George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I know it doesn't have any direct bearing on EUA, but there's been quite a lot happening in the last few weeks in the PGM world next door to MT at Fedorova. The first article was posted by GulagCP on twitter, so i know some of you will have seen this already, but the second article shows how quickly things can change given the right connections in Russia! I've added an older article from John Helmer which has proven extremely perceptive in it's outlook with regard to Barrick.
https://www.rbc.ru/business/15/05/2020/5ebd49a99a7947123b2e6937
https://www.interfax-russia.ru/northwest/news/moshchnost-goka-dlya-razrabotki-mestorozhdeniya-mpg-fedorova-tundra-sostavit-15-16-mln-tonn-rudy-v-god
https://johnhelmer.net/barrick-faces-two-front-attack-on-russian-gold-and-platinum-assets/
Mac, there's no doubt that Mr Rawlinson is an important addition to the EUA board but he's been appointed as a Non Executive Director. He will not be involved in any form of "management", which would include finalising the legal detail of any possible M&A legal paperwork, if that is indeed happening.
Perhaps the new Nomad and/or AIM regulation has insisted on a genuine "outside" appointment as NED as Dmitry, Gary and James all have substantial shareholdings which may affect the required impartiality. Mr Rawlinson has not been incentivised by shares, which would suggest this may be the case.
https://www.iod.com/news-campaigns/news/articles/What-is-the-role-of-the-NonExecutive-Director
Here's an interview with Francisco Bellon in Elperiodico de la Energia this week. It's interesting to note that over 58% of the company's shares are now in Spanish hands, showing a strong level of interest there. Bellon also seems to be doing a very competent job as figurehead for BKY, perhaps more accessible to the Spaniards than Paul Atherton was.
https://elperiodicodelaenergia.com/francisco-bellon-berkeley-minera-la-mina-de-uranio-de-retortillo-no-depende-del-futuro-nuclear-en-espana-sino-del-negocio-internacional/
No, that's not right TAF. Owen can't sell the shares until they are in his broker account in June. A bed and ISA would take place almost simultaneously; if the SP was 0.45 at that time, Owen would sell at say 0.42 and buy back at 0.46. He would lose a few shares in the transaction as the monetary value would be the same. He would also have a capital gain on the difference between 0.25p and 0.42p to take into consideration in this example.
You're quite correct, but the accounts give the position at a particular point in time which is a useful reference.
Caterham7,
You'll find plenty of information in last year's accounts and reports from Edison Group as below. The 2019 accounts are due for publishing by 4th June and will be followed by an updated report from Edison. I hope this helps.
https://www.edisongroup.com/publication/doubling-down-on-the-winners/24021/
https://www.edisongroup.com/company/allied-minds/2801/
https://www.lse.co.uk/rns/ALM/allied-minds-annual-financial-report--tpm9vpxghupxy2h.html
Hi flundra,
I'm not back in yet, but regret not at least having a punt three months or so ago when I was seriously tempted. I still think that the presence of Ribera and her cronies at the head of the Ministry of Ecological Transition will stymie us with countless legal appeals and objections to the Urbanisation License. She has a "not over my dead body" attitude towards this project and as we know was largely responsible for crashing the share price in the autumn of 2018 with her comments. We may well hear from her soon....
The current situation is quite reminiscent of the Jan 19 recovery, when BKY obtained two favourable reports from the CSN. There must be a good chance that success will also be achieved now, judging by the markets, and the decision of the CSN cannot be appealed. It's another important milestone to achieve. it's also notable that BKY have been more active in the press this time round, which is a positive sign.
One massive plus in our favour going forward is the strength of our legal team; to have avoided any trip-wires in obtaining 120 or so permits over the lifespan of the project is remarkable, especially considering the "controversial" nature of the operation.
I'll be back in at some point as it's a really exciting project with massive potential, but signs of a change of those in power will probably be the catalyst for me. This may happen sooner rather than later if (when) the Spanish economy collapses and yet another general election is called...
