Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Last post: Croissant, 17 Jun 2024 21:51
Ladies and Gentlemen, FS2 was announced in July 2022 and wasn't published until Jan 2023. Hopefully, they'll be able to shorten the timescale by a couple of months with FS3, but even that takes us almost into Oct.
If you're minded to keep an eye out for developments, confirmed re-hires (although unlikely this side of the FS3 publication and/or the future financing round) would be good news.
Finally a broad request for information, if I may: Do you know if there is anything publicly available from the Mining Conference, yet? (Slides , reports, photos, press etc) That AI core data/ reserve analysis would be a great find.
ATB
Started: IanGordon, 17 Jun 2024 03:46
Last post: IanGordon, 17 Jun 2024 03:46
Crossiant
No sour grapes and I am teatolder
Just sad to see poor metallurgical design giving these heavy losses and as such little chance of being successful and not operating in a necessary low operating cost to be competive with other projects coming on line
Ian Gordon Hall Dun
Started: IanGordon, 15 Jun 2024 19:10
Last post: Croissant, 15 Jun 2024 23:12
That's an interesting tone, Ian. It seems to have the subtle odour of sour grapes attached. Or maybe its one glass of wine too many. I'll give you the benefit of the doubt and despite you seemingly being dead set against this project, I'm going to assume it's that you care deeply about the design and want better for all concerned.
If that's the case you'll have to try for the umpteenth time to persuade TWL that your design is the right one. You gave it a good try with the EA, but it looks like they weren't interested either. What you think the people who are talking about the project in this space, will be able to do about it, ?
One final point the losses from the process circuit are contained in the slimes that get deposited in the MWF. Their plan is to mine out the MWF once the ore resource has been exhausted and to recover those loses in entirety, then. Although up front cash flow is reduced the overall NPV will be unchanged. It would be better to have a better cash flow but for whatever reason your design is not being taken up. You need to feed this back to TWL or let it go.
Come on Croissant wake up and smell that wonderful aroma of freshly roasted coffee beans!
Any Geotek BoxScan AI move to optimise TUN reserves by any % (10%?) is welcome to maximise NPV but why throw away 45% of your W and Sn into your tailings Get your mineral process circuit sorted to maximise NPV - you can even run AI or NPV algorithm to show the impact!
Last post: Croissant, 14 Jun 2024 16:33
@LB - yes I agree. I'd be very interested to see what an AI analysis of the core data has done to the reserve estimates. Again if they can squeeze out more than 10% to the NPV I'll be impressed, but with this new tech who knows what they'll find. ATB
Waiting 24 hrs for a small trade on trading 212 also. Anyone know why?
Can get a quote for 10ks worth on IG at 5.5
My buy order has been sitting there for over 24 hours on Trading 212.
Very frustrating.
Probably go through when the price goes up to 6.5 😩
Must be too many shares available cant even sell a small amount
Started: New5, 13 Jun 2024 17:11
Last post: Jdbanzi, 13 Jun 2024 19:41
I do like to see the questions over the share price being stagnant, maybe we could add the why’s across the rest of the market as well, why is easyJet so low and Tesla so high.
Some of this will come down to if the project is trendy enough to gather momentum with respect to SP, something zesty might come out of the conference to help gain attention either that or the US banning Chinese imports and list the resource.
Oh btw fwiw I think Stobie will likely be appointed the new CEO. We are in a bean counting phase atm - like NG, Stobie is the right man, in the right place at the right time. ATB
@New5 - you can definitely add that to the list, new CEO. Nice one.
Price action does appear a little odd. Its disquieting. Whatever is at play we can say it's a risk off issue. We can speculate, but lets just stick to what we know.
Slow burn.
ATB
Hi Croissant. I was just interested to see any adjustments.
As you say more to this than the permit. A new CEO will probably make a big difference and until then i don't anticipate much in they way of a price boost. Slow burn, it just feels a little odd.
ATB
Started: New5, 13 Jun 2024 16:12
Last post: Croissant, 13 Jun 2024 17:00
I spoke directly to the EA and confirmed that its virtually the same except for minor revisions to the audible sound reporting times. So if you get a copy of the draft permit from March its almost word for word with that.
This is not down to the permit. As I said we're now in the hands of the bean counters. We're not clear of that risk just yet. Maybe we will see another boost.
The main events ahead are:
1) end of the CLN default
2) securing tranche E
3) issuing the FS3.0
4) completion of the funding round.
Items 1, 2 and 3 could all trigger a price hike. The last surge occurred with the draft permit followed by tranche d. Maybe we need one more of the above to trigger a boost.
However, there's more to the story than that permit. Think.
