Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
JDW - Re voting if a broker holds our shares in a nominee account, I take it we will not be on the register and able to vote and either require a letter of representation or the broker, whose name is on the shares, appoints us/yourself as a proxy or alternatively have the broker submit a proxy vote. I am happy to vote against with my 4.845m shares. However not too clear or I may be thick, as they said that the only proxy was to be the chairman and will this effect our voting rights through a broker?
Hope you are well.
bcl - Just over breakfast earlier on I was sitting here contemplating things and thoughts turned to Benga with our increase in land and the binding term sheet signing, which were at least half encouraging in a time of news scarcity, and in so doing I wondered what the LC project review would produce. I concluded that perhaps the Bots project would be the one to get ditched with LC favouring MCPP, but perhaps your thoughts are more appropriate and both Bots and MCPP will be overlooked and disposed of, so they can concentrate on getting the other two over the line, hopefully.
How quick things change with LC, since we had the 4th Feb shareholders letter indicating LC believed 2020 was going to be an exciting year for Kibo as they looked to deliver the present energy needs without compromising future generations. Oh well nothing changed on the decision making and disposal fronts.
The gold Morogoro went, Imweru eventually went after they reviewed it to make sure it was viable (it was also open to a possible amalgamation with Lake Victoria gold), then the nickel went for peanuts and we became an energy company but with no energy, perhaps decision making has again gone astray, the project review will be interesting. here's to news on Bordersley
As yourself still sat here and only need a 22.4 bagger to break even.
Hope you are all safe and well
JDW probably right thoughts as the Kamuthi solar farm in India has a capacity of 648MW and is spread over an area of 2500 acres or about 1012 Hectacres. Surprised how much the build cost was in 2019 at US$740 million.
https://en.wikipedia.org/wiki/Kamuthi_Solar_Power_Project
Hope you are all safe and well.
Re Bordersley perhaps a reasonable target for the project is to get this one and the as many of the others where due diligence is currently being assessed, ready and fully commissioned such that they are ready to generate as required for the next round of winter weather and perhaps that may be the best target to hope for. However great if Bordersley is good to go 2/3 weeks after lifting lockdown however better still if we can increase to more than just the 5MW for the coming winter.
Well we did keep asking for an update and better than nothing I suppose but in reality no real news issued and in particular no reference to the Botswana agreements that were supposed to be signed by 20/3/2020. Interesting that Mozambique is stated as a project reaching an exciting stage.
I can't see much happening thus far, at least from a distance, wouldn't it be great to sit down face to face with LC and have a real question and answer session on where we actually are with these projects.
Re the selling of Imweru
Well I never did understand it and I'm still not too sure why they are selling Imweru and retaining Lubando. Yes the Imweru and Imwelo are adjacent sites, but previously we were proposing to sign an MoU with LGV to amalgamate the companies’ respective Imweru and Imwelo mine sites.
Perhaps they just need the money to develop the gold, but given they will be a gold producer in the future, is it not strange to get rid of Imweru. Imweru and Imwelo have a combined resource of 755,000oz of gold, whilst Imweru has 550,000 oz of gold with the potential to expand to 1 million oz, and Lubando has 168,000 oz, which totals 718,000oz or possibly higher gold content.
So what happened to this amalgamation? Strange that the Imweru site is good enough for LVG, but not for KAT /Kibo, why did they not go for LGV’s Imwelo instead as this may have been a possibility once they get the gold JV up and running.
Did they just want rid of it because the gold grade was low and the costs of the mining would be high compared to the gold tailings recovery? As I recall they were concerned about the costs and this was being assessed but can’t recall if they did a DFS. Anyway it appears to be a good buy for LVG but a meagre 1.5% smelter allowance for KAT.
Hope everyone is staying safe and well.
Again my posting crashed with an error message.
Strange my post at the back of 4pm is now displayed, but it wasn’t earlier, oh well you can see how much my brain contributed since then. I am surprised that there are not more duplicated posts. Sorry for the repeats.
Strange my post at the back of 4pm is now on display, as it wasn't earlier, oh well you can see how much more my brain was able to add. I am surprised there are not more duplicated posts. Any way sorry for the repeat.
bcl - Yes project news would be most welcome. I am starting to wonder here how it will all pan out as we appear to struggle these days to meet any sort of target.
