Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Some unpublicised fruit from COP 28 :
https://www.prnewswire.com/news-releases/masdar-advances-10gw-africa-growth-plan-to-unlock-energy-transition-in-six-sub-saharan-nations-302009079.html
At COP28, Masdar announced partnership agreements with both governments and private entities in six African countries:
Angola – 150MWac solar PV project in Quipungo under Phase I of the 2GW renewable energy G2G collaboration between the two countries.
Uganda – a Roadmap Agreement for the implementation of a 150MW Solar PV project under Phase I of a 1GW collaboration .
The Republic of Congo – MW Energy, a Masdar subsidiary, Africa50 and the Ministry of Energy & Hydraulics of the Republic of Congo signed a MoU to develop 500MW of renewable energy capacity in the country.
Kenya – Geothermal Development Company of Kenya and Pertamina Geothermal Energy (PGE) of Indonesia, are to collaborate on geothermal energy development in Kenya - Masdar is proud to support this through its investment in PGE.
Mozambique – Infinity Power, the largest pure-play renewable energy company in Africa, signing of a MoU to explore opportunities for up to 1GW of renewable projects in Mozambique.
Zambia – Masdar, ZESCO and International Resource Holdings, an affiliate of International Holding Company, to look to supply green electricity from renewable energy projects to power IRH mines.
Masdar, one of the world's fastest growing clean energy companies and the largest in Africa, has committed to deploying US$2 billion of equity by 2030 in Africa as part of the UAE-led Africa Green Investment finance Initiative, which was announced during the Africa Climate Summit by HE Dr Sultan Al Jaber, Chairman of Masdar and COP28 President.
Masdar's commitment aims to mobilize a total of US$10 billion in investments to deliver 10GW of clean energy capacity in Africa by 2030.
Helping another impoverished country finance its infrastructure, Masdar has also recently added Dogger Bank to its UK windfarm portfolio
https://www.gulftoday.ae/business/2024/03/01/masdar-finalises-joint-investment-in-3gw-uk-offshore-wind-project
GLA
Https://ar.usembassy.gov/remarks-by-secretary-of-the-treasury-janet-l-yellen/
REMARKS BY SECRETARY OF THE TREASURY JANET L. YELLEN AHEAD OF BILATERAL MEETING WITH MINISTER OF ECONOMY LUIS CAPUTO OF ARGENTINA
As Prepared for Delivery
"It is my pleasure to have my first meeting with Minister Caputo.
The Milei administration has inherited a steep stabilization task but has already taken some important steps toward restoring fiscal sustainability, adjusting the exchange rate, and combating inflation.
I commend Minister Caputo for his leadership throughout this period.
There is no doubt that this has been, and will continue to be, a difficult economic transition period for the Argentine people.
Protecting the most vulnerable during this transition will be a challenge, but is vitally important.
I see many areas for collaboration between the United States and Argentina on the topics being discussed in this year’s G20 Finance track, and I look forward to discussing these today with Minister Caputo.
I anticipate an active and constructive relationship between the U.S. Treasury Department and the Ministry of Economy."
GLA
Thanks for this!
Vulkan Green Steel Oman (Jindal Group) is the only ME plant thus far identified as a DRI greenfield project (tb commissioned 2026).
I think DRI grade ore was mentioned 3 or 4 times. The penny seems to be dropping.
Let's see what Wood Mackenzie has to say next week!
ATB
Hxxps://greekreporter.com/2023/01/27/first-medicinal-cannabis-production-plant-opens-greece/
hxxps://tikuneurope.com/en/facilityunits/
Tikun Olam Europe
Our Company
Tikun Olam’s presence in Europe began in Greece, taking advantage of the country’s potential to develop into an international center for the production of medicinal cannabis preparations, with most of it destined for exports to European countries
The 1st Medical Cannabis Company in Greece & the largest in Europe
Total investment of €40m+
56.000m2 in Corinth
Our goal is to provide high quality medical cannabis products to Greek and European patients
EU-GMP certification by National Organization of Medicines, applying strict control standards and procedures that ensure high quality and safety
15+ years of R&D and Real World Data (RWD)
Maybe someone should ask Dev to comment.
