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I feel like a lot of investors weren't made aware. It all lay in the balance in getting the all clear from the environment agency report. it's like putting your money on red or black.
i don't understand, why weren't all these issues sorted before? it seems all **** backwards. to me it's like building a house before you get planning.
I believe it's their primary issue Gingy, and could be used to describe the whole process chain as being the wrong one for the task. That being the case the whole project gets scrapped - we all get wiped out, the site is cleared and its 2019 all over again, only this time its now £300 million in the ground and the site has been completely cleared of everything. It'll create a decade long delay with the loss of all those societal benefits, all for a few dB.
Not that there will be an issue, mind. The noise reduction report is excellent, IMO. I think it's fully addressed LFN as it follows best practice, at least as I know it: Prevention (plan reconfiguration and redesign), Detection (monitoring grid), Control (process through put and operational hours) and Mitigation (sound housing, insulation, sound suppression, even shut downs).
Their other gripe could be that the process train is the wrong one because of inefficient recovery rates. You maybe aware that WOLF were losing perhaps 50% of the mineral due to its friable nature and it ended up in the slimes discharged into the MWF. There's so much in there TWL propose re-mining it at the end of their exploitation of the reserve when its fully mined out. TWL also expect losses and again these are to be directed into the MWF but those losses are expected to be significantly reduced as they id'd a piece of kit that was causing the mineral to crumble to dust, and removed it. They've analysed the whole process train and made improvements where they believed they were needed to improve recovery rates. However, it is believed that there is a superior design, more modern which might need fewer screens (less noise), drop recovery costs and boost recovery rates (better p&l). Now, as far as I am aware plant profitability is outside the remit of the EA but they could favour the advanced process design as it might be quieter and have high recovery rates, despite the fact the MWF and its ATP rich slimes are to be re-mined irrespective.
I feel as though we are being held hostage by a bloated bureaucracy empowered by an ever growing set of rules that must be complied with. The sins of WOLF fall at the feet of TWL to be atoned for.
This article talks about the UK Critical Minerals Strategy:
https://www.twobirds.com/en/insights/2023/uk/what-is-the-uks-critical-minerals-strategy-and-how-does-it-compare
If you read the Summary, (about half way down) it sums up the situation perfectly. ATB
Being an open cut mine, the noise of tracked machinery is one of the main issues, I would think.
@New5 - you're welcome. If we're lucky then it'll be this side of the GE otherwise they might hide the news during the GE if its declined. Vis suggests e/o July - I'd be surprised if we have to wait that long. That would mean a full 2 months to review. I've recovered my composure having had a glass of wine. You're right, its going to be fine - good news ahead (lol) ATB.
@Vis - the perfect backdrop: the convergence of both national and international imperative; presenting high value for the local and national economy and investors; a critical mineral in the worlds 3rd or possibly 2nd largest reserve of W. And so it's against this backdrop that the EA can take the moral high ground and refuse the permit because ......... it's too noisy. Speechless.
Croissant, just to be clear - I was referring to what was said not what was written , at the time of the IPO.
I conclude from the RNS about the Loan notes that funding from tranche D finances them into Q3 when the feasibility study is will be complete. I wonder if that work will now be held up with the departure of the CEO?
I suspect it will take a couple of months for the EA to deliberate again. i.e announcement around end July.
So if a tranche E is needed before permit decision, it will not be for a big sum.
Meanwhile two major positives have arrived. 1. the APT price has moved up significantly, making the project even more attractive, and we are now only 18 months away from a ban on US firms using tungsten from Russia or China. Likely to give a huge boost to Hemerdon's prospects.
Thanks for the link Croissant. I have registered to receive the Email, for when they decide to release the good news!
Maybe that's why the CEO has gone - the money's run out.
The EA sent out an email yesterday to "interested parties" regarding their decision on the MPF permit. Here's the relevant bit...
