We would love to hear your thoughts about our site and services, please take our survey here.
From La Gaceta de Salamanca:
https://www.lagacetadesalamanca.es/nacional/berkeley-rechaza-por-inconstitucional-la-enmienda-de-podemos-y-psoe-a-la-ley-sobre-el-cambio-climatico-DX4981270
It looks like BKY will mount a substantial legal claim against the Spanish Government is this amendment to the climate change laws is passed. There's no guarantee this will happen though as the PSOE and Podemos (UWC) will need additional support from other parties to get this through. Between them the hold 172 0f the 350 seats. The PP /VOX/ C's are unlikely to vote with the ruling parties. It's possible that this amendment may not be included in the final bill.
The VanEck Russia Small cap ETF is a passive fund which seeks to track the MVIS Russia Small Cap index. Their holding in EUA will vary according to the weighting criteria in their portfolio and the MCap of EUA in a similar manner to other passive tracker fund such as FTSE 100/250/350.
https://www.vaneck.com/etf/equity/rsxj/fact-sheet/
https://etfdb.com/index/market-vectors-russia-small-cap-index/
Looking forward to the gag, Paul. It may take some time yet before the green light is given - I think our lawyers are going to be busy if/ when Ribera interferes with the CSN approval process. I'm sure the company are well prepared for this mind you. The legal team have been outstanding in dealing with a multitude of both spurious and serious challenges so far with regard to permitting.
As an aside, I was in my local Co-Op today and noticed that Noel Gallagher has launched his own brand of soup. You get a roll with it..
Both Bill Gates and Warren Buffet are backing small advanced nuclear power stations to combat climate change. A prototype small modular reactor has been approved by the U.S. Nuclear Regulatory Commission in Idaho, plus the US Department of Energy have been keen to provide financial backing to these enterprises. It's some time before the projects come "online" but this could be the way forward for green energy.
https://www.engineering.com/DesignerEdge/DesignerEdgeArticles/ArticleID/20650/Bill-Gates-to-Build-Small-Nuclear-Power-Plants-to-Supplement-Solar-and-Wind-Power.aspx
https://www.ctvnews.ca/world/u-s-gives-first-ever-ok-for-small-commercial-nuclear-reactor-1.5090070
OK, my last word on this:
Cash: £7,633,587
Share Premium: £7,599,660
Share capital: £33,927
Hence aggregate nominal amount of £250,000 equates to 250m shares. Here's a simplified example:
Cash $10m
Share premium $9.9m
Share capital $0.1m
GFD
The shares issued at the placing have the same nominal value as the shares already in issue (pari-pasu). The additional amount raised over and above the par value will be reflected in the share premium account.
GFD/ RMR1969
Agree that this is a good contingency measure to be put in place for any future capital intensive expansions, but I would suggest that the £250k refers to the nominal value of the shares, ie. 0.1p. This would give the company authority to issue an additional 250m shares.
"In accordance with section 551 of the Companies Act 2006, the Directors be generally and unconditionally authorised to allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company ("Rights") up to an aggregate nominal amount of £250,000 "
Morningsun
The license may well be for TGK, I hope it is, but my post pointed out that there is other significant PGM activity in the Murmansk region. There's more in the link below:
https://www.interfax-russia.ru/northwest/news/moshchnost-goka-dlya-razrabotki-mestorozhdeniya-mpg-fedorova-tundra-sostavit-15-16-mln-tonn-rudy-v-god
"Murmansk. May 20. INTERFAX NORTH-WEST - The development of the platinum group metals (PGM) deposit of the Fedorov tundra in the Murmansk region will require the construction of two open pits and an ore mining and processing plant, according to the press service of Deputy Prime Minister Yuri Trutnev.
The Fedorova Tundra project is being carried out by the Fedorovo Resources company. The company is also the holder of the suspended license, which expires in June 2021.
Trutnev instructed Rosnedra to speed up the work on the renewal and update of the terms and conditions of the license for the use of the Fedorova tundra, and to report on the results of the work by July 1."