GLA
Hat-tip to Halland75
"New Era in Greek Healthcare’ as First Medical Cannabis Prescriptions Issued
BYBEN STEVENS
FEBRUARY 27, 2024
IN BUSINESS OF CANNABIS EUROPE, MEDICAL CANNABIS
Greece has officially made medical cannabis available to patients for the first time, bringing a frustrating seven-year wait to an end.
As of Monday, February 19, the first medical cannabis products were made available to patients with a prescription in what the companies involved said marked ‘a new era for healthcare in Greece’.
It follows a seven-year battle to make medical cannabis readily available to Greek citizens after Greece became one of Europe’s first countries to reschedule medical cannabis in 2017.
Although a ban on cultivation and production was repealed in March 2018, plans to allow the sale of medical cannabis prescriptions in pharmacies were not announced until 2022.
..........
In January last year, Tikun Olam Europe revealed that operations had begun at its 56,000 sq. metre facility in Corinthia, Greece’s first medical cannabis production facility, after five years of preparation.
This facility, understood to have cost over €40m, is now expected to produce 10 tonnes of medical cannabis in its first year.
According to the managing director of Tikun Europe, Nikos Beis, Greece has all the conditions to be a star in the global medical cannabis market..."
HELD better get its skates on! 'First mover advantage' and all that...
GLA
Hi techguru91,
.."Pireaus Bank must have done their due dilligence ahead of the MOu in mid Jan .."
On the contrary : the RNS suggests that Piraeus is waiting on others to do that, see
.."Piraeus Bank S.A ("Piraeus Bank") has conducted a review of Hellenic Dynamics five year business plan and have issued a letter of intent for funding ("Letter") which outlines the support from the bank for the provision of credit facilities on the submission of a detailed business plan, to be submitted on behalf of Hellenic Dynamics by a consultancy firm considered to be acceptable by Piraeus Bank...."
In the normal course of events, you'd expect HELD to have (1) found a Piraeus-acceptable consultancy ; (2) commissioned them to undertake said detailed business plan; and (3) have submitted it to Piraeus.
Absent any communication from HELD on these 3 basic steps, I don't think it's safe to assume very much.
Do you?
ATB
Carl's linked-in profile is quite extensive . Companies House has only this record for Carl (Jan) Haffner:
https://find-and-update.company-information.service.gov.uk/officers/yMQwlPVzjhobiLBC0l6TKMFtD6c/appointments
Total number of appointments 2
Date of birth July 1968
IMPROVED SPORTS LIMITED (06763807)
Company status
Dissolved
Correspondence address Chestnut Cottage, Groby Lodge Estate, Groby, Leicester, United Kingdom, LE6 0GN
Role Director
Appointed on 2 December 2008
Nationality British
Country of residence England
Occupation Company Director
QE GLOBAL LIMITED (06232015)
Company status
Liquidation
Correspondence address 6 Charter Point Way, Ashby Park, Ashby De La Zouch, Leicestershire, LE65 1NF
Role RESIGNED
Director
Appointed on 30 April 2007
Resigned on 5 December 2023
Nationality British
Country of residence England
Occupation Company Director
AFAICS
GLA
Hi shaun 86,
Isn't the connection psei.co to psei.cn set out in the history ?
MM's link to psei.co ref'd a project including 'mining, BENEFICIATION, pipeline transportation, harbor and hydropower stations....' which was what prompted my Q.
'Beneficiation' was part of my post of 28 Dec, unfortunately the link seems to have been 'terminated'
.."Worth comparing today's RNS with the Key Milestone Objectives per Interim Results RNS of 29 September.
(A) What EPCPartner/Perth was tasked with :
(1) Phase 1 Feasibility Study update re Stage 1 (12 mtpa) and Stage 2 (30mtpa) Projects . Status : DONE.
