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Fira - I searched but could not find any amount in the financial results or elsewhere for the fee paid for access to the magnetite stockpile and to be able to sell it on. I just found the agreement had to be renewed every year - and I'd imagine there could be some negotiation on the fee - but do not know - the mine operator will want the contract holder to be able to shift the magnetite - and having good performance, and good relations with the mine operator will be crucial.
I’d still rather remain in a company that covers its own overheads and pays for its own projects - even with a lower budget and a slower pace than we would all like - not many AIM companies - let alone mining ones - who could be as self-financing as we are.
he was mention things that effected share price, Sxx has been discussed loads on this board of late, and the drop its been through can jar shareholders confidence, some may have derisked/reduced their holding. TCG is completely different, sxx had funding issues for the big boy mine in Yorkshire...see the similarities?
Blacksheep, he was keen to buy shares at 1.4p at a discounted rate. Didn't go that well for him, did it.
No, he says "what's happened with Brexit and even sirius", political events. I've watched the podcast again. Why on earth would be be talking about another share that produces potash, why not start mentioning Thomas cook.
He states "we may need to slow down the development rate on projects" - that isn't a choice he's
'making , it's enforced by our financial position. He also states "we have 100% control" of all projects and "minimal holding costs"- again no, we still owe NAE A$2 .7m for Redmoor our end goal project, we will own it but not at minimal cost.
I'm aware of Cobre income, it's good we can cover our overheads but there isn't anything like the money needed to advance our other projects and what we have needs to go to NAE payments . Cobre is mostly used to keep the lightsvon.
Extracts from interview:
JP don’t expect to get the full amount they claiming.
Not facturing the number, Not feeling optimistic, don’t expect to get a lot out of this, but basically we going for it.
Process takes 1, 2 years (my view is will take longer)
Not pushing the button on legal fees, unless we are certain we can get it, but, cannot be certain, because nothing is certain, so fairly certain we can get it back.
No clients. Been trying new clients.
New Projects , impact operation, loss of potential profit potentially impacting the amount of cash available to advance other projects.
No equity raise (impact on cash, no equity raise)
Project timing to cash flow, but now it’s not the time.
Rate of development may slow down on 100% owned projects
imv JP should have never mentioned SIRIUS on the interview, it is NOT ethical to mention other companies, specially when he knows he cannot mention legally the Cobre client.
No new major client ........they still have sales at cobre covering overheads and going into projects at a lower level.
Hi Redmoor, not sure i understand your reference to Sirius?? JP is referring to SXX = sirius mineral, who are having a hugely difficulty time getting funding for their project, i think it's perfectly fair to reference brexit and SXX given they are both really significant new items affecting the stock market at the moment!
i take 2 things from the interview, firstly he's very keen to invest more money at these levels and secondly he is clear that the dreaded placement word that's being mentioned on here isn't in his plans.
An Lccm update would have been good though!
He said they would not be doing an equity raise in the current market conditions.
im ok with that, he did not really mention LC at all which I was not expecting, maybe your right redmoor they have slowed/paused that, I for one hope not and that's the only one going, redmoor/Care on hold.
I did say it wasn't easy to find magnetite customers a while back.
in all honesty its not looking like the 5.5p options will be reached, which I am pleased about although it hurts me I did think they were a bit overly generous and stated so when they were announced.
GL all.
Sirius minerals, ssx, potash mining company who can’t find £250million funding to move the project forward and who’s share price has tanked over the last 6 months and did very badly just last week.
Thanks for that toiler. So it looks like we have no new Cobre clients and exporting abroad or shipping across the US isn't commercially viable. Don't know how brexit or Syria (Sirius is a star formation, oops from JP) would affect us. No fund raise which supports what I've been saying for a while now.
JP has spoken to Andrew scott and the interview will be up shortly!