Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Verditek plc, (AIM:VDTK) the clean technology company is pleased to announce, in line with its stated strategy to target verticals in the Oil & Gas, Marine and Mining industries, that it has won its first order in the mining sector in Australia, this represents an important new territory for the Company.
Verditek has secured an order for its PowerMat solution from InterGroup Mining Limited ("InterGroup") to provide solar power to its exploration operations based in Queensland. InterGroup, which has already made a number of major gold discoveries is in the process of ramping up its operations significantly. The first order is for 75kW at their exploration camp but they anticipate a large increase in their power requirements over the coming 12-months, which provides the opportunity to the Company for further larger orders. The lightweight durable solar panels will be used as part of a diesel-solar hybrid system, with the solar panels significantly reducing the consumption of liquid fuel and hence offering financial savings to the operator as well as achieving a key objective for InterGroup, in wanting to make their mining operations as green as possible. InterGroup have chosen Verditek's rapidly deployable PowerMat solution that can be easily moved to any of their sites. The unit is expected to be shipped to Australia in December 2020 and first stage payment has been received.
Steve White - MD of InterGroup commented , "As we expand our operations significantly, we have been looking for a cost-effective way to adopt green technology, that will move us towards our aim of being a leader in ecologically friendly gold production. Given our projected power demands as we ramp up our mine development, we believe there is scope to increase our take-up for Verditek PowerMat to between 1.5-2MW over the next 12-months."
Robert Richards - Verditek CEO commented "I am extremely pleased that we continue to deliver on the strategy of delivering solar solutions to off grid installations and converting wet fuel users to dry. This first sale of our mobile power solution to the Australian mining sector, through InterGroup marks a significant achievement. Although the starting order is relatively modest in size we are confident of the potential for much larger repeat orders. This contract win demonstrates that we are on the right track as we expand our business.
The repeat orders from this facility alone would equate to approx $2.5 million, being similar in size to the SAF contract win in Pakistan just 7 weeks ago.
Campomar - I'm a recent investor into VDTK. What value are you putting on todays order out of interest? Thanks
Finally
And, Brilliant.
Foot in the door. New geographic location for mining, enormous target market.
Regenerated excitement from me regardless of size. These companies will have done their due diligence.
If you look at the SAF contract win in early August, I have used the figures stated there and assumed the prices charged are equivalent.
Rambo. Todays order is not huge. It will be circa 75k to 100k. But that is not the point. The follow on orders and foot in the door of the Australian mining opens up such a huge market. Other mining companies will be looking at this also as the mining industry is subsidised for green energy.
We are talking GW in Aus alone and thats just mining.
Great news today.
Someone else worth mentioning. I believe Verditek take a payment up front on orders and then further payments before shipping. This is confirmed in the RNS today which states that the first stage payment has been received.
This means that the company can scale up sales quickly within running into any working capital/cash issues. It means they are definitely cash flow positive from the orders (without the build up of receivables balances you often see in companies ramping up sales).
Thanks Bananaman2 and Camponur. I took a position recently as i like the potential here and the product. Lots of scope for increasing the order book so today is a positive step forward.
Still quite a lot of other sales people scattered across the globe chasing after similar sales leads.
I’m hoping that this is the start of many new orders that come through over the coming months. This company has definitely indicated their intention of placing an order again in the next 12 months.
Very positive news and about time!
By my approximation of the savings to Intergroup by introducing 75kW of solar power instead of diesel oil, if only 30% of that capability is used, it saves them A$200/day or A$13M/year. ON ONE EXPLORATORY SITE! And they have many production sites!
I'm not reducing my holdings in this company, exactly the opposite
Talk TWaddle all you want and TWiddle the numbers to suit your agenda, it makes me TWitch when I think how TWats influence investors to sell. Stock markets are business, personal agendas have no place in business.
Unfortunately the current trend is to trash everything. Happily share prices in this company are becoming like christmas presents, I love them.
So is it the general consensus on here that the SP is dropping because the dreaded TW has got his claws into it?
I think what we've witnessed here is staggering manipulation of the share price. Rob Richards has done a great job getting the commercial orders flowing.
Manipulation at its finest. What scum think they have the right to pull the price of a stock like this has. Scaremongering weak holders in to submission.
Absolute scum bags.
Tinlode, you are absolutely right. Today is a gift. If VDTK were even close to being in trouble why would an Australian mining company even consider buying a small number of panels from them. That is a business to business transaction which will have had to have gone through due diligence prior to order.
Absolute Flucking joke !
Expecting a very hard bounce at some point. Lets hope a few negative shorters get very burnt. Although, IG index states that only 4% of trades are short positions.