Member Info for 99icecream

Perhaps not US$ 24 Billion !

From FT - Heibei Construction Group Corp (Badong, China) - Revenue HK$ 24 Billion (US$3.08 Billion), Market Cap. HK$ 794 Million (US 102.19)

https://markets.ft.com/data/equities/tearsheet/profile?s=1727:HKG

HeBei Construction ran out of money, they didn't "pull out" as you put it. Looks as though they agreed to several deals, without actually having the money they required to complete on them. I have not seen anything that explains why they messed up so badly. Any links to why (water related issues or otherwise) would be of interest.

According to the RNS 15 Feb 2022, KZG avoided the need for a water pipeline, by recycling water.

"In Namibia, the works undertaken by the Company's wholly owned subsidiary, African Tantalum, in conjunction with DJ Drilling, has led to the entire refurbishment and redesign of the plant. ....................... the Company's water recycling techniques, which were designed to achieve a minimum of 65% water re-usage, have surpassed expectations with 95% of water being recovered. The Company is now confident that it can achieve the levels of production anticipated without the capital cost and engineering risk associated with building a pipeline to the Orange River."

On the 19 July 2022 KZG reported that:-

"... it is ready to export its first commercial delivery of Tantalum to its Chinese partner from its wholly owned mine at Tantalite Valley, Namibia..."

https://www.lse.co.uk/rns/KZG/export-of-tantalum-and-pan-plant-installation-84pcol7z20n9xqd.html

20 December 2022 KZG announced the sale to Hebei Xinjian Construction :-

https://www.lse.co.uk/rns/KZG/100-disposal-of-african-tantalum-limited-replace-98v22zylht0lneb.html

24 September 2024 KZG announces move to arbitration for non-payment.

https://www.lse.co.uk/rns/KZG/move-to-arbitration-on-aftan-sale-agreement-c56dxlfusjrdiuy.html

01 November 2024 - HeBei Construction runs out of funds, halts work at Swanson Tantalum Project

https://theextractormagazine.com/2024/11/01/hebei-construction-runs-out-of-funds-halts-work-at-swanson-tantalum-project-agreement/

One, might guess that the Aftan plant was not performing well enough to satisfy HeBei Xinjian Construction's owners / funders?

The defaulting party in both sites (Blencowe's African Tantalum operation and Arcadia's [geographically adjacent] Swanson Tantalum Project) is the same entity - HeBei Xinjian Construction.

In the case of Arcadia's deal, HeBei Xinjian was supposed to construct a processing plant (to Arcadia's design) in return for an equity stake in the project. With the default by HeBei Xinjian, they will not receive the equity, and Arcadia do not need to pay for anything that HeBei Xinjian has spent on the project.

See Arcadia Minerals (AM7 on ASX) for details

The closing price was set by the closing auction (denoted trade type by UT). 100,000 shares traded at 6.66p (£6,660). For some reason trade is missing on London South East, but its reported on the Stock Exchange site.

Use the filter !

About 108.25 million warrants outstanding. Of those about 13.3 million are 8p warrants that will most likely expire worthless at the end of this month.

As only 2% of the project has been explored, you could get far more than 4 !

I think this is the link that fits your headline. ATB

https://www.metal.com/en/newscontent/103343233

KZG are owed (currently) $13 million for Aftan ($11.9 + interest at 20% per annum). They also have title to the asset (which would have been transferred if all the payments had been made). So, its now up to KZG. Do they will sell the asset again (to a third party) or keep it in lieu of $13 million.

https://www.lse.co.uk/rns/KZG/kazera-wins-us119m-ruling-in-aftan-arbitration-x0o57de7qpsujlv.html

As they are expecting different funders for phases 1 and 2, I suspect each of these will have a separate NPV too.

Far too much worry about warrants IMHO. Every time warrants are exercised, BRES gets more cash. That receipt of that cash reduces the need to raise from the market.

The point was 2/3 of the 8p warrants will not contribute to the resistance. The are plenty that expire in 2027, in addition to the 6.5p there are 37.5 million 6p warrants with nov 2027 expiry too.

There are 13.3125 million 8p warrants that expire by this month end. This leaves 6.35 Million 8p warrants that expire in May 2026.

The fund raise (RNS 21 March 2025) was planned to give funds until End October 2025. New cash flow numbers to 30 September, out at end of October.

"The Directors believe the net proceeds of the Fundraise will provide sufficient working capital for the Company to implement its strategy for at least the next 7 months."

They are buying Harena Resources (HREE - Rare Earths) recently.

And I know that these articles are rather dated.

RAB Capital selling BRES shares maybe related to their own problems and not their opinion of BRES.

RAB Capital: the timeline of a decline:- https://www.fnlondon.com/articles/rab-capital-to-delist-20110624

RAB Capital proposes delisting to end woes:- https://www.reuters.com/article/2011/06/24/rab-delisting-idUSLDE75N04M20110624/