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The purpose of the visit was to review the early-stage construction activities being funded by the US$15 million bridging loan from FSDEA, ahead of conclusion of the main financing.
The Chairman of the Board, Armando Manuel, highlighted the importance of the Longonjo project in the FSDEA investment portfolio. The Chairman was keen to understand where FSDEA can assist in the roll-out of the next phase of key activities on site.
Armando Manuel, Chairman of the FSDEA Board commented: “We are delighted to see the excellent progress being achieved on site at Longonjo, which is an important project for us. FSDEA has financed the acceleration of construction activities to ensure that the project maintains momentum whilst we work with the lender consortium to conclude the main finance.”
TGL you have copied the key statements. It really does look like they will finally get a finance deal to build LJ.
I don’t think you can base anything on such limited volume -
Lewis the share price matters for companies like Rainbow and Mkango which is why you see their CEO's constantly pumping the stock to retail investors.
PRE is being financed by M&G, FSDEA, ABSA et al and they don't care what the share price is.
Me too Lewis.
But like others you don't explain why you are posting here on a daily basis. You area relentless promoter of Rainbow.
What is it about PRE's progress that troubles you so much?
What Lewis says, is absolutely correct . The as-built cost of the project, plus the declared assets equals 60+p. When the equity piece is done PRE, portion of this will be 60+% of 60+p, or in the region of 40+p. But this didn't take in to consideration phase 2 or Saltend, or any future cash flows from profit. And assumes break even only with opex and sustaining CAPEX covered only. The market currently has severe doubts regarding financeabilty, the Angolans are only putting the equity piece in if the ABSA loan and convertible note are done. Ie the project is proved to be financeable. If this does get done on the timeline mentioned for the current strategy, they have got a bargain, we'll see where the SP will go, but the finance risk aspect should be greatly reduced
Mumbles what you do know now is that the news flow from Pre is not reliable and cannot be trusted. Obviously the financing has run into a serious problem. Due diligence has foundered, probably on the capex numbers and resource data. The company tries to buy time with sideshows. Amazing drillling results from Coola. Announcing the upgrade of the road (for the third time since 2018). Some waffle about local sustainability. The Mou with Who. Another offtake agreement for material they don’t have. The pattern is identical with Alkemy. Promises of feedstock, world beating this and that. Every Atherley venture has the same blueprint. And ends in ignominious failure. You’ve seen the form guide, this horse has never made the finishing tape.
Massive negative assumptions again - change the record - do you not look at the global economy?
Theorist, you know as much as I do where the financing. Is it isn’t. So there is no obviously about it. I’ll concede the point if there is no announcement within the next next 6 weeks, although reliable advice is before end Jan, and the Angolan president has stated an aspiration to announce befor Indaba on February 4th. Unlike yourself, I don’t make definitive statements without facts to back them up, the best you can say is may have done, but even that would be based on your own assumptions, not any evidence based data. The strategy is still on course based on the RNS end October and the AGM
DS22, not sure that retort was the best Defense for the present discussion
Sqeaky bum Tim Theo.
After all your negative posts will we get a mea culpa if the PRE does get financed and commences construction?
BTW as posted previously Berkeley Energia did get funded. According to the RNS it was the Spanish government approvals that were the issue. PA left the company with US$100 million in the bank!
theologist, back again, how was your king island furlough did you get to sample the local produce ? certainly a mixed week for your messiah and his lackey, he must be really ****ed off having an interest in south africa only to have them string up their dirty washing for all the world to see. it looks like your chabad buddies have overplayed their hand and all that work you did looking for golf courses will come to naught.
anyhow your predictions seem to be running a little off track, berkley looks set to be one of 2024's top stocks and pensana now looks to be well on the way to construction, what's happening at round top and nth carolina ~ nothing because neither has any rare earths. schmuck
The resources appear adequate with 5 years of high grade mining to repay costs with 12 years plus at a lower grade and higher cost to mine profile (but then without the mining bank debt). This excludes any trucked ore from specific COOLA trenches.
The issue could be about the money to build the mine and the price of final product sold in the market. I believe it will be sky high 3 to 4 years from now, but banks may have a different risk assessment view of projecting no future global economic growth. To have FSDEA put up a good chunk of finance is similar to the help given to companies in USA climate protection programmes. Fingers crossed on this one. I am invested at levels I was at in January 2021. The Chinese were more than happy to loan $150M odd back then. They either manage climate change with a very long economic depression or seek and support new technology solutions.
China. Berkeley has market cap of £70m and cash of $78m. So this knock ‘em dead world beating uranium project is valued at $10m. You could pair it up with Alkemy, the about to get feedstock (tomorrow) punch the lights out lithium refiner, and you’d have a business with a combined market cap of almost £20m! Enough to pay Atherley £500k a year for 40 years!