(2) Phase 2 Processing technology application study : Beneficiation technology, with further potential cost savings.
Status : UNDERWAY
Comment : Perth has just (13 Dec 2023) announced a pre-contract for design of a 12mtpa plant , for Vale, see http://www.psei.com.cn/news/219.html.
Coincidence ? Maybe...but the workings re costings, engineering process flow etc are presumably 'transferable'...and certainly timely..."
C'est la vie, I suppose.
ATB
Cont...
Last September UNESCO added Congo's Odzala-Kokoua National Park to its World Heritage List, mysteriously ignoring IUCN's recommendation to defer doing so. For years, the park (surrounded on all sides by logging concessions) has been the scene of atrocities committed by ecoguards under the management of the South African firm African Parks. On 7 February Congo's Forest Minister announced that the President has ordered the construction of a new paved road in Odzala. That should make this militia's work easier.
"When will donors learn that greenwashing kleptocracy only encourages it?" wonders and concludes Dr. Lamfu.
GLA
Donors' Deafening Silence After Republic of Congo Green-Lights Oil Exploration in Conkouati National Park [press release]
Story by Greenpeace International Amsterdam Raphael Mavambu • 2d
Six weeks after signing a $50 million forest protection deal with donors, the Republic of Congo has given the green light to oil exploration in Conkouati-Douli National Park, the country's most biodiverse protected area and home to fishing communities since at least the 13th century.
The 18 January decision by Congo's Council of Ministers to award a permit to "China Oil Natural Gas Overseas Holding United" is a violation of the 1999 Presidential decree establishing Conkouati, which bans, inter alia, oil exploration and exploitation in the park and its buffer zone.
The decision represents yet another embarrassment for donors who pay lip service to protecting Congo's forests and biodiversity, greenwashing the Sassou regime at European taxpayers' expense.
It's also a blow to their flawed "fortress conservation" ideology. "While the Global North continues to back armed ecoguards in Congo and elsewhere notorious for violence against local people on ancestral lands, its love of nature stops short of criticizing oil, logging and mining multinationals," said Dr. Fabrice Lamfu Yengong, forest campaigner for the Congo Basin campaign at Greenpeace Africa.
Conkouati's major institutional donors include the EU, the Agence française de développement (AFD) and the World Bank-administered Global Environment Facility.
The EU is particularly compromised. In September 2022, it signed an €800,000 financing agreement with the French NGO Noé to "insure the sustainable management" of the park's flora and fauna. A month later, at the Three Tropical Forest Basins Summit in Brazzaville, the EU Environment Commissioner signed a "EU-Congo Forest Partnership Roadmap" designed to "safeguard Congolese forests and support the development of sustainable value chains." The accord was "backed by an additional 25 million EUR," the Commissioner tweeted.
In December, at COP28, the EU, France and a handful of private donors committed to a $50 million Congo "Partnership for forest ecosystems, nature and climate." A week later the Mining Minister handed out a 1,500 ha gold prospecting permit in Conkouati's buffer zone to Chinese oil firm Zhi Guo Pétrole.
Norway, too, shares blame for the plunder of Conkouati. In 2019, the Norwegian-led Central African Forest Initiative (CAFI) signed a $65 million Letter of Intent with Congo. It called merely for "minimizing the impact" of oil and mining on forests – without mentioning Norway's interests in Congo's oil sector. Today, Norwegian firm Petronor is doing record business offshore.
Cont...
This comment?
David Winter
out of network3rd+
Cultivation Consultant
1h
Thats a great fake picture of cannabis production.
Carl's rebuttal doesn't address the question or provide an obvious solution :
On 28 Dec, 2 months ago, we were told :
-Elgo Dimitra, the public research institute overseen by the Greek Ministry of Agriculture successfully began [Ed.: past tense] the cultivation of medical cannabis flowers for Hellenic Dynamics.
Not difficult, surely, to provide a photo of 'work-in-progress' ?
You have to wonder at the marketing / business skills of a management that can't come up with this simple means of allaying shareholder concerns.
