Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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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
@Jdbanzi and Richy22 - thanks for you input. Local knowledge is very welcomed on the board. The job adverts are good news - actions speak louder than words for me, especially now. Hopefully the happy staff demeanour isn't just a façade.
As I mull this further, NG was a contractor for 12 months on the project then selected to stabilize the project. Perhaps his skill set isn't as strong as needed for the ramp up, testing and commissioning. Something else I detected from the PC minutes was that he was adamant that the next iteration of the FS would not be started before the MPF permit was secured. That might be an indicator of politics at play - hard to say.
@Gingy - it's awful isn't it. What crazy timing. It feels like ITS 99% knackered, but everyone's just smiling and carrying on. omg
I'm gritting my teeth and trying not to suffer twice. ATB
afternoon gingy,
i can currently see the mine from my bedroom window, to say locals are opposed is a strong statement, but would say the lfn is of a concern ( depending on the wind direction) as well as the dust and increased traffic ( in particular around pea**** meadow).
this aside is think there is a huge pressure pot behind the permit and the ea and ensuring that they have no recourse if the permit is issued.
The EA should have been sorted before getting investors on board. After talking to the local residents they are all up in arms. They don't want it to happen.
I feel like you, we have got as much chance of winning the lottery than this going ahead. The share price says it all.
If you type in Tungsten West jobs on your search engine, you will see that they have already started recruiting.
I was at the mine yesterday and the staff seemed very upbeat.
Fingers crossed
First post here. Hello everyone.
For what it’s worth, I was in contact with the head of community and stakeholder engagement for TW yesterday, and she said that there is going to be a recruitment drive inbetween now and September.
So behind the scenes , they are planning. Which is a sign that they are expecting a positive outcome.
Let’s hope so. I still believe this is going to have a happy ending. Very unexpected bump in the road though.
This EA decision can’t come soon enough
@LB - I can think of an appropriate severance package for him.
Uncertainty. I don't like it at all.
ATB
I agree croissant. Maybe the move to aggs is a hedge on the ex CEOs part against being stitched up (pushed aside) by the CLN holders. Or part of a severance package? As is being alluded to here I agree the CLN seem to be weilding a fair amount of influence.
Something is brewing imo. Good/bad I'm not sure. Crux now is the EA outcome.
Fingers crossed. Wish you all well and hope for a positive outcome.
ATB LB
I stand corrected - you're right 2023 - well spotted. Thanks. Does it change the suspicious share dealing? Nope.
Interesting obs. regards CEO exit - this is critical. You're likely correct. Not only is this an interesting take on who is actually running the show but that matches a suspicion I had surrounding the CLN share price conversion condition that caused the Gawthorpe Gap. The CLN holders have the company over a barrel. I hadn't twigged until you pointed it out just how much control those guys must have. Naively I was thinking that the Board were working autonomously. I guess they are only with one arm tied behind their backs.
Given the potential impact the CEO exit could have surely they need to issue a statement clarifying why he left at such a critical juncture, if only to calm the markets.
MT coming back has zero chance...(mouse whispers). If they are in such a position of control they could also supply a new CEO quickly, couldn't they. We'll know one way or the other in a couple of weeks.
I meant the one with CEO announced at AWL which is dated May 2023. Sorry, maybe I missed the point below.
Anyhow, I hope there’s a financing update soon. No Perm CEO isn’t great for funding, and with permitting wrapping up shortly, long term financing will be back on the agenda.
@tunx. The article is the recent one. This is also mentioned in the last RNS. A few days ago...."obtaining the lifting of the tonnage cap for truck haulage of aggregates"
"David Cather, Non-Executive Chairman of Tungsten West, commented: "I would like to thank Neil for the progress at the Hemerdon project that has been made under his leadership, especially in respect of right-sizing the project cost base whilst the updated Feasibility Study is finalised, obtaining the lifting of the tonnage cap for truck haulage of aggregates, and obtaining the draft Environmental Permit for the Mineral Processing Facility, the last outstanding permit required for the restart of mining operations. "
ATB LB
I think you’ve misread that Aggs article being current as it’s dated a year ago?
FWIW I don’t feel CEO resigned entirely on his own accord, a settlement and waiving of notice period is painting a picture of the CLN King Pin calling the shots. Similar manner to how the last two CEOs exited (with immediate effect) which is why MT coming back has little chance.
Lorry tonnage was to do with the planning department. Instead of increasing the movements they increased the load size instead, to keep at 50 movements per day to avoid poor relations with the locals. They have head room for up to 300 movements , which are apparently all ready to go with the Council if they submit the right form. They're looking to move no more than 300K tonne of aggs by road per year and if the aggs business were to increase further then they would look at other options to get the material offsite (@vis - the inside track).
The laptops are anomalous. The company is short of cash. They have hundreds of laptops. Laptops are a high value item. Every item on the site is under a lien from the CLN Holders. In order for the company to dispose of any asset they must get approval from the CLN holders to do so. And so .... they decide to give the laptops away. Good for PR with the locals - certainly. But why would the CLN holders authorise that? Why would the Directors do that?? Surely a sale of these assets would be more prudent and raise sorely needed funds? Fiduciary duty, anyone?
Then there's a very interesting timeline.....
5 May - EA Shenanigans - have the EA extended the deadline?(Croissant)
"6 May, co-founder and former Tungsten West executive chairman Mark Thompson resigned from Aggregates West"
7 May EA extension confirmed(Croissant)
12 May CEO puts house on market (New5)
16 May, co-founder and former Tungsten West executive chairman Mark Thompson ...ceased to be a person with significant control of Aggregates West.
