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Won't Glencore just do a deal whereby they agree to take the assets for peanuts?
If one had to guess which of glencore vs marandmel are likely to be better overall at understanding and predicting nickel markets and mining project economics & risks, me, i’d guess glencore probably have a bit more experience and expertise in that field than marandmel.
This is an old hat story. Glencore had pumped over £300m into this working operation each year for ten years, but nickel prices and high production costs coupled to a low nickel yield did its undoing. Orion also sold a large stake in a Canadian copper operation for just under $400m recently.
These guys are cash rich but seem unwilling to go the extra mile here. It may cost $40-50m to go into a care and maintenance mode, but HZM mine is higher graded than a lot of other nickel mines. and surely for a couple of years wait, they can assess future nickel prices.
China will take up the bulk of Indonesian nickel going forward and there is the high probability that Ni required by the Western world will start to become more difficult to get. Ni prices will therefore rise within 2-3 years time making HXM a much better cost effective project.
It is a shame that short sightedness is prevailing here. The three cornerstones have had their fingers burnt elsewhere. Maybe now they are being overly cautious here as it will take another 2 years to get HZM into production, by which time futures Ni demand will be much stronger and inevitably, Ni prices will have rebounded.
THE CORNERSTONES will hold their head up high as normal. Honestly this is just business you win some you lose some. Not sure how the rappers here will hold their head high. They need support.
You know what my position was for months even when HZM was at the dizzy highs of 170p. But now we need to support the losers here who have vanished.
Wasa, Lawrence and others you have my sympathies.
Totally agree . How the 3 cornerstone investors can ever hold their heads up high and call themselves experienced mining investment companies beggars belief. All 3 were asleep on the job. Incompetent at best.
All those years of planning to get to the point of building the mine, and it was a massive fcuk up. Monumental, unforgivable, incompetent, shameful fcuk up. You shouldn’t be able to get it this wrong and be allowed to be a director of a public listed company ever again.
300 million market capital to nothing in a few months.
No point crying over spilt milk every one was warned here but some people buy anything I guess
The Company does not believe that any of these options are likely to recover any value for the Company's shareholders.
WTF dont you understand it's plain as English, grow a pair and take it like a man!!
They still trying to sort out this issue.
I thought they had access to $713m
$633m
Then another $80m?
It's AIM fraud of the highest order, this is not the first and certainly wont be the last. All i asky guys is to stop clicking the strong buy as your opinion. Your despreation should not be pushing vunerable people into the worst investmnet they will ever make. Newbies will see that and without doing research and jump in!!!
This has days possibly hours left, they might aswell throw it in the bin or give it to charity, the company should have suspended it this mornng!!
Where is it gone wrong?
418m debt, some one mentioned here 150m is not drawn yet, so net debt 268m, if Co goes into admin interest payments will disappear. £258m spent by shareholders. Funny enough, BoDs is only talking about Aguira, not Vermello, and RNS says, no recovery for shareholders
Please dont misleed good honest folks money into what now is a dead duck!!
Not many positives to come out of the board statement, but there may still be ways forward. A couple of options are that LM and Glencore finally have to ptovide funds to either keep the project moving forward, or provide sufficient funds to suspend the project on a care and maintainance basis until such times as and when the nickel price begins to climb back up again, probably in 2027.
China wants to get growth at no less than 5% for 2024 and if they succeed, then more nickel from Indonesia will be used, bearing in mind that most of the nickel produced from Indonesia has already been offtaken by some majors around the world so there is not that much free nickel left.
USA and Europe are already imposing massive import taxes on Chinese / Indonesian nickel so this means that other sources will be required.
My thoughts are that the current nickel surplus will begin to evaporate by 2027, and couple to this the fact that some nickel producers have ceased production, then there is the prospect of a shortage in around 3 years time. If LM and Glencore provide C and M for a year, then it may be possible to attract new investors as the nickel surplus begins to fall. Who knows??
Cheaper to buy it after admin. Why spend more on takeover?
Going forwards and as announced on 28th March 2024, there can be no guarantee that senior lenders will consent to further extend the current waivers. If no extension is agreed, deferred interest originally payable at the end of December 2023 and at the end of Q1 2024 will become immediately due and payable on 1st May 2024. If these amounts remain unpaid after becoming due and payable, the senior lenders will be entitled to: (a) immediately cancel the undrawn portion of the senior debt facility; (b) declare all outstanding senior debt amounts (including interest) immediately due and payable; and/or (c) seek to enforce the senior lenders' security, which encompasses all or essentially all of the group's assets.
So from 1 May senior lenders can claims all money company owe and block money secure from bank to pay them , That is all lose abilities to keep company on light . there is nothign lelf at moment .
Could one of big shareholder pump 20 millions more to keep this company life on or they will abandone it end of this month? They still need money to run bussiness as normal and there are many thing need money to spend on. Not simple as big company there are a lot thing to spend .
Funding or takeover potential opportunity now.Huge assets.
S. As at 10 April 2024, the Company had a cash balance of US$16.2 million (excluding cash that is segregated for the development of the Vermelho Project).
Furthermore, given the lack of more favourable scenarios to deal with the Company's liabilities, the Board is continuously reviewing the options alongside their professional advisers.
Karim Nasr, Interim CEO of Horizonte, commented:
"The Board and management are extremely disappointed by the results of our effort to attract financing into the Company. While we received commendation on the quality of the project and of the comprehensive work put together by the Company's team, and supportive attitude of the Company's creditors and Cornerstone Shareholders, the lack of prospects in a recovery of the Ferro-Nickel market considering Indonesian supply dynamics have impeded the confidence of investors in earlier stage projects with high capital intensity, including Horizonte.
We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the Horizonte team, for their efforts through this very challenging period."
This company is not finished only they need money to complete the project. They are still under discussion to fund the project. They got 16 million according to the 10th of April statement.
Drop not justified.
Lol, aye...whatever you think....You crack on Trde !!!