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Started: UpsDowns, 17 Jun 2024 07:15
Last post: Shls3834, 19 Jun 2024 21:12
Any news!!!!
5k? You are lucky! :) 20k for me! Oh hum.
5 grand down the swanney
Only time will tell whether this was a total con or total incompetence 🤔🤔,
I suspect the later, but let's see who picks up the half finished mine and at what price 🤔
Thank you.
Operating in one of the most corrupt countries in the world.
100% we should be allowed to see any offers.
this is nothing short of a disgrace.
A director can be sued for negligence, gross negligence.
I would also like to see fraud considered.
The whole thing stinks
Yes, they're a limited company so you can't go after the directors. The same happened with Cineworld...you can't sue them for being incompetent.
I agree
If Glencore and La Mancha end up buying this there is a case for legal action.
Is dead now.
Started: smalleyus, 13 Jun 2024 08:39
Last post: BearLittle, 13 Jun 2024 11:04
Hahaha muppets especially that wasarunner that bumbs these companies up then loses all his money. Best to keep mouth shut he has 1 million shares Goldstone down 90%
Not that simple!
The case value will be the main creditors - all classes.
The capital social is generally the amount invested.
So the value of ANML listed is US$272 Million 🤷🏼♀️
Applicant - Araguaia Niquel Metais LTDA - Recuperação extrajudicial
If you have access to JusBrasil see:
https://www.jusbrasil.com.br/diarios/1312765305/djmg-belo-horizonte-10-06-2024-pg-524
Can't see the exact case value as it is listed as R$ 1,XXX,328,7XX.23.
The capital social value for ANML is listed as R$ 1,467,851,825.34
https://cnpj.biz/97515035000103
Well, you were warned?
Good Look
Started: Ivornomoney, 23 May 2024 12:12
Last post: KRSS, 4 Jun 2024 09:48
In all fairness, there is value for shareholders provided FairPlay in assets sale. La Mancha is instrumental in this scenario be a bond holder as well as shareholder, wether he likes dosh under the table or emerges as a star. Assets sales can land above a billion dollar IMO.
Agreed Kriss.
They will company for $1.
They will offer to pay for plant and equipment already delivered and installed.
My guess will be $200m. Banks will get something back. Shareholders will not get a penny.
I wonder what value is put on Vermilho site.
It doesn't matter, they are not paying any amount that would see shareholders get anything.
Can Glencore make offer while the Company is in administration and how it will work?
Glencore has been pumping $400m per annum into a New Caledonian nickel mine for 10 years. It owns 49% of the Company and the operation is now on a care and maintainance basis until they can find a buyer for their share. The funding will run out in July, after which time Glencore will have some options available to them for using the freed up money.
Could they make an offer in a few weeks time for HZM? It is a big possibility in my book as the Brazilian mine is class 1 nickel.Much more lucrative as it is higher grade and lately, the nickel prices have been rising, I await with bated breath to see if they make a move in July.
Started: Rover62, 27 May 2024 08:27
Last post: Rover62, 27 May 2024 08:27
Started: SprintRS, 24 May 2024 10:41
Last post: SprintRS, 24 May 2024 10:41
I Web have told me shares to be demister from the AIM so £5k down the swanny, glad I didn't have more money available last year....
Started: Rover62, 22 May 2024 22:28
Last post: KRSS, 23 May 2024 10:42
Solg reacting on inflation unexpected drop, inflation figures are very crucial to projects inclined to production. Same applies in HZM, actually nickel is very favourable because of EVs. Even on fire sale, Araguia and Vermehllo can go above 1 billion dollar.
It certainly did seem positive u til very recently @rover . Fortunately I had not started buying around the 10p mark so my losses won’t be a great as some unfortunately.
Let’s hope for that miracle as clean nickel does seem to be in demand at the moment .
The answer is yes it can come out of administration, as I would guess there will be some entity willing to take the project over.
However, that will not lead to any value for shareholders. The price the administrator will get will at best only cover the creditors costs.
However, miracles may happen and nickel becomes favourable again to a point where the big miners want the commodity and start a bidding war for the company. Highly unlikely.
So in short this is a total loss for shareholders. I don’t like saying that as I’ve lost a lot here.
Could this come out of administration should a deal be done ?
Could shareholders see any of there investment back ?
Or is this a total loss ?
It cannot be clearer 😩😩
Please note that the Company was placed into Administration on 16 May 2024 and Chad Griffin and Geoff Rowley of FRP Advisory were appointed as Joint Administrators.
The Joint Administrators will be winding-down the Company’s operations following which it will cease trading.
