Australian (ASX) Stock Market Forum

SDL - Sundance Resources

..u started the two personalities thing again!?

i guess we need to be critical about the project ... i guess at the moment, SDL still has a group of very experienced managers ( i.e. re their last QR). and the new board will ensure everything is still on the track and keep updating SHs about it.

on the down side, the project will be delayed again..maybe another 2 moths ...the Cameroon will want this project to start for sure ... at least SDL still a take over target ...considering how much Rio and Vale pay for similar project in Africa , SDL should still worth a lot 2 Billion for 100% at least.

So, we just have to believe in the management and atm the new Chairman ...also need to believe in the potential of the project ..

Deepest heart felt Condolences to all relations of this tragedy.

Yes, split personalities coming out again due to prozac.

Plane's shocking safety record Geoffrey Thomas Aviation Editor, The West Australian
June 22, 2010, 2:31 am

The airline carrying the missing board members from Sundance Resources was banned from flying to the European Union because of a shocking safety record in Congo and two crashes in the past five years.

And the missing plane, a twin-engine CASA 212-300, has one of the world's worst safety records, with 76 of about 600 built crashing. Registered TN-AFD, the charter plane was built in 1990 and was the 398th off the production line.

Charter company Aero Service, based in Congo's capital Brazzaville, has a fleet of eight ageing planes including Russian aircraft and some small Western-built piston powered designs.

The airline was founded by C.H. Griesbaum in 1962 as the aviation branch of a frozen food company and is now the biggest charter operator in Congo. Aero Service has commuter, charter and cargo operations in Congo and neighbouring countries.

Aero Services finance director L. Decouville refused to answer any questions from _The West Australian _ yesterday.

He said the Congolese company was at "crisis stations" and was trying to concentrate on the search.

The missing plane was first delivered to Cabo Verde Airlines in early 1992, then sold to Aero Service in December 1993.

The CASA 212 was designed in Spain in the late 1960s to replace the venerable DC-3 and first flew in 1971.

Designed as military transport, airlines pressed CASA for a commercial version which appeared in July 1975.

The plane has a high-mounted straight wing to enable it to land and take-off on short runways, while its rugged undercarriage allows it to land on rough gravel and grass runways.

The initial model carries up to 20 passengers in a 2-1 seating configuration. Aero Service's C212 was a 300 model which was produced from 1987 and is longer than the original design, with capacity for 26.

The C212 has been the subject of two major airworthiness directives relating to the autopilot and cracks in the wings. It is not know if the missing plane was affected by the directives or if corrective action had been taken.

The plane's poor safety record is partly because its operations involve flying into remote and small airports and low level flying as a military transport.

Africa has the world's worst safety record, according to the International Air Transport Association, with a crash rate up to 17 times higher than the world average. Last year, Africa and the Middle East accounted for 32 per cent of aircraft accidents but only 8 per cent of global air traffic.

The airlines of many African countries, including Congo, are banned from flying to Europe because of significant deficiencies relating to safety management by regulators.

Many countries have poor aviation infrastructure such as landing aids, rendering many sophisticated plane safety systems useless. Another serious problem is the theft of ground equipment such as navigation aids, and a lack of maintenance.

The situation has become so serious that pilots from some international airlines are pushing for routes that avoid flying over central Africa.

Another concern for the industry is the revelation from IATA that sloppy check list procedures by pilots were causal factors in 75 per cent of all accidents in Africa.

All i can say is money cannot buy sense.
 
We're going to go to a shareholders meeting as soon as practicable to ratify our appointment because there is no-one there to authorise our appointment.

"We'll be reporting that to ASIC (Australian Securities and Investments Commission) and will be acting under the auspices of ASIC while we carry that meeting out.

"I will build the board to the quality that it was.

"I feel a responsibility to these people - they've effectively given their lives to this company - and I feel a responsibility to their families and all of the people at Sundance including the shareholders."

Sundance was deeply saddened by the loss of former chief executive Don Lewis but still had an excellent management team, Mr Jones said.

"They are fiercely determined to make this company a success," he said.

"They are very capable and we feel with some guidance from this senior group of advisors acting as de facto directors until this meeting, that the company is in good shape.

"It's got a good balance sheet."

Mr Jones said studies for Sundance's Mbalam iron ore project in Cameroon, a world-class deposit, was well progressed.