In the 6 Dec 2019 RNS the last paragraph stated the following:
Accordingly, a series of agreements are being advanced between the Parties to implement the HoA. The first key agreement is the Shareholder Agreement in respect of restructuring KEB, which has now been finalised; this concludes the restructuring of the first Botswana subsidiary company, Kibo Energy LTD (Botswana). The remaining agreements are on track to be completed by 20 March 2020.
RE the agreements referred to in the above para, the 25 Sept 2019 RNS stated:
. It has been agreed that the consolidated MCIPP Resource will supply the PCP, the KP1 Power Plant and the MCIPP power plant with coal. The following commercial off take agreements will be signed to enable the above arrangements:
· Coal Sale Agreements with KEB to establish the MCIPP Resource as a secure and exclusive feed-stock supply of coal for:
o The PCP for 100% of its feedstock requirements (on the back of a binding Coal Supply Agreement already put in place by Shumba);
o The KP1 Power Plant for 100% of its fuel needs; and
o The MCIPP Power Station for 100% of its fuel needs
· Power Purchase Agreement between the PCP and the KP1 Power Plant for exclusive supply of the necessary 300MW of electricity to the PCP.
· Power Purchase agreements between MCIPP power plant and future commercial off takers.
Despite the letter to shareholder's by LC I just wonder how long it will take before we have good news re the coal and power projects.
Yes it appears that Bordersley will happen eventually, but they were not exactly at the forefront of early news reporting, were they, so easy to blame the pandemic situation, surely we must have had some progress worthy of reporting, yes, no? Also surely there must be something happening apart from the KIBO staff working and aiding the progress of work on KAT and if they are I hope KIBO benefit with an increase in their share of KAT.
I tried posting 3 times today and had umpteen 500 error messages and also can't run any youtube videos using Internet Explorer these days. I suspect I will have to capitalise and use Google Chrome.
bcl - Re Botswana, the very last Paragraph of 6 Dec 2019 RNS stated:
Accordingly, a series of agreements are being advanced between the Parties to implement the HoA. The first key agreement is the Shareholder Agreement in respect of restructuring KEB, which has now been finalised; this concludes the restructuring of the first Botswana subsidiary company, Kibo Energy LTD (Botswana).
The remaining agreements are on track to be completed by 20 March 2020.
A missed deadline.
Also re these agreements referred to above, the 25 Sept 2019 RNS stated the following:
It has been agreed that the consolidated MCIPP Resource will supply the PCP, the KP1 Power Plant and the MCIPP power plant with coal. The following commercial off take agreements will be signed to enable the above arrangements:
· Coal Sale Agreements with KEB to establish the MCIPP Resource as a secure and exclusive feed-stock supply of coal for:
o The PCP for 100% of its feedstock requirements (on the back of a binding Coal Supply Agreement already put in place by Shumba);
o The KP1 Power Plant for 100% of its fuel needs; and
o The MCIPP Power Station for 100% of its fuel needs
· Power Purchase Agreement between the PCP and the KP1 Power Plant for exclusive supply of the necessary 300MW of electricity to the PCP.
· Power Purchase agreements between MCIPP power plant and future commercial off takers.
So despite the letter to shareholders I wonder how long it will actually be before we have some good news.
Yes JD, strange that, surely there is no need to issue shares unless absolutely necessary and if there is a good reason, I hope we hear about it.
Also as Kibo's share in KAT reduces with dilution, to what extent are the Kibo resources being utilised to progress work on the Katoro and Blyvoor mining JV, such that KIBO actually benefit and so increase there share percentage of KAT. Or is it simply guileless on my part and that this work regime of KAT employng Kibos' resources is simply being accommodated by the eventual issuance of shares to the relevant staff/directors. Surely not!!!
Stay safe out there.
Well I'm still not too sure why they are hiving off Imweru and now retaining Lubando, when Imweru has 550,000 oz of gold with the potential to expand to 1 million oz, whereas Lubando has 168,000 oz. A while back they spoke about signing an MoU with Lake Victoria Gold LTD to consolidate the companies' respective Imweru and Imwelo gold projects, with a combined resource 0f 755,000 oz. as against the combined Imweru + Lubando resource of 718,000 oz and what happened to this amalgamation?