ATB
Has anyone managed to see the wording of the permit awarded? I have been unable to find it.
Started: Gingy, 13 Jun 2024 11:39
Last post: BigDrunken, 13 Jun 2024 15:22
I must admit, I was expecting this to rise in a similar way as it did in March when the draft permit was announced. I’m just using this as an opportunity to buy more while the price is still low because surely the only way is up pretty soon…..?
We're not out of the woods yet, Gingy.
Is that it now, all the excitement over? Well that was disappointing!
Started: HopefulDevon, 12 Jun 2024 13:52
Last post: TUNX, 12 Jun 2024 21:26
@croissant
Yes I think we’re all looking forward to FS 3.0. I really hope we get a term sheet teaser beforehand with how they plan to fund this, would help ramp up the price a little more.
I’ve followed this project since the Wolf days, mining in the UK is bl**dy hard…hence my beaten down scepticism ha but fwiw your positivity is starting to rub off…!
@TUNX - I mention the first CLN conversion as a guide to future actions. I wasn't suggesting they were linked to the CLNs. Those shares converted at 30p each. This second group of CLNs has a conversion at 3p - very different, showing just how vulnerable the company has become.
Once someone holds 30% share capital in a publicly traded company, as I understand it that triggers a takeover. The latest CLN conditions prevent a 30% holding. Baker Steel holds 15% of the current share capital and are part of the CLN holders (referenced in the RNS somewhere) (BTW if you're interested it would be a worthwhile exercise to find out exactly who those CLN holders are.) (https://www.marketscreener.com/quote/stock/TUNGSTEN-WEST-PLC-128506367/company/).
There's likely two CLN holder non-execs on the Board, so they're keeping a close eye on things (whoever They are). Baker Steel have deep pockets and know all the right people to make this project a success. The revised FS3.0 will show everyone the difference between the market cap and the actual value. Without disturbing the share price at all, they can acquire a large tranche of shares at a great price on CLN conversion. Even after todays bump we're trading at a 95% discount to the FS2.0 NPV.
Sure there's risk, but it's now bean related rather than feasibility or permitting. The plant can be built and run. The clay issue is now in the rear view mirror. Noise (LFN and audible) and other environmental issues well managed. W and Sn loses minimised and reserves maximised. WOLF were exploiting the reserves - its primed for proper exploitation. External geopolitical risk is the greatest risk the project faces imo but even this could be positive for the share price action.
Baker Steel has plenty of beans, a consortium of bigger players would have lots and lots of beans. Looks ripe for the picking to me.
ATB
PS I appreciate your comments, mate. Scepticism is the healthy counter to optimism. As a fundamental investor I aim for realism, but we can only go off the information we have and apply a good dose of common sense to guide our actions. Now we have the permit I think the project has finally broken this decade long troubled streak and the flight path for the project is upwards.
@Gingy - defo more than where we are now. How much more depends on them. Its all speculation, mind. I'd prefer that the project got going because if the tin price does a times 5 or more (which Vis has highlighted with his recent video) and the aggs come on stream, even after dilution the share price could be vastly higher than where we are currently. This project has had nearly 5 years of decline following a 5 year decline and collapse of WOLF. Its a brave investor who'll sink money into such a troubled project. However, I think they'll avoid closure (I think we're all on the same page regarding that now we have the MPF permit) and once the fear subsides the true value will emerge. Possible unicorn stock.
@croissant
The Sept 2021 conversion was largely to a different investor group and not related to these loan notes, but I agree that these will convert.
I’m sure the CLN would have been structured in a way to avoid triggering a takeover bid so I am skeptical (slightly!) on a takeover upon conversion, It will be on their on terms regarding timing not through conversion and I also think there is still a lot of project risk and things that could go wrong so would you want to take on that risk so far away from production? I’m not sure, but then again I am more of a skeptic so you can flog me for that..!
Good evening croissant. In your opinion, what would be an acceptable takeover bid if one was made by CLN?
Started: NeedLuck, 12 Jun 2024 21:07
Last post: NeedLuck, 12 Jun 2024 21:07
[LINK REMOVED]
Started: New5, 12 Jun 2024 17:17
Last post: Croissant, 12 Jun 2024 18:35
@New5 - The original FS used a W price $330 per MTU WO3 concentrate. FS2.0 used a W price $340 per MTU WO3 concentrate. Based on the latest graph I've seen from NG we're now looking at $350 per MTU. The latest RNS maintains the deposit mine rate, so that's possibly another 3% they can justify to the NPV. The increased W price is of course very welcomed, but may not have as big an effect as you might expect.
