The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Well done to those who saw through the politics, dampened the voices of negativity, and remained with faith. I have been invested in BEM for 10 years and personally want to thanks those LTH who remained rational. This has been a very rocky road. Hoping we now are invested in something positive that we can see deliver a world class resource. Well done all invested
Liverpool stripped of Unesco World Heritage status https://www.bbc.co.uk/news/uk-england-merseyside-57879475
Thank you Xeno…Sounds encouraging. On we go, would be good to know where the finishing line is, as this one hell of a marathon, but as with my running, I’ll take step by step.
Suzy don’t bite, your input is always welcomed by me.
Cont...
Now Unesco has made a statement, but it does not help the government. The organization notes that the mine will disrupt the World Heritage Site, probably a lot, but that it is difficult to comment on the extent. UNESCO does not call on the government to reject the concession. Both sides believe that the opinion speaks in their favor.
The government is stuck where it started. With trade-offs it lacks enough backbone to do and parties who suffer from no decision are ever made. It's unworthy. The government must make a choice and stand for it. Everything else is inhumane.
Article translated by Jonas Sandberg
Obtaining a mining permit is a rather slow process under the best of circumstances. But with the current government, it is hardly a process at all. The mining company Beowulf has been waiting for over ten years to receive information about the iron mine in Kallak. It's downright laughable.
That the government is unable to enforce the law is depressing, but it is not the only time. Remember Preem's expansion of the oil refinery in Lysekil which, despite meeting all legal requirements and being approved by a court, would still be tried by the government, just to. If the government wants to take other considerations than those required by law, it is of course in some sense its privilege - but it comes with a price tag.
Sweden's reputation as a country worth investing in is slowly but surely destroyed when the government ignores the laws and makes other assessments without taking into account what the legislature has expressed. In the long run, this is something that can cost Sweden very dearly.
But that is not what the government is doing in the case of the mine in Kallak. Instead, it does its best to avoid doing anything at all. Prime Minister Stefan Löfven is desperate to avoid dealing with the issue at all. Deciding to let the laws apply also means taking a stand for mining that encroaches on the reindeer herding industry, directly the Sami village Jåhkågasska tjiellde would be affected. But paralysis of action harms all parties involved.
Beowulf has had to wait a long time for permits which, according to current rules, should be granted to the British company. In the meantime, the company has invested as much as SEK 80 million. It is certainly not free not to conduct mining operations in Sweden. While the company is bleeding, the government has rolled its thumbs so much that the constitutional committee teased the government for not having done anything at all for a full three years.
On the other side is the Sami village and its reindeer owners and caretakers who have been forced to live for over a decade with the uncertainty of not knowing if their reindeer herding area will be intact. It's a long time of uncertainty. Should you dare to invest in new equipment, perhaps develop the business? How can one even make such decisions when one is never told what is going to happen.
The government's lifeline was the UN agency Unesco, which asked the government to comment on how the mine would affect the Laponia World Heritage Site. If Unesco could only comment categorically, the matter could be resolved. All the government needed to do was state that there was no choice but to act in accordance with the statement .......
https://kuriren.nu/nyheter/artikel/regeringen-raddas-inte-av-unesco--nu-maste-man-valja/r2mp70pj
Good morning Ibjj
Do you have any past experiences with Junior Mining companies that you have either invested or tracked that have handled exploration leading to success?
I would be grateful to understand your pool of knowledge to compare that against BEM and lessons learnt.
I would expect you to agree that This industry comes with high levels of risk. I don’t think anyone expected the continued brick wall we face, but then again I never expected a fast track.
As I read your contributions to this board on a daily basis, it would be great to hear about some past experiences of success and whether we could draw anything from that.
@Roller1 - inaccurate. Suzy has never offended me and I find her input absolutely informative.
I remain optimistic that we will see the correct decision. As a LTH with significant shares, my view is Kurt should not be showing he’s hand at this stage, talk of a legal route must only be our last strike. I know it’s frustrating, and for those who have been here circa 9years (as I have been) even more so, but we must show dignity, and that word patients.
This was uploaded on LinkedIn Summit page over the weekend....
https://www.linkedin.com/posts/summit-plc_c-difficile-infection-summittxinccom-activity-6798986133368913920-tT_b
I get your point Ibjj regarding what can be achieved in 8 years. However i would not use Deliveroo as necessarily the example of a time-path to success. I don't know if any of there investor truly know exactly when they will see a ROI , they have been running at a significant loss for many a year, and medium term infrastructure investment means this will continue at least for the short term.
As for BEM, I have been invested for more years than I can remember, and never expected this to drag out so long, but I remain positive, and expect a decision (good or bad) to be with us within the year. Pressure is on all ruling governments to exit the pandemic with a green recovery, Sweden is no different, and based on growing vocal pressure, I cant see that they can ethically hide from making a decision. IMO and yes with hope in there too!
I dont write on this board, but actively read opinion daily, I appreciate most comments, so thank you for all participants over the years.
This share is both exhilarating and worrying, wish I knew the facts behind the rise. I here till at least the phase 3 results are published . So I guess I’ll continue to mutter “what?” Again today.
My original 10,000 SUMM shares were transferred to 2,000 SMMT shares; so yes, I believe your understanding is correct.
By 5!
Unsure what is taking this share price so high in recent months, no doubt due to belief in Robert Duggan and he's track record. I very happy to see this rise, as Ive been here for longer then originally planned. But would be nice to know why the take up? I dont believe phase 3 trials are expected for some time.