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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).
Someone mentioned it wad Paul Atherleys salary alone.
60 odd percent of the asset is pensanas
Thanks Smartpunter so you are saying that the reason you post almost daily on the PRE board is because Chinaxxxx posts on the RBW board?
So if Chinaxxxx were to stop posting on the RBW board you would stop posting here?
lessee
as i've explained before, i came here after one of your posters put crap about pre in the rbw forum and discovered this forum and the inspirational china ****ginvg off rbw.
Lewis: Is £31k per month total BoD remuneration?
Not sure what you are referring to ref the financing Lewis. They stated that it’s being funded at the asset level ie not at the PRE level so no equity issuance at the PRE level.
I get that but still, if a financier is close and that figure was used, even if the stake as diluted it seems to be (60 odd percent) then it should be around 40p.
I think it's still way off. Was also shocked at recent salary revelations, even though I had interest previously without doing enough research.
31k a month for doing what exactly? I'm in the wrong game.
Smartpunter in the last 30 days you have posted nearly as many times on this board (23 x) as you have on the RBW board (28x).
A little obsessive don’t you think?
We know you are a big ramper of RBW but what I am sure no-one on this Board understands what is your obsession with PRE?
Smartpunter you haven’t answered the question - why are you posting on this board?
Lewis
You are misunderstanding the valuation, project financing valuation is based on the project NPV, there is no direct link between that and the SP (which is sentiment, at present), The comment about 60p was an illustration of the Project valuation in use for funding.
Lessee
Ionic Earth miner is commisioning their mine in Brazil
https://www.bnamericas.com/en/news/serra-verde-receives-operating-license-for-brazil-rare-earths-project
RBW have raised over 50% of their equity funding and a commitment for the bond part from the DFC.
Three hard rock projects failed/cancelled this year.
We shall see what the sps are and progress made this time next year.
Terms are also important, pre are valued at 60p yet languish at 20p. It doesn't add up if financing is close. Financing is also only the start of the journey. Lots of planets need to align and there are many bumps to expect.
Interesting either way.
Interesting point of view Lewis but not supported by the financiers in my view. The only RE projects being financed as far as i can see are the high grade hard rock deposits namely MP, Lynas, Hastings, possibly Arufura and (hopefully soon) Pensana. None of the ionic clays nor recycling nor RBW's technology play have so far been financed. Interesting that Peak looks like it will get financed by Shenghe. It appears that all the financier's money is on hard rock at this stage.
An informed opinion is what the BBs are for Lewis, and appreciated, certainly by me.
block him mumbles, to be fair cs has been ****ging off rbw from day one. bores me too as there is room for all and the more of these cos that have success the more the stranglehold will cease.
china however hold all cards at present for hard rock as the investment case currently isn't there in my opinion. if it was pensana would be commissioning this year.
i fear it will be another lost year for hard rock with alternates focusing on recycling and new tech approaches may have success or at least tread water until the environment changes.
just my view