http://clients.westminster-digital.co.uk/minesite/microsite/events/50/video/index.aspx?companyId=50_1
=">http://www.proactiveinvestors.co.uk/pdf/brr.pdf
http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=39359&sn=Detail
www.braemoreresources.com
http://www.investegate.co.uk/Article.aspx?id=200711010702217873G



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http://www.proactiveinvestors.co.uk/articles/art.php?BRR2
cyril

BuGG**!, misread the news, looks like only Greece has banned short selling..doh!

up 30% well done cyril.

30% of FA is still FA, and knowing this stock, spread is prob over-wide too

Mitzy most shares rose today and hopefully over a period of time the market will
recover some composure,so come 2011 the real value of this company will be realised. However its worth remembering that some serious sums of money will be
required before we reach a successful outcome for both projects and at present, fund raising is out of fashion.
cyril

Credit crunch affecting all shares cyril.

A new article that may be of interest to holders,
click HERE

Fears of a global recession is driving futures down as less demand for commodities continues. Lets see if the unfreezing of credit markets changes this, we all know emerging markets need commodities however if they can't afford or borrow the money to purchase them then theirs only one direction the sp will take. I'm surprised that BRR at current lows hasn't received any offers, still plenty of time though.

1p is that correct...?

Auction sp 1-3p

Yep I've got it now halifax must be a rogue trade.

I expect further falls next week.

should be a soft landing .... bit like jumping out of the ground floor window

cynic there is a poster on another ste saying this is one big fraud and whether what he has said is true mud always sticks he also mentions Althona mining and others.

confess i was totally gulled at their agm several months ago when we were told the company would be profitable within about 2 years .... fortunately i sold out 2/3 months back, albeit at a thumping loss

Good for you cynic that makes 2 of us when Hamish left it was a sure sign something was wrong.

I can't believe how clever cynic and mitzy are, you both sold out at 15p after I flagged up a warning, yet you failed to post any response. It doesn't take much to say THANK YOU!, I'm gutted.

Have a nice weekend.

sorry canada ...... got out 6/7 months ago but can't remember if it was on your advice or, as is more likely, that i just found it necessary to have a clear out of general shit shares

Have any of you been to the 28Nov08- AGM? - Was it positive, or just Jam Tomorrow, as is so often the case with mining tiddlers....?
Fraud seems a bit strong, yet easy to say - any "evidence" - typically this needs lots of good publicity and a strong sp at IPO, maybe with someone that is well-known in any area, that gets punters excited and only later do they realise the co is worth only a fraction of the MktCap...Provided they don't run out of Cash they could yet be good....but there is little "positive" here. - Also ther sp graph looks like it is...

Hangon, Wendy Durham who writes for Proactive gave a very good report and was
very positive, i will see if i can find it for you. Seems they're waiting on confirmation
concerning BEE involvment and they've dropped the 35MW furnace in favour of several 10MW's.
cyril

Hangon here's her report,

As promised, some scrappy notes from the AGM:

Senior company officials present were CEO Leon Coetzer and ex-CEO (also acting as representative of largest shareholder Atomaer) Clayton Dodd. Dr Mathews Phosa was busy in SA with (a) BEE finalisation and (b) elections brought forward by four months.

Key point on the future of platinum - both Coetzer and Dodd said they were expecting REAL demand figures to start filtering through soon, which will demonstrate clearly that the price of platinum is now totally unhooked from its fundamentals. Leon said that "at home" they were all very bullish on the price of platinum.

They expect it to return to levels which will more properly reflect ACTUAL demand rather than the FEARED demand (i.e. bugger all!) that is presently influencing the price. IIRR Clayton mentioned $1400.

Personally, I think that fairly shortly we could see the dollar start to weaken as repatriation slows, and gold start to rise as the "safe haven" effect really starts to kick in. It's already hard to buy physical gold. And platinum usually follows gold - although it's usually almost double the price, instead of practically at par!

Coetzer reckons that of the companies working on the Bushveld today, only 50% will survive. That will play hell with supply in the future. IMO, the best projects of the failed companies will of course continue, perhaps under new management or after consolidation, but they will be substantially delayed.

He also made clear that the DME and the SA government are solidly behind Conroast and Braemore. They see it as the only way to UNLOCK (a word he used several times) mid-stream and down-stream processing on the Bushveld from the increasingly unacceptable domination of Amplats and Impala. "Use it or lose it" was the first step in unlocking the land itself - so the BEE juniors all now have their land and their projects - but they can't go any further. That's it - they mine and produce concentrate, and must then hand over control to Amplats, Implats or Lonmin and lose the rest of the profit stream. They are also totally dependent on the smelters re: the price they get for their concentrate - particularly if it's high chrome, where heavy penalties are applied. They are "price takers" - stuck with what they can get.