"This is the largest undeveloped iron ore project in the world not owned by a major."

Exploration work at the project was suspended on Monday to divert personnel to the search effort.

Mr Jones said plans to resume exploration work would be discussed late on Tuesday.

"I would suggest that people will be given a rest," he said.

"After a brief period, a few weeks rest each, we'll get back to business."

Sundance non-executive director Ken Talbot, the former chief executive of Macarthur Coal Ltd, was the most widely known among the six Australians who perished.

Sundance non-executive chairman Geoff Wedlock also was a well known executive in mining circles.

The other Sundance deceased directors include Mr Lewis, company secretary John Carr-Gregg and non-executive directors John Jones and Craig Oliver.

Mr Jones said all efforts were being made to repatriate the bodies of the deceased executives as soon as possible.

It could take some time, he warned, although the Congo and Cameroon governments and US and Australian consular officials in those countries were assisting along with the Department of Foreign Affairs and Trade.

Mr Jones stepped down as chairman of Sundance in late August last year for a six-month break to rehabilitate from a medical operation.
 
George Jones has stated no trading for 2 months before putting another board in. Trading Halt for 2 months.

Probably doing us a favour given the market is about to tank.;)
 
There will be no short term solutions here. Traders in SDL have 2 choices

1. Become long term investors in the hope that the SP bounces back
2. Book a loss and move on.

This was always a high risk project given the distance from the resource to transport and a complete lack of infrastructure. Ken Talbot was certainly capable of delivering on the project if anyone could. Can Nissen and Jones pull a rabbit out of the hat? Time will tell and i wish all Sh best of luck.

Unless you are prepared to park your money for a considerable period share holders should take the hit and invest what they have left elsewhere as this one will take at least 6-12 months to secure staff and turn this around once it starts trading again.

I am not a holder and offering an objective opinion only.:2twocents
 
Unless you are prepared to park your money for a considerable period share holders should take the hit and invest what they have left elsewhere as this one will take at least 6-12 months to secure staff and turn this around once it starts trading again.

I am not a holder and offering an objective opinion only.:2twocents

most of the holders are already long term holders, and before this, the shares was traded mainly by bots to accumulate ...

secure staff? you mean the borad members ? this will happen within next few weeks before the shareholders' meeting ....

even they want to wait for that long, the Cameroon Government wont want to wait that long... i would say 2 month suspension of the ground works in Cameroon maximum

It is hard to have an objective view about SDL if you have not studied the company for a long time and familiar with their project.
 
most of the holders are already long term holders, and before this, the shares was traded mainly by bots to accumulate ...

secure staff? you mean the borad members ? this will happen within next few weeks before the shareholders' meeting ....

even they want to wait for that long, the Cameroon Government wont want to wait that long... i would say 2 month suspension of the ground works in Cameroon maximum

It is hard to have an objective view about SDL if you have not studied the company for a long time and familiar with their project.

In an enterprise of this nature 2 months is a heart beat Bleach. 6-8 months absolute minimum before you see anything concrete.

And even harder to be objective when your holding the stock i suspect.

Not trying to say you are wrong we are all entitled to have an opinion. Good luck if you stay on board.
 
In an enterprise of this nature 2 months is a heart beat Bleach. 6-8 months absolute minimum before you see anything concrete.

And even harder to be objective when your holding the stock i suspect.

Not trying to say you are wrong we are all entitled to have an opinion. Good luck if you stay on board.

i'd love to know how you come up with the the minimum 6-8 months timeframe?

also its just hard to know what the institutions will do now...as the 56% hold by them.

The development plan is still there...and all the management( not sure if you familiar with their management team) and Contractors will have to deliver what they were contracted to do ( rail way design etc ). More important, the Cameroon Government has already expressed their needs to continue the project…

Of coz there will be unpredictable events, like the one we just had …all I mean is the project will be delayed for 2-3months based on the sad event just happened.

The project is now just too big and too advanced not to be proceeded. And there will be big $$ to be made for all parties involved…

Well, again, my assumption is based on the delay cause by the recent event. There could be more events to delay the project, but I don’t want to make an irresponsible guess
 
The project is now just too big and too advanced not to be proceeded. And there will be big $$ to be made for all parties involved…

I thought the same thing with Bendigo Mining...spent hundreds of millions on infrastructure...opened it with all the media hoopla and fanfare, and then almost had to abandon the operation when production didn't return the goods. They've never recovered to those pre-production glory days.

