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Here you go Tony - https://www.linkedin.com/posts/rvy-ltd_rareearths-energytransition-evs-activity-7148255138237857795-KNL3?utm_source=share&utm_medium=member_desktop
Nope - just churlish Lewis.
The description is very clear - its a rehabilitated road linking the mine site to the railway line and most definitely not 'mud' as you describe it.
Depends how sensitive you are. I agree with Tony. More pictures would have been good and needed to understand how much can/can't be done with 15 mill bridging loan.
Why not update on finance progress at the same time? As stated previously, still feels some way off.
A little churlish Lewis?
Its a rehabilitated road in Angola connecting the mine site to the rail line.
Tony, there was a picture (of some mud) on the official email update.
Unfortunately not thus far but not a brilliant day on the market anyway. I was hoping to see the 23p handle. The work completed was essential. Would be nice if someone posted photographs which can say a 1000 words.
Interesting to see if the pre-work generates a positive rally.
As Smartpunter continues to post on the PRE site as promised we will elaborate on the reasons why we think RBW is a short and going to Zero.
1. Chairman Zero. Shareholders in each of Petra Diamonds, Chariot oil and gas and the unlisted Alufer have been wiped out - but not Chairman Zero.
In December 2019 Chairman Pouroulis resigned from the Board of Petra and sold his 12 million shares for $40 million (?) - shortly before the stock tanked and the rest of the shareholders were wiped out!
Chairman Zero is currently transferring his shareholding out of RBW and the question is what does he know and why is he selling?
Will be interesting to see his next move. Will Sanlan disclose the sale of his shares? When will he resign? What has Berenberg said about his track record?
Awaiting Smartpunter's next post on the PRE Board for our next instalment.
bat****.
the this month, next month, definitely before the end of the year, oops, next march ,maybe, will be the second anniversary of the start of the build. or has saltend been abandoned?
hard to tell with the silence from pre
Theologist, I see that you Reservists are finally back from Gaza are they just on R&R, or are they now waiting for your Messiah to pluck up enough courage to move into the West Bank, Somebody should remember to add his name to the list of War criminals that South Africa are pursuing ~ no more Diamonds for Joe there.
Now regarding Iluka, I had up till this point given you the benefit of doubt; but clearly you know about as much about Rare Earth processing as the Village Idiot ! Extracting residue elements from a Waste dump is far more complicated than mining Primary ore, as RBW are currently finding out in SA.. they can't even get their filters to work at a production rate of 3kg/day, so can you imagine the size / cost and operating requirements for a 15 ton a day unit.
And don't forget the Radionuclides that you and Dumbo were so keen to bash Pensana about, Those Iluka dumps are already HOT, so I can't imagine what they will need to do to contain the metallic residues coming off their concentrator filters, perhaps that is why the Oz Government has invested so much $ here, AUKUS is going to need fuel for those subs.
Anyhow, back to the Western (actually Eastern) front for you, maybe next time you are invited to Barnbougle you will pay your own green fees !
Theorist - what a waste of time posting that - what a load of drivel
Well Mumbles, it looks like M & G have made a mistake then. So they pumped their millions into Pensana because they thought that a refinery would be built in Saltend? Really? Might have been an idea to wait and see if Pensana had something to refine first. And if Pensana cannot finance a mine how are they going to finance a refinery? The Pensana RNS in October 2022 stated this:
Wood has finalised the Process Design, optimised the Site Layout Plan and has increased its multi-discipline engineering team to 65 people which is implementing the long lead time packages including:
· FRP Settlers
· Agitators (Mixer Pumpers)
· FRP Tanks
· Bagging Units
· Scrubbers
Wood has mobilised its early construction management team and appointed the early enabling works contracts for site preparation, pioneering facilities, security and the third party works by Yorkshire Water.
Over-the-fence service packages being supplied by px Engineering which include tie-ins to power, water, steam, compressed air and effluent are underway.
So Mumbles, 15 months on, how is the team of 65 people doing? Are all these works complete? How much has now been spent on Saltend now? What is the "early construction management team" up to? Or was Pensana rather gilding the lily?? In April 2023 Pensana stated that the capital costs of the Saltend refinery would be $195m. Iluka reckon theirs will cost north of a billion. Pensana boasts that Saltend will be the third largest rare earths refinery in the world. Really? HZM are adjusting to the harsh realities of the cost of developing a mine in a location in some senses comparable to Pensana's. Yet the Pensana mine just gets cheaper. Or does it? What do you really think?
Theorist i cant see what Iluka's problems with capital costs in Australia have go to do with Saltend and with due respect it is complete nonsense to suggest that there has been no cost review at Longonjo for the US$200 million capex.
To the contrary it appears to me that unlike Horizonte (and perhaps Iluka) PRE has undertaken a detailed re-engineering of the project and is looking to have it signed off by independent experts ahead of the financing.
Yes agreed it is taking an absolute age but as an experienced analyst i think you would much prefer the delay than where Horizonte has ended up.