If you look at the latest RNS Stobie states "The main focus of the FS, which builds upon work undertaken in the two previous studies carried out by the Company, is on optimising the capital expenditure required to restart operations and the resultant operating costs." - this is where they are focused to increase value. He's looking here because in FS2.0 they raised the reserved estimates and accounted from revised output, concentrate grade and added $10 to the MTU price. There's really not much more they can do with the reserves. That deposit has had close to 7,500 cores drilled and so its very well understood, as now is the product concentrate quality they'll achieve with this new circuit.
They might be able to squeeze a few quid out of the setup costs, and could perhaps bring the schedule forward to try and recoup lost time due to the extended application time required to secure the MPF permit. Then the biggest impact IMO will be the ongoing running costs, which over LOM could be quite large. This looks like Stobie's area of expertise - another good hire.
All told if we see a 10% rise in NPV I'll be impressed.
Another large impact will come from the Aggs business. However, it's not permitted in the MPF permit. None of the financial elements/benefits associated with the Aggs appear in these FS nor form part of the NPV calc. NG talked about an annual road cap of 300kT and implied if the business got bigger then they would need to look at other means to get the aggs off site (@Vis - the inside track). If they can improve their margin from £1 per tonne to between £5-10 per tonne (which seems very little based on the market price and demand and the quality of the TWL aggs), the volume could be raised as high as 3.5MT, which could input around £20M+ pa - that would be similar to the Sn income stream and so could be a huge additional chunk over LOM. The Aggs business will only get acknowledged by year three of production once they've fully ramped up the W and Sn, and they've got that activity permitted.
I completely agree - a good long term hold.
ATB
Don't forget that all forward projections were done on a much lower W price. Future predictions will now look very different due to certain global factors. All this should be positive. Personally I would take the royalty option.
Started: lovelyboy, 12 Jun 2024 17:32
Last post: lovelyboy, 12 Jun 2024 17:32
Started: New5, 12 Jun 2024 14:51
Last post: Croissant, 12 Jun 2024 15:05
@New5 - Cheers! ATB (lol)
Corks popped. First major hurdle overcome. Long term this will be a great hold.
ATB
Started: Croissant, 12 Jun 2024 14:24
Last post: Croissant, 12 Jun 2024 14:24
You may have noticed some hesitation in the share price because the decision from the EA has not been published on the website. I phoned about an hour ago and was told that they have not yet issued the permit. I was given a name of an individual responsible but he wasn't online at that time.
So I have just phoned back within the last 5 minutes and have spoken to someone from the EA who has now CONFIRMED that the permit has indeed been issued with very minor variations associated with the reporting for audible noise. I had a decent chat with him covering a few of the issues I had from the due diligence work - everything is fine.
POP THOSE CORKS!! ATB
I don't know about champagne, Croissant, more like a bottle of rolla cola.
@HopefulDevon
The completion of the FS update will be another hurdle cleared and may have been at the behest of a funding partner (that is me speculating). So we could see funding plans announced at similar time to completion of FS, or a term sheet at least.
Two more years of cash burn for employee ramp up and a big capex project is a lot of cash that still needs to be found and could keep SP down depending on what terms the money is raised.
I personally think the best option for us is a takeover from one of the big outfits. They can have mine for £1 a share. Before money runs out.
@TUNX - when do you expect to see the SP to start heading steadily upwards?
@Gingy
There’s big overhang from the notes and maybe more to come if they need another tranche to take them through to close on the long term funding, so can’t get too excited on the SP imo. Remember the notes convert at 3p most likely.
Started: Vividinvestor, 12 Jun 2024 07:12
Last post: Croissant, 12 Jun 2024 11:35
@LB - the timing is perfect.
Bless the EA what lovely people.
Looking at the share movement, it looks like there are some big, probably automated sales followed shortly after by a big purchase. Fascinating the way it's moving. Lets hope it keeps heading upwards!
Well that seems to have done the job to the share price, so glad it wasn't bad news. It might as well have been with the impact it's had on the share price.
Great news! Lets hope we get a steady rise in share price and back to 2022 levels in 18 months!
Started: Croissant, 12 Jun 2024 11:28
Last post: Croissant, 12 Jun 2024 11:28
OMG - what a relief!!!!
Those tea leaves never lie. ATB
Started: Valuation-it-is, 12 Jun 2024 08:25
Last post: Valuation-it-is, 12 Jun 2024 08:25
Christmas has come early. So NG going was not a precursor to further delays or a negative outcome!
I think the funding will fall into place now that the last pre-condition has been met. Also give the APTprice has risen sharply the project economics must be looking a lot better. A new CEO and we are off to the races.
