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What you need to know.


Member Info for JDwag


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Member Since: Mon, 16th Jan 2012

Number of Share Chat Posts (all time): 5,688
Number of Share Chat Posts (last 30 days): 22

Last Posted: Today 10:30


Post Distribution over the last 30 days




Today 10:30

Tranche C due next Wed 31st Aug, I’m going to say they’ll pay it!

JD
Thu 10:41

Calm down dear, you still have to get your head through the door tonight when you go home.

JD
Thu 10:35

Well………..considering the mine cost GBP£21m back in the day (before MEL merged with KIBO), we could be looking at mega bucks then right enough, well done Wimbo, good digging, happy days. And we keep 100% too:-))))))

JD
Thu 10:15

BTW, I would add that while it won’t be anything like the USD$45m we have spent on Mine / Plant to date, it will still be a sizable chunk of cash, great for a junior like us for less dilution, it also means we are 100% in charge of a project that all of the major upfront costs have been paid for already, MDFS, PDFS, Environmental Works, etc, puts us in a great position.

JD
Thu 10:10

The RNS:

'SEPCO III will no longer earn any equity in the MCPP and all payments made to Kibo under the Agreement, will be a cash refund for historical development cost associated with the development of the MCPP'

That says to me that SEPCO will play no part in the ownership of this plant. So, and being reasonable, would you expect a Contractor to pay for back costs for something that they will not benefit from in the long run? That is how I see it anyway.

JD
Thu 10:02

No, I personally don’t think so.

The way I read the RNS is that the 50% of back costs only entitle SEPCO to become the EPC Contractor, and no equity will be lost, as I see that RNS is we get 50% of back costs (whatever that turns out to be) and we still retain 100% of equity.

As see it (as there is no equity involved) the back costs will be for direct costs for the building of the Power Plant that a Contractor would normally assume, direct consultants costs, design development costs, etc, that is why I don’t see it as a massive figure, I think they will keep 100% to ensure the massive figures come at the end when the equity is sold off in lumps to inward investors when mostly all of the risk is off the table, as at that point we will have everything in place for Debt Funders and Equity Investors to come into.

Looking good, just not going to happen as quickly as we had hoped for.

JD
Thu 09:24

Looking back over my scribbles this morning and I think you've got the nail on the head mate, at what time did KIBO 'start the clock' on SEPCO as regards to 'back costs'?

There would have been some overlap in costs from PDFS to MDFS so they wouldn't have been responsible for everything?

KIBO has spent somewhere in the region (caveated 'somewhere') USD$45m to get to this point, so we have to assume (and hope) that all of that money is tied up in the 100% Equity Stake (which it is of course) it will just take time and outward investors for that investment (plus returns) to come back to us.

JD
Thu 08:07

Hope your well mate.

Its good news for me. It deals with one of the most difficult parts of the process, getting an EPC Contractor on board who can manage a contract of this size, they are huge and internationally recognised, and being Chinese the government are probably happy to boot, keeps the process moving along nicely too, however, it does show how this process is going to go into 2017 now (comfortably). It also gives a huge confidence boast to investors, SEPCO are not here for nothing, this is going to happen.

Its not the huge sum I personally had hoped for. But then, there is no equity with this deal. So we retain 100% which is obviously what LC has wanted to do all along. I would love to know why the deal has excluded SEPCO from equity? Pick your reason why, its a mute point now I guess as they are.

A very important step forward and100% in place. Onward we roll.

JD
Tue 18:20

http://www.bloomberg.com/news/articles/2016-08-23/south-african-rand-plunges-on-report-gordhan-called-in-by-police

No idea where this will go, but it’s fair hit the ZAR this afternoon……..could be a positive for us if this lingers together with a US Fed / Janet Yellen Hawkish Statement from Jackson Hole, Wyoming when she speaks Friday afternoon.

JD
Mon 18:28

http://www.icsg.org

Hot off the press, looking good as a continual deficit takes hold (according to ICSG anyway). The Trend of ever increasing deficit is very encouraging.

'According to preliminary ICSG data, the refined copper market for May 2016 (excluding the adjustment for changes in China’s bonded stocks) showed an apparent production deficit of around 65,000 metric tonnes (t) mainly due to strong Chinese apparent refined copper demand. When making seasonal adjustments for world refined production and usage, May showed a production deficit of about 24,000 t. The refined copper balance for the first five months of 2016, including revisions to data previously presented, indicates a production deficit of around 222,000 t (and a seasonally adjusted deficit of about 181,000 t). This compares with a production deficit of around 39,000 t (a seasonally adjusted surplus of about 10,000 t) for the same period of 2015.'

'In the first five months of 2016, world apparent refined usage is estimated to have increased by around 5% (510,000 t) compared with that in the same period of 2015 mainly due to strong Chinese apparent demand. Chinese apparent demand increased by around 12% based on a 22% increase in net imports of refined copper from the lower net import level in early 2015 and consequently lower apparent demand. Excluding China, world usage remained essentially unchanged. On a regional basis, usage is estimated to have increased by 6% in Europe and 8% in Asia (when excluding China, Asia usage declined by 2.5%), while declining by 20% and 4% in Africa and in the Americas respectively and remaining essentially unchanged in Oceania.'

JD


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