Broxy
More from Francisco Bellon:
“Once the more than 120 authorisations obtained by the project have been obtained and after also knowing the opinion of the courts, we have no doubt that the remaining two meet all the necessary requirements. Therefore, and since the pending authorisations are fully regulated and are not subject to subjective interpretations, we trust that we can start the project as soon as possible and that it will boost both job creation and economic activity in the region, which is badly affected by unemployment rates and depopulation.”
Regarding the legality of the project, Berkeley considers that "all the Administrations and the courts that have already assessed the validity of the authorisations granted have corroborated the legality of the 'Retortillo Project'".
The Retortillo mine project, which will employ more than 1,000 people between direct and indirect jobs, "is called to be one of the most relevant economic projects for the region, especially in the next period of economic recovery that we will live in after Covid-19", says the company.
" The Retortillo mine will be a fundamental engine for the economic recovery of the region and that is why our objective has been from the beginning the generation of quality employment, in a sustainable way, and prioritising people living in the environment of Retortillo and in the province of Salamanca, for which, for example, we have set up a training centre in which more than 120 people from the local community have already been trained, and many of them have even already worked for us," Bellon says.
https://lacronicadesalamanca.com/272133-berkeley-lista-para-invertir-en-la-mina-de-salamanca-87-millones-de-euros/
"Berkeley Minera , the company that intends to extract uranium from Retortillo (Salamanca), agrees to immediately invest 87 million euros if it achieves the permits that are still pending . This capital, according to the listed company, is already available in cash, and comes from a capital increase and the purchase of debt convertible into shares of the sovereign fund of Oman , which lends the money at 0% interest.
In order to carry out this investment, the company is only awaiting the construction authorisation from the Nuclear Safety Council (CSN) and the urban planning license of the Retortillo City Council to launch its mining project, highlights the company.
The company accelerates its plans in the middle of a stock market 'rally' . Paradoxically, the evolution in the stock market of this company has been inverse to that of the market, which has collapsed since the start of the coronavirus pandemic. In contrast, Berkeley has gone from being at 0.07 euros on March 16, the all-time low since it hit the market, to reaching 0.2 euros, which is the highest level for almost a year.
After this rebound, the director of Operations of the company, Francisco Bellón , highlights the price of uranium, which has risen more than 30% so far this year, as well as the expectation that he believes there is in the market that they will soon have the placet of the Ministry of Ecological Transition that allows them to advance with the project.
The company highlights that the investment of those 87 million in the 18 months after obtaining administrative permits will create 500 jobs in and around Retortillo, which would be an economic stimulus for a depressed area, especially at the time current crisis to which Spain is heading after the collapse caused by the coronavirus .
In this sense, the Berkeley executive highlights that their plans remain unchanged and that the covid-19 is not an obstacle. Their main challenge has been and continues to be to obtain administrative permits in a context in which environmental pressure groups and some political groups have opposed this mining extraction project from the beginning.
In this regard, the mining firm maintains that "the Retortillo mine already has more than 120 authorisations and favourable reports from local, regional, national and European administrations."
On the economic side, Berkeley points out that "it has already invested more than 86 million euros since the project began in 2012 and plans to allocate a total of almost 400 million euros during the life of the mine if it receives authorisation to start the works. In addition to this amount, it is also important to note that the project is committed to promoting local employment, where it has already become the top employer , and will provide income of 1.5 million euros to the municipalities where it is located and 23 million euros to the Treasury for tax purposes, which may be increased depending on the development of the mine."
saxonaxe
Short selling is very unlikely to be, or have been, an issue for EUA shareholders. The last data I have is that there were 14,258,955 shares on loan at the end of April, which is 0.77% of the share capital of EUA. This is a relatively small proportion.
https://my.euroclear.com/apps/en/monthly-stock-loan-data.html#month=eq:4&year=eq:2020&limit=6&search=1&order=asc:abbreviation
It has not been possible for PI's to open cfd's on a sell basis for EUA for quite some time as the stock was unborrowable on most platforms. The only way to "short" the stock was by opening a spread bet. The stock indicated as on loan at Euroclear is quite possibly hedges for operators such as IG and Spreadex against these bets. Around 88% of EUA bets on IG are long and 12% short. EUA will not have attracted interest from major hedge funds due to it's small MCap and relative lack of liquidity.
