George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
News out - Solar valuation update and next steps
What I like about selling the coal asset as opposed to chasing the power plant project with China is the following;
- The area has proven & significant coal resources (Between 2009 and 2013, roughly US$40m was spent proving up the potential of the project with 78,274metres drilled over 524 boreholes delivering a classified JORC coal resource of 4.0 billion tonnes).
- Coal at all time high price with the worlds power needs V ability to supply is in a mess for the foreseeable future.
- A competent persons report backs up the numbers (Mr Stewardson and Mr Andrews)
- There is excellent infrastructure to move the coal to major cities and coal export hubs (benefiting from two existing export coal rail corridors)
- The project has been given all the relevant government consents, although they will need updated and approved again.
- Ncondezi taking this new tact will force the hand of China one way or another, either sign up to the powerplant project or remove yourself from the equation.
Not bothered either way, we have a huge proven resource in the ground, and it is time to monetise it.
Competent Person’s Statement
The information in this RNS that relates to coal resources has been reviewed by and is based on
information compiled by Mark Craig Stewardson and Gavin Stuart Andrews of Mineral Corporation
Consultancy (Pty) Limited. Both Mr Stewardson and Mr Andrews are Competent Persons who are
registered as Professional Natural Scientists in the field of Geological Science with the South African
Council for Natural Scientific Professions, a Recognised Professional Organisation included in a list that
is posted on the ASX website from time to time. Neither Mineral Corporation Consultancy (Pty) Limited
nor any of its Directors, staff or sub-consultants who contributed to this resource estimation has any
material interest in Ncondezi or in the assets under consideration.
Both Mr Stewardson and Mr Andrews have sufficient experience that is relevant to the type of coal deposit
under consideration and to the activity being undertaken to qualify as Competent Persons as defined in
the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code). Mr Stewardson and Mr Andrews consent to the inclusion in this RNS of
the information based on their work in the form and context in which it appears.
The JORC Code sets out minimum standards, recommendations and guidelines for Public Reporting of
Exploration Results, Mineral Resources and Ore Reserves. The information contained in this release has
been presented in accordance with the JORC Code and references to "Measured" Resources are relevant
to that term as defined in the JORC Code.
A Competent Person’s Consent Form dated 18 May 2015 relating to the Ncondezi 2014 Annual Report
and Financial Statements is held on record by Ncondezi. There have been no changes to the coal resource
estimates since 18 May 2
So no market reaction as yet to the 16.09 update regards convertible note being finalised and looks like we get update on the Solar feasibility study by end of month.
Don't want to think about it - there would be one or two of us on here that would have been worth quite a bit if he had brought us back to the market and didn't sell our producing assets. Hey ho.
Particularly like the charge for strategy & planning - 36.6 hrs @ £599.06 p/hr = £21,326.50
Wonder what unique Strategy they came up with for HALO ?
Not that it matters to much to us but I love the hourly rates that the administration Company is charging, on average about £450 p/h.
For the 1st 6 months they have racked up £206k in costs.
At that rate they should consume just about all we have in the bank by end of year .
Drill8, I see that you managed to get a hold of the Annual Report & Accounts, specifically the risk factor section. So if you read though the full report and PRs this year you will know as much about the Company as most on hear. Happy reading.
https://www.ncondezienergy.com/regulatory-news/
drill8 - and your point is ? All companies list there risk factors in their annual report. If you only read those pages in isolation when analysing that report, you would probably not buy shares in most companies especially the AIM market and in particular mining stocks.
Drill8 - what is your agenda on this board ? - how many times are you going to point out political upheaval in Mozambique ?
LT Holders have known about this situation for many years, it has been brought up with management at Investors webcasts. The Company would have to release a RNS if they considered any resurgence activity potentially impacting on any of the projects.
So Is that a no or yes Antofelli - are you a believer in Mr C or not ?
The way the world is going we might not have another 5 years.
antofelli, your obviously in a very defensive mode today - I was just trying to establish if you believe that the current events that you see happening with shooner (I take it under the leadership of MR C) are going to ultimately benefit (financially) HNL PIs ?
Can I ask one thing - do you actually believe that Mr C is currently acting in the best interests of HNL PIs and is going to going to complete some amazing business deal that will benefit the PIs over the coming months ? i.e. bring the Company back to trading or give us some sort of windfall payment.
Hi Antofelli, great to see you at top of the board again.
It is extremely rare to see a PI so positive about a CEO's business/commercial abilities/activities that has just put a Company into administration in the way in which he did and then disappeared off into the night or should I say America.
I can only surmise that you must either know more than we do about the current situation or are delusional about it.
Can I ask one thing - do you actually believe that Mr C is currently acting in the best interests of HNL PIs and is going to going to complete some amazing business deal that will benefit the PIs over the coming months ? i.e. bring the Company back to trading or give us some sort of windfall payment.
Cheers
First time I have visited the board in a while - very unusual not to see antofelli at the top of the board with the last comments. Maybe on holiday. So are we waiting for the 22nd to see why the Compulsory strike-off action has been suspended ?
Very childish Bugboy - what you don't get is that there is very few long term shareholders left (not on this message board), the ones that are still here like myself couldn't give a toss about comments from rampers or de-rampers like your self. Have fun with your veiled activities.
Burgerboy - very aggressive attitude you have there, do you own shares in Ncondezie or do you just go about message boards stalking rampers ? Unusual pastime unless your motivations are veiled.
So Burgerboy and ian12, who sent you guys a long ? - you say Sharebel is a pathetic ramper does that make you 2, pathetic de-rampers
Ncondezi Chief Executive Officer, Hanno Pengilly said: “The proposed restructuring terms provide the
Company with a potential non-cash solution and protects existing working capital. The loan conversion terms
are considered attractive versus other refinancing options currently available to the company. The restructuring
follows positive progress on the Company’s solar power initiative which we look forward to providing a more
detailed update on in the near future.”
Good news on the loan restructuring and looks like they will be updating (positive )on new solar project pretty soon.
This is the 1st negative post I think I have written - all I see is more and more dilution, between this current share deal and previous share issues and all the associated warrants that have given out, we must be in excess of 1 billion shares If everyone exercises their warrants. We accumulate more and more land which in turn increases the cost burden to prospect/drill that land, which requires more and more dilution. The PIs that bought in to the Company 3/4 years ago like myself, I bet didn't see this coming. I certainly wouldn't have went anywhere near the stock if I new this was the direction we were going to take, I bought in to the KSZ with the potential to find a Norilsk type deposit.
Apologies if I seem a bit ****ed off with being 60% down on my investment but I don't believe that the current direction is for the benefit of the original investors and I am bloody sick of averaging down in stocks because you never know where the bottom will be and how much more dilution is in the pipeline - only our illustrious CEO knows that.
Anyways I hope he has some serious partners with deep pockets lined up or the SP is going to keep heading south.
They did publish year end accounts & annual report on the 27.06.2022