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But, but, but,......
EBITDA positive!
Production, sales, customers..... etc
Behind the fancy headline then from a financial perspective there is didly squat to say what the targeted EBITA figure is hoped to be for July
Without that figure then it is way to early to see things in perspective and place a valuation on RRR' investment
With Bells fantastic track record of being 'economic with the figures' at times and with millions of warrants to be converted at 0.8p and below, then a seasoned investor would certainly remain on the sidelines for the time being and for further details to be published.
Being EBITDA positive is a key milestone for Steelmin. (Good use of Google to find what it meant, btw). If you look at the raw input numbers, Steelmin has the potential to be a real cash cow for RRR (in the same way JMS/Tschipi continue to throw off cash, which RRR receives). There are a whole pile of variables that will feed into just how much cash RRR will receive, but this is very much the major asset in the p/f. It was a complex and risky bit of dealmaking to acquire this stake in Steelmin (it basically leveraged the JMS shares) but all the signs are that it's paid off handsomely.
Furnace V is expected to produce 29000t/year which is trading at 1440/t. that's roughly 41m revenue and RRR hold 22%.
EBITDA positive for the month of July.
Superb!!
So they found an issue during comissioning and fixed it. Now in commercial production and ebitda positive, see RNS. You really shouldnt be so negative on this plant, which is providing a massive boost to the town of Jajce, providing much employment to thos beautiful part of Bosnia.
zumore - "Only REDUCES the emission of SOLID PARTICLES INTO THE AIR"
Yup. Wondering if this could be an on-going issue. According to the previous news articles Steelmin had to wait ages and ages for those filters to be delivered. They were ordered way back in Nov. I wonder how long they last before they need replacing?
"Replacing the filter works significantly reduces the emission of solid particles into the air"
.................
Only REDUCES the emission of SOLID PARTICLES INTO THE AIR i doubt fills the locals with joy. No doubt a conversation could go like this "yes Goran i am very pleased you've now got a job at Steelmin, yes without a doubt we are now more wealthy...but Goran i do yearn for those days when we were more poor but we could sit out in the sun without wearing a face mask"
I guess it's that age old question, would you rather be poor but healthy? or slightly rich with poorer health? Of course most sensibles choose poor but healthy.
Let's hope this filtration does help and years down the line the locals near Steelmin don't have poor health.
I notice that the news article below from April when Jupiter relisted has also been circulating the boards. Certainly paints a very different picture to that which the shameless rampers were telling people . . .
https://thewest.com.au/business/mining/jupiter-boss-priyank-thapliyal-scornful-of-wa-mine-reputation-ng-b88810527z
"chief executive Priyank Thapliyal said the company’s previous plans to develop its $1.6 billion-plus Central Yilgarn iron ore project near Menzies had been thwarted in 2012 because of a lack of support from the-then State government.
Jupiter had been eyeing a 10Mtpa operation based on the Mt Mason hematite and 1.8Bt Mt Ida magnetite projects, but Mr Thapliyal said the government of the day had not supported its efforts to gain access to infrastructure crucial to the project.
He said the State government, Esperance Port Authority and US iron ore miner Cliffs Natural Resources had been unco-operative in negotiations for Jupiter to access the Leonora to Esperance rail line and port capacity at Esperance.
WA is supposed to be the best mining jurisdiction in the world, but it hasn’t worked out that well for us. We went to South Africa and got a mine built in 14 months.
Mr Thapliyal said WA had missed out on a potential 40-year mine, delivering millions in royalties.
He said Jupiter had no plans to revisit its WA iron ore project."
There it is then. NO PLANS to revisit the WA iron ore project. Lesson to be learned, never ever listen to the shameless rampers. Always DYOR.
Dear oh dear !
"Jajce Municipality Mayor Edin Hozan visited Steelmin BiH Jajce and talked with director Dzevad Delic about the production and problems caused by the failure of the filter station.
Head Hozan conveyed to the management of this company the concern of citizens for the increased smoke and soot emission that was evident last week.
Director Dževad Delić and Technical Director Mensur Haseljić informed Mayor Hozan about the problems they had with filter bags in the filter plant.
With the efforts made, the failures have been eliminated and the filters work in full capacity, as the citizens themselves can convince themselves these days. Replacing the filter works significantly reduces the emission of solid particles into the air as a priority task of the Jajce Municipality in environmental protection"
Small wonder this venture has dragged on and on and on, month after month without reaching commercial production.
Looks like there’s been a few hiccups causing the delay at Steelmin, but nothing that’s a showstopper
https://translate.google.com/translate?sl=auto&tl=en&u=http%3A//www.opcina-jajce.ba/aktuelnosti/vijestinove/2332-otklonjeni-kvarovi-na-filterskim-postrojenjima-preduzeca-steelmin-bih.html
for all those RRR shareholders/previous RRR shareholders who invested and lost fortunes in RRR all because they foolishly hung around for the sale of that Greenland asset (the sale didn't happen), then just a few years later Bell dumps it on the quiet.
