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Obviously I didn't.
But I'd love to see your source of opex and explanation why you think its not in a company presentation.
It is there, however
Thank you Dumbo, for yet again demonstrating to everybody who reads your drivel, your total lack of financial knowledge ~ There is no mention of OPEX in that presentation, So I assume that your simpleton mind divided the US$200M Capex by the 40,000tpa MREC that were quoted to come up with that $5,000 !!!!
Now I did think you were English and assumed that you attended some sort of school, but if you don't know what a "?" is I begin to have doubts !
SmartPunter ; Why are you posting here again?
Shall we revisit the reasons why RBW is a big short and heading to ZERO and the share sales by Chairman Zero on the RBW board?
What's your question on RBW its lost in translation.
I'm quoting from the pensana presentation, in the absence of any independent information such as a PFS.
https://pensana.co.uk/wp-content/uploads/2024/02/Corporate-Presentation-February-2024.pdf
That cost ignores interest and depreciation.
Dumbo, Sorry mate the production cost of MRES at LJ is below US$4,000t.
Now please answer my questions on RBW
Thank you Sundrum. I would imagine that the non-binding conditional term sheet would include a requirement for an offtake agreement. Maybe that will be announced in the next week or two. Or three. Possibly four. Whenever.
Your brain matter is too focused, do you even hold any other stocks?
Recycling tech Isn't restricted to motors and rainbow as mentioned is yet to be proven either way, we shall see.
In the meantime pre unfortunately have struggled for many years to get finance for a mine that is apparently a no brainer, ask yourself why?
I hope the mine happens and all do well here. I dont see the investment case at this moment in time. For a mine.
Independent supply chains, yes, and this is processing and recycling at this time.
Time will tell and your sour grapes will continue.
I do laugh at the 2040 comment for demand. Most of us on here will be dead :-)
Which is why the company have been talking to Japanese, US and European Automotive OEMs as well as European wind turbine OEMs. One of which has agreed to the offtake of 100% of Longonjo's production. And yes, this information is included in an RNS if you look carefully enough.
Production cost is 5000 per ton, MREC goes for 4500usd including vat in China.
https://www.metal.com/Concentrate
Theo - the same wording was in the Chairman's AGM presentation on 1st December 2023 which was communicated in an RNS.
Thank you Hogsnipe. Odd that this would be in a presentation not an RNS. Compared this with the recent self publicity in Mining Weekly. No mention by Tim George of a letter of intent. Funny the corporate presentation makes no mention of the Mou with who. Sailing very very close to the wind. I wonder if the non-execs conduct any due diligence?
Theo: the offtake information you seek is here:
https://pensana.co.uk/wp-content/uploads/2024/02/Corporate-Presentation-February-2024.pdf
It says "Executed letter of intent for the offtake for up to 100% of stage 1 production. Customer has approved MREC product specifications." Hmm.... ambiguous, even by Pensana standards.
Moving on: LewisW - I don't agree that China will continue to be price controllers and market entry blockers - those days are numbered now. China ha already embarked on a current 5-year plan to hugely ramp up domestic EV production, at the same time as cutting their oil energy dependency through a vast internal wind energy build-out. They recently warned the rest of the world that China has no obligation to be the supplier of first or last resort for rare-earth materials in future, and in 2023 placed an embargo on Chinese companies exporting RE magnet technology, manufacturing equipment and IP.
It seems clear to me that China are simply not interested in selling magnet fabrication materials , from refined oxides to sinter powder, or even finished magnets - what they are really committed to is selling the world the finished goods - EVs, wind turbines, consumer goods, and electronic items. Witness the BYD EV invasion happening in Europe.
Forecasters are saying the the magnet materials market supply-demand balance went negative at the end of 2023, will be 500 to 800 tonnes by end 2024, rising steadily to an unimaginable 1/4 million tonnes by 2040. That's several times China's total production capacity today.
Some info for you: in Apr 2022, Adamas Intelligence produced a report "Rare Earth Magnet Market Outlook to 2035", subsequently updated in May 2023 as a 220 page report "Rare Earth Magnet Market Outlook to 2040" - each paid-for subscription so unavailable for personal reading/research.
However, if you go to:
https://www.listcorp.com/asx/bre/brazilian-rare-earths-limited/news/prospectus-part-1-2973997.html
This Dec 2023 prospectus includes a 21-page client report produced by Adamas Intelligence "Rare Earth Market Outlook - An Independent Analysis for Brazilian Rare Earths (ASX:BRE)", which you can read in full (though it is "Client Confidential").
It makes very interesting reading, from which my conclusion is that the NdPr market is going into a very heated decade ahead, and also that the West has frittered away, through 5 years of inaction, any opportunity it ever had to mitigate the consequences.
Re-cycling will not work in a growing Market, and there are still only a small amount of installed RE motors out there.
What on Earth is non mine production ? I hope you are not referring to RBW, even if they can ever manage to get their process working it is not going to be as profitable as LJ nor be able to produce any sustainable quantity.
If everybody adopted your philosophy that China already has a lay down misere, we may as well give up now and save what money we have to buy Dim sims. The very fact that you continue to comment here indicates that you don't even believe in your own raving's !
Sundrum, when was this letter of intent executed, I must have missed that announcement?
Lewis - The wind turbine manufacturers and auto OEMs (to name but a couple of markets) recognise the RE prices as quoted by the SMM are manipulated. They are also acutely aware a supply crunch is around the corner hence their desire to secure reliable, ESG rated RE from Western suppliers. It's all well and good chancing your arm on the open market at budget prices but if China can't (or won't) supply REs you don't have a business.
As you are no doubt aware, Pensana already has an executed letter of intent in place for the offtake of 100% of stage 1 production from LJ.
Pre and all others then have a problem then, China will control pricing indefinitely making it uneconomical to mine, as is the case today.
Recycling and non-mine projects are surely king.
Remind me, at what basket price does Pre need to be viable?
Lewis, Don't believe what Thomas says, China are not loosing money, they have just moved their profit margins Downstream. China operates as a Co-operative one owner, the CCP who direct everything that goes on in China.
Thanks fellas for your comments.
Tony, is it not counting the 15mill already received?
Let me just light the blue touch paper......
Or it could be the spades in ground incentive bonuses the board had previously pencilled in for themselves.
Lots of ASS U MING all round here.
At least it gives PRE board 10 months breathing room for other finance needed next year as ASS U MING this year will be funded by Angola via the "Advanced" equity portion (80 mill, 15 in hand/spent).
Positive for me is it seems Angola are balls deep and will likely fund the project in entirety if other financing falls through.
Given the risk,uncertainty of this type of project and the hideous price if REE where even China are losing money imho then it seems fairly priced at moment.
Never assume anything, it makes an ASS out of U and ME
Tony, the 220 million includes 20 million contingency, which hasn't been included in the cash spend forecast.
$197M activity costs and $217M budget which I assume takes admin costs into account. What about inflation during the build? Does anyone have the answers or have I missed it somewhere.
All on time then - safe to assume funding will be concluded very soon
Hey Up - the r*cist Foghorn from up north is back!!
Have you actually read the RNS?