Should you have any queries regarding the administration, you can contact the Joint Administrators on hzmplc@frpadvisory.com.
The Joint Administrators act as agents of the Company and without personal liability.
The Company entered Administration on 16 May 2024. The affairs, business and property of the Company are being managed by the appointed Joint Administrators Chad Griffin and Geoffrey Paul Rowley.
Started: velcrofajita, 18 May 2024 15:13
Last post: marandmel, 22 May 2024 19:14
Maybe it is sell off from LM, Orion and the last 4% that Helikon still hold.
Could be that Glencore might be the last big holder., maybe buying up cheap shares.
They are currently $300 m a year better off now that the New Caledonian deal is ended in June/July.
$300m per year for 2 years to complete HZM, lenders to be placated for 2 years, over 51% ownership, some royalties to be paid to other cornerstones, and a massive share dilution to give G a 90+ % holding, thus encorporating HZM into the G empire. As for remaining shareholders, a offer to buy up the last of the shares.Even at 10p per share, it is only £12m to G.
Added to this of course is a new nickel operating mine with bags of upside potential that has fallen into the lap of G.
It is ok everybody, it is just me having a lateral thought. It is raining outside and I was twiddling my thumbs, wondering what to do, haha.
But you never know????
Only fair play, sell the assets and pay according to law of the land
60m, 20m and 8m volume appeared after suspension
Current Nickel price would have given an extra $120m per annum of "free" profit.
An extra $600m of build would have meant a 5 year payback at most.
For a 28 yr. LoM that is an additional $2.6b gross profit, $4b if it was 40 years.
Surely someone will be eying up HZM as a lucrative investment now. Cheap as chips
Now where did I put my wallet, Orion/Glencore?
As they say ‘Timing is everything’, Horizonte unfortunately has missed the boat. Can the administrators get the boat to come back to the port to load up?
Started: Harkin100, 22 May 2024 16:19
Last post: Harkin100, 22 May 2024 16:19
Has anyone worked out the fire sale price on this? What we would need to cover the bank loans, the ECA, creditors and money supplied directly by Orion which I assume is secured ?
The last update as to cash balance was $24.8 million on 27th Feb
Is this the amount we would need before the shareholders got any money?
With $479 million spent so far it would be interesting to now what we would need to get back from that investment just to get nothing.
Started: velcrofajita, 18 May 2024 14:57
Last post: velcrofajita, 18 May 2024 14:57
Administration seems to have been the best possible option for HZM. Not sure or hopeful that there will be any recovery for shareholders or a way to fund construction with existing lenders/cornerstone investors , but geopolitics are giving the administrators a much better chance;
1. There was the ban on Russian Nickel, so this source of supply is gone for the West
2. Then there is the hike in tariffs by the US on critical minerals and EV's from China. The big debate is if Europe will follow, but anyhow this starts a trade war that could mean more EV production in US/Europe and less availability of Nickel from China funded Indonesian Nickel smelters
3. The situation in New Caledonia is a reminder to all how political risks can curtail the supply of critical minerals
The strong recovery in the Nickel price, driven by above factors and improving global economic sentiment, should force a rethink about development in Tier 1 projects outside of Indonesia and Chinese interests. This certainly makes HZM assets more attractive and helps the administrator in either getting a higher price on sale of assets or getting a financing (debt and equity) deal done.
If i was in the position of secured lenders, who have the first take in administration I would probably tend towards geting this mine constructed (and moving consecutively to 2nd production line) rather than recovery through sale of assets out of administration, with many vultures circling.
Started: Mark70, 16 May 2024 08:23
Last post: Shls3834, 17 May 2024 14:10
Where is Jeremy Martin now!
IMO, we can’t blame Jeremy Martin that much, though There was a rotten fish at top when Glencore had 17% stake but didn’t appoint non exec Director. Now another corner stone is La Mancha, shareholder as well as bond holder. Outcome of this jeopardy will suggest wether he dealt under the table or comes clean.
Shareholders have got zero chance of any return.
Only winners out of this debacle at this time is Jeremy Martin aka The Snake and Retter. They took several millions each including commission for securing the unfit "funding".
Special place in hell for those two.....could someone post their residential address on here please....
@KRSS , I hope you’re right and we all get something back
@LuckyLaurie, Co’s total secure debt is $346m plus $65m bond holders, $131m is not drawn yet. Additionally, $20m was secured recently. We don’t know the overdrew interest, So $300m is the total debt. CTC can’t be included in debt. Spot nickel is strengthening. Costs going up is global phenomenon, at the same commodity price and demand is also up.
