Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Infa AGM
Started with a few words of condolence for Snowman - nice touch!
Focus is on long-term projects - infrastructure and assesst management
Income generation from; Project development, Construction Management, Facility Operation and Retained Equity
Shareholder value is important - focus is on medium to long-term - was quite deliberate with this point (despite the recent dilution) and referenced H&W revenues to help support that.
Share holdings split by 54.58% retail and 45.42% institutions - all institutions visited the H&W facilities last week - confident in them retaining these shares
Noted the passion, commitment and expertise of the H&W workers - Julian Smith has been very supportive and attended a function following the re-opening of the dock.
IM Energy
Confirmed DAERA has no issue with the science submitted to convert the marine licence (ML).
ML consultation ends on the 7th February. Typical, there will be a 4 week window for any objections or support. Infa will then be able to respond before DAERA make a recommendation. The energy minister, now Stormont is up and running, will make the final decision.
Equity funding offers still on the table. Any government funding will become clear once Brexit had happened. Priority is government funding and worth waiting if we can retain 100% of the project. If things are not clearer by May (at the latest), they will activate the other options. Mixture of central and local government funding will be explored.
Fantastic support from the local community - 77% in favour 23% against at the consultation meetings. This is not an official poll and was carried out by Infa representative on all attendees.
Funding decision will be made either way by H1.
EU grant refund is imminent. In a recent discussion with the EU, they confirmed the refund will be paid over the next few days/weeks. It will be confirmed on the EU website before officially being confirmed to Infa.
If Infa proceed with the equity offer, the BoD are still very confident of retaining the c£15m in back costs.
Vitol are happy with the situation and they delay. This was always the priory before any decision to delay FID was made.
H&W
Strategy is to develop a multi-faceted business rather than just relying on defence contracts - one of the main reasons why H&W went into liquidation
Lots of work in the pipeline across multiple areas including; ship repairs (bread and butter), defence projects (type 26 program - 8 vessels, type 31 program - 5 vessels and type FSS program - 3 vessels - potential partnership with Nevantia) steel fabrication (potential wind farm project with Nevantia) and decommissioning.
H&W asset debt due to be announced soon. JW was hoping to confirm before the AGM, very close. JW was very relaxed on this.
H&W invest NI funds available over the next few months.
Riverfort convertibles cleared - necessary, although the terms were not ideal - they negotiated on the purchase price at the end, which helped the overall terms.
Riverfort short-term debt due on 14th February - this will be restructured and announced in due course.
Final payment for H&W acquisition costs due at the end of April - work is ongoing and noted as ‘green’ - happy with how it’s proceeding.
Potential annual revenues at full capacity (fully utilised) - £400-£500m - too early to predict where H&W will be in the short-term.
Happy with the current cash position and no immediate concerns - streamlined the costs early on to maximise efficiencies.
FSRU
The potential project is being lined up to commence FEED after the IME project is in construction, it is essential to have a pipeline of new projects being evaluated ast they take some time to evaluate.
Due diligence will be completed mid March, along with negotiations with project owners and interested utilisation (3) partners.
Gate review will be completed by the end of March to proceed to the next stage or withdraw from the process.
Onshore elements have planning permission, offshore permits “obtained in principal’ and the environmental surveys have lapsed.
Kind thanks ban 4118 for taking the time to write this . On this will be buying more next week /
Have a good weekend all
Thanks Ban that’s very good of you to post your detailed notes - reads very well, just need Infa to get it done
Thanks Ban4118. I really appreciate the notes and your attention to details. I have always been convinced and remain so. Us LTHs have been hanging in through thick and thin - mostly thin as regards the share price ( unfortunately) but given the progress made on various fronts recently I once again am strongly believing that the light at the end of the tunnel is not an oncoming train. I do believe the next piece of concrete news will be the receipt of the Eu funds.