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'they' being our BOD
Another point. They are not rushing to exit Aim as AF's contacts are happy to stay ATM. Full steam ahead they are saying.
I have tried to post my take of AGM but no luck. I'll try again in morning. I found AGM very positive,
@News ....sorry to be the second to break it to you but I refer you to Ivy's 11:47 one liner: "will almost certainly be abandoned"
@News ....sorry to be the one to break it to you but I refer you to Ivy's 11:47 one liner: "will almost certainly be abandoned"
Surprised Obs hasn't sung a song of sixpence about what a timely & great move with value creation by the BoD that'll be ... that's if it comes off of course....you never know with this BoD with their oh so many costly, stalled, failed deals, other projects & ventures to date you never know huh they may just do a discounted placing to renew it instead!!
"Boom town: Greenland*s climate change gold rush."-FT,20.9.19 [Ref] - any further insights to KDNC Greenland from the AGM? Thanks.
Not too concerned about but feeling or a BUZZ in the air, we want to know if they are finally going somewhere towards adding shareholder value this time...
Copied and pasted it from the other dugout! Thanks Ivy , what patience you've got...bloomin lse
lol @Frankie. It's worth your time searching for and reading about "keyboard shortcuts". Here's the first link: https://www.computerhope.com/shortcut.htm have a play, you'll save time in the long run! ;-)
. We too came away much more positive than previous years. The board all attended and there was a buzz in the air. Kiran appears to have pulled off a real coup this time. Being half Brazilian and speaking the lingo was a bonus plus the Brazilians were definitely pro having a British company take the reins. If we pull this off we will have leapt to another level and hopefully will attract new institutional investors or strategic partners.There is a mountain of work to do still there but the bones of the company are there already from 5 years ago. The initial success of this project revolved around the resolutions being passed today....change is on its way....the market should like what they see hopefully.... good to meet up with other shareholders afterwards and exchange views..
Finally thanks so much to dear old Carbongeezer who kindly taxi ed two weary codgers back to Euston.
It's in the RNS @Ivy:
===[
The beneficiation plant consists of a crushing circuit followed by screening, flotation, thickener and filtering to produce a 65% Fe Pellet Feed and a 62% Fe Spiral Concentrate.
The current mine plan would mean that the Amapá Project would produce at steady-state production an estimated 4.4 Mt of 65% Fe and 0.9 Mt of 62% Fe per annum. Currently steady-state production is expected to be reached in 2024.
]===
But that's after we've brought the plant back on line.
@Obs You could be right and I misinterpreted. I was not aware the 65%Fe was production target.
@Ivy, That's the plan when the plant is in production, but the RNS states that the stockpiles are approximately 62% grade, and @$80/t is forecast to net us $60m.
Perhaps I should just let what you say go unchallenged - but I presume you (and others) would rather I said what I believe to be the case - and if it is not, or there are typos in the RNS @Kiran better clarify pronto ;-)
If this is sent, then it's long lines that LSE isn't liking at the moment. I had to split the above paragraph into two as it wouldn't send as one.
@Obs KM definitely said 65% Fe. Premium grade looked for by China.
I think I have finished now! At least I will pick up prize for most prolific poster.
Are you sure @ivybush? RNS: "An independent survey of these stockpiles indicates some 1.39 Mt (+/- 10%) of iron ore in three stockpiles with an average Fe grade of 62.12% (+/ 10%), which based a US$80 per tonne of 62% Fe would net Amapá a forecast US$60 million net of costs."
Thank you ivybush for your notes from the KDNC AGM -testing as there may be a glitch.
$60m value based on $60 per ton. 65fe premium rate $100+ so some margin to spare.
I'll be very surprised if we see cash flow from the sale of the iron ore stocks leave the JV in KDNC's direction. "It is estimated that these stockpiles have a net realisable value of approximately US$ 60 million, which will be reinvested in the restart of the Amapá Project.". But I wasn't at the AGM - was this hinted at?
Tax situation on this $60m?
Many questions were raised [and answered] in the 1hr+ discussion. Happy to be corrected by others attending.
Presumably when all requisites are met we could start shipping ore and repay loan.
Re $3.5m BOD stated that placing was "an option" not certain. My feeling is for short term debt.
If you can say more on the $3.5m that would be great. "Cadence's next stage of investment will be a further investment of US$3.5 million on the grant of all operational and environmental licenses for the Amapá Project, at which point Cadence will own 27%.". Can we raise that after the granting of these licenses?
KM told me that he had ensured the agreements were firmly in our favour. He speaks Portuguese which helps.
Risk free sounds great. Though the $2.5m is released after next milestone, not after all milestones. I suspect the market will need more reassuring on where that $3.5m is coming from. Presumably if you (and others?) have been persuaded that the majority of this won't be coming from a placing then current SP must look attractive?