerals ie metal etc it doesn't change, ie the ore doesn't get up and walk away, it'll still be there in 50yrs so long as its not at surface as then it may get weathered away.
Point is PNG have an official quote of 300Mt's+ Twice the current JORC
So the fundamentals are still there for RMI, but as I said on Monday the required placement will have a negative effect as will traders and general mkt etc etc
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When will this pain end down 13% to 7.1c..............
How can people be selling at these levels
How can people be selling at these levels
indeed rmi is plumbing some real depths here,
im on a big % loss(down 40%), but not so big $ loss and up until a few weeks agos i would be loosing sleep, but my father has a different perspective and i think its rubbed off on me a bit, most of his trades last a few years, so to him (i alerted him to this - and he got some at 8.9c) this time frame is not of much concern, in fact he want to buy more, funny tho i am not thinking of buying more, i guess i like to see them go up first - then usually am too slow to react and buy in at a high, maybe using this panicked market to get some more is not such a bad idea,
im on a big % loss(down 40%), but not so big $ loss and up until a few weeks agos i would be loosing sleep, but my father has a different perspective and i think its rubbed off on me a bit, most of his trades last a few years, so to him (i alerted him to this - and he got some at 8.9c) this time frame is not of much concern, in fact he want to buy more, funny tho i am not thinking of buying more, i guess i like to see them go up first - then usually am too slow to react and buy in at a high, maybe using this panicked market to get some more is not such a bad idea,
prawn_86
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i a just waiting to see what happens with the overall market before i buy more.
I think we could be in for a rough week or een month so there may be an opportunity to buy under 7c.
i will certainly try to get some more before the drilling announcements though. but that is still a month away.
I think we could be in for a rough week or een month so there may be an opportunity to buy under 7c.
i will certainly try to get some more before the drilling announcements though. but that is still a month away.
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YT - I understand what you are saying about the market cap vs potential size and economics of the project and can see the compelling 'on paper' attractiveness of the figures. I still believe the observations made in my previous posts about the political, environmental, geographical and Ni price risks, as well as the time frame and capital requirements are valid and make this project a long shot. Because I've got no new information to add on the topic, to avoid becoming repetitive, I'll leave it at that on this one. I do of course feel sorry for people that have bought into this when it was on its run who are now seeing losses, though plenty of other spec stocks have been hit as well of course.
I see you are doing the same for all your other spec miners: TMR, FWL and FNT. "Happily in the bottom drawer"?
Do you even realise the risk of holding a portfolio of spec miners long term? If you hadnt taken that into account before, then surely seeing your stocks cut in half in the last week has woken you up?
prawn_86
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TMR is by no means a speculative miner. they have consitenet profit and are continually expanding and cutting costs. See that thread for more info.
FNT i am free holding half my original parcel so i am happy for it to be in the bottom drawer.
FWL and RMI i will admit are speculative but i believe that my research and judgements are correct.
the whole market has taken a hit, not just my portfolio. and my timeframe is always medium to long term so corrections dont bother me too much, as i believe in the 'stronger for longer' commodity theory. plus my tolerance to risk is high due to the fact i am young.
situations like this im happy to not even have the price screen open, and just check the prices at the end of the day.
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Although I agree with you somewhat, there is nothing like sitting on cash at the moment, and hoping for another red dow day. Good luck to all holders.
My oh my. So your reasons that the correction does not bother you is:
-You are freeholding: why should unrealised gains be treated so differently to realised gains?
-You believe your research and judgements are correct: I dont know what your reasons are but believing you are correct does not mean you can predict the market
-The whole market took a hit: nothing to do with your research so in a way you are still correct?
-You are young and tolerate risk: you are young and a well calculated investment today will make a big difference as it compounds over the years.
-You want to hold long term: even though you have only bought in very recently and the companies are largely speculative.
-You dont loook at the price screen: if you dont see the red it isnt there right?
Sounds like somebody just does not want to accept.