Started: New5, 12 Jun 2024 07:58
Last post: New5, 12 Jun 2024 07:58
Cheers all, have a great day.
Special mention for Croissant, Thanks for carrying out your own due diligence.
ATB
Last post: Croissant, 10 Jun 2024 12:30
@Gingy - it isn't a foregone conclusion. There are definitely still mechanisms in play which can terminate this project this month. Gawthorpe's exit was not welcomed nor managed well. The PR optics are very poor, the uncertainty it's induced and the timing are atrocious. However, the issuance of the MPF permit is looking less and less likely to be a point of concern. It's one less item on the list to worry about but without a doubt this is a big deal and very positive, if we're reading the tea leaves correctly. ATB
Personally, I don't think it's a foregone conclusion that after all this it wouldn't be languishing around 4 pence. The top brass would have got wind and see a push north.
@New5 - thanks for confirming. I was wondering whether we are now at the stage of when not if, regards this permit. NGs comment regards the last review which was performed after the draft permit was issued were along the lines that a permit which wasn't suitable was no permit at all. The EA issued draft permit was accepted by TWL, and the EA have set up this process so that very little changes been draft and final permit. It definitely is looking like they are crossing the t's and dotting the i's.
So from what I have read that given the ridiculous delays rather than press ahead and make and announce the decision on a timely basis, they might wait until after the election until announcing, or they might not? Typical lol.
Morning Croissant. Having followed that specific link I found no mention of rejection. I have also spent a deal of time trawling through the reports produced by the consultancy firm on the foot of the Gov site, It appears that any and all objections have been addressed in these .They also have looked at alternative process and seem more than happy with the one now in place.
We seem to be in the position of waiting for all the I's to be dotted and the T's crossed. While this may be a frustrating time, All good things and all that.
ATB
Started: New5, 10 Jun 2024 11:53
Last post: New5, 10 Jun 2024 11:53
Gingy. That kind of practice is a good way to get free bed and board! The facilities don't usually come with star ratings either.
Started: New5, 9 Jun 2024 20:48
Last post: Croissant, 9 Jun 2024 22:09
@New5 - if you follow that link - I couldn't find any entry on the EA site which contained a rejection. Perhaps you might wish to confirm this observation. ATB
I assume we all want the same outcome and the MPF to be granted. We need to be patient as there is no point catastrophising at this juncture. The decision is out of our hands.
I for one feel that the only noise i will care about in the end is the clinking of glasses.
ATB
Started: New5, 8 Jun 2024 16:41
Last post: Valuation-it-is, 9 Jun 2024 19:04
Gingy and...
Water Permits
All infrastructure for comprehensive water management of the site was previously established by Wolf
Minerals and successfully operated during the previous three years of operations. The Company
proposes that mining will recommence at the Hemerdon site and has obtained the approval of the various
discharge permits, water impoundment licences, and water abstraction licences and is currently
undertaking water monitoring to support the applications to re-secure the remaining necessary permits
and licences. From the work to date, there are no known issues or changes in circumstance that would
represent an impediment to obtaining the various water use and water abstraction permits and licences,
therefore the Board is confident the final remaining applications will be forthcoming in due course.
Gingy and...
Mine Waste Facility Permit
The Company’s waste disposal strategy involves waste rock from the open pit being used to progressively
construct the Mine Waste Facility embankments, with tailings continuously deposited and contained in
a lined basin within the Mine Waste Facility. Operations at Hemerdon were previously authorised by a
bespoke Environmental Permit for a Category A Mine Waste Facility, issued by the Environmental Agency.
The Mine Waste Facility was constructed to a high standard and there have been no known historical
environmental issues associated with the Mine Waste Facility. The facility has been maintained during
the interim care and maintenance period and the Company has recently been audited for its ISO14001
environmental management certification. The Company has applied for the re-enactment of the previous
permit and is confident that the reinstatement of this permit will be forthcoming in a timely manner.
Mineral Processing Facility Permit
The activities within the mineral processing facility at Hemerdon fall under the Environmental Protection
Act (1990) and the Environmental Permitting Regulations (2016). Wolf Minerals previously held a mineral
processing facility permit regulating the crushing, grinding and processing of metal ore. During the
operation of the mine under Wolf Minerals, a few items of equipment were installed which had created
low frequency noise and infrasound, which disrupted local communities, leading to the Environmental
Agency to designate the project High Public Interest. Such designation will follow a similar process as
an ordinary determination, however, there may be an extended determination period of up to four months
with a public consultation period of 4 weeks during the High Public Interest determination to allow
interested parties to review and comment on the potential decision.
