Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
For those that don't know whats involved in due diligence of a mine, read this
https://amcconsultants.com/experience/technical-due-diligence-mining-industry/
GPBack (Peter) as i've not sent any threatening or abusive emails to anyone including you, i don't think you could quantify me as "scared"
i would also like to remind those who seem to have fogotten that the proposal which was due to be submitted for Phulbari development has yet to reach the government. Why is that do you think?
if i were a government minister i would be looking at key issues like: (1) who is paying for the build (2) are they sustainable as a company (3) what cost will the coal be to the government. GCM fail both points 1 and 2 to date, the chinese won't pay for it all and GCM doesnt have enough money to continue as a company never mind find £2b+ it needs for its part of the build costs.
Thoughts....
Fusion98
Sheikh Hasina isn't quitting, but as she has been in power since 2009 and not made one jot of noise about GCM's specific project that was good i doubt she would be inclined to destroy her reputation as this is her last term. I have no evidence of this but I don't know of any premier that has tried to implement such a diverse policy (excluding thatcher and the poll tax) so close to the end. If Joy becomes the party leader then she will be his guiding hand for many years to come.
I bet Xcite thought that the Chinese were going to push their project through, they too had the same mou with a state Chinese oil firm and look what happened to them.
I just see any movement on this specific project and the power stations already being built will require own coal from the other fields already publicly announced of being current and future development, i think this is what the minister for energy was referring to.
the phrase was "The economy, stupid" which is often misunderstood or taken out of context.
while i think this is a much needed boost remember he is the energy minister for the current PM who has shown no interest in upsetting her legacy so close to leaving. Once she has gone this may proceed, but then the party in power may loose the following election, think how conservatives imploded once thatcher left. It all depends upon how much real power the PM holds within her party, are they part of her team in which case they may continue, or are they yes men in which case it will result with in fighting. Don't know much about their politics but its obvious to a blind man that nothings going to happen until the PM leaves.
I have shares here and reading this, i've written them off. RKH needs money and investment from Premier oil to proceed, they in turn owe more than £2b in back pay to investors. To pay this down they will sell prospective and current assets to reduce debt, RKH for which they vastly over paid for will be one of them.
https://www.telegraph.co.uk/business/2020/01/04/premier-oil-hires-rothschild-2bn-debt-battle-lenders/?li_source=LI&li_medium=li-recommendation-widget
Fusion98
I bought in on Friday at 212 and seem to have got it right for once. I see the investigations ending in either a fine or simply ending in no result even though there are three of them going on, so something smells at Glencore.
I will sit and wait this one out, resources are cycle products and sooner or later they will be in favour once again.
Fusion98
While i am invested here I can't help but notice that large investment firms, HSBC included, have been badgered by climate change groups to stop financing coal projects. Most of the institutions (HSBC not inc) have acknowledged this and have stopped financing future projects, mines and power stations. Lender of last resort is coming soon and the terms will NOT be favourable.
GCM is down heavily due to financing concern and not for the project but the going concern for the company to remain. We have been here before but POLO had a lot more cash at the time. Polo is the lender of last resort, think about that for a moment. Only once financing is resolved (if) will the share price rise. As for Tang not taking his options, why would you personally invest heavily in a company that may not exist in 24 months time? He is obviously concerned or he would have bought them already, 100% of zero is still zero.
Company directors and government ministers have fallen for this trap numerus times (DeLorean plant in Northern Ireland is a fine example) Ok so we've spent £5m only another £2m, ok now we need another £3m but we have spent £7m already and I’m not losing that. Ah we need £2.5m but I’ve spent £10m so it’s only 25% more......
Eventually the penny drops and they realise they are pouring money into a scheme that either never happens or is badly managed. In GCM's position it’s the latter. When Dattles was running the show, he invested wisely with POLO money and made returns and special dividend payments every 2 years or so... What’s Tang done again apart from destroy the share price, made lousy investments, and turned both companies future into a single bet on Phulbari - 2/10 back to school.
-----------------------------------------
The man who knows more than any one is still backing GCM with his own money.if this is not likely to go ahead or be sold he would not be putting another 1.2 on the table.
Working alongside PowerChina, GCM's team has prepared the documents required by the Government for approval of the initial 4,000MW power plants
---------------------------
Prepared..... not submitted (due Jan 2019)
Only a year late then.
So we had better tell Caterpillar in Leicester to stop manufacturing diggers then?
$6.1b turnover company too
--------------------------------------
If it wasn't for Thatcher for distroying our manufacturing industry ,we would still probably be exporting products around the world, and a world leader. Instead she wanted service industry, hence we have no high skilled, world class leading workforce
Johnson36, you missed the point totally. Its nothing to do with the size of a country, its got all to do with proving, and there are multiple examples, of why governments should not be involved in running companies. Companies have a board of directors and a CEO who has the final say, governments are run by inept, arrogant, sheltered lives attention seekers which is why it take nearly 300 of them from both sides of the house to pass laws in the UK. Turns out Australia isn't that different.
--------------------------------------------
I don't get how you can compare a vast country like Australia to the the U.K. when it comes to nationalising broadband - johnson36
Jazzers,
Genuine question, Under what circumstances do you think GCM would see a penny if GOB decided not to proceed with the development plan submitted, sorry discussed for submission in Jan 2019 which has yet to be submitted in November 2019?
GCM are a private enterprise, apart from paying for a license that allows them to prepare for development they have nothing. If GOB remove the license then GCM will have had to have broken the rules, they haven't. Ergo no payout.
The question you should be asking is "what going to last longer, the GOB decision making process once submission has taken place OR GCM liquidity status?"
China wont hang around forever without movement and GCM can't loose £1.3m a year forever either. The GOB have proven over the last 14 years that coal can remain in the ground as long as it suits them.
Fusion98
Try googling Broadband in Australia who pay per MB downloaded, can not access specific sites, cant get speeds unless in cities, had a government that nationalised Broadband and make a total **** of it. Now they install copper and fibre depending upon where you live, no better than before only now its costs a lot more, takes a lot longer and is completely under funded making it next to useless. Yer great idea.
Oh, and would you pay 3p to 5p extra on income tax to pay for the roll out of fibre which will take decades? Instead of saying Government money, replace those words with Tax-payers money, which is the truth as Governments don't have any actual money.
---------------------------------
Free high speed broadband for every household in the UK is not a pipe dream, it's actually achievable with investment and the ability to recruit the best staff from around the globe. - David773