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I need to straighten this up. This was due to illegal sand transportation as I’ve read the story in depth number of months ago. Illegal sands transportation for construction materials.
This is not the type of mining capital metals are undertaking who put back what they use and also follow a EIA approval where permits are obtain.
Bit more research into this but the article was written by an employee of Damsila Exports (DEL) M.S Roshan Akther who is the GI and Enviromental manager there.
Is this a sign that news is on its way.......
Article released today http://www.ft.lk/columns/Sri-Lanka-s-heavy-mineral-industry/4-718064
Just for clarification, the below project submitted the EIA after capital metals so has not yet been approved as I read there EIA when it was under public consultation.
Damsila exports just made post on there social media account on Facebook.
A greener way of excavation takes place through responsible excavation operations. Excavation operations for our proposed project will only take place in coastal and landscaping areas. On the contrary, no excavation will take place in the waves. No chemicals used for excavation and processing procedures. We believe that this project uses a unique excavation system called '' phase excavation mechanism that will be an excavation system that maintains environmental stability. Because it has a small excavation track that ensures correctly restoration of the excavation site. The renovation system is designed not only to bring the areas included in the project to pre-excavation, but to improve further development (Agriculture, Tourism) in the region. Used water will not be released directly to any water level (rivers, fields etc). No remedies required for water used as no chemicals are used to extract more minerals. Used water will be released directly to the sea with consultations and monitoring from the Marine Pollution Prevention Authority and the Department of Coastal Protection and Coastal Resources Management.
A greener way for mining happens with responsible mining. In our projects, mining will only take place in the beach and berm zones. There will be no mining activities in the tidal zone. No chemicals are used in the mining and processing steps; the project will deploy a mining method known as “Novel cell mining mechanism”. This we believe is an environmentally sustainable mining method that has the minimum impact due to a smaller mine footprint ensuring proper mine site restoration. Such restoration programs are designed to accelerate restoration of these coastal areas to its pre-mining state and promote further development in the region (agriculture, tourism). Processed water will not be released directly to any water bodies (lagoons, rivers, etc.) and the processed water does not need any special treatment as there are no chemicals used in processing the minerals. The processed water will be directly released to the sea with the consultations / monitoring of the Marine Environmental Protection Agency and Department of Coast Conservation and Coastal Resource Management.”
How can you not support that project?
One of the objections from the above group was a cost benefit analysis and if you listen carefully to Micheal Frayne latest Interview he states CMET are on with a cost benifit analysis so it all aligns to your assumptions above
Good research, I come to similar conclusion but if you are that risk adverse you would have missed at least 1 maybe 2 re-rates...
That’s exactly the point. Soon as people start realising the potentially then there going to take off. I’m just ignoring the ups and downs.
As I’m confident this will re-rate in next 3-4 months when EiA and mining license in bag. Just whether people think they can make quicker money elsewhere in short term but I prefer to just leave money invested as to busy to trade daily
https://www.londonstockexchange.com/news-article/BSE/quarterly-activities-report-march-2021/14956702
results today with average HM grade of 3.58%.
Compare that with an Average grade of #cmet so fair comparison is 17.6%. Highest grade in world over 4 times average of #bse which has MC at £177m 6 times higher than #cmet £26m ??????
https://www.londonstockexchange.com/news-article/BSE/quarterly-activities-report-march-2021/14956702
results today with average HM grade of 3.58%.
Compare that with an Average grade of #cmet so fair comparison is 17.6%. Highest grade in world over 4 times average of #bse which has MC at £177m 6 times higher than #cmet £26m ??????
The article has been there for some time and everything included is answered within EIA. The main point regarding costal erosion is covered by the proposed environmental monitoring plan.
The CEA provide comments on all EIA’s not just mineral sands related, take a look at there website https://ejustice.lk/ . More recently they commented on EIA for Lanka mineral sands who issued EIA for similar project in different area.
CEA is more critical when projects do not follow the EIA process therefore CMET are doing everything by laws within Sri Lanka.
You aren’t half interested in this share. If your confident this is good long term hold which I think we can agree on. Does 12p to 14p really matter if it goes 10 fold?
Is it worth the chance of missing out when they release RNS saying EIA approved and your waiting for your buy zone...
Anyone who’s got any doubt about the potential of #cmet look at #kmr results RNS today.
MC of #kmr £463m compared to less than £30m for #cmet.
Production of #kmr is same forecast at #cmet with latest operational forecast
#kmr Q1 361,900
#cmet FY 1,500,000 Per annum
If EIA approved and if the management can get us into production you can see potential here
Anyone got any doubts about #cmet CEO Micheal Frayne. Look at this article from 2005 where he took Asia energy and increased company value by 10 fold and took company through EIA submission and approval.
“ Frayne joined the Asia Energy prior to its listing on AIM (Alternative Investment Market) at London Stock Exchange and has seen the company grow from an initial market capitalisation of £28 million to about £220 million, a company statement said.
Over the past two years he has seen Asia Energy achieve significant progress towards the development of the Phulbari Coal Project in Bangladesh.
He has been instrumental in guiding the company's strategy and has overseen the capital of £14 million IPO (initial public offering), submission of the Environmental Impact Statement to the Government of Bangladesh and its subsequent approval, equity raising of US$52 million through JPMorgan Cazenove in December 2005”
Link http://m.futuresmag.com/2006/01/26/asia-energy-director-resignation
?????? this is not getting to 10-12p.... keep trying to de-ramp...it’s not going to work. People know this is only going one way
Anyone who has done any research on CMET will
Know the fundamentals of the company are great. This is undoubtly an undervalued company that has great long term prospects. In doing my research my only concern was the use of Oulvil port as it well published that it has problems with collect of sand in port due to it not being fully operational. Received great response from CMET who are fully aware of the issue and in fact the government are keen for the investment to bring the port can to use. It is key Economic mnic area for Sri Lanka. Response below:
“Hi John and thank you for your email. In answer to your query, the Oluvil port does collect sand as part of the natural long shore drift on the east coast of Sri Lanka. It will require dredging and maintenance, like many other ports around the world. We have known for some time that this situation is applicable to this port. The port is owned by the Sri Lankan Government through the National Port Authority. We are seeking to become a tenant and user of the port. This will include working with the NPA and interested port and shipping service providers to keep the port operational. In short everyone will benefit from us becoming a user of the port”.
The company responded within 24 hours which is one of my key investment fundamentals. Are the company actively engaged with there shareholders. At these prices, I am loading up....
Same here I have been loading up. For me the fundamentals not changed since I bought in at 20p. I still feel this company will have MC of £60m in very short term following EIA approval.
Apologies not experience investor here so what do you mean about crossing trades and manipulating data?
Question from a novice here. If for example there is no RTO and the company are suspended. I appreciate you can’t get your stake but what happens with your stake if they do not end up buying a company or takeover. Do you lose it?
It’s a formality. If you listen to CEO interviews he states government have approved this already and public comments are just to add any more comments before this is formally approved e.g any minor changes.
In addition, read an article from Dr. Terney Pradeep Kumara, General Manager at Marine Environmental Protection Authority who is responsible for protecting the coastline. He said that irrespective of specifications, any project that is being done on a coastal stretch should be approved by the CCD” “We are sitting on a gold mine”
It’s just a matter of time. I’m surprised this is not getting significant more interest