This is where he brought in the Apple slogan (he used it several times!) "think different". Processing the low-sulphide, high chrome output of the new juniors can't be done with conventional technology. The only way the majors are doing it is with blending and a few superficial tweaks, some of which - like Lonmin's No 1 furnace - have never worked properly. Braemore had the bottle to "think different" and bring in Conroast. The others had all turned it down - including Amplats, and Leon himself was part of the group that decided against it! This is because you can't just dump a Conroast furnace into the middle of an existing process flow. There is too much modification and re-engineering required - lots of capex - and until Atomaer/Braemore got hold of it it was in any case not proven to be scaleable. Too risky - and the majors daren't think different on that kind of scale.

Coetzer also described in simple terms how a Conroast furnace works and why it is so much better. In a conventional smelter the electrodes are submerged and generate intense heat throughout the molten mass. It's all hot as hell. Conroast is a bit like hitting the concentrate with a lightning strike - it all melts, but the heat then reduces as you move out from the centre. This means that the furnace walls don't get the full blast. And it is then tapped at only just above melting point. With a conventional furnace, any breach or crack or spillage releases high temp molten metal which is just about unstoppable - it runs as fast as water. Just as happened at Polokwane. Any breach in a Conroast furnace will spill metal which is only just above melting point, and can be quickly solidified - he says they demonstrate this with a simple air blower. So there is a big safety increase as well as better efficiency.

His view on Bushveld power was that with fewer projects being developed and the huge generating investment now being made belatedly by Eskom, power SUPPLY will not be a problem. But power infrastructure - having it where you need it - is a different matter that will take longer.

It seemed to me that he knocked the original plan for a big 35MW Conroast smelter on the head. In answer to a question, he said that they would be more likely to locate several 10MW units where they "fitted" customer/partner requirements. It seems that the 10MW smelter is now the "product" and will be deployed as and when required.

Lead time for the 10MW unit was originally 24 months. Now, with the slowdown, components are more readily available, so build time more like 18 months and dropping - and cheaper.

"Think different" also came up with reference to Leinster. Low grade tailings cannot be treated as you would treat raw sulphide ore. It just can't be done either effectively or economically. The tailings have already been through conventional processing, which failed to get their metal content out! So again, you have to think differently. And you have to look at PROFITABILITY, not necessarily the technical challenge of getting max recovery - very relevant due to acid price. You take the profitable nickel out using the fastest residence time and least acid consumption, and leave the rest. So it's fast, cheap, affordable nickel - not necessarily ALL of it. I also suspect they are moving away from the concept of producing 65% sulphide for BHP's refinery. Leon talked of refining facilities becoming available due to the long nickel downturn - which could be bought for a tenth of what it would cost to build new. Looks like the end aim is metal, not sulphide or hydroxides, though all options are open. The project is still very much alive in spite of the crap price of nickel. I meant to ask his views on nickel pricing but forgot! Final-final-final scoping report goes to BHP mid-Jan - BRR have asked them to make a decision within 3 months, but I guess they will take their own time over it....

Overall he said BRR was secure enough financially to see it through "these times". 3 mill in the bank which is "protected" by the profits from Randburg. Conroast capex would be raised in SA from SA banks. As Conroast had strategic support from the government, finance from government sources might well be available (IDC etc ???). BEE partner would also contribute its share. They have no doubt that finance will be forthcoming. JSE will contribute the institutional "longs" when the time is right - Clayton Dodd thinks it will become the dominant exchange for BRR.

On the question of BEE, there will be one partner at a corporate level (by which I assume he means they will take 26% of Braemore Platinum) and several at project level (by which I assume he means individual BPt projects).

The main BEE partner they have targeted has been carefully chosen because it is a business which is complementary to Braemore's own business, not just for the sake of having any old BEE partner. Negotiations are close to fruition, but he would not be drawn on timing.

The offtakes with Amplats and Northam - which were completed after extensive due diligence by both miners - were targeted to send a message:

1. BRR is not competing with the majors - it will work with and alongside them to help solve their problems
2. CONROAST WORKS - fully endorsed by Amplats the biggest major and Northam the biggest junior/mid-tier

Leon Coetzer is a supremely competent man at the top of his profession. 21 years in the business. South African by birth and domicile. SA is his home, not just where a project happens to be located. I believe his aim is to build and drive forward, in his own country, a new major player in the PGM industry - but this time independent and with significant black ownership - to ultimately go up against Amplats and Implats. I simply can't see him taking it along a few stages and selling out for a quick 25p or so. So I simply can't see Braemore being sold until Leon has achieved his ambitions for himself, his industry and his country. And he is pretty powerfully incentivised by his golden-hello options - a quick freebie to start with, but the rest are high priced and he will have to make a great success of Braemore in order to benefit from them.

Somebody said "Frighteningly competent." Just about sums it up....

I came away wanting to buy more. However, the important business of the day - the Braemore Shareholders Tapas Bar Lunch - intervened and prevented me from sinking next month's housekeeping into still more Braemore shares....

cyril