The arbitrage between the LSE and Stuttgart and Berlin Boerses will be minimal, if not non-existent, as the German exchanges follow the LSE prices closely and there's minimal short term exchange rate variation. It's also not a straightforward process to buy on one stock exchange and sell on another.
Some European Bourses have banned short-selling but unfortunately it's extremely unlikely to happen in the UK except in very specific circumstances.
https://www.fca.org.uk/markets/short-selling/statement-short-selling-bans-and-reporting
Per Interim Report RNS 29th Sep 2019:
"Total production from mid- May to 14th September 2019 stood at 55kg (1,770 ounces) total raw platinum, with further metal at various stages in the production cycle."
https://www.lse.co.uk/rns/EUA/interim-report-ufgbpe6lzvrcbgp.html
Over 42m shares traded in Madrid today. Don't know for sure what's behind this mind you, but documentation required by CSN was submitted in late March. Just perhaps the CSN has had to bow down to their statutory requirements, which state that these regulated authorisations are NOT subject to subjective interpretations...
https://www.bolsamadrid.es/ing/aspx/Empresas/FichaValor.aspx?ISIN=AU000000BKY0
https://www.lse.co.uk/rns/BKY/quarterly-report-march-2020-haazbfrysij48bg.html
https://www.lagacetadesalamanca.es/salamanca/francisco-bellon-la-mina-de-retortillo-es-una-oportunidad-para-el-empleo-y-la-recuperacion-economica-XY2742202
Here you go Paul....
https://twitter.com/search?q=%23bky&src=typed_query
Can't find anything specific to Spain easyp, but the Q1 pre-Covid output figures for producers point to a continued and strengthening revival in the price of Uranium. US production figures are notably down - the lowest on record apparently. The NFWG called for "immediate and bold" action to strengthen the country's uranium mining and conversion industries..
https://www.world-nuclear-news.org/Articles/Uranium-producers-announce-pre-COVID-production
The Nigel Smith case set a few legal precedents with regard to bulletin board postings, A1EX:
https://www.pinsentmasons.com/out-law/news/bulletin-board-postings-more-likely-slander-than-libel-says-high-court
https://www.eff.org/issues/bloggers/legal/liability/defamation
This Australian resource was sold recently if it helps with your calculations, mac4671:
JORC 2004 Resource of 24Mt @ 2.9 g/t Platinum Group Element (PGE) and gold (12.4Mt Measured, 9.8Mt Indicated, and 1.4Mt Inferred), containing 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium)
https://polaris.brighterir.com/public/georgian_mining_corporation/news/news_rns/story/xed6ojw
REVIEW OF NOTIFICATIONS
OR2 – The nominated adviser should undertake a prior review of relevant notifications made by an AIM company with a view to ensuring compliance with the AIM Rules for Companies
In meeting this, the nominated adviser should usually:
Review in advance (although without prejudice to the requirement of Rule 10 to release information without delay) all notifications to be made by an AIM company for which it acts to ensure as far as reasonably possible that they comply with the AIM Rules for Companies.
Where the nominated adviser reasonably believes a company’s directors have appropriate knowledge and experience of the AIM Rules for Companies, review of routine announcements (e.g. pursuant to rule 17) may not be necessary.
https://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-nominated-advisers-november-2019.pdf
Francisco Bellon interviewed in La Gaceta today:
https://www.lagacetadesalamanca.es/salamanca/francisco-bellon-la-mina-de-retortillo-es-una-oportunidad-para-el-empleo-y-la-recuperacion-economica-XY2742202
The Outgoing Board of Directors......;)