So this now has to go to the Mining Inspectorate but apparently they have never gone against the CABs decision, so I believe this is ENDEX. Good old CSP has taken us all to the cleaners whilst he has been paid handsomely over the last 5 years, they new this would happen - hence the change of board to wind the company up.
Good choice mate lol. I do think there is a difference as the request for info was received and made public and the company responded and included the info in an RNS. This is different as it requires time to absorb the detail in order to make a sensible response or as people seem to want they could have issued a RNS this morning stating it was recommended as refused with no further info, the same people would be shouting from the tree tops demanding more information and more detail. I can't understand the sheer panic of dumping shares this morning as we have all been talking about and expecting this exact decision since April this year I thought it was already fairly well priced in. I'm disappointed more than worried at the moment as this environmental decision casts huge doubts on not only the Country's overall Mining strategy but also on its transport strategy as well. Sweden will needs roads, rail and mining in Sami areas in the future.
Andy, looks like the CAB is being completely against this regardless of any option we may ever give for transporting the ore, judging by this part from your post:
"The county board also deems that a mine and ore shipments , regardless of the option chosen , threatening to cause " irreversible damage " in the area.
It begs the question, if we can't ever come up with a transport soliton, because the CAB is unwilling to be reasonable and explore what may be feasible as a solution, then why on earth were we ever granted a test-mining permitted from the MI? Which involved, yep, transportation of the ore.
Bewildering, but perhaps a relevant point. We have undertaken test-mining without any detriment to the reindeer, have we not? Maybe, should this now go to the Government to decide, the fact that we have concluded the test-mining without devastating the surrounding environment, will help our cause.
Hi Ed. Sorry for the pause in replying. Was just enjoying a mild embolism, followed by an uncontrollable stagger to the coffee shop. I have my drinking trousers on as well but they're my coffee pants. My proper drinking slacks are neatly pressed and ready for later, when I will raise a toast to our Clive finally having bought £20k of these shares for the first time in his life, at the perfect moment, just before this allegedly awful news. He is now one of us. Lol.
Seriously Ed, today is not a day for extreme panic, although it is disappointing to witness the current sp enema. Best to wait for official news though and then us genuine holders can take it from there, once the fever pitch has diminished to more serene levels.
It depends on whether you regard 1) the mere fact that more information was officially requested in November 2013 as triggering the duty to RNS it or 2) whether the fact that more information was officially requested ON A POTENTIALLY PRICE SENSITIVE ISSUE as being the trigger.. The company must receive many requests for more information on a myriad of topics, not all of which are price sensitive and do not naturally have to report these. The fact that the Company has not been specifically alerted to the Opinion is relevant but the relevance disappears once phone calls have been received etc etc and the price plummets. The dumb innocence defence evaporates then. At that stage it is perhaps incumbent of the company to either come up with a trite "we know of no reason for the sp drops (apart of course from the fact the company is fooked) OR investigate the reports of the Opinion which is patently price sensitive due to the reaction of the SP and the fact that it affects the viability of the company's exploitation aspirations.
the bit about reindeer husbandry now. Again, I thought tthey established two years ago that the reindeer were actually trucked around to new pastures anyway. Could have a better road to do it! It their wildest dreams they could not imagine that a mine would have no impact. They seem to be completely blinkered to the positives.
the Swedish government has earmarked 22 sites for mining including kallak for future economic growth. the swedes need the revenue from mining to pay towards future pensions,health care , economic investment , and to clear government debt. the sami wish to live in the past while receiving subsidies from the Swedish government as well as pensions , education and health paid for by the Swedish state. obtained from a wide and diverse source of income which includes mining. Sweden cannot function as a modern state with out mining revenues, the social problems caused by no mining such as depopulation up north , the movement of people north to south looking for work , education and housing would put enormous strain on areas such as Stockholm and Gothenburg and other major conurbations , on top of the loss of long term tax revenues . if they do not grant the mining liceince to bem on a site designated as an ani then inward investment in Sweden will cease with a serious loss of long term revenue to the Swedish state which like all high spending socialist states is heavily in debt . the Swedish government has no choice but to say yes as the alternative is an avoidable disaster. we shall see who is appointed as the new minister for mines on Friday. the question is how long would the minister take to make their decision. found some petty cash and topped up today and grabbed an easy 40,000 more shares . it was rude not to.
A couple of things occur to me. Firstly that the Saami dont appear to be a consideration in their decision making, quite rightly. It would be absolutely ridiculous. Secondly the timing of the placing. If they were expecting a positive decision would it not have been better to wait to raise money at a higher sp in reaction to a positive decision. If they were expecting todays decision then perhaps they wanted to make sure they have some funds to appeal against it or resubmit the plan. I cant believe that the biggest iron ore deposit in europe is simply going to be left untouched in the ground. What's the point of inviting prospecting otherwise?
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