Member Info for flundra

Europe not a mining jurisdiction?

ORM are commissioning the massive Barruecopardo Tungsten mine just down the road from Retortillo in the next few months! Also Enusa operated a uranium mine nearby until recently (which it closed itself for financial reasons), and the Salamanca business community as well as the Retortillo community are all firmly for the mine.

If this is true and the Government has already decided no before process is complete and regardless of it, BKY will presumably judicially review the decision if that's possible. This absolutely stinks of corruption.

https://www.cnbc.com/2018/10/16/reuters-america-exclusive-spain-to-block-berkeley-uranium-mine-project--sources.html

Basically the same article. The journalists quote anonymous sources and then present it as fact which is not perhaps very responsible journalism and we should perhaps be sceptical. The source might be a hero or villain, but I hope BKY take this up with the govt immediately because if true, process is being subverted. There was another article recently about the mine being paralysed following CSN raising some points.

Yes confirmed now - administrators appointed

I do feel the BoD need greater public credibility though. They've set KDNC up predominantly as an investment vehicle, so rather like the managers of an investment trust, need endorsement from credible analysts. It's been several years, there's a track record, and sadly shareholder returns have been poor. I don't think any reputable independent analyst has even given them potential.

So why no II (other than specialist distressed lenders) when the mcap was over £50m, as it has been in the past? And also it is open to some funds to invest in KDNC whatever the mcap, and indeed even if it was smaller and unquoted too. I'd also want to hear a reputable broker or fund manager endorse Morzaria and co. There should be someone willing to endorse them by now if the BoD are really as good as they themselves say they are. Get the ball rolling, start KDNC's SP heading north again, and narrow the current large discount to NAV. Otherwise, the people who criticize KDNC as a lifestyle company run for the benefit of its board have probably got a point.

Hi Dougal yes.

KDNC's lack of support (other than from us often fickle PIs) is my worry.

The concept and project investments are good imo, but the main problem is that there aren't really any reputable fund managers, or independent commentators or brokers, who back up the BoD's self-promotion as financial and technical "experts". Either in action (buying shares) or words. The top 10 shareholders are nominees (which mainly look like PIs holding on platforms) which is not impressive, after many years investing in Sonora and the other projects.

If the BoD actually are the experts they claim to be, why aren't the natural resources funds buying in, or the industry experts confirming it? I doubt we’ll see a sensible SP or sustained SP growth until this happens. But will it ever, after so long?

Almonty have announced their debt financing for Sangdong. Another reason to get Barruecopardo to production asap. Keep ahead of the competition.

If permitting news is sudden and comprehensive you'd expect a quantum jump back to 50p, then onwards from there. Don't be out in that scenario, but the reality might be a longer slower grind, or worse.

"no 1 issue - they need new mines coming into production...the [only] two mines coming on stream are La Parilla and the Barruecopardo project"

Sounds twice as nice when you hear it from the competition...

Interesting read and commentary on the permitting position (particularly relating to the post June period). BKY say the Urbanism licence isn't certain or likely to be imminent, but do reiterate the late 2018/2019 timing expectations for construction/commissioning (subject to receipt of permits). So is BKY's best guess currently that delays are possible, but they are not anticipated to be too severe, and should not further affect the proposed construction and commissioning schedules?

I'd like to see continued regular "warts and all" updates and commentary from BKY on the permitting process.

Hear hear, thanks Baz top post. Loved your comment about being reassuringly "boring"!!

...have won their tax case.

Anyone in the Emerald Isle going?

Hopefully there will be no more delays in permitting (except to accommodate any further proper environmental safeguards).

I believe BKY's position is still as per the June quarterly report, and that no further issues have arisen since. As such permitting is hopefully imminent:

"Application for Urbanism Licence and construction works authorization are ongoing. Construction and commissioning phases expected to commence late 2018 and 2019 respectively, subject to receipt of the above"

I get peed off by the BoD's incessant self-styling as technical and financial experts. Says who?! Can't their PR people find any independent reputable broker or commentator to back this claim up? It smack of hubris (and they still can't spell "principal"!!).

GLA

flundra (aka the queen of sheba)

That makes good sense gw, and I agree TC would make a good addition to the board particularly with his finance expertise, with structured finance upcoming for HALO.

How funding's going to work will be key to SP and shareholder value imo. At the moment there's profits from revenues and the Engie facility, with some structured finance proposed and maybe II investment shortly.

The one-liner in yesterday's announcement about consideration for the Third Energy deal being 19.25% of the post-completion share capital, suggested to me HALO would issue approx. 5m shares to Third Energy, or alternatively maybe HALO will equity raise with an II, maybe as part and parcel of re-listing.

We'll know soon enough.

You may well be right easyinvestor, LSE main board standard or even premium listing perhaps. As there is such a focus on the Dutch N Sea, with euro-denominated transactions and Brexit looming, I wonder whether they might even go with Amsterdam, say. AIM least likely imo.