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Very conflicted with this news, great there is investment but as others have put if we where looking at the sale of any assets why not use the cash from there. Also does this mean the other cash raised has all been spent. Twice now in 6 months we have been diluted , but on the other hand this makes me feel like we may sell some small assets and give a div out as a sweetener and mine the main assets themselves .
Let’s face it come Christmas or early next year the sites will be up to date new machinery low cost extraction and rising costs for PGM , why sell for one div when you could have one every year.
Not sure what the plan is but why put out a 5 year plan if the mine isn’t going to be yours
I don't think it makes sense to use proceeds from an asset sale to fund the development of assets that are retained. Not when you can raise the funds in this way,.
Seems obvious to me that the JV will be mined and everything else is being sold. So much communication from the board this year has been aimed ensuring that everything that is not sold has value. I don't spend as much time looking at this as others do but for me it's clear that the deal for 'substantively all of the companies assets' meant everything outside of the JV. And now the JV is substantive too. It's all very positive unless you had to sell this morning.
They've bundled the exclusivity zone areas into the JV, i'm pretty certain of it at this stage, it speeds the development of the area up by doing so -
For current potential Rosgeo JV marked areas, we currently have -
1: Vuruchuayvench, Arvarench plot - https://efgi.ru/object/3117078
2: Vuruchuayvench, Plast "330" area - https://efgi.ru/object/3117080
3: Vuruchuayvench, Vuruchuayvench plot - https://efgi.ru/object/3117079
4: Yuzhnosopchinsky - https://rfgf.ru/gkm/itemview.php?id=38851
5: Nyud-Moroshkovoye - https://rfgf.ru/gkm/itemview.php?id=53232 - Currently in the process of gaining the license.
6: NKT (Nittis-Kumuzhia-Herbal) - The rest of it that we didn't get in the flanks app - https://rfgf.ru/gkm/itemview.php?id=53121
7: Poaz: Richard managed to find that, i've not come across it myself digging around on there - https://twitter.com/RichardDugdale3/status/1410555717984137223?s=20
Those are the main areas i believe we're looking at.
GLA
Mining equipment - big dumper trucks etc, office buildings on site etc. And this -
"The net proceeds of the Private Placement are intended to be used primarily to finance the joint venture with
Rosgeo ("Rosgeo JV"), as announced via RNS dated 26 March 2021, including Nyud, Moroshkovoe and other major Rosgeo JV platinum group metals ("PGM") and battery metals open pit deposits."
GLA
Mac - agree its an interesting and (at least for me) unexpected development! How do you think they are going to spend the extra money? As its open pit areas which have previously been mined, doesn't seem to be much infrastructure needing to be built?
Eurasia certainly likes to keep us all guessing! It's like a soap opera with all these twists and turns!
The ii also wanting more than what they've been given has potentially now got a big buyer in the background on share hoover patrol, scooping up anything they can get from the open market to build the position that they were initially after.
It's a very interesting RNS in many ways, it's far more complex than any standard placing RNS that's for sure!
GLA
It was potentially to be expected gazza due to the multilayer nature of the Monchegorsk complex. That previously mentioned figure for Rosgeo JV resources looks to have been topped also. You can't 100% say just yet, but, that statement by James is very telling on multiple fronts.
Open pit previous works are already in place in many areas so it's all very straight forward to take to production.
GLA
Spot on Mac.
Potential has become more evident. They know something that we don't yet.
Right here -
James Nieuwenhuys, CEO and Managing Director commented: "We have decided to advance the Rosgeo JV, as its projects' potential has become more evident during the course of the confirmatory work being done by Wardell Armstrong International in relation to both PGM and battery metals (nickel, copper and cobalt) that are future facing metals in relation to the fast-growing hydrogen and EV markets respectively."
ii's appear very confident to throw money at this at this level.
It looks like they're taking some of the Rosgeo JV to production themselves imho.
GLA