20 May - RNS Exercise of Options (Founder Shares), with shares (1.6M) issued 22 May (I wonder who that was? They never said.)
May 22 - 4 June Regular 100k share sized sales per day - 100k share deals usually the only trade that day of that size, several of these being the very last trade of the day.
May 30 - EA consultation finally closes.
Now I didn't log them all, I'm sure we could source the data though, but possibly somewhere between 1M and 2M shares in lots of 100k shares were sold, then unbelievably
5 June - CEO dramatic and unexpected exit with no reason given or comment made.
6 June - Ex CEO goes to TUN Aggs (1 in , 1 out)
I don't know about you but those timings look rather .... suspicious to me. And those 100k sized share trades collectively were able to extract circa £100K in share sales just before the CEO exit. Could they be linked to a single individual who sold maybe say 1.6M shares with perfect timing regards CEO exit?? I don't know, and I don't know who that might be, either. But that looks rather .... suspicious to me, as well.
Comments welcomed.
Nice work croissant. Not sure I've totally wrapped my head around that. Widdowson is also a director at the aggregate sub too I see. OK.
What's with the bit about gawthorpe being responsible for lifting the lorry tonnage. Uhh? That's news to me.
This is an odd business. There's a few bits of this jigsaw missing.
Don't know if you've seen all the community engagement social media floating about. One thing I learnt from the PC meeting was that they are basically donating all their IT equipment to the local schools. I guess an attempt to garner local support? Bit late for that now with the EA submission already in.
I guess we just need to wait for the next plot twist.
Still. A 10 min slot at the Cornwall conference alongside his old buddy Mcfarlane. And still hosting a site visit. Gutted I'm otherwise engaged. Missed this opportunity last year too. Down the road for me and would love to look around.
Time will tell. Not totally convinced it's all lost but equally not sure it's all good.
GLA and ATB
LB
MT would be a good fit and a quick fix. Regards the Conference are you aware of any changes to the itinerary - a TUN absence??
I'm still deeply disappointed in the manner in which this has unfolded. Surely there must have been a notice period? For positions of this significance it's normally 3 or even 6 months - you can't just up sticks and leave. Where is the fiduciary duty to maximise share holder value by exiting with no notice and no comment at such a critical moment?
I wonder if the company will clarify why he went in the announcement that they are soon to make (ref Plymouth Live) "Tungsten West has started the process of appointing a permanent chief executive and expects to make an announcement soon."
ATB
Croissant Shrewd comment.
It is interesting that MT re-launched his profile with his King of Tin, Vox interview recently. Whilst beneficial to a number of his endeavours,- 1SN, Godolphin X, and TUN, it served to remind people of his knowledge and intellect. Having said that, I think the interview was almost certainly setting the scene for the Mining conference coming up in Falmouth next week and for 1SN and GX, rather than a play for CEO position at TUN.
I think it's about his renumeration.....
If selling his house is an indicator of a move away from TWL, he initiated that process several weeks ago, long before the public consultation was over. To sell up and move you need something to move to, like a job. There's circumstantial evidence that he may have secured another role as he's been in contract with a previous employer in Africa. A logical extension is that he put his house on the market when he'd secured an offer elsewhere. The process of finding another role must have started a while before 12th May. He could of been looking for some time (several months).
His renumeration was very low, under £5K, which to me has been a strong signal that he was brought in to set up a sale of the asset once the MPF permit was secured, like he did at Sierra Rutile; and once sold he would be paid handsomely for his efforts from the sale proceeds. For whatever reason he decided he wasn't going to wait around for a pot of gold at the end of the rainbow and has left, after 15 months. There's a hint of this in the fact that "He remains a director of the company for now, pending finalisation of his settlement agreement."...which could be interpreted as he busted his ass for 15 months for F.A. and isn't leaving till he see's something for his efforts.
So why might he want out rather than to wait for the pay day? Well if the payday was based on an award of shares (or share options) and those shares get diluted because of the CLN debt that's been taken on, and that dilution is far higher than it should be because of the multiple month delays injected by the EA, then he might have realised his pot of gold isn't going to be that big a pot, something that wasn't clear 15 months ago when he took on the role. Internal negotiations to correct for his deficient pay may have been on going for a long time (long before he started looking for work elsewhere) and may have simply broken down.
So he's decided to leave and his manner of exit is damaging. He's gone abruptly, with no notice and without comment and the timing, while the permit is still outstanding is equally bad. There are negative consequences to all parties concerned here by this type of sudden exit - share holders, the staff, the CLN holders and all the other investors, not to mention the local community which would have benefitted greatly from the project. However, I don't think the timing of his exit is malicious, to derail the project because the timing seems to be linked to the house sale, which could have occurred later in the year.
You could speculate that this is simply explained in that he may know that EA approval would not be granted so he's thrown in the towel and left. The time line to his exit does not support this, and remember the EA are minded to grant the permit.
The solution is a quick hire of someone else who can complete this project, perhaps Mark T could make a come back and take all the glory. ATB.
My best guess is that they think they’ve secured the permit and one of the big boys is waiting to come in buy the shares. The main investors and CLN will all make a nice few bob and the owners get it relatively cheap and put their own guy in.
Maybe the CEO has moved on because he's had the head's up it's not happening. To me now this has become a gamble more than a investment.
Plymouth live covered this with a hint from EA looking minded to approve the permit. Geopolitically this is a strategic metal. Could the ceo not have achieved his remit and is now making way for the next stage in operations?
WE must remember that Hermedon is currently rated as having 3rd largest Tungsten reserves in the world. If the EA grant the full MPF I can see it being an attractive position.