Started: Ivornomoney, 16 May 2024 17:04
Last post: jbm4, 17 May 2024 13:48
More money to be made from production, I hope administrators resort to funding, or do some debt/ with equity in stock, Just to keep afloat, and exit administration with funding package.
This makes a huge impact to the overall viability so I would like to think so but at the same time I don’t want to get overly optimistic as we’ve been through a lot here.
Do you think one of the 39 will come back to the table?
I hope so 😁
It really does matter
NICKEL Price
21,066.70
+1,731.70+8.96%
Not that this matters any more 😩😩😩😩😩😩
https://steelnews.biz/nickel-prices-jump-above-usd-21000-mark/
Started: Harkin100, 17 May 2024 13:08
Last post: Harkin100, 17 May 2024 13:08
Shame they felt the need to delete the NPV calculator 3 days ago!!
Started: KRSS, 16 May 2024 08:08
Last post: KingCrimson, 17 May 2024 05:09
Yeah, administration has made my day! Back up the truck! :D
Fantastic news, you should remortgage the house and top up
Trust me shareholders are last in the feeding chain.
Administration is very good news for shareholders in HZM scenario provided Administrators sell the assets and distribute proceeds fairly
Started: CharlieJohn, 3 May 2024 13:10
Last post: CleverThoughts, 16 May 2024 12:55
Or absolutely Zilch.....
Could be worth £1million in a few weeks
20+ years experience
Field of expertise
Mining project development
Jeremy has significant experience in companies involved in mining exploration. He has worked in South America, Central America and Europe, where he was responsible for grassroots regional metalliferous exploration programmes through to resources definition and mine development. Jeremy has been involved in the formation of a number of publicly listed mineral resource companies and is currently CEO of Horizonte Minerals Plc.
Ex CEO of HZM now chairmand of new company https://zinnwaldlithium.com/about/people/ , Yes he will be ok and then many peoples will lose money on what he promise and never take any responsible ,
Maybe wort a look to get some losses back well oversold Indi good entry price.
Started: Rover62, 16 May 2024 07:10
Last post: ihowells, 16 May 2024 08:08
You’ll find JM is Chairman at Zinnwald Lithium.
Oh well. Win some, lose some
What's the best that shareholders can hope for here?
Jeremy Martin took nearly £8m in salary since 2010, never had any meaningful shareholding in all that time, when and where will he resurface one wonders ??
I am sure shareholders here will be watching.
Sad to read this news as this company and its team had such promise at one stage and were saying and doing all the right things. I was in heavily but got spooked at some point by the direction in the tone and terms of its mining finance partners. Hope shareholders can recover and rebuild across their other investments.
Suspension!
In this instance, HZM is the parent, I believe. Araguaia Niquel Metais Ltda, is the subsidiary company developing the mine
The parent (from the sources of external equity, retained profits and bank or other debt) can subscribe both equity and/or debt to finance the subsidiary. It could also persuade a bank (or other lender) to lend directly to the subsidiary.
Just to be totally fanciful it could mean government or state funding as they may not be allowed to fund international companies.
To be honest that suggestion it truly ridiculous
🤪🤪🤪🤪🤪
What exactly does this mean:
“options include financing at the subsidiary level”
Surely if they were to finance at a “subsidiary level” HZM would remain intact or it could be considered insider dealing ?
Any thoughts?
What gets me a little bit is that the company has used funds for non-esstentials...the pre-build of ore : not essential to the plant build : extension of the power line nice to have but not essential...
Started: Harkin100, 15 May 2024 06:29
Last post: Rover62, 15 May 2024 07:25
Harkin,
Thank you for taking the time, firstly by chasing the company and secondly in sharing.
Very frustrated by the reply
we are there with the connection to the power supply, the line is built, from the pictorial updates so is the sub station at the mine and they were using the 25 million from Orion to connect to the Dam however this hasn't been completed months after t was due
removing the NPV calculator is another strange move, its been there for years. why don't they want to let people know we're hugely profitable at today's price. That's without the saving of $600 dollars per ton on the power supply costs being included, its left to Stow and wasarunner to do the calculations, the company certainly isn't shouting about it
World tours to investors but not one Proactive Investor presentation that can be filmed at your desk in an afternoon.
generally i don't think they could have handled more badly if they tried which they might be doing
Last post: Harkin100, 15 May 2024 06:18
Question 3: Can we have an update on the Line 2 Feasibility Study?
Given the intrinsic relationship between Araguaia Line 1 and Line 2, the Line 2 Feasibility Study
was placed on hold, as announced on 19 December 2023. In the absence of a financing solution
for Line 1, this is unlikely to change.