Come to think of it i do recall Bell in a podcast interview the other month when questioned about Greenland he jokily said "it is dead.... like a dead parrott". So i guess that's his idea of an official Greenland announcement.
Hello Rattie. RRR chairman Andrew Bell never had the courtesy to inform RRR shareholders (by RNS) that RRR had relinquished the Iron ore Greenland licence but ALBA minerals 4th September 2017 RNS confirms they have: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ALBA&ArticleCode=ppo7vlz5&ArticleHeadline=Further_Exploration_Licences_in_Greenland .
Below is an extract from the ALBA minerals website. If you look back at old RRR RNSes on Greenland you'll see it all matches up with the Greenland licences RRR held. ALBA's Michael Nott is also on the board of Red Rock and so when RRR relinquished the Greenland licence he must have informed ALBA to quickly snap them up.
EXTRACT FROM THE ALBA WEBSITE:
"The previous licence holder performed geological mapping, reconnaissance geochemical sampling, a high-resolution magnetic survey and a drilling programme. The resource definition drilling programme at the Havik prospect outlined a maiden inferred resource of 67 Mt with a grade of 31.4% Fe (with a 0% Fe cut-off). Preliminary metallurgical test work indicated that a high-grade concentrate of 70% Fe, 2.0% Si, 0.3% AI203 and 0.01% P could be produced through conventional magnetic separation (Davis Tube Recovery).
Exploration drilling was performed at the De Dødes West and Haematite Nunatak showings. Both of these areas are mountains protruding from the inland ice (termed a "nunatak"). Five holes were drilled at De Dødes West where the widest intersection was 85.04 m @ 29.66% Fe (DWD002 from 12 m), and the highest grade encountered was 3.62 m @ 58.84% Fe (within a 69.06 m interval with a grade of 26.52% Fe from a depth of 117.9 m)."
A total of four holes were drilled at Haematite Nunatak, with the widest intercept being 48.7 m @ 39.61% Fe (HND003), with the same drill hole also including the highest grade (0.6m @ 68.18% Fe). As the prospect name implies, the mineralization is mainly composed of haematite, rather than the magnetic mineralization present at Havik.
Structure
Alba will operate this licence under a 51:49 joint venture. It will manage the project (as the owner of 51% of the Project), and its joint venture partner, a private mineral resources investment group, will fund the first year's exploration expenditure in return for a 41% interest.
As a previous investor I would like to know if this facility is still on the books ofRRR
And a bid required at over a 30% holding if they can get a concert party of holders together.
Briarbank only this quote from RRR 30th May 2018 RNS:
"On 5th May 2018 Steelmin began to heat and power up Furnace V at Jajce since when the ramp-up towards commercial production has proceeded to plan. The ramp up is expected to continue over the coming few weeks to build to full power including laboratory checks on material being produced."
......
So the above paragraph said "5th May" so that two and a half months ago, so that's why i said "months". Also from above paragraph "ramp-up towards commercial production", so "towards commercial production" means commercial production isn't happening yet, so that's why i said Steelmin aren't yet generating revenue. Lastly from above RNS paragraph says "including laboratory checks on material being produced", so that's why i said "testing".
Did you read the 30th May RRR (Steelmin) RNS differently?
your quote "months of testing without revenue " How do you know? Reliable source?
So PG + CRT + STC = 24%
Wonder if AB is getting nervous. Is he about to be given the boot?
The shareholders only require 10% of the shares to force an EGM I believe.
So PG has increased his position!!!
For someone who is a seller he is very keen on buying. Mayabe he knows something the PIs don't?
DYOR
Like i was saying the other week Bell said last year that the number one costs with plants like Steelmin's was electricity usage. So it must be somewhat concerning that all these months of testing without revenue must be stacking up huge debts for Steelmin.
Ah good old Manoli's wedding
I think someone posted a collection of Bells classics here a short while ago - Was great reading if you were ignore the seriousness of the 'half truths'.
I invested in this company many years ago and lost a hell of a lot of money. Huge lesson learnt and still it runs with no profit. In the days of Manoli and wedding gifts. I made a big mistake on this but DYOR.
"If the BoD went then this would easily double from these levels"
............
I too believe that could happen but some newer RRR shareholders refuse to believe that Bell is not trusted, loathed, not rated by an huge number of PIs and so those PIs who dislike Bell will never invest in an Andrew Bell company. So with the removal of Bell and his sidekick Kaintz then all of a sudden you have access to those PIs who wouldn't previously invest with Bell/Kaintz at the helm.
It's amazing that some RRR shareholders don't see this.
Richemondo - its perfectly valid to look back in time here when its still the same board of directors
Leopards and spots come to mind!
If the BoD went then this would easily double from these levels.
is that Bell has been doing well here lately: but if he had been dismissed from RRR let's say 3 years ago then today RRR would've still been receiving these recent buyback payments from Jupiter.
Also nothing sophisticated from Bell with Steelmin, just in my opinion a reckless gamble with him taking out huge loans to loan Steelmin money. And let's not forget because of Steelmin Red Rock still owe the Convertible loan note holders £1 million + interest.