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AsiaPhos on Friday (Nov 24) released a statement in relation to a request for undertaking it received around Nov 21 to vacate and rehabilitate two of its mining sites within the Jiudingshan Nature Reserve in China' s Sichuan Province. Asiaphos said it does not intend to sign the request for undertaking.
In a pre-market exchange filing on Friday, the phosphate-mining firm said that the mines in question - Mine 2 and the Feng Tai mine - were to be fully vacated by Nov 30 with the possibility of compensation." The board has been advised by its legal advisers that the request for undertaking is not an official request from the Department of Land and Resources of Sichuan Province, the relevant authority which issued the group' s mining and exploration licenses," Asiaphos said.
It also noted that this request " may be a prelude to formal negotiations on the withdrawal of the mining and exploration licences" for Mine 2 and the Feng Tai mine.
According to a notice made by the Mianzhu Forestry Bureau, the rehabilitation of the mines must be completed by Nov 25 and with the rehabilitation set to cost Asiaphos approximately 2.2 million yuan (S$449,680).
The cost amount will be deducted from the compensation due, if rehabilitation works are not completed by 30 Nov, Asiaphos said." The company is of the view that the likelihood of completing the rehabilitation on or before 30 Nov is low," it added.
AsiaPhos also said that it has not received any updates or formal notification in respect of the withdrawal of the mining licence for another mine located outside the Jiudingshan Nature Reserve. In the company' s application to renew the licence, it was advised by the Sichuan Provincial Authority that the a mine could be inside an area earmarked for a proposed panda reserve. The licence for that mine is valid until February 2018.
AsiaPhos said it has sufficient inventories of phosphate rocks and yellow phosphorous to cover its operational needs up to March 31, 2018. It has also commenced sourcing and will continue to source rocks from other suppliers.
The company said its board believes that even if the mining licences of the two mines within the Jiudingshan Nature Reserve are withdrawn, " the group will be able to continue operating its downstream business effectively, which will mitigate the effects of the downturn as a result of the licence withdrawal."
What news??
calvinlooi ( Date: 24-Nov-2017 10:30) Posted:
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The drop is in react to the news.
But it seems to me that the BB haven get out, who is the one who did the buying with such bad news?
But it seems to me that the BB haven get out, who is the one who did the buying with such bad news?
Wat happen , my money 💰 💰 💰
Crossback ( Date: 24-Nov-2017 09:24) Posted:
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Dropped below support of 90c! Not so good already
Looks like a big force sale taking place. Not time to buy yet. Looks like 8 cts coming. Adios to a BB who lost the battle. Good luck.
papayaface ( Date: 24-Nov-2017 09:05) Posted:
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TP getting more remote now. What big thingi is this? Good luck
mrwise ( Date: 17-Nov-2017 11:06) Posted:
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Got ta pau today ...told u not to touch
got craving for Vietnamese Pho in this gloomy weather ....
The " invisible hand" behind would flush you out first before push it to that price level.
And it is coming to year end. the stock market would be ' quiet' , and it is the easy for syndicates to manipulate the stock. Also, stock indices are ator near all time high... Have to be careful if you holds on to the stocks.
And it is coming to year end. the stock market would be ' quiet' , and it is the easy for syndicates to manipulate the stock. Also, stock indices are ator near all time high... Have to be careful if you holds on to the stocks.
Potential to reach $0.15 by 1 to 2 months time
Yes, I also heard rumour about this.
fatpanda ( Date: 17-Nov-2017 10:54) Posted:
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This stock is tightly manipulated by " invisible hand" . Trade with care.
False breakout??? Looks like no hope liao
Stock price seem to have some action now... Collection at 0.099c?
This is a reasonable set of account to me, the increased cost is selling and distribution and there are disruptions in p4 operation yet turnaround.
Today i dont know how market react, unless there are strong sell with price decrease, i think the share price should move up in this two week.
The BB had made strong buy at price of $0.096 and push to $0.098. Unless he taking the profit now, he have to push up the price further to take profit.
This is just my philosophy for sgx.
Today i dont know how market react, unless there are strong sell with price decrease, i think the share price should move up in this two week.
The BB had made strong buy at price of $0.096 and push to $0.098. Unless he taking the profit now, he have to push up the price further to take profit.
This is just my philosophy for sgx.
I see as a disappointing result.
calvinlooi ( Date: 02-Nov-2017 21:47) Posted:
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Q3 result out, business turnaround established.
calvinlooi ( Date: 30-Oct-2017 10:28) Posted:
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The Market Depth looks quite "kosong" if 9.6 were to break, until it reaches 9.1 with 375 lots queuing to buy. But doesn't mean it will not go up as this is a pretty controlled stocks few players.
Already dumped all my holding last 2 days when price stagnated at 9.6 to 9.7. Will re-enter when price looks attractive again.
Already dumped all my holding last 2 days when price stagnated at 9.6 to 9.7. Will re-enter when price looks attractive again.
Morning a few already dumped over a million shares at 9.6 but facing the strong 9.5 buy wall.
The game to swing up just started few days ago. Let's pump it up to above 10 cent. Target today
The game to swing up just started few days ago. Let's pump it up to above 10 cent. Target today