Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Some rulings (pages 576 to 579). Looks like some labour credit cleared.
https://www.jusbrasil.com.br/diarios/305946570/trt-8-judiciario-08-07-2020-pg-576?ref=serp
those look like the processing of last weeks ruling... paid by anglo... values removed/reduced from zamin/dev’s list of creditors... so they don’t get paid twice...
‘the court of first instance of the judicial reorganization on such payments is briefly advised to proceed with the amortization of the amounts or exclusion of the list of creditors presented by zamin in the judicial reorganization process’... they were told to do it quickly...
i wonder then... if the banks have realised the consequence of last weeks ruling... relegates them to unsecured creditors... and has the period until the ruling is enforced... to reconsider the settlement offer... with a little bit of further negotiation where necessary... to help it come to a completion...
‘also... officiate... the banking institution indicated in petition id a32c636... to proceed immediately with the cancellation of letter of guarantee no.180010317... which had been presented by the defendant... but which was not accepted by the court’... or did they miss the bit out reporting that the banks have agreed to settle... but on an alternative offer...
You maybe right Tomcat. Courts were so strong in their condemnation of the banks not making a decision last time around. Hopefully we will know the answers soon, which I think we will given the timelines Obs posted yesterday.
Also does the wording change from the banking group negotiating with themselves for a consensus (which was my understanding from previous ruling, RNS etc) to ongoing negotiations with the banking group in the current RNS suggest anything?
In my opinion, it would be better if the banks agree on something as otherwise there is always the chance of them challenging any court enforcement.
if you read that in the context of the court giving them a bit of leeway... that’s exactly what they’ve done... by not ruling to annul the guarantees there and then... maddog could be right if immediately means do it in the next 14 days...
earlier in the week we had a new poster who was keen to alert us to the concerns over the tailings dam so I thought it worthwhile to post along with and the response from obs that not only reflects the research he has taken but, to be honest flips the argument in the favour of the project commencing ASAP. (great work obs)
https://www.lse.co.uk/profiles/sclarke66/
06 Jul 2020 23:59
Here ( https://sei.anm.gov.br/sei/modulos/pesquisa/md_pesq_documento_consulta_externa.php?9LibXMqGnN7gSpLFOOgUQFziRouBJ5VnVL5b7-UrE5T1LZRvb3mIYowD2KXHyvp1GDwaXqiMFU_pSf0cnEPXtPjMYMWaBYu9rf-xATaRUuk-Cy3XSuSrwr82Mp03Vt8_ ) is a report by the tailings authority in Brazil that basically says that as per their visit to site, the Zamin’s tailings dam has been left abandoned for 4 years. The management of DEV/Zamin has failed to file the dam stability reports for 2017, 2018, 2019 and 2020. During a site visit in 2019 this was verified and the dam was deemed to pose a high threat to the environment and they recommended to the state prosecutor to cancel the mining concessions. If that happens the KDNC project as it stands would be worthless.
"It is a dam with a high CRI (risk category) and medium DPA (potential damage), abandoned, without any monitoring of its conditions, where there is no technical report guaranteeing that the structure is stable, so in the face of such conditions the collapse of that dam can occur, which can cause a great environmental impact in the region and even loss of human lives, since there is no flood map of the area downstream in case of rupture that shows what will be affected in this scenario.” The report further says: “The structure is banned and the company fined for failing to deliver a Declaration of Stability, however, such measures are insufficient to ensure the safety of the dam, considering that there is no response from the company to Zamin Amapá Mineração SA, nor from his legal representatives who are not found at the address registered in the company's mining register, causing the return of all letters and other correspondence.”
It concludes and recommends that appropriate measures be taken, aiming at declaring the expiry of the mining concession, considering the abandonment of the mine and the dam as verified in the inspection.
Publicly available information is: http://www.anm.gov.br/assuntos/barragens/boletim-semanal-de-barragens-de-mineracao/boletim-semanal-2020-06-08-v5
Obs response:
@SClarke66, if you are for real: we've got this covered - take a read of our corporate presentation for the design of the dam and also 14 April 2020 RNS which states what part of the realised $10m net is for: "...and to start maintenance and monitoring of the current tailing dam facilities (~ US$ 6 m) ..."