"We are writing to update you following our third consultation. In our last two briefing notes, dated 25 March and 1 May 2024 respectively, we invited you to submit feedback on our Draft Decision Document and the Draft Permit for the Mineral Processing Facility at Hemerdon Tungsten Mine. The consultation closed on 30 May at midnight. We have received over 75 responses to these consultations in total. Thank you for taking the time to submit your comments. We will consider all the responses you have provided to us through all three of our consultations, before we make a final decision. What happens when we make a decision? Now we are approaching a general election, all government bodies, including the Environment Agency, must comply with the General Election guidance. As a result, we are unable to make any public announcements about our decision until after the general election on 4 July. This includes writing to you, sharing in the media or posting on social media. "
.....hopefully you haven't inhaled your cup of coffee..., there's more
"However, we can share our decision on our Gov.uk page as it is a statutory part of our decision-making process and is classed as 'essential business'. If we decide to issue the permit during the pre-election period, it will appear on the following link, next to the site postcode PL7 5BW, very soon afterwards. Industrial Emissions Directive (IED): environmental permits issued 2024 – M to R - GOV.UK (www.gov.uk) We will then write to you after the general election to inform you of our decision. "
Here is that link:
https://www.gov.uk/government/collections/industrial-emissions-directive-ied-environmental-permits-issued-2024-m-to-r#p
If this is normal practice for the EA then I am astounded that any company anywhere in the country is able to surmount these hurdles before the compliance process bankrupts them. @Vis - perhaps that prospectus was a little misleading.
So what else can go tits up before that "magic" permit arrives?
Cash flow - could they go bust in the interim? In the RNS the latest mention of a date relating to finances appears to be Q3 - Tranche D issue note in relation to the completion of the final rev of the feasibility study. Ominously there is also mention of end of June 2024 elsewhere. I suspect Tranche E will be conditional on the permit being secured. So in the interim a clear statement that they can meet their obligations for another couple or three months would be very welcomed.
Some good news: before they finally issue that permit the breach conditions on the CLNs expire; and one final titbit: a condition of the CLNs was that the CLN Holders get to appoint at least 1 non-exec director - I think their guy is Adrian Bougourd.
ATB
CEO gone. Share price 4 pence. For me, that says it all. He knows where this is going and he's jumped ship.
HI ALL, A company called BeBee has four job advertised for TW. 2 are in HR, 1 is for a plant opp and 1 is for a labourer. they seem to have been placed in the last 2 weeks.
Until we hear from the EA for us investors its fingers crossed.
ATB
Hi Salem1973, yes this morning google showed 3 positions.
If you search Tungsten west HR jobs it shows 2 positions, one full time and one part time , stating how many days ago it was listed.
Take a look maybe I’m wrong and this is old data!
Have a good weekend
@ Vis - once this is over, never forget that this was an intentional own goal. Talk about snatching defeat from the jaws of victory. Shockingly poor behaviour. ATB
Cheers LB - the date error was spotted earlier. Once again, apologies to all concerned for the error. ATB
@Croissant and all. A correction to an earlier post of mine.
Just did a quick scan of Comp House docs for Agg West. Neil is the sole director alongside a long standing secretary. He is listed as appointed on 23 May 2023. So this is not a recent move sideways.
Previous CEOs all resigned from Agg West
Widdowson (16 August 2023), Thompson (16 May 2023 )and Denning (2 August 2022)
https://find-and-update.company-information.service.gov.uk/company/12575686/officers
Fairly recent accounts there if you care to look - with post balance sheet events. Might help with your jigsaw.
ATB LB
@Vis - Two to three weeks, then we'll know.
The 11th is going to be fun. "Erm, the gates appear to be locked. Golf anyone?"
ATB
Hi Richy I can't find any job vacancies for tungsten west , did you see some ? If so I fear they have been removed which is not a good sign.
Croissant - What was said during the original pitch prior to the 60p IPO, was that the project had had a permit before, so there should not be too much trouble re-instating it/ re-applying. How wrong that was....................
Hi Croissant - I would love to tell you more about my day at the mine, but it was work related and would be unprofessional to discuss/disclose in any detail.
The sun was shining and I was made to feel welcome by all the team at Hemerdon.
@BigDruken - smart move reaching out to them. ATB
@Richy22 - excellent move going up there yesterday - any press around or was it school visits and coffee mornings? ATB
@New5 - Thanks for the words of encouragement but I'm rather suspect of it all again, tbh. The past 48hrs have moved the furniture and the scenery. Its very similar to Widdowson's exit and I was very unhappy in the manner he shot off. I'm erring on the side of caution until the direction becomes clear. I'm not a big fan of uncertainty and there's quite a lot of it about atm.
ATB
HI Croissant. Don't be too sus about all the share movements between the dates you mention. I know about some of the 100k moves and they were simply ISA transfer, sell and rebuys.
ATB
Excellent video on metals. Pretty eye opening. Gets going at about 12/13mins in...
https://youtu.be/h2SLqxZinLo?si=yVxLHLiEvC3XKBFh