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APF starts approx 1 hour 7 mins into the recording
https://youtu.be/3WWfDutRsDU
A recording of yesterday's webcast for anyone who missed it:
https://webcasting.brrmedia.co.uk/broadcast/606497ae560fbf10fcc505ea/6077fc8bef17a87d0488c093
Thank you cacher, you have a great understanding of these things.
In the short term APF only seem to be in the position to offer buzz words "ESG", "Transformational", "Green Energy", "Blah Blah Blah" ...
They are very much between horses. Worth watching. However I think I'll wait until they "show me the money".
From the annual report:
'The key features of the facility include: US$150m commitment (day one step down from US$180m upon completion of the equity raise); step down to US$125m after 18 months; operating leverage of up to 3.5x; dividend restrictions if leverage exceeds 2.5x for the Q1 2021 dividend and onwards (not expected to be triggered); security against the Group’s assets; and the option to extend the three-year term by one year subject to lender consent. The facility has a cost of LIBOR plus 2.75-4.5% depending on leverage ratios but we expect the cost to normalise at LIBOR plus 2.75-3.50%. The day one borrowings of US$123.5m implied leverage of just over 3x at closing, with leverage declining to below 2.5x by the end of Q2 21 and reducing thereafter.'
Seems to be a debt covenant issue as a result of the Voiseys Bay transaction.
I notice the Ex-Divi date is 4 weeks later than last year, and in fact is also later than the first ex-divi of this financial year.
Anyone any thoughts on this ? Moving divi dates is often timed to coincide with a placing, but I can't see that being the case as they would want to get the large dividend out of the way first.
....and Julian interviewed by Proactive..
https://youtu.be/WETLPZVW228
Bought 13000 for my ISA today and looking forward to some more good deals by JT in the next few months.
Morning all,
Following receipt of the Installation Licence at end of January, construction of PNP 1000 plant ( Phase 1 ) commenced, expected to finish and commissioned in Q1 2022. First saleable Ni/Co mixed hydroxide product anticipated in Q2. Offtake discussions underway ( Japan, US, and Europe ). For anyone interested, there is a good video on their website :-
https://www.braziliannickel.com/
Good news and another $1-2m a year from the calcium carbonate royalty expected
Construction going well. First production anticipated by mid 2021
https://incoa.com/exciting-news/
Construction going well. First production anticipated by mid 2021
https://incoa.com/exciting-news/
Thanks Markydeedrop
I agree ... some of the key quotes for those who don't have Telegraph access are as follows:
Julian Treger, chief executive of London-based mining royalties business Anglo Pacific Group, which has a 2.1pc stake in Brazilian Nickel, questions why the UK doesn’t follow suit and do similar.
“We have a bunch of people in the UK doing a quality battery metals project in Brazil – but it’s being funded by and going to go to the US,” he says. “So there is a model.
“One of the things I think they should look at is redeploying aid spending in more strategic ways so there’s more flow-back that’s tangibly helpful for the UK.”
He adds: “It’s very frustrating because the UK has such great natural attributes. It has the incredible legacy of amazing mining companies, the Commonwealth network, the language, the London Metal Exchange – it’s all there. But it’s somehow not the focus... I think that they’re missing a beat.”
Anglo Pacific has just bought a 22.8pc share of cobalt production from Vale’s Voisey’s Bay mine in Canada. “We are moving decisively and materially to cobalt, and clean cobalt,” says Treger, highlighting another trend that will affect markets.
A good article, with key contributions from Julian Treger
"Race for heavy metal puts electric car revolution at risk"
https://www.telegraph.co.uk/business/2021/04/02/race-heavy-metal-puts-electric-car-revolution-risk2/?WT.mc_id=tmgliveapp_androidshare_Aw5lqC8tk1wT
Halifax/I-web have informed me they are now accepting transfers from Primary Bid, and they warn against buying shares to sell immediately, but quote 3 days for the transfer.
Barclays said they had received transfer documentation after about 10days but they would treat it in their system like any other transfer which could take up to 6wks to process into my account
Albus, sounds like there could be something wrong there. I've bought three stocks via PB and they took a few days to make it through to my account with HL but that's all. Might be worth checking that all the dominoes are in place at both ends. I've no idea what your facilities are like at Barclays but I started off with Lloyds and left them last year because of a different issue. I'm glad it happened actually because now with HL I've access to lots more information and less cost.
not a bad price per tonne is it. Mongolian iron ore obviously is a non starter for steel making.
Thanks for that Cacher
finally received via Barclays. Dont think I will do Primary Bid again. Too much watching and waiting. Not a bad idea for company start ups but cant see benefit of being locked out of market for 5 weeks on an established company,
KDNC announcement today:
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A's ("DEV") has commenced the shipment of the iron ore stockpiles from Santana, Amapa, Brazil. This shipment was approved via a court petition (details of which can be found here ) and represents the first shipment of Iron Ore from this asset since its closure in 2015.
Highlights:
-- The first shipment of 45,000 tonnes of iron ore from the Amapa Iron Ore Project has commenced
-- The vessel is currently loading and is due to sail this week
-- Iron Ore 62% Fe, CFR China at US$167.05 per tonne (26/02/2021)
-- Approximately 1.39Mt of iron ore currently stockpiled as DEV's wholly-owned port
-- Operations are continuing in Brazil
APF has a 1% gross revenue royalty on all iron ore and non-precious metals extracted from the Amapa System.
Agree interesting video on potentially interesting company.
Company strategy is clear enough. Numbers / projections / guidance is a complete fog though. Possibly the fog will lift to reveal a pleasant landscape ? We just know where we have been and know that we are going to end up somewhere different. Treger himself isn't much help. All I'm hearing is a lot of guff about how we are working towards shining new ESG credentials
Quite interesting but as the presenter mentioned we need to know more about the Voisey Bay transaction. I agree that funds will be wary of cobalt coming out of the DRC unless every facet meets IFC standards. It is just possible that JT has played a blinder here but too early to assess this until the market receives more clarity on the transaction. In the meantime it seems that the circa 9p dividend is secure.