Member Info for flundra

You're sounding a bit dictatorial there, matnotan!
It's for Spain to decide its societal preference for/against uranium and nuclear. The pros and cons have been well aired. But any right-thinking person should agree that the lawful democratic process must be done and be seen to be done, particularly at govt level. It's a worry it's not, and no good will ultimately come of it. Over-politicising the CSN is not wise either.

https://uk.reuters.com/article/us-spain-uranium-berkeley-exclusive/exclusive-spain-to-block-berkeley-uranium-mine-project-sources-idUKKCN1MQ1ZZ

Worth re-posting the Reuters article. The CSN report hasn't seemingly been delivered yet (at least not at the time of the article) although whatever stage it has reached seems to have been leaked to Reuters and some content has been known since the summer.

The toxic bit (if the article is to be taken at face value) is that the govt has seemingly decided "no" already, and is pretending to let due process run its course and be participating in it, whilst in reality ignoring it, before saying "no" officially. That's the case for JR, and it seems pretty nailed on. It's basically a fraud on the people and the democratic process. But hopefully cool wise heads are prevailing, and getting together to discuss a sensible way forward for the benefit of all.

It may be there's some delicate negotiation going on in the corridors of power. Might account for the silence. Let's hope it doesn't come to court cases. Sean Wade's the guy to speak to at BKY.

… although due process supported by the arguments in favour play a part, not just PSOE/Podemos' view, or indeed the next lot's view if/when PSOE/Podemos are voted out. Economics, high environmental standards and jobs jobs jobs might be persuasive. You'd think so. It's mining country - it's had a U mine before and ORM are opening Barruecopardo in the next month or so.

Possible scenarios occuring to me re the Environment Ministry are:

1 The Reuters report is wrong/exaggerated, and the govt will not deny the permits. Maybe BKY are negotiating with govt right now, and agreeing conditions, or further contributions to environmental or local community projects, to obtain govt consent. Consent at any time and immediate commencement of construction.

2 Reuters are correct, but BKY's legal advice is to challenge permit denial. Any lawyers (particularly Spanish ones) posting here who know about these things? If a decision by govt to deny permits has indeed already been reached (and as such process hasn't been followed by govt in accordance with their legal duties and obligations to give due consideration to all reports and representations and to base their decisions on all that, as opposed to the whim of the moment), maybe BKY can pursue the Spanish equivalent of judicial review, to get a court declaration forcing the govt to grant permits, and/or pay damages. Long haul but ultimate success, or at least some compensation.

3 Doomsday, with denial of permits from govt, and no reasonable prospect of successful challenge, in which case the project's into the long grass.

BKY's confidence, stemming from many factors like the overwhelming support from Retortillo, the Salamanca business community, the Omanis and the institutional shareholders and others (and me as the last diehard PI lol), together with the 100+ favourable reports to date, haven't gone away.

Yes. It will be a tragedy if the fate of this long term project is decided by distant corrupt here-today-gone-tomorrow politicians but that's hopefully not going to happen. Process will eventually have to be followed though (maybe through the courts) and I also suspect permits will ultimately be granted. But it might be a long haul.

I've no idea what to expect from this govt, or what would be obvious for them to say. If Reuters' rogue sources are in fact representative of it, it could do or say anything, because due process means nothing to it.
I'd expect a competent govt to say that they're following due process, and will make a decision based on the CSN report and all other relevant reports, facts and stakeholder representations. And that the result is not a foregone conclusion of denial, and that the sources Reuters quoted were wrong, and are being investigated.
It's unclear whether the govt have actually responded to BKY. The FT story suggests they might have, but silence from BKY suggests perhaps they haven't. We need to hear what's going on, whatever that is.

https://www.thisismoney.co.uk/money/investing/article-6359323/Vanadiums-price-960-two-years-invest.html

Have BKY had a response from government?

Over 3 weeks ago (on 17 Oct) BKY RNSed this: "The Company has contacted both the Nuclear Safety Council and the Energy and Environment Ministry seeking immediate clarification of these reports and will make an announcement as soon as a response is received."

No announcement re the govt Ministry. Just this from the FT story: a spokesperson for the environment ministry is reported to have said the government had not made any official decision on the project.

Come on BKY, what have you heard from govt, how are you following this issue up, and wtf's going on? Look after your shareholders.

It's all go over on WRES, but nice and quiet here. Hopefully ORM are just getting on with it efficiently.

Hopefully that doesn't apply to the judiciary, if BKY end up having to JR or sue the govt.

www.petroleum-economist.com/articles/politics-economics/europe-eurasia/2018/big-guns-boost-uk-north-sea-commitments

N Sea still a good place to be for sure. About time for an update from HALO?

And a good time to re-list maybe - a good portfolio taking shape, and given those higher prices, lower development costs and financial incentives from government?

BKY haven't RNSed that a spokesperson for the environment ministry is reported to have said the government had not made any official decision on the project. BKY promised in the 17 Oct RNS to report any response received from govt as soon as received, so maybe they've not received one, and this is a govt comment to FT researchers?

Whatever, it seems like good news. We should perhaps be grateful for the reuters article and the resulting increased public scrutiny of the decision making process, eg this article from a heavyweight newspaper like the FT. If Reuters are correct that there are corrupt politicians subverting process, the more eyes watching the better.

https://www.proactiveinvestors.co.uk/companies/market_reports/207746/silence-therapeutics-investors-make-some-noise-over-rumoured-us-takeover-interest-207746.html

Interesting timing. Success in court (or by early settlement) would certainly leave SLN cash rich and ripe for t/o. imo

Shame no further news from BKY this week of the CSN's or the Energy and Environment Ministry's response to BKY's request for clarification of the press reports about denial of permitting, but may be no news is good news. No response received yet presumably. Another rollercoaster week next week probably...

Fair enough, good luck.

Where's the government's response to BKY's request? If it can't commit to deny the reports and follow due process, or to investigate credible press reports like this, it should be impeached and sued for loss.

Early Dec, in time to catch the Santa rally. Although the CPR structured financing other acquisitions or other factors might all delay things.

Timeline might be EGM and Third Energy acquisition vote Announcement this month, followed by the EGM mid-Nov, and completion and re-listing early Dec.

One other happy but probably fanciful (and wrong) thought - if the value and purchase price of Third Energy is £40m and the consideration is the issuing to the seller of ca 6m ordinary shares (being 19.25% of the post-completion capital of ca 30m shares), the mcap should therefore be ca £200m, ie 666pps.

Potentially Spain could go the same way as say Sweden I suppose, who have banned uranium mining, but is that really in anyone's best interests, particularly given the dire warnings over CO2?

I thought the IPCC report last week was a bit ambivalent on nuclear power. Most scenarios saw it having a role this century but much depended on societal preference. Which way will Spain and my shrinking investment in BKY go?

The extent of any dilution would depend on the length of delay. BKY are looking to reduce quarterly outlay to A$1m pending permitting. Construction would start immediately on grant of the urbanism licence.

The main funding is the Omani convertible loan which if not used would be paid back before shareholders see any return. It's interest free so as least the interest has been accruing to BKY.

Lee_...if you really think there are only 2 mines in Europe...