GLA
On a more serious note, here's Seb on the macro, per linked in :
Sebastian MarilSebastian Maril
• 3rd+• 3rd+
Regional Director, US & Latin AmericaRegional Director, US & Latin America
3h • 3h •
Follow
ARGENTINES HAVE LONG LIVED IN FANTASYLAND
.."Attempting to impeach a recently-elected president solely based on his policies and disruptive leadership style not only is unreasonable, but also shows that Argentines have been detached from reality for a long time. For decades, residents of the Republic have relied on government handouts to cope with the challenges of a running inflation and a stagnant economy. Provincial governments, municipalities, and social movements, among others, have also received federal funds from a government increasingly dependent on printing money and substantial borrowing to ensure that everyone can meet their needs.
Now, with a president committed to "putting the house in order," there is a shift in narrative, emphasizing the high cost associated with living in Fantasyland for so long. The government is signaling that these unsustainable practices are no longer affordable for the country, urging Argentines, including the political establishment, to confront the reality that money is not free. The handouts, to which they have been accustomed for so long, are quickly being dismantled and, in doing so, President Milei is also hitting the establishment right where it hurts: its pockets.
It doesn’t come as a surprise that calls for the impeachment of Argentina’s president have surfaced in tandem with the execution of an agenda marked by aggressive spending cuts, compelling the political class across the spectrum to enact their own unwelcome cuts.
During the campaign, Argentina’s leader emphatically expressed his belief that the most destructive force in the Republic and the primary hindrance to sustained progress was its political apparatus. Now in office, he is striking at the heart of the establishment by overhauling the Federal Government and drastically reducing public spending.
President Milei is not changing and will not change his style. During the State of the Union Address this Friday, expect the president to intensify his endeavors to implement announced reforms, despite facing opposition from the political class, which has declared its intention to resist his attempts to bring about fundamental transformation in the country..."
GLA
At the very least, anything BUR does in this direction will give Argentina (and potential creditors/counterparts) 'pause for thought'.
Attempting to 'win by attrition' is a legitimate and occasionally successful strategy, as my children found out : it's called 'pester power'.
;->
GLA
Hi 99 icecream,
Good spot! I wonder if there's any significance that the list you provided of current projects doesn't appear to include the 12mtpa beneficiation plant in Brazil that PSEI was 'newly' working on a few months ago ?
Hi MM,
I think you'll find that the Mayoko project that PSEI was working on in 2018 was the 'other' Mayoko - Moussondji - that Equatorial Resources passed to Midus Holding in 2015.
See https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/1172/congo-mining-and-midus-v-congo; and
https://company-announcements.afr.com/asx/eqx/002e3106-217b-11ec-b40e-0e6a5451275b.pdf
Sapro Mayoko's Lekoumou project has lower (= unsuitable for green) ore grades, IIRC, which is another likely factor at play.
GLA
Thanks to Seb for the link to this:
hxxps://www.prnewswire.com/news-releases/ad-hoc-committee-of-province-of-la-rioja-bondholders-responds-to-the-provinces-recent-announcement-regarding-payments-under-its-green-bond-302073253.html
..."The explanation by the Province of its failure to pay, which it attributes to the current economic situation in Argentina, is entirely specious. In fact, the problem with the Province is the disdain of its government for complying with legal and contractual obligations. The majority of proceeds from issuance of the Green Bonds were invested by the Province in its wind farm projects under Parque Eolico Arauco S.A. ("PEA"). In December 2022, the Province concluded a sale of 100% of Vientos de Arauco Renovables S.A.U., one of the undertakings of PEA, for US$171mm to Pampa Energia S.A.
Thus, having borrowed money from bondholders to build this project, the Province then sold the project for US$171mm and now purports to be unable to pay US$16mm of capital payment to its bondholders1. The excuses provided by the Province are those of a recalcitrant and recidivist defaulter...."
'Toto, I've a feeling we're not in Kansas anymore.'
GLA
.."Lol, you sold ages ago like the rest of the rampers on here..."
