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23/08/18
22:26
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Originally posted by Saow
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Very interested in CTM, however I've been doing some research into the companies history and have some doubts which I'm sure current holders could perhaps put to rest provided they are well invested into the history of the company...(apologies if this is the wrong thread since it's not charting but this is the only active one)
So first thing was the previous mining focus wasn't in a Copper/Nickel focus it was for Iron Ore Projects, the company looks to have had numerous projects and dealings with other companies which I wouldn't be able to map out unless I did a conspiracy theorist style spider map, from what I can gather the company was banking namely on a few of projects dependent on the time but the main was the Jambreiro Iron Ore Project
I can't find much information surrounding the project but there are more than 400 announcements since the company listing which I've got to look at so maybe there is something in there but after looking at the Jambreiro project it looks like this just eventually fizzled out? The last update I can see an announcement on the 12th of June, 2014 which states:
"..the recent deterioration in market sentiment and conditions in the iron ore sector has impacted the
Company’s ability to finalise a timely life‐of‐mine off‐take arrangement for Jambreiro, and has tightened the
conditions under which financiers and investors globally will support the development of new greenfields
supply. From recent discussions with potential financiers, it has become evident that debt funding for Jambreiro
will remain conditional on off‐take, even at the lower staged production rate and initial cap‐ex spend."
There is a few other projects which look to be in a similar fizzle out stage, all of which leads to the second issue, how much money have they raised so far for all these projects which get dumped?
Taking a look at the announcements I can see easily about 50million in raised funds not including an IPO or having to look at any announcement without the text 'Rais' (conditional formatting courtesy of Excel) so considering our current market cap I'm wondering where all the money went? I understand that not all projects work out but after a half a dozen surely you would be left with one?
The third point of note is that the entire board looks to have changed aside from the current chairmen of the board, not too sure if their was a breakdown in relations but with everything else added on top everything seems a bit fishy to me...
If anyone is interested I'm happy to upload my Excel Sheet export of all the announcements, I'm really hoping that someone has already done this research and is able to come through and wipe my worries away but it might take me a long time to go through all this data to piece together what has happened to this company.
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It is the wrong thread. Chartists get berated by Fundamentalists everywhere we go! Nowhere is safe for us! Even our homes on the charts forum are invaded by the fundamentalists! I havent read a quarterly statement for 3 years and I dont even know what minerals CTM dig for, let alone where! (Actually I think its cobalt in south america... maybe....). I'll let you get away with it this time though