Question 4: When will the site be energised?
As explained in response to Question 2 above, following the Company’s announcement on 14
November 2023 to reduce construction activities at Araguaia, only critical workstreams have
been advanced which includes the 230kV power line. The powerline itself has since been
connected to a lower voltage source but the site itself has not been connected to the grid given
the aforementioned reduction in site construction activities. As above, this is unlikely to change
in the foreseeable future.
As Karim said on the 15th April 2024, the Board and management are extremely disappointed by
the results of the effort to attract financing into the Company and regret the impact this outcome
will have on our many stakeholders, including private investors.
The Company will keep the market updated with any developments in due course.
Last post: Harkin100, 15 May 2024 06:17
Question 2: Can we have an update around what work has been completed and what is to be
completed?
Regarding an update on construction progress of site, following the announcement on 14
November 2023 where the Company reduced construction activities at Araguaia, only critical
work streams were advanced, including the 230kV power line and water storage reservoir. As at
today’s date, there is no change to construction activities.
At this time and given the absence of a financing solution, the Company is now considering
alternative options for the Company’s subsidiaries in the interest of its secured creditors. Those
options include financing at the subsidiary level, a sale of the Project whilst in care and
maintenance, the
In the context of the above, we are sure you will appreciate that the Company is unable to provide
detail which is not public. That said, we have made every effort to respond to your questions
below.
Question 1: Can the NPV calculator please be updated?
The NPV calculator used figures from the 43-101 Araguaia Feasibility Study filled on SEDAR in
December 2018. While this report was published some time ago, it is the latest publicly available
technical report for the Project and as such, the Company is required to use this information
when creating tools such as the NPV calculator.
As explained above, while the Company has been engaged seeking a financing solution, the
Company does not believe that any of the options it is currently considering are likely to recover
any value for the Company’s shareholders. In view of the current situation and recent public
releases, the Company has determined that the NPV calculator is no longer relevant and has
decided to remove the function from its website.
Dear Michael,
Thank you for your emails. We also acknowledge receipt of your letter to each of Gillian Davidson
and John MacKenzie. This email responds to the questions raised in each of your emails and
letter.
Before doing so, it is important to begin by reiterating the Company’s announcement on 15 April
2024, as this explains the current position of the Company and gives some helpful context to the
responses given below to your questions:
‘The Company has been unable to secure interest in the full financing needed to complete
Araguaia Line 1 or in a group acquiring the Project. In the absence of a financing solution, the
Company must now consider alternative options for the Company’s subsidiaries in the interest
of its secured creditors, which may include raising financing at the subsidiary level, a sale of the
Project whilst in care and maintenance, the liquidation of the assets of the Project, or other
options available under Brazilian laws.
The Company does not believe that any of these options are likely to recover any value for the
Company’s shareholders.
Since the end of November 2023, the new management team has stabilized the business and
undertook a comprehensive audit of the cost to complete and business plan to critically assess
the current viability of the Project. The results of this audit demonstrated Araguaia’s project
fundamentals as a robust 1st quartile operating cost asset, but also highlighted a significant
increase of the cost to complete compared to previous estimates. Following an extensive
engagement and global roadshow where over 150 parties, including over 39 which entered into
non-disclosure agreements (“NDA’s") were approached across both debt and equity, the
Company has been unable to secure the full financing needed to complete the project at this
time. The majority of investors who conducted detailed due diligence on the Project, after signing
NDA’s, cited the unfavourable nickel market environment as the reason for declining to pursue
the opportunity further. Despite nickel’s long-term outlook being strong, investor sentiment has
been dampened by low spot prices and near-term uncertainties which include the supply surplus
from Indonesia, and the consequent downward shift in the cost curve, risks to global nickel
demand and market dynamics of Class I and Class II nickel products.’
Started: Harkin100, 15 May 2024 06:13
Last post: Harkin100, 15 May 2024 06:13
The reply is a little big to post on this board so I'll have to split it into sections.
I thinks its worth saying as a comment on HZM's investor relations is that to get this i had to email the repeatedly, cal them several times a day for a few week and eventually write to the independent directors.Perhaps a big part of why we are in this mess
Started: Harkin100, 14 May 2024 17:44
Last post: Rover62, 14 May 2024 20:11
Can’t you just cut and paste?
Just posted a reply from HZM on the telegram group, anyone know an easy way to get it on here??
Looks like Brokers have bought back some of clients positions which they sold in anticipation no return for shareholders
Hm