Your comment, even -especially- if true makes no sense : if they've sold and have no current financial interest (but were thinking of re-entering), then it would be in the rampers' interest now to talk the price DOWN, so they could (hope to) rinse and repeat......
OTOH, if they were long (and hurting, in all likelihood) it WOULD be in their interest to talk the s/p up....
Capisce?
..."Andy Murphy at Edison Investment Research has a value realisation of 2,564p per share on the group’s equity.
For the year to end December 2023 he estimates that group revenues will have risen to $472.6m ($440.01m) with a massive pre-tax profit of $107.2m ($38.5m), lifting earnings to 159.2c (loss 51.9c), while maintaining its 70.0c per share dividend.
The year now underway could see it boost revenues to $521.7m, taking profits up to $135.5m, earnings of 214.7c, enabling a 100c a share dividend.
My View – Looking For 1,600p Very Soon
Within the next four weeks or so we should be seeing the group declare its 2023 Final Results, which going on the Edison estimates should be well received.
We should also get some confirmation on just how well the current year is perceived by the group’s Management.
But of much more interest, just what is going on in terms of the ongoing Strategic Review and the number of offers that were previously mentioned for both parts of the company.
That helps to give the low p/e and healthy yielding shares, currently 1,335p, quite a bit of a sparkle valuing the company at just £472m.
Despite them having risen from 820p last June and having already seen quite a swift ascent, I now fix a Target Price of 1,600p on the shares, hoping for some early positive news.
At that time is it possible that we might also get a more enlightening detail on the strategic review and its potential outcome, especially if any of the offers have progressed?
https://masterinvestor.co.uk/equities/wading-in-play-in-overseas-waters/?mc_cid=18f5b17c20"
Apols for editing/formatting...
GLA
..It looks to develop its businesses by maximising economies of scale and efficiency and improving the quality and range of services that it provides to customers.
Major Strategic Review Now Well Underway
On 12th June last year, the group responded to some Brazilian media speculation by stating that:
“The Board notes recent Brazilian media speculation to the effect that the Company is negotiating the sale of its 57% owned subsidiary, Wilson Sons SA.
The Company confirms that it is undertaking a strategic review involving the Company’s investment in Wilson Sons.
That review, which will consider all potential strategic options, is currently at an early stage and there can be no certainty as to its outcome.
The Company has not received any formal proposals from any third party with regard to a potential transaction involving Wilson Sons.”
The Board recognises that there are divergent views among the group’s shareholders regarding its non-correlated asset holdings.
The review is intended to provide a platform for it to optimise the asset mix, to enhance returns, and to drive growth in the longer term.
On 15th November last year, the group issued its Q3 Quarterly including an Update on its strategic review regarding its investment in Wilson Sons:
“The company has retained Banco BTG Pactual S.A. as adviser to Ocean Wilsons Overseas Limited, the holding company for the Group’s indirect investment in OW Overseas (Investments) Limited and in Wilson Sons.
The company confirmed that BTG Pactual has received a number of indicative non-binding offers for its indirect investment in OWOIL and in Wilson Sons.
“As the strategic review process remains ongoing, there can be no certainty as to its outcome and the indicative non-binding offers received by the company are highly conditional.
The Board continues to evaluate all potential strategic options and will update shareholders further in due course.”
The Equity
There are some 35.36m shares in issue.
The larger investors include Hansa Investment Company (26.45%), ICM Investment Management (12.95%), Dynamo Internacional (4.99%), City of London Investment Management (4.94%), Unicorn Asset Management (3.04%), Menhaden Capital Management (1.02%) and Chelverton Asset Management (0.85%).
Two Board members also represent large holdings – William Saloman (13.18%) and Christopher Townsend (11.42%), both of whom are Directors of Hansa Capital.
Analyst’s Views
A consensus of analysts suggests an average Price Objective for the group’s shares is 1,675p, with the highest view seeking 1,750p a share.
Continued...