I can't remember if they completed a Definitive Feasibility Study on the Imweru Project, but perhaps they want rid of it because of the low grades of the gold and the involved mining when compared to the easier type of tailings production at Katoro.
Hope you are all safe and well.
The text.........but we are able to confirm that at the moment all Kibo's projects remain fundamentally sound and healthy. I assume he only means virus wise, but where do we stand progress wise on our projects, we were to sign Botswana Coal Supply and PPA agreements by the 20/3/2020, but no reference to that even.
Not sure what the protocols are these days, but when we tendered or promised or supplied a pending date for any type of work, or contract, if it could not be expedited accordingly, for whatever reason, the customers were, as far as I recall, also pre warned that a delay would in fact be the case and a future completion date was subsequently agreed between the relevant parties. This applied to commitments both externally and internally departmental wise and any assurance was inevitably met the second time around to save a fall from grace the second time around, unless of course there were exceptional circumstances.
The question is, is missing deadlines the norm these days or is it just us the shareholders who stump up and pay for the initial expensive high-risk shares that are excluded from the information loop and are invariably let down without reasons for these delays?
JD what is the inevitable, do you mean, the placing or when it does something?
Well JD the 20th March 2020 was the due date for the coal supply agreements to be signed and also for the PPA with MCIPP to supply future commercial power off-takers and also the PPA to supply exclusive power to PCP from KP1.
Will this be a missed target date again?
My wife just watched a facebook video re Majorca, where two Policia cars with siren blaring and blue lights flashing pulled up in a small street. The officers leapt out with a guitar and proceeded to entertain the locals with a cracking song. A nice way to help raise spirits in this testing time. Don't know if they threw down any Euros though.
Meanwhile Newcastle city centre was apparently a bustling thoroughfare yesterday and seemingly the parks and sea-side towns were also jam packed. Same in Australia where the Bondi beach was crammed.
Re ramblings FWIW I missed out a verse, so replacing the word today with 20/3/20 we have;
Yes 20/3/2020 was the agreement long stop
So surely this is the first to pop
With coal supply agreement and firm PPA
Hopefully news they’re all signed on Monday
Hope we have news shortly or whenever and that you are all well and continue social distancing.
My wife had her INR checked today at 10am and we thought as we were out we would venture in to Morrisons, absolutely packed, so we went to ASDA, absolutely jam packed. This virus does not appear to be a serious issue with people. Whereas in Los Cristianos it's all locked down with no bars or restaurants open and you are only allowed to go out singly for shopping, to the Doctors and Pharmacy. No signs excessive buying there and the shops are full of stock without any panic buying.
Back safe in doors after a very late breakfast and then we are out into the garden.
Our friend in Spain (Cala Honda) says she was at the Supermercado today and on entry there is sanitising cream and hand gloves for the public.
Sorry for the ramblings below but once I got started I couldn’t let go!!
Why can't we have a simple update
instead of just this self isolate
with no info in the pipeline
No matter, no share money, but at least I’m fine
Any progress update would do for us
I hope LC hasn’t missed the bus
4 solid projects and where do we stand
This lack of news is getting out of hand
So self isolating is the name of the game
It’s really quite easy and you can do the same
Don’t panic why is there this need
To buy like hell, your aff yir heed
Any news forthcoming is probably news of old
At least with KAT we have all that gold
Imweru and Lubando were they not worthy of a try
It appears they’re gone; it makes me cry
Four solid power projects in a row
Good news sometime, LC told us so
Which will be the first to break
Mbeya, Mabesekwa, Benga or MED earthquake
In Tanzania our flag ship was MCPP
Cancelled in pref to the Stiegler Gorge we see
It’s a shame they’re ignoring the environmental concern
Perhaps some folk just never learn
A dam only fills when it has rained
And without that, the power’s restrained
So in dry periods what do they do
Ration power to people; in Mbeya too?
