Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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don't worry, they'll sell something for 2m that they bought for 1.9m and swear blind that they made 300% on it
tom/ how much have we left in the bank
Great find…............. Joining all the dots!
And CXO were also going to supply Tesla from......?
We have a very talented board in Evergreen.....!
relative (to kdnc) resources required…
7mtpa lohm… (118mt total)…
117mtpa fe… (3,434mt total)…
much in the same way as all the previous loan financing has been provided by kdnc… directly to dev… now converted to equity / shares in the jv company…
kdnc loan financing provided to date…
1… dipa $2.5m for 20% (100% $12.5m)…
2… dipb(1) $3.5m for 7% (100% $50m)…
3… dipb(1-2) $3.3m for 3% (100% $110m)…
kdnc 1st right of refusal…
4… dipb(2) $20.7m for 19% (100% $110m)…
...sorry extract from original loan RNS:
· Cadence has agreed to fund initial working capital via a bridging loan to DEV Mineração S.A., owner of the Amapá iron ore project ("DEV") and has funded this via a placing of new ordinary shares to raise £525,000
This wasn't a loan from PBA to DEV this was a loan directly from Cadence to DEV (as stipulated below) ....presumably because INDO didn't want/couldn't fund it themselves .... also presumably because at that time our interest in PBA hadn't vested so we & INDO couldn't proportionately put money into PBA to make a loan to DEV because we didn't own any of PBA at the time.
The only way it works IMO is that INDO has released to KDNC 3% equity in PBA in exchange for the monies loaned, interest, management services & cash as stated with the loan debt written off in DEV's books.
section 5 of the jrp… all monies transferred from pba to dev are done via loans… in the form of dipa and dipb loan financing… that’s the normal way for holdings companies to move cash into subsidiaries… the interest rate for this financing is already defined in the above jrp clauses…
Not sure how you've come to that conclusion @TC ... the loan was 'converted' along with other debt into equity of PBA by agreement with INDO ..... what would be the point of INDO agreeing to convert the debt into equity of PBA and effectively permit KDNC to retain 30% of it through our ownership of PBA .....
INDO hold and the balance of shares in PBA with the stated intention to 'possibly' (not guaranteed) now releasing up to another 19.9% of it as negotiated.
PBA owns 99.9% of DEV so what would be the benefit of effectively holding debt on itself ....all that's happened IMO is that for the loan, interest, management fees & cash INDO have simply released another 3% of the 73% of PBA they owned to KDNC...... debt settled, loan closed....
bannor / love it
only 8 weeks to go and l should be free
that’s not quite right… the loan financing to dev still exists… but instead of it being direct from kdnc to dev… it’s now being provided from pba to dev… and will accrue interest at the rate defined in the jrp for the dipa and dipb financing now being provided to dev by pba… along with the $49.14m dev credit that was also transferred into pba by our jv partner…
Not sure what you mean @MD .... Cadence lent DEV funds with an 18% interest rate . .. that loan plus the interest on it, plus fees for services provided by Kiran plus cash was rolled together to pay for the increase in our holding in the JV from 27% to 30%. i.e. the loan is no longer & nor is any interest being accrued on it as it has been exchanged for equity in the JV co.
For someone who is a cleaner, cook, carer, housekeeper & taxi driver you seem to have a lot of free time currently LoL.
rubbish they are all round Santandare buying 4.2 isa & paragon
Yes @EV_Bull,
Although I have to conceded the crash in lithium prices could see a sales price of 3 x our anticipated in any published study and wipe $400bn off Sonora, blimey how will Mexico recover?
Blink of an eye $400bn gone!
According to my reckoning the BOD currently hold over 3.5million shares between them
all purchased at above current sp.
I do not think that they would be happy to write off this investment. We are all suffering
from the negative sentiment on mining/exploration companies at present.
Hopefully the end of year tax selling is replaced by new tax year buying tomorrow. EG1 looking set for liftoff all being well. Pretty much all junior resource companies are similarly down so just wait for the tide to turn as we have solid assets here.
Bannor thought we were debt free
mlq/there is nout left to take
MD .... KDNC get nothing from handling shipments ...DEV do & they've got their own expenses, overheads & salaries to deal with until the bank creditors are paid off, the mines up & running etc there won't be any income (& indeed a share of any net profits) for Cadence to take at all for years ...there's much work to do yet (unless someone else steps in/up) we've already been told it'll be 18minths ish minimum for the DFS then it needs financing, then it need reinstatement & recommissioning work etc ...... 2025 earliest to start mining, maybe the train will be up & running & getting some income earlier, maybe not ..... the interest on loans was all rolled up with cash & services provided for our additional 3% .... how long do you think a couple of £mill lasts for an AIM co & the overheads & salaries our boys chew through!!
CBax
I’m still here but still pretty ill with my immune system destroying my red blood cells which carry oxygen round the body. No oxygen = knackered. Been a difficult 6 weeks on 23 steroids for breakfast
Our assets are imo not valued by market indeed Amapa and Sonora imo at zero!!!
Iron ore and lithium well in world demand so
Patience my friends patience
9.75...Well KM is right about one thing in his presentation ... He can't go to this market for funding...
Wages - The Suckling ,Morzaria crew don’t come cheap you know
…any news on the so called “company maker “
bannor / if i remember rightly he had money in the bank to cover that cost or at least most of it to buy up to the 30% he also had the 18% interest from the loan plus he was getting payments for managing shipments so were has it all gone,
me been an imbecile that does not know much I tinks I need help.