Hat -tip to Mirabeau for this :
"...Wading ‘In Play’ In Overseas Waters
Today I am going international with a feature on an undervalued group with a London and a Bermudian quote – Ocean Wilsons Holdings (LON:OCN).
On the face of it I believe that the shares of this £472m capitalised group are trading well below their value at the current 1335p – yes unusually for me a heavier market capitalisation with a very heavy share price – but it looks cheap to me, which readers will identify in due course.
With results due within the next month, it is expected to report a 10% uplift in 2023 revenues to £372m, with a 178% better profit of £84m.
For this year that could rise by another 10% in turnover to £411m, with a 27% increase in pre-tax profits £107m.
The Business
The company’s principal activities are the management of a diverse global investment portfolio and the provision of maritime and logistics services in Brazil.
In outlining its Purpose and Strategy the company robustly states that its objective is, through its investments, to create long-term capital growth without pressure to produce short-term results at the expense of long-term value creation.
It operates through two primary investments – Ocean Wilsons (Investments), an actively managed investment fund, and Wilson Sons, a Brazilian maritime services company.
The maritime services segment provides towage and ship agency, port terminals, offshore, logistics and shipyard services in Brazil.
The investment segment holds a diverse global portfolio of international investments with an investment strategy of a balanced thematic portfolio of funds and is a Bermuda based company.
Ocean Wilsons (Investments) Limited
The investment strategy for its managed portfolio is to generate real returns through long-term capital growth, whilst emphasising preservation of capital without respect to short-term moves in equity markets.
Its investment portfolio is invested in both publicly quoted and unquoted assets in diversified components.
Working alongside expert managers in specialised sectors or markets allows it to have access to the best opportunities to achieve its strategy.
This longer-term view directs an OWIL investment strategy that its investments are made in a balanced thematic portfolio of funds which leverage long-standing relationships.
Wilson Sons SA
Wilson Sons is one of the largest providers of maritime services in Brazil with activities including towage, container terminals, offshore oil and gas support services, small vessel construction, logistics and ship agency.
The Wilson Sons strategy is to grow the business on the basis of its skills and existing assets, strengthening the businesses and looking for new opportunities in the maritime and transport sector, focusing on Brazil and Latin America.
It looks to develop its businesses by maximising economies of scale and efficiency and improving the quality and range of servi
.."- forecasters estimate that 7% of Germany electricity would need to be dedicated/diverted to 'clean' hydrogen production...so (ironically), the target of ending (dirty) coal for electricity is quietly being pushed back from 2030 to 2038..."
Re this bit, here's a true story, from my then neighbour an electrical engineer in Spain :
(1)Spain was keen to leap onto the solar energy bandwagon, thanks to its intrinsic (sunshine ) advantages over the main purchaser of solar panels at the time, usually overcast but trying to go green Germany.
(2)It had to offer generous electricity tariffs to pay the premia needed to get hold of some of said scarce solar panels.
(3) Its generous tariffs were duly successful in getting a lot of plant installed.
(4) Everything went swimmingly for a while and Spain could tout its increasingly green credentials and tell the local consumers how much of their electricity was the 'good' stuff.
(5) After a while, some accountant noticed a curious thing : there were at first a few, then steadily more solar farms producing electricity after dark....
On investigation, it was discovered that folk were using diesel generators to shine arc lights onto the panels at night - the input cost of diesel, even allowing for efficiency loss (energy value input vs energy value output), being lower than the inflated sales price of the electricity produced.
This was such a political scandal that the Government of the day not only felt forced to slash the subsidies, it took the remarkable (maybe unprecedented ?) step in a democracy of BACK-DATING the revision...
"España es diferente"
Quite a lot of investors lost their shirts as the 'subsidy harvesters' came unstuck and went bankrupt.
A further twist : Those that didn't go bankrupt- the bigger users, who'd 'gone solar' to reap the subsidies AND power in-house their existing businesses - didn't escape altogether : the Government then decided to charge them the IMPUTED cost of not using the electricity network as envisioned.
Mind you, we shouldn't talk - we've got Drax.
;-<
GLA
GLA.