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  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-05-31 00:00:00",
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      "kind": "paragraph",
      "text": "Using a different block model for the reconciliation can be analogous to comparing apples to oranges. Investors should hold management accountable and demand a reconciliation to the original block model.",
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      "kind": "paragraph",
      "text": "Mirabela Nickel, where Colin Steyn was appointed as a non-executive director did not fare much better. After disruption to its main supply contract with Brazilian metals producer, Votorantim",
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      "kind": "paragraph",
      "text": "Lion ore",
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      "text": "Numerous red flags came to light after the sale of LionOre in 2007. Peter Breese and Colin Steyn received a windfall on LionOre, selling the asset for $6.4 billion to Norilisk at the top tick of a bull market in Nickel. The premium price paid for LionOre was partially justified by Activox, a “proprietary technology.” Within 12 months of the acquisition, Norilisk wrote down $490 million on the Activox technology, and over the next four years, the entire ascribed fair value of $706 million was written off. Norilisk was forced write down an additional $1.09 billion on the Tati Nickel asset purchased as part of the LionOre transaction. The previous management (current management of AKG) seems to have substantially underestimated project costs in the feasibility study.",
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      "text": "Colin Steyn’s Highland Park was an investor in Coalspur in April 2010. He was appointed Chairman in September 2011 alongside the appointment of Peter Breese who was appointed a non-executive director. After failing to gain timely approval for the Vista coal project the company struggled to raise equity financing and was acquired by K.C. Euroholdings for $0.02 a share in 2015, with investors suffering a 98% loss since IPO.",
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      "text": "To date, we believe the only reason investors stuck with AKG is because of the seemingly stellar reputations of Chairman Collin Steyn and CEO Peter Breese. Analysis of the LionOre and Mantra transactions suggests management sold assets to undisciplined buyers during a bull market, and that the aftermaths were punishing to the buyers.",
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      "kind": "source-note",
      "text": "Footnotes 129-135 detailing sources for the claims.",
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      "kind": "title",
      "text": "Senior management’s track record is less impressive than investors seem to realize",
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