Its not an apples to apples comparison, but I guess my point is that mining projects can be a perilous affair - they're always a risk play.
 
i'd love to know how you come up with the the minimum 6-8 months timeframe?


Simple, i listened to a broadcast interview with Don Nissen on ABC radio yesterday.

Don Nissen stated that the rebuilding process would take time and estimated 6-8 months to get things back on track.

I have emailed ABC for a link to the audio file which i will post if they have a link.

Don't shoot the messenger!
 
There will be no short term solutions here. Traders in SDL have 2 choices

1. Become long term investors in the hope that the SP bounces back
2. Book a loss and move on.

This was always a high risk project given the distance from the resource to transport and a complete lack of infrastructure. Ken Talbot was certainly capable of delivering on the project if anyone could. Can Nissen and Jones pull a rabbit out of the hat? Time will tell and i wish all Sh best of luck.

Unless you are prepared to park your money for a considerable period share holders should take the hit and invest what they have left elsewhere as this one will take at least 6-12 months to secure staff and turn this around once it starts trading again.

I am not a holder and offering an objective opinion only.:2twocents

Not sure that is good advice. Anyone invested here is already long term, so makes no difference to us. It won't take 6 months to get a board. 1-2 months, we will have a chairman and most board done. You don't understand the company as they are nearing completion of their DFS and resource is already defined. One a partner deal is done, it will move along quicky. By December, I am expecting 20 cents plus. Come back and see me then to discuss.
 
Thanks Bleach, positive today, who knows tomorrow!!

as for Abyss stating 6-8 months, you have got NFI about this company and how well advanced they are in infrastructure, talks etc etc.

George Jones has already dealt with all these points for 8 years and can pick up easily with continued talks. He states he knows the partner in discussion and high level Cameroon officials so will just run with it.

As for operations there are already people on the ground every day talking to officials and drilling as they have been for 2 years. So it can carry on tomorrow. Stay away from here as you clearly know nothing about this company.:banghead:
 
Thanks Bleach, positive today, who knows tomorrow!!

as for Abyss stating 6-8 months, you have got NFI about this company and how well advanced they are in infrastructure, talks etc etc.

George Jones has already dealt with all these points for 8 years and can pick up easily with continued talks. He states he knows the partner in discussion and high level Cameroon officials so will just run with it.

As for operations there are already people on the ground every day talking to officials and drilling as they have been for 2 years. So it can carry on tomorrow. Stay away from here as you clearly know nothing about this company.:banghead:

I do not to profess to have more knowledge than anyone else however i am able to listen and learn. I am also capable of being objective and not talking via my wallet. Your comments are pretty rude but thats your issue.

Link below for Don Nissan's interview where HE, not me, states 6-8 months. Now you can ring him and tell him he has NFI and to stay out of it also?

http://blogs.abc.net.au/queensland/...talbot.html?site=brisbane&program=612_morning

What news do you expect in the next 3 months then? It took years to put a capable board together and they will not be replaced in the short term (i am discounting temporary seat fillers such as legal minds etc as they cant get the project off the ground).

The IP loss will take a long time to replace and will more than likely be measured in the years not months as to replace the collective intellectual property will take time and experience. There are a lot of other concerns regarding the viability of this project such as location, infrastructure, transportation to market, geo political. concerns etc. I could go on but you get the point i trust.

The industry has a dearth of qualified people across all fields and at the upper echelons most who can deliver on a project of this magnitude are already gainfully employed. Not only will they need to be identified, head hunted, convinced to take the role etc they will need to be prepared to be out of country. That project alone will take your estimated 3 months.

Other than some MOU's, platitudes and promises of fuilfilling the dream i cant see much eventuating inside 3 months. What do you actually expect to see? A DFS, BFS etc? What will actually result in pen to paper on a contract of any type other than an offer of employment in your view?

Time will tell.
 
Other than some MOU's, platitudes and promises of fuilfilling the dream i cant see much eventuating inside 3 months. What do you actually expect to see? A DFS, BFS etc? What will actually result in pen to paper on a contract of any type other than an offer of employment in your view?

