Member Info for flundra

Not much to go on in the RNS about this resource opportunity. No mention of confidentiality provisions in the exclusivity agreement, so why no detail at all? Might we at least hear what commodity/continent we're talking about?

Feel like a mushroom. Unimpressed.

And BKY setting legal traps? It's not as if they invented Spain's byzantine permitting system. It's not BKY who are playing silly buggers here. It's going to be expensive to say no, and compensation will protect shareholders, but it really should be a yes anyway whichever way you look at it. And they should get on with it. imo

If I were Sanchez I’d move Ribera on. Attracts trouble wherever she goes.

Greenpeace, Ecologistas and Oxfam are taking Spain to court now over failure to curb emissions.

https://www.france24.com/en/20200915-greenpeace-targets-spain-with-climate-change-lawsuit

Quite how far she expects the paltry fund going to the regions to go, is anyone’s guess. It’s less than 0.01% of the government's own estimate of €200bn needed over 10 years for their ecological transition programme. There’s no money of course, but her policies will inevitably lead to continued emissions, or outage and grid failure. It'll be one or the other, emissions almost certainly because she'll hopefully be ousted by the sensible people before she collapses the grid.

https://www.reuters.com/article/us-spain-energy-renewables/spain-to-offer-215-million-in-renewable-energy-subsidies-idUSKBN2612DX?rpc=401&

Time for a sensible politician to formulate a sensible policy for the real world?

I’d like to think ANIC and its backers are better than some AIM companies. The metatheme is a good one, and I believe the bod is a good one, and will make good investment decisions. Already are imo.
I think the key here is funding. Getting a large comprehensive package to see us right for the medium/long term, after the temporary Jim Mellon facility (we’re already nearly half way through the 6 mth term). Maybe we’ll get a cornerstone II aboard, to stump up a large cash pile, and some other investors and facilities to give financial muscle, agility and flexibility. That’s what’s needed here. We’ve had some comfort that financing proposals won’t be at less than an implied 6p NAV, but we need to see the funding now, the sooner the better, or the jitters might set in. Jim Mellon or another might give another temporary facility on reasonable terms, if it’s not sorted by Christmas. They should do, if ANIC is as good as it’s been touted by…er…Jim Mellon.

Whether or not you buy the UK government's justification for probably breaching international law under the EU-UK Withdrawal Agreement, with the proposed Internal Market legislation, in a "specific and limited way", it's going to make it easier for India to justify not complying with a tribunal decision going against it under the arbitration process in the UK-India Treaty.

Fantastic treaty, we accept our obligations under it, and India's open for business, trust us, it's just that we're not going to pay a UK company $1.4bn because of this specific and limited bit of tax law we've introduced ...

Hopefully ANIC's longer term funding is readily achievable, and we'll get news on this soon.

APF have reduced their holding from approx 7% to 5%, and may sell more. That's 5m+ shares. The surprise is perhaps that the SP's held up as well as it has.

https://www.reuters.com/article/us-spain-energy-renewables/spain-to-offer-215-million-in-renewable-energy-subsidies-idUSKBN2612DX?rpc=401&

https://www.portseurope.com/pedro-sanchez-stresses-importance-of-strategic-relations-between-spain-and-china/

https://timesofoman.com/article/3018916/oman/government/foreign-minister-receives-credential-copies-of-ambassador-of-philippines-spain

Importance of strategic relations with China (who'll need lots of uranium), and all also seems cosy with Oman (whose sovereign wealth fund are key stakeholders in BKY).

Perhaps neither a worry nor a surprise that they’re selling.
APF have suffered huge decreases in revenue, yet are maintaining the dividend, and need cash anyway like any other business. It all has to be funded somehow. They also have a significant (lower risk) interest in Cameco and Cigar Lake (re-starting), so are likely to have become overweight in uranium, and BKY as a development asset is high risk. And it’s never wrong to take a profit of course.
Actually I think it’s very encouraging that the market’s comfortably absorbing a large II divestment.
Check out APF’s interims on 27 Aug, and their positive comments on BKY there. Might have been a bit of a ramp prior to planned sale, mind. It was discussed on this chatboard on that day too.

https://www.bbcgoodfood.com/recipes/patatas-bravas-0

If anyone fancies a change from soup...

https://www.bnnbloomberg.ca/the-ecb-needs-italy-and-spain-to-help-themselves-1.1490396

Pressure's on Spain from the ECB too, to help itself re-launch its economy. Put this together with the focus on the border regions generally, emissions reduction, and socio-economic improvement, and bearing in mind that the vast majority of funding will come from the private sector, rather than government or the EU recovery fund, and it really doesn't make any sense to delay approval any longer.

Brown envelopes will play a part too no doubt

I wouldn’t imagine Ribera or the communists will change from their entrenched anti-nuke stance, even if they wanted to, eg for fear of alienating their voter base. The arguments are strong enough now for an honourable climb down, but I doubt they’ll take it. Trying to delay the project through indecision or hiding behind the CSN or the procedural complexity, may be their preferred approach; obstruction or dithering being perhaps the least bad criticism (rather than taking responsibility either for presiding over a nuclear future with a “yes”, or refusing to help lift the area’s socio-economic depression with a “no”). Sanchez seems to be pursuing a more sensible centrist path, including socio-economic help for the region, which might influence Ribera’s department’s approach.
It’ll be interesting to see what the UK do re nuke power in the energy white paper in the coming months. UK like Spain have ageing power stations. Re the UK, EDF say this underlines “the urgent need for investment in new, low-carbon nuclear power to help Britain achieve net zero.”
The reality remains that to have any chance of reducing carbon emissions, the world needs nuclear power and associated uranium mining. Spain could help itself and the world.
IMO.
I’m going to tough it out and hold, for now.

Socio-economic improvement of the regions seems to be high on the political agenda atm.

https://www.lamoncloa.gob.es/lang/en/gobierno/news/paginas/2020/20200827spain-portugal.aspx

I particularly liked BKY appearing first in this bit. Maybe it's seen as the jewel in the crown by APF, one of the world's leading natural resource royalty companies.

"We have seen strong and growing momentum in our development assets which could see considerable value accrue to the Group for assets which are ascribed little balance sheet value, noticeably the recent permit grant for Berkeley Energia..."

Eh?
APF 6.8% shareholding in BKY with a 1% NSR. They describe the process for the final permit as underway. Not discouraging.

https://www.lse.co.uk/rns/APF/interim-results-for-six-months-ended-30-june-2020-lep42n6dri488p5.html

Worth noting this II's comments on BKY today

It was interesting to see KAP are not increasing production (compared with Cameco who are (Cigar Lake)). Must be a tricky call, but it seems to be starting.

Now really would a perfect time to permit BKY, build and get into production.

It ticks all the boxes - no debt and substantially funded, huge resources, high grade, infrastructure in place, exploration potential. A massive clean energy project in a socially and economically deprived area.

Some chunky share trades going through too.