There's also a license for the Fedorovo Risors PGM project, bought in May by Rostec and Oleg Seleznev from Barrick , which is expected to be approved soon according to reports. This is located in the Kola peninsula, about 100 miles or so away from Monchetundra.
https://www.interfax-russia.ru/northwest/news/rosnedra-v-kratchayshie-sroki-vozobnovyat-deystvie-licenzii-dlya-sp-rosteha-na-razrabotku-fedorovoy-tundry-vlasti-zapolyarya
Yes, this is the permit that Sean Wade saw as pivotal when I spoke to him a couple of years ago. I'm very pleasantly surprised at this TBH. Well done to BKY and all LTHs. Over to the CSN again now....
Hello matnotan :)
https://amp.lainformacion.com/empresas/berkeley-gobierno-cepo-legal-mina-de-uranio/2811262/
"The full CSN reports favourably and the Ministry for the Ecological Transition and the Demographic Challenge must now decide whether to approve the renewal and its duration.
The plenary session of the Nuclear Safety Council (CSN) reported favorably this Thursday, July 23, on the request submitted by the Berkeley Minera Spain company for the renewal of the prior authorization of the concentrate plant of uranium that it plans to install in the Salamanca town of Retortillo.
In this way, the company renews the prior authorization for the construction of the uranium concentrate plant in Retortillo, as a first-class radioactive installation of the fuel cycle, which was granted by Order IET / 1944/2015, of 17 September, from the Secretary of State for Energy of the then Ministry of Industry, Energy and Tourism, and which had an initial validity until September 2020.
The report approved this Thursday considers that the circumstances and characteristics of the uranium concentrate plant are the same as those contained in the prior authorization issued in 2015, and it is now up to the Ministry for the Ecological Transition and the Demographic Challenge of the Government of Spain to approve this authorization and establish its duration period."
https://www.elnortedecastilla.es/salamanca/renovada-autorizacion-previa-20200723141246-nt.html
It looks like the Ananievs disposed of the majority of their holdings in Queeld to Pchelkina on 7th May, which may seem a bit strange in retrospect. The Ananievs' finances have been under scrutiny for some time however, so there may be a good reason on their part for this.
https://opencorporates.com/companies/cy/HE226164
http://johnhelmer.net/promsvyazbank-to-sell-shares-in-london-whats-an-ananiev-or-two-worth-when-russian-banks-are-sinking/
Yes, I've glanced at the website before and it does look a well planned project with lots of potential upside. I've found prospectuses very useful in the past as they have to be passed by "competent persons". I'm familiar with them from BKY's main market listing in London and on the Spanish Bolsa. It's refreshing to see a project that's relatively free from the political risk such as that suffered in Spain. I'll quite possibly be on board sooner rather than later .
I note that there is a requirement for working capital of A$76.2m needed at the end of the year to commence production at Longonjo. Perhaps PA will use a similar path to obtain funding as he did with SGRF at BKY? Having no debt at present is also a big plus.
Yes, I think I need another coffee!!
Correction - par value 0.1p per share.
There's obviously the big question of how this project is going to be financed - a par value of 0.1p per share allows for large amounts of dilution. PA's legacy of the SGRF financing for BKY suggests that down the line this could be done on advantageous therms for shareholders however. The $7.5m investment from the Angolan sovereign wealth fund is undoubtedly a very positive sign.
It's one to watch for me at the moment - bid was around 30p on the LSE at close yesterday, but it's trading at 19p on the ASX as at close this morning.
I'm working my way through the prospectus at the moment; here's a link to a copy from the website. It would be interesting to hear others' views..
https://www.pensanametals.com/index.php/en/investors-3/asx-announcements
Just as an aside I notice Paul Atherton's new venture, Pensana Rare, was admitted to trading on the main market yesterday. It's an early stage battery metals (NdPr) project in Angola which has the mining license in place and has already seen investment from the Angolan sovereign wealth fund ($7.5m), so little apparent political risk there.
There's obviously the big question of how this project is going to be financed - a par value of 0.001p per share must be some kind of record and allows for large amounts of dilution. PA's legacy of the SGRF financing for BKY suggests that down the line this could be done on advantageous therms for shareholders.
It's one to watch for me at the moment - bid was around 30p on the LSE at close yesterday, but it's trading at 19p on the ASX.