Since acquiring Hemerdon, the Company has undergone environmentally driven modifications and
engaged in regular and constructive dialogue with both the local community and the Environmental
Agency to ensure all previous concerns have been addressed and has recently reapplied for the mineral
processing facility permit to be reissued.
Gingy and....
Planning permission for the operation of the Hemerdon Mine is in place by virtue of the permission
DCC/3823/2015 granted on decision notice dated 16 February 2017 the variation of (i) condition 3 of
planning permission 9/42/49/0542/85/3 to allow the continued extraction of tungsten and tin, the
processing and disposal of mineral waste until 5 June 2036 and (ii) removal of condition 13 of planning
30
permission 9/42/49/0542/85/3 to remove the restriction of the operating hours of the primary pressure at
Drakelands (previously Hemerdon) mine.
In connection with the planning permission there is a planning agreement in place pursuant to Section
52 of the Town and Country Planning Act 1971 dated 5 June 1986 (the “Section 52 Planning
Agreement”). The Section 52 Planning Agreement requires certain properties within or nearby the
Hemerdon Mine to either (i) cease to be permanently occupied for residential purposes but only if those
properties or any of them have been purchased by the operator; or (ii) have ceased to be permanently
occupied for residential purposes. Drakelands Restoration either owns or leases the properties (or the
land on which such property (now demolished) was situated) subject to the Section 52 Planning
Agreement.
Further information in relation to environmental regulations and permits is set out in Part 6 (Competent
Person’s Report).
As a result of Wolf Minerals entering into the receivership process, a number of permits were forgiven or
lapsed, accordingly the Company has re-applied for a number of operating permits. Although the
permitting regime for a mine in the UK is complex, the Company is able to build on the historically
negotiated and approved applications and, through its planned upgrade works, has also been able to
demonstrably improve in areas where there were concerns with the previous operations. The Company
has seen significant local support for the reopening of the Hemerdon Mine and the UK Government has
also indicated its support as Hemerdon represents a strategic mineral resource project.
Gingy Pernitting was mentioned in the early documentation......
Regulatory, planning and permitting overview
Mineral development proposals in the United Kingdom are subject to the planning process and the
environmental regulatory regime; both regimes are separate but complementary. Planning permission
controls the development and use of land, and the focus is whether or not the development itself is an
acceptable use of the land and the impacts of those uses. Planning conditions within a planning
permission can address some of the environmental issues that are incurred due to the mineral
development such as noise, dust, traffic, site restoration and aftercare. More substantive environmental
issues need to be controlled under the environmental permitting regime where such facilities could harm
the environment or human health unless they are regulated.
In England, mineral development is regulated by the Town and Country Planning Act 1990. The planning
permission for mineral development is the approval for such development and is granted and monitored
by local MPAs. Planning consent is obtained through the preparation and submission of a planning
application, which includes, in nearly all planning applications for mineral working, an environmental
statement prepared as part of an environmental impact assessment process. This ensures that the MPA
has sufficient information in respect of all relevant environmental matters impacting the site. The
application is reviewed by the MPA following consultation with relevant statutory consultees and having
regard to both national and local planning policies, environmental impacts and other material matters.
Separate licences and permits relating to mineral extract are required in the vast majority of cases. Such
licences and permits are regulated by the Environmental Permitting (England and Wales) Regulations
2016. It is a separate but parallel process to planning permission and is used to ensure the operation of
the development does not cause harm to the environment or human health. In England, the
environmental regime is administered by the Environmental Agency. The Environment Agency also
advises the MPA in setting environmental conditions on the planning permission as part of their function
also as a statutory consultee in the planning process. The mine waste facility permit, water discharge
permits, mineral processing permit, water discharge permit, water abstraction permit and water
impoundment permits at Hemerdon Mine fall under the Environmental Permitting (England and Wales)
Regulations 2016, the Water Resources Act 1991 (as amended), and the Environment Act 1995.
@Gingy - it wasn't until Gawthorpe was hired that they took the necessary action to get the permit first. He was hired (13/03/2023) and Martin Wood (Audit and Risk) came in at the same time. NG said "It is my immediate priority to conduct a review of the funding options and timeline for the Project and update the market with the results shortly."
3 Apr 2023 they announce the CLNs (Tranche A and B) and announced a cost cutting regime. This gave us the Gawthorpe Gap.
Gawthorpe achieved a lot on the cost side but exited prior to the Permit being secured and prior to bringing the facility back online. The manner of his exit is perturbing.
Started: Croissant, 8 Jun 2024 10:01
Last post: Croissant, 8 Jun 2024 21:03
@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.
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 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
Started: New5, 7 Jun 2024 18:39
Last post: New5, 7 Jun 2024 18:39
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