George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Aerial,re your 19.10 post, "filling in the blanks" intentionally or otherwise you have answered two of my questions.
The handover delay has been and still is long and expensive. I shall wait for the next RNS and the outcome from that and see what the market makes of the fiasco with Magufuli. GLA
SoaS - agreed.
The theory that saying nothing is acceptable - possibly just to avoid governmental confrontation - is absurd. They don’t have to call out any political party or situation, but they can share a little more about what they have been doing. Describe how they haven’t been wasting time during the impasse and what exactly they and ILTL have been able to achieve preparing for the future handover. Are people and equipment standing by? Or have they (ILTL) not started hiring, assuming the 60 days was for that... what tonnage has been shipped since last August? How much has been spent running ops?
And WHAT IS NICK VON S DOING; AND CAN HE TAKE A MORE ACTIVE ROLE???
Aerial
If that is the case, then all Edenville need to do is say that although they had hoped the hand over would happened in the last 6-months, Edenville now do not know when the handover will take place in the future.
But instead they try to pull the wool over our eyes, just not say anything and hope that investors will just accept, well this investor does not accept silence from a company that I've invested in.
I have my opinion that they did not provide a reason or a date for handover in the last Tanzania update RNS, but they bolted on a few lines that they thought we're good news in order to distract investors from the fact that they had not put a date for the handover or reason for not handing over.
Edenville need to issue a RNS this week giving a comprehensive update, no ifs, no buts. No hiding away from telling us the good and the bad facts.
If they run the mine like they run their communications, no wonder they are handing the mine over to ITIL!!!
It never ceases to amaze me how much can be discussed about what’s not in a RNS, and how little about what is in it! Even those that purport to believe only what’s official and not in chittle chattle! It’s as if they are not reading what’s on the page, and are filling in the gaps. ...
Although we can’t be 100% certain about the delays, it’s probably, more than likely the same reason that the rest of the world is at a standstill. ...
Here’s a theory in light of the Pandemic:
Is it likely that Edenville didn’t add handover information because of they don’t currently know?..
aimhopdyor
What ! no RNS ! Maybe next Sunday HeHe.
THURSDAY NOVEMBER 26 2020
"A statement by the implementers, Tanzania Electric Supply Company (Tanesco) Managing Director Tito Mwinuka seen by The East African last week laid out preliminary priority areas before it fully takes off next year.
This includes ensuring gender balance in all job opportunities in the World Bank-funded project.
“The consulting services aiming to develop Gender Action Plan for Tanzania-Zambia Interconnector (TAZA) project"
Yep, looks like the project has started writing it's Gender Action Plan. Let's hope they find gender equality in all opportunities, then get on with actually building it soon.
World Bank-funded project
https://www.theeastafrican.co.ke/tea/news/east-africa/tanzania-zambia-electricity-project-team-gets-down-to-work-3209960
A very accurate observation imho ! (Not An) :))
Bullishbearish
As I posted last week to which you replied:
“A good point, and not only RAB! Our Broker Brandon Hill Capital Ltd’s Executives Neal Griffith and Oliver Stansfield are Major Shareholder, and Pitchcroft Capital Limited and its Executives, namely Alexander Fullard, William Orgee and David Thomas, AND the individual John Story to name a few”
aimhopdyor
Bullishbearish
An very accurate observation imho !
Bullish - I don't think anyone is saying that...
Clearly the oversubscribed raising is a positive sign that the viability and potential is there. The point is that there are so many unanswered questions, as usual, and it's about time EDL treated its investors properly and provided decent updates.
I'm not here to see this fail. I am waiting for this to succeed. But the waiting game is tiring and it's about time they changed their engagement model.
Maybe not today, but I am hopeful Edenville will see sense and let the market know.
We need to know the following
Why is the hand over now delayed?
What are the revised timescales for hand over
Is the mobilisation period still 60 days, if not what is it?
What is the monthly burn rate? Are we still able to buy fuel!!!!
Are the new contract that have been talked about still on the table?
What is the current monthly production/output of saleable coal?
What is the total monthly tonnage of the currently signed contracts?
And....
Whatever happened to the Scottish engineer they employed?????
No one puts money in looking to loose it, but who knew the Tanzanian president would end up allegedly being flown out of the country for covid treatment.
I guess Rab capital the specialist investor must have thought lets lose 300k in quick order on what you guys are saying .
I think not !
RNS 7th October: "The Company successfully restructured its staffing requirements during the summer and can confirm that employee numbers on site have been reduced by circa 50%. No major production issues have been experienced"
Do we think the burn rate is still $100k/month?