MCPP alive again after that JP Magafool
Allowing us to export to the S African pool
PPA news would do us all a favour
Even a price increase that we could saviour
Yes Bodersley Power is delayed down in Liverpool Street
For now the Corona has got us beat
But AB Energy will surely come to the fore
Commissioned and generating as soon as it’s out the door
On Mabesekwa 85% was Kibo’s share
We now have 2 power plants and a coal supply to a PCP there
Income from three revenue streams
Could be wrong and it’s in my dreams
As I recall the longstop date
Was today so not yet late
Reported as the tipping point by LC
I suppose we will just have to wait and see
Now there is also Benga in Mozambique
We have 65% which is not unique
Renewables to be added, solar or a storage pack
To provide the PS internal energy slack
So just a few thoughts on where we are
Hopefully shortly we will see the star
Which of course will be correctly aligned
With a few more contracts that are signed
Stay safe and healthy and have a nice weekend.
Well if they cannot get the Company name spelt correctly and keep misspelling it, what chance have we got with Africa. As far as I recall the planning application details looked like they at least referred to a gas power generation plant site, so that's promising and hopefully no corrective action, re-appraisal or continuance of additional planning changes are necessary there, hopefully.
According to LC we have 4 solid projects, so come on LC let's have an all project progress report even at least to inform us of what work is currently being addressed on each project if nothing else.
The measures you mention, especially if we are not earning, i.e. reducing salaries and all overheads, would be most welcome to all of us in a time of need. If we are not advancing any work on any of the projects, then there must be scope to reduce the working week for those involved. Project wise we just don't know what the situation is and the last RNS must surely have been prompted by your comments on your site visit. We worked a 3 day week years ago and when times are hard you have to tighten your belt. Surely it is applicable to reduce staff hours such that they work on a need to basis and as such simply work as and when the work requirement is there. Thus a saving on working capital. It has to save something and some of us have already asked the question, what are they getting to do if we have no progress being reported. On the other hand, if all staff are working flat out perhaps we can anticipate an abundance of exciting transitional news to come, who knows!!!
Are they all working on KAT? Interesting to see how much the Kibo % share of KAT will have gone up with any of the work Kibo are performing on their behalf. Unless of course they are getting paid in shares from KAT when Kibo should be benefiting from such work agreements.
They have gained with their warrants, so why not take a voluntary salary cut, it would have to be done if you ran your own small business and had no appreciable income arriving week to week. Yes of course they would want to be paid in shares, but when times are hard, why not implement part time working if it is appropriate.
Stay safe and healthy out there, we are self isolating here.
No Tenerife this month as the flights on 25th March were cancelled. All locked down there. However it brought a smile to our faces when we saw a video on one of the Hotels where a women went into the pool to swim and the security guard undressed and dived in to eject her from the pool and promptly handcuffed her. Maybe he fancied her!
As ever P, P and P
It would be nice to have the opportunity to invest, if you have the money, and if you could double your share holding along with warrants I think I would even consider a loan as it would certainly reduce my almost 5p average. Of course this may be a problem with the in house treasury dept. and I don't think LC would do this for us, LT sufferers, of course I may be wrong. He used to thank you for his support but nobody appears to get a response these days. Looks like a dream and I am not holding my breath either. Perhaps I should ask LC for a loan he has plenty dosh. bcl - the SP may get to these levels all on it's own.
If we have fund raising, I know it won't happen, but would it not make a nice change if we had some significant and excellent project news and a resulting higher and stable SP for any potential placing. In the meantime , All I Have to do is Dream, Everly Bros.
So true JD when you see the misery and hurt that this virus is causing.
However in the 4th Feb letter to shareholders LC did say something about MED, remaining on track to commission it's Bordesley (spelt Bordersley) peaking power site, implying to me it was still on for a completion by the end of Q1. He must have had an inkling that this was not going to be met and issued news rather than making an announcement after the scouts arrive for a Captain Cook of the site work.
Oh well hey ho, as always it sounds positive. I did like the reference in the RNS to the comment '......simultaneous development of more than 20 sites from its prospective "shovel ready" portfolio of sustainable power generation assets in the UK', so perhaps hope here!!!!!!
Great if the funding was forthcoming as it should not take long to construct a 5MW plant on site. I can't remember what they said, but one assumes that we still have the rights to participate in the Capacity market auction, having pre-qualified for the right to participate in the Capacity Market auction to win a 15-year capacity market power contract.
As I recall workmen told dsrt2012 that the ground work was done, but that the site was not at Liverpool Street, but near where they are building 300 homes, so if it's not there, where is it?
As ever P, P and P