Time will tell.

un-informed objective is not objective..ok?

all things will come...but first mining permits.

not sure if u have studied SDL's project, they have better fe% iron ore, large scale of of DSO, an even larger deposit with lower fe% iron ore (SDL's lower Fe deposit still has higher FE% than most of other projects, and SDL didnt even bother to drill it or declare it).

Vale, BHP, and Rio all paid billions for projects not as good as SDL's , why !? make you wondering ...right?

anyway, the new Borad will fly to Cameroon to sign the mining agreement with the Government- a delay of 1 month.

and SDL will start trading next week.


http://fr.allafrica.com/stories/201006240924.html

Cameroon - Cameroonian mining, industrial and technological development Badel Ndanga Ndinga visited June 23 by late afternoon the headquarters of the CamIron presented the condolences of the Head of State and his family after the plane crash, its Director General Roger Bogner, associated with the Sundance Resources in developing the draft Mbalam

This allowed him to sign the condolence book opened after the deaths of nine members of the Australian mining company Sundance Resources. The visit of Minister Badel Ndanga Ndinga allowed, official sources, reassuring Cameroonians over the outcome of the project Mbalam whose cost amounts to just over 2000 billion dollars. This news was made public June 23: A new Executive was appointed and a new management team has also been placed at the head of the Australian Mining Company Sundance Resources.

From reliable sources, all are alumni of the house with a good knowledge of project Mbalam. Moreover, the new CEO of Sundance Resources George John, is none other than the former group finance director. To calm and reassuring Cameroon continuity of the project's operating Mbalam iron ore, the new executive will travel to Yaounde, the Cameroonian capital in the month of July, according to the agency Ai. For it is increasingly question the Government's entering the concrete and active phase of the project by making the signing of a number of documents including: operating license with the Minister of Finance, title to land with the Ministers of Land Affairs areas and in the presence of his counterpart, mining, industrial and technological development, before the final land acquisition for the project through the process of declaration of public utility by President of the Republic.

Official documents on the ground that will trigger the commencement of the construction of deepwater port in the area south of Kribi Lolab, who had been selected because of its proximity to deep water, its relative distance to direct the mine and sparsity of population towards the end of 2010. The construction of the railway along about 504 km and mining facilities from 2011 to 2013. That was the purpose of the mission of the 9 missing in plane crash on 19 June. The minister said the program progress project certainly know with all these unexpected delays, but the completion of the project Mbalam is the most appropriate procedure that is to honor the memory of the fallen evergreen forest type camerouno-Congolese.
 
I heard George Jones interviewed on Howard Sattler's Drive Program this arvo, and i believe George commented that SDL could be trading again as early as next week.
Not 100% on that, due to concentrating on my work at the time, did anyone else hear this and can confirm? I'm pretty sure i'm right.
 
I heard George Jones interviewed on Howard Sattler's Drive Program this arvo, and i believe George commented that SDL could be trading again as early as next week.
Not 100% on that, due to concentrating on my work at the time, did anyone else hear this and can confirm? I'm pretty sure i'm right.

ye...u r right ...they are waiting for ASIC to approve their adviers as defecto director so they can resume trading
 
ye...u r right ...they are waiting for ASIC to approve their adviers as defecto director so they can resume trading

Bleach, who cares when they come back, it will be hit hard on open(9 cents is my guess), no doubt as margin lenders are in here waiting to dump.

It will recover over 1-2 months, but as you know already, until a finance partner is announced, this ain't going anywhere my friend.
 
Bleach, who cares when they come back, it will be hit hard on open(9 cents is my guess), no doubt as margin lenders are in here waiting to dump.

It will recover over 1-2 months, but as you know already, until a finance partner is announced, this ain't going anywhere my friend.

YOU should care when they come back, YOU own part of the company. The deceased directors of SDL should never be forgotten, but the sooner the company gets back to business, the better for stake holders. This is not an insurmountable problem, i have not been a holder for a while and, frankly don't intend to, but with GJ back in the chair, i would take comfort in that.
 
Interesting to note that apart from Ken Talbot none of the other directors including the chairman have purchased shares ( of significance ) in the company. As a board of a company with so much near short term potential I do not understand why they would not have been purchasing shares in the company they control?

Zodiac
 
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