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Is the suggestion there's been a misrep or breach of warranty or covenant by BKY? Unlikely? We're told that's the only way OIA can terminate. I can understand OIA wanting to pull out by negotiation with BKY because of the delay and CSN/govt approach. BKY's price for this might be legal (action against CSN/govt) costs and re-financing (if achievable?) costs, plus a reasonable compensation sum?
If this claim by SGRF is upheld, it would leave little funds available to pursue any further legal challenges. The cash position was c $79m at YE 30.06.21. The SGRF are looking to reclaim $65m. I sincerely hope that BKY are successful, but they definitely need some leeway from SGRF to continue the fight.
Traders ahoy..
It wouldn't surprise me if OIA were throwing the towel in. It was the first thought I had when their nominee director resigned last week. Time for BKY to pursue legal remedy against the Spanish government and CSN now imo.
Just confirmed in RNS....
A trading suspension has been announced on ASX as below, pending an announcement to be made on Thursday. There is a *rumour* that the Omanis are asking for a return of their investment on HotCopper, but there is no verification of this.
https://hotcopper.com.au/threads/ann-trading-halt.6395738/
"SGRF may terminate if there is a breach of a representation or warranty or a material adverse change occurs in respect of the Company. "
https://polaris.brighterir.com/public/berkeley_energia/news/rns/story/xjvqlnx
I hope that the CSN/ Spanish government are well an truly held to account over this *if true*.
I guess there's still time for Spain to get back on the right track, and a change of government could help that.
https://thebreakthrough.org/issues/energy/on-anti-nuclear-bull****
This article explores the difficulties posed by the falsehoods of anti-nuke ideology, like which prevail in the current Spanish regime.
The same author points out that Germany is "set for the biggest jump in greenhouse emissions in 30 years". Inevitable following their nuclear closure programme, increased coal burning, and soon-to-be-switched-on Nord Stream 2. Spain will follow with its own emissions increase too, without a change of course.
They are idiots imo but then again we live a mad world so let them self harm.
As I have been saying back to an agrarian economy and the other option, take nuclear energy from the French grid.
https://www.power-technology.com/comment/spain-nuclear-power-phase-out/
Morning.
So far, so good then.
Correction to my earlier valuations numbers of course - $531m NPV - 9x the prior £43m mcap :)
In ordinary circumstances this should be at a solid 40p floor but I like uranium at $75 going forward so perhaps it could go a little further than that on paper valuation.
Ideology's winning here. For the time being at least.
Money has a habit of changing perspectives.
Uranium stocks picking up a bid all over the place right now - drop the right news here and you won't get in under 25p IMO.
I guess BKY are giving CSN the opportunity to respond and re-do csn 2 report. Mañana if we're lucky.
Then there's cop26. How will attitudes to nuclear emerge from that. Might influence things.
I can't see the CSN or the coalition changing tack though unless forced, so BKY might have to bite the bullet and start legal proceedings. It'll be David and Goliath, and won't be pretty, cheap or quick.
Thanks Bonkers! Redemption or annihilation...fingers crossed, good luck!
I don't know but this has 10x written all over it at some point - their $39-$68/lb sales price for uranium for the DFS' $5.3b NPV (12.6x the current mcap) is now at $50/lb - numbers like these have a habit of greasing wheels ...
https://www.ft.com/content/e4a7c920-a5da-4c00-8994-d2bef944e81c
I understand the Spanish aren't playing ball re the permit which strikes me as rather convenient given the massive uranium price rises we've seen these past months.
Clearly, this could fall to pieces still (4p??!!) but regardless, it's capturing my attention at this time.
Good or bad watch this?
I've given up on this share these lefty idiots will get voted in again in 2023, the court case will get kicked down the road and will probably lose.
this ...
Timely reiteration by WHO that 7m pa die prematurely of air pollution, mainly from fossil fuels. 7 million pa! WHO have been putting this stat out for years, and it's astonishing how little weight is given to it. That's perhaps because it's poorer countries that suffer most and these deaths are less visible (generally slow and not dramatic) so get less attention. And also because the only conclusion is we have to increase nuclear capacity, the viable solution we've got and rely on. Generally that's still politically sensitive and seen by some as controversial unfortunately. I think the continued failure to adopt more widely the ready solution that would prevent the 7m needless deaths pa (and CC and environmental damage) is what's controversial.
https://www.bbc.co.uk/news/science-environment-58657224
Sat Times leader was interesting on this. Urging political leaders to embrace nuclear to make net zero targets a bit more achievable (obviously). It also sl.agged off Spain for being so dumb and also its counterproductive tax grab on energy companies.
This mine needs permitting now. Come on.
Actually P1D I stand corrected. Spanish politicians are worse than Africans! Case study, Aura Energy sp going up by multiples because their mining ambitions in Mauritania progressing well.
Yep this is so unfortunate, if the final approval was granted the share price would be 10x from here when comparing to peer companies that have shot up recently in the current uranium bull market. There is still an outside chance that the decision is reversed following the submitted improvements report and the independent technical evaluation that dismisses the arguments against the processing plant. However this decision seems politicised, so not sure how the appeal process will play out.
There was an evaluation of a rare earths potential in BKY’s concessions, but am not sure how far this study has progressed.
It should not be forgotten that, although BKY have nailed their colours to the U3O8 mast, that the company has mining rights over a substantial land mass. It is only the controversial nature of Uranium which has halted any commercial progress here to date.
It would be good to hear about other prospects being assessed should U3O8 permitting not take place. And we need some positive cash flow from somewhere. All things considered, I remain bullish.
China has been researching thorium reactor for a long time now, prototype working, plan for commercialisation is in place, with backing from Chinese government it stands a good chance to succeed.
China is the only country actively building more new uranium reactors, close corporation with Russia means that China will source most of uranium from Russia, the top uranium producer in the world.
EU as a whole is anti Uranium reactors, USA is all talk little action.
Short term demands from existing reactors will drive up price,however, there are lots of negative factors that may impact long tern prices.
Spain /BKY has only a short window opportunity to get the mine into production and make some money. If the BKY fiasco dreads on and EU and USA sit on their hands and not building new reactors to replace the expiring ones in coming
months and years, uranium demand outside of China will diminish quickly.
I am a LTH for many years, the latest development may finally push me to make the difficult decision t o take a hit and move on.
https://www.livescience.com/china-creates-new-thorium-reactor.html