Theo Berkeley's world beating uranium project is valued at $10 million because the Spanish Government is not granting approvals. Nothing to do with the world's greatest i am afraid!
Theo, Two years ago you were saying that Berkley was a failed company ! now you are saying that they have $75M in the bank; incidently they also have most of the site infrastructure established and foundations poured so they are all set up and ready to progress to construction, thanks to PA's management and foresight. Stepping down and foregoing that salary is indisputable proof that he has integrity, clearly something you do not have or understand.
China old boy. Atherley ramped the shares with a series of extraordinary interviews and media hype, realised the proverbial was about to hit the fan and legged it. A lot of money was squandered. Sorry I should make it clear I am referring to BE not Pre. I realise that for inhabitants of Jonestown it was difficult to see the truth. There could be just one reason why Pre isn’t getting finance. Has that ever occurred to you…..or fellow disciples Lessee, Reptile et al?
Actually Theo if you read the RNS its clear that it was the change in Spanish Government that was the reason that Atherley and the rest of the team left :
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 11 July 2019
Strategy and Management Changes
Berkeley Energia Limited ("Berkeley Energia" or "the Company") advises that Mr Paul Atherley has resigned as Managing Director and CEO of the Company to concentrate on his other investments in the resource sector.
Mr Atherley has been Managing Director and CEO of Berkeley Energia since June 2015 and has been instrumental in its growth and development.
During his tenure the Company has significantly advanced the approvals for the development of the Salamanca mine up until the recent change in Government.
Despite the ongoing very low uranium price, Mr Atherley has led several highly successful financings which have placed the Company in a very strong financial position. He also led the listing on the Spanish stock exchanges which has resulted in over 30% of the Company's shares being held in Spain.
Mr Paul Atherley commented: "It has been a great pleasure to work with the very talented team in Spain over the past few years and it makes enormous sense to capitalise on the growing interest in the Company in Spain where it is now firmly established as the only listed mining company in the birthplace of Rio Tinto and modern mining as we know it today."
The board would like to take this opportunity to thank Mr Atherley for his very significant contribution to the Company and to wish him well in his future business endeavours.
The Company's focus continues to be on progressing the approvals required to commence construction of the Salamanca mine and bring it into production, as well as advancing the recently announced battery and EV metals exploration strategy.
The Company will however now set up its head office in Madrid and ultimately seek to recruit a suitably qualified Spanish National for the Managing Director and CEO role. Following on from the Company's successful listing on the Spanish Stock Exchanges in 2018, these initiatives are aimed at further enhancing the Company's strong engagement with its key stakeholders in Spain.
While the recruitment process for a suitable candidate for the Managing Director and CEO position takes place, Mr Robert Behets, Non-Executive Director, will assume the role of Acting Managing Director, with immediate effect, and will be assisted in Spain by Mr Francisco Bellón, the Company's Chief Operations Officer.
Mr Behets, a geologist with 30 years' experience in the mineral exploration and mining industry, has been a Non-Executive Director of the Company since 2012. He has extensive uranium sector experience and has previously spent considerable time in Spain providing technical and managerial support to the Salamanca project team.
Mr Bellón will continue to manage the Company's day to day operations and now take a lead role in its sta
The Company is now in the process of setting up its head office in Madrid and will ultimately seek to recruit a suitably qualified Spanish National for the Managing Director and CEO role
The above was the politics that was going on at that previous company.
Theo - What's it like having Paul Atherley living rent free in your head after all these years? Your fragile, bruised ego can't let it go can it?
Theo, Just because your Chabad Messiah was caught ripping his shareholders and the Tax off for US$190M, does not mean PA is of the same ilk. The fact that he removed himself from BKY to conserve cash should demonstrate that he is (as I have said previously) a man with Integrity. You and your masters on the other hand, clearly have no moral conscience, trying to provoke a war by committing genocide on the rightful owners of Palestine, in an attempt to justify their West Bank land grab is repugnant to all who remember the Holocaust !
China. An absolute classic! Btw it might amuse you to know that i went to an associated school in Sydney. Obviously upon leaving I became both Chinese and Israeli, started a couple of wars and took up golf!
You forgot to mention Comm' Bank and Macquarie.
Theorist, I can believe the warmongering and multiple nationalities, but not sure I can forgive the Golf :-)....
Next week marks the second anniversary of the agreement Pensana (apparently) signed with Equinor to build a low energy hub at Saltend. No doubt they will all be clinking glasses at the refinery. World beating drilling results from Coola must also be due soon, I think they are released every 6 months. Forthcoming anniversaries include the green bond and the start of the ABSa due diligence process. Maybe someone at Pensana just puts all this stuff on some kind of loop and then sets the frequency with which the announcements are given. Maybe there is nobody there. Other than the 80 full time engineers at Saltend and the 50 at Longonjo they told us about. Guess all this stuff is still valid because it has never been corrected or amended? Time to resurface that road again.