Not at all Jeremiah. The company has around $50 million in cash and about $200 million in non-cash assets. We have two new board members representing Metalloinvest and MB Holdings. Dr. Al Barwani, is obviously a very smart dude and was willing to put $40 million extra into it, so he obviously sees something worthwhile here. The government of PNG owes Nautilus $118 million. They have all the permits required to start mining today if they had the equipment. They will get the money eventually, I say sometime in between now and two months from now. The lack of a progress report of any kind is very frustrating, definitely Mike's management style is to be very, very quiet. I think every time he goes holds a conference call he thinks he is going to get chewed out and surprisingly he never does. My main concern right now is when the gov gives the money to NUS that the law firms out there will be chomping at the bit to file a class action for Johnston lying about the equipment build back in November/December of last year. Nobody will get any money back maybe 0.5 cent on the dollar but the law firm will gouge probably 30-50 million out of NUS for themselves.
As of the last call, Nautilus said they were not going to be spending any more money on exploration (which I thought was VERY reasonable).
From the same article regarding their LNG project... O'Neil: "We and other partners have to contribute 30 per cent , so 30 per cent of US$3 billion is about US$500 million."
Ahhh.... no. Anyone know O'Neil? Is he a twit?
I don't know if it is a ESL deal but Togolo sure said a lot of "I think". I would be nice to eliminate those and make for some more solid comments.
It isn't a lot of money for a country. They have a GDP of $15.6billion. Their budget for Nov. 2012 was $6billion which I realize they are borrowing $1billion for that but surely they have not spent the whole $6billiion already? When Somare's people signed the contract he was expecting to pay north of $86million. Where was his government going to get the money from?
I think the delay is in figuring out who is going to pull the trigger and how hard NUS is pushing them to do it. Mike certainly isn't pushy and it may be prudent considering the amount of time delayed so far that they wait the small amount of time required for PNG to straighten their dress and come to the party.
"Meanwhile, Togolo told The National the Government had shown positive response to meet its 30% equity in time so that the project would not be delayed any further.
“The Government has elected to exercise its option to take up 30% and I think that is a commitment that the Government has made.
“I think the Government is very serious about its commitment and when the time is right, it would be able to fulfil that (commitment),” Togolo said."
Well, either he is totally lying or that is great news.
Thanks SSD. Sounds like a lot of attempted spin.
“We had given them conditions and they had to fulfill those conditions, though there would be a delay,” Chan said.
We gave them conditions then delayed them. Hmm.....
He is saying that PNG said that Nautilus had to get all the equipment and ship build and THEN they would take an equity share when Nautilus needed that money to build the equipment and ship? Doesn't make sense. What he is saying is what I have been saying all along. Nautilus has the right to go and mine at anytime. They should go elsewhere, sure Mr. Usmanov, anybody that wants 30% of Solwara for 30% of the costs. Sounds like PNG wants to be in business with Nautilus because it is a very smart investment.
I know this is feeding the troll but I really do feel sorry for you dude. Spending your time doing this to seriously no end. You must be a really angry shut in. So much apparent anger, nasty state to live your life in. Sorry for your situation.
KS, I am glad that you were able to sell your shares in the 1.5 days that the stock traded above 50 cents. I have stated my opinion in the original post. 1,066 shares traded today. There hasn't been enough information one way or the other to suggest to me that things are not moving along and this venture will not be successful. You have your gut to guide your investing, I am waiting on news. News that could be released tonight, tomorrow, next week or next month. We don't know. I own a lot of shares and am willing to wait. They have $54 million, more than enough to wait. There is only so long PNG can stall if that is even what they are doing. I believe in what Marko said, things simply take longer when dealing with the PNG government. Good luck to you in your other ventures.
Good stuff Bob. Frustrating and repetitive content though. "We don't know the damage because it hasn't been done before so therefore it shouldn't be done." Yah, let's stick with open pit because that has been done before and we know the level of devastation. We as a race wouldn't have gotten very far with this logic. I wonder what progress Mike and Shontel are making...
Nautilus will get an amicable resolution with PNG in time, the company will return on track an begin operations. This stock is being heavily manipulated right now on low volume and people that sell their shares at these levels are fools. There is nothing but positive catalysts on the horizon for this company.Even Mike and Shontell can't mess this up. Good luck (luck isn't a factor) to all longs.
Yes, once the project is back on track the share price will improve. PNG seems to move very slowly. The volume is truly the measure of the constitution of the company. Nobody is selling. Stock jockeys and the faint hearted (uninformed) are taking this stock from 50 cents to where is sits today. Who would sell when the company was just awarded $120 million and it is just a matter of waiting out the legal process? The people that make a 13,000 share volume in a day. I am surprised that the PPS hasn't risen given the supply shortage for buyers. This certainly is a unique stock.
The transfer of that large amount of money can be time consuming and with verification, then NUS preparing a press release... It could take more than a couple hours J. Have patience. Hopefully everything will fall into place in a reasonable amount of time.
Nice stuff Marko. Interesting sound bite. I wonder why Johnston wouldn't name names. Glad he put the instance in that town to bed though. No more mystery.
Or even better...since this has now been replied to... (best thing is to not reply, better chance of it being deleted and not messing up our board). Give it a thumbs down like everyone has, then flag it as " report abuse" enough people do this and the system will delete it. Everyone should note this, as Nautilus and it's msg board is going to see more of this spam as the get more and more media attention as the project progresses.
Micheal Bailey, scam artist, should be behind bars right now but with Canadian Laws and their follow-up donkeys I doubt it. Pumped and dumped. A non-issue.
You are such a parasite, but I think you know it and enjoy it. Getting attention, 10 on your top ten list. Time to grow up an be an adult man. Or.. Keep on trolling. Wrong board for that. Just go away. Your unintelligent speculative diatribe is obvious and a little awkward. We don"t care about your social life and your prostitutes. Stick to the topic and the news you pathetic excuse for a man.