RNS 15th Jan: "Both ILTL and the Company have continued to work closely during this period, not only on handover preparations but also..."
Surely additional time to prepare will have a positive effect on handover, hopefully bringing down the 60 day estimation.
Would be good to get confirmation on both points: current run costs, and NEW ramp-up timeframe once the handover date is set (unless they have in fact been doing SFA and the point was just window dressing).
Another nail-biting week approaches. The only upside I see on this is that if the stalemate holds until 6th April I will have the opportunity to move a chunk from a trading account to an ISA. Simple pleasures....
GLA. Stay strong and stay positive. Also hoping we now hold a new winning card in the form of NvS.
you are hoping for a 3.30 pm RNS today?
On the 15th January they raised £900,000
- The company will pay Lind US$116,000 in cash, being 20% of the outstanding debt, by 31 January 2021; (£84,000)
- The remainder, being US$464,000, will be repaid in monthly instalments of US$50,000 starting from the end of April 2021; (£36,000)
Historically Edenville burn £100,000 a month.
£300,000 for January, February and March + £84,000 = 43% of placing spent.
April will see another £136,000 spent = 58% of placing.
In May will have spent 72% of the placing.
We are selling coal, but I doubt whether we are selling £100,000 a month to cover costs.
Why am I talking about April and May, remember to 60 day mobilisation. We have two months after handover for ITIL to get people and equipment on site. So if handover happens in April it will be June before ITIL are fully operational.
This is why it is so important to know the revised timescales for handover.
Problem is edl are running at a loss what will be gone first cash reserves or covid?
"Open to speculation", and we all know the market hates speculation especially negative speculation.
If covid is the reason, and I believe it is, that the hand over is delayed, and Tanzania are not vaccinating, we may have to wait for covid to wash through the country and rely on those who survive to have the antibodies that will ultimately suppress to covid in Tanzania. How long that will take is anyone's guess.
And that is what we need to know from Edenville, the revised timescales. Not this 'we are still working on it' diatribe, but a 'we now anticipate handover being' response. I know it's only a guess, but that is more than the market has right now.
We need that clarity, and we need it this week.
From the Tanzania update, (which I consider positive) that there is no increase in production as any new contracts would be RNS'd.
Diggerman stated that was limited by the lack of onsite plant. I'm curious to his lack of comments on the current operations at Rukwa.
It has been stated that new contracts are waiting to be put in place on the handover to ILTL so the real reason for the delay is important information, so that begs the question why are we not being informed.
We need to know if EDL is running on the in prepaid contract or whether they have additional income from existing contracts.
From the TZ update I'm assuming that progress is continuing towards the handover to ILTL I would not be surprised if they had a date in mind which will be released when it is certain. In the meantime it is open to speculation.
And if people still haven't been given visas, when they eventually do there is a 60 day mobilisation period. So it is handover+60 days before ITIL are in full control of output
"In addition, the Company has received new East African enquiries regarding power generation capacity and is continuing discussions with the Tanzanian Government regarding a future power plant development at Rukwa”
I'm afraid we can all see this was bolted on the RNS to take the edge off the bad news re the handover. Edenville have been talking for years about electricity, and they continue to do just that, talk. The RNS states exactly what is happening, they are talking, no more, no less.
I do believe covid wave 1 and the elections were valid reasons up to November 2020 (i.e. after elections). I think covid wave 2 or 3 has impacted January February proposed hand over and will continue to impact through March and April. I also think covid in UAE is impacting Edenville.
We may not be told why handover is delayed, we don't want to p1ss the Tanzanian government off, but we should be given a more comrehensive answer on the timescales that Edenville/ ITIL are now working too. I (we) will continue to nudge Edenville for a more informed RNS on timescales. Edenville can't stay silent forever. Good news or bad news my opinion is it needs to be aired and the sooner the better. If it's bad news we build again, if it's good news we'll probably never see these prices again.
pi
According to the last RNS there is clearly activity! Just not yet the handover, and we have a pretty good idea imho why! (covid-19)..
“The Company continues to work with its strategic partner Infrastructure and Logistics Tanzania Ltd ("ILTL") regarding the proposed handover of operations at Rukwa and will provide shareholders with a further update as soon as a formal handover date has been agreed.
In the interim period, the Company continues to satisfy existing contracts and is pursuing additional contracts with both existing and potential customers.
In addition, the Company has received new East African enquiries regarding power generation capacity and is continuing discussions with the Tanzanian Government regarding a future power plant development at Rukwa”
Sausage what ever has or hasnt happened this last 2 weeks it's no excuse for the last 6 month inactivity