[i will ignore your suggestion that Saltend is no more than a sleight of hand to entice Government money and refer you to Mumbles' comments.. ]
Post all reading Theorists post, Saltend hasnt been abandoned. its still very much a major part of the project. M&G have categorically emphasised that they are supporting the project because of the emphasis on the UK part of the project. it has been stated that the portfolio that PRE forms part of, requires UK ownership and operations
It is interesting to see Iluka's woes with the building of their rare earths refinery in WA. They announced in December a blow out in costs to an estimated A$1.5 to 1.8bn, blaming inflationary pressures and all things West Australian. I appreciate there is a great deal of difference between a refinery in WA and a mine in Angola but it does seem extraordinarily far fetched that you could build an commission a mine in Angola for just US$200m, and confirm that the past 12 months has seen no necessary cost review. Personally i don't think the numbers are for real, just as I do not believe the company's explanations for the delay in finalising the finance package. And one thing we do know from Iluka is that Saltend will never happen, nothing has changed my opinion that Saltend was no more than a sleight of hand intended to draw in funds from the UK government. Now the company realise that isn't going to work Saltend has been abandoned.
DP/SP,, please read the annual report. PRE board take their renumeration and Shareholder perception of same seriously. the following is from the latest report
"No bonuses were paid for FY2022 and the related bonus charges were reversed in FY2023. No bonuses were provided or paid in FY2023."
Not only were no bonus' paid in the last Financial period, bonus from the previous was clawed back.
This board is in danger of becoming a waste of time because of ill feeling amongst posters referring to another company.
The best option is to block any poster who continues to do so. Well said Lessee.
Lessee, i see little point in this, just block him with your filter if he annoys you that much. Most of the RBW forum members think he is a d*ck anyway, but if you persuade others from the PRE platform to perfrom the same on the RBW board, its more likely that a tit for tat will happen incuding other members of the RBW. Nobody on this board takes him seriously, occaisionally a rebuttal is required. but that is all....... At the end of the day, if the forecasts are correct, then 3-4 PRE/RBW sized plants will required to be commissioned every year from 2030 onwards, many will be in China, but the rest of the world has finally woken up to the fact that this particular supply chain needs to have mutiple sources, rarther the monopolised one at the moment, (essentially controlled by two government owned chines companies). Not all projects will come to fruition, ALL need to be encouraged.
Just posted on the RBW board..
In response to Smartpunter's almost daily negative postings on the PRE board we thought we would respond in kind.
Each time Smartpunter posts on the PRE board we will provide more detail on why we think RBW is going to Zero.
the 5 High level reasons -why RBW is a Zero:
1. Chairman Zero is transferring/selling. Chairman Pouroulis has form with Petra, Chariot and Alufer and going to zero and wiping out ordinary shareholders.
2. The whole RBW business plan is based on a technology which has been around for a very long time, and has never worked!
3. Apart form the vendors of the technology nobody in RBW has any rare earth operating experience.
4. The wheelbarrow scale "pilot test work" is laughable when the proposed multi-million tonne annual throughput is considered.
5. The relentless promotion to proactive investors et al filling the register with retail investors is a sure sign that Berenberg's institutional investors have no interest in the story.
More detail to follow courtesy of Smartpunter...
DP/SP, the point about salaries has some validity, the very large pay increase being awarded just before Simon Sharpe came on to head the renumeration committee. However, they have not been fast and loose at interpreting the KPIs on the incentive payments and didnt receive any bonus (as they shouldn't). however to say they have been sat on their backsides doing nothing is extrmely disingenuous. they have completey re-engineered the Longonjo plant to from a conventional to a modular prefabricated construction, without changing the process. i might add the the Pilot plat was taken as a given and not part of the incentive payments. The board was well aware of shaeholder sentinet in respect of incentve payments after the EGM earlier this year. in addition, it was stated to the baord that the work that had been performed for the LJ Due diligence seem to have been considerably down played. instead stressing that Due diligence needed to be completed. i suggested to the board that this down playing may have been detrimental to shareholders perception of the management value for money. this point was conceded.
RBW George Bennett was paid 498K US for doing his job, looks like PRE will have Longonjo funded late this month, RBW Results expected early in Q4 2023, so now 3 months overdue, guess no bonus for George for non-delivery,
His wage is 335 plus a bonus of 165 which he earned by delivering a pilot plant, funding and a second project. Plus 35% share price rise in the year.
However his pay is 65% of the entire board payroll of 800k. PA annual renumeration.. and your chairman was paid a million.
Why is PRE paying a million to a random Portuguese conapany and spending $10-20m a year doing nothing?
DP - RBW George Bennett is being paid 498K US per year, so what point are you trying to raise, all are being paid too much.
Lewis
Their expenses are exceptionally high. They pay money to a subsidiary in Portugal (transfered from Germany), a million per year. No idea why, look at the accounts.
This was 2021 so assume about right.....
Paul Atherley – £275,000 (FY 2020: prior to this date Mr Atherley acted in a
non-executive role and
• Tim George – £300,000 (FY 2020: £163,000).