Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
As per the schedule published on 31 March.
"It is the Board's view that this is likely to be the final submission required for approval and that this is likely to occur in the second quarter of 2021.
The South Australian Department of Energy and Mining actually requested further information again on the 18th May, SML have submitted their response this morning.
I’m still invested and luckily sitting at almost break even, plus I do believe the PEPR will eventually be granted, although I have a hunch, knowing how SML seems to operate and the S.A. Dept of Energy and Mining operates, then it’s probably more of an educated guess.
Just maybe it’s SML who are controlling the timing of the PEPR authorisation, not, the S.A. Dept of Energy and Mining, there are various ways of doing that, the request for further information dated 10/12/2020 is still outstanding on the SARIG site, or they could stall the bond payments which have to be covered before authorisation can be granted.
If what the BOD told us was correct (RNS 31 March), normally it would have been authorised within a minimum 2 weeks, maximum 6 weeks, JP’s statement that it is “likely” to be granted in the 2nd quarter has never made any sense, what he was actually saying was that it would probably be at least another 3 months, that just doesn’t stack up because he couldn’t possibly know that.
Why would SML want to stall the authorisation? It’s possible they needed the time to get the bond finance in place, or, even worse still they didn’t want the PEPR just yet, because they hadn’t sorted out any finance for LCCM. But if they are controlling it, that would mean they now know it’s a done deal which should make negotiating the finance a lot easier.
These are just my rambling thoughts while sat having a coffee in the sun. DYOR
I don’t have the answer, but how did JP know that it would be hopefully only another 3 months before the PEPR was granted? When normally after any “required info” is fully submitted, it takes on average two weeks for approval, one thought is the bond.
In the past, PEPR’s granted for the mountain of light required a big bond, they amounted to several hundreds of thousands of dollars, obviously until the bond is in place you don’t get the PEPR, just maybe!! JP needed the second quarter to get the money together, because we are not exactly rolling in money are we, but the chances are we will never be told.
The original town of Leigh Creek was sold off or demolished in 1982, Situated to the west of the northern Flinders ranges, the current town is 13 km further south than the original town—it was moved in 1982 to allow for the expansion of the mine. As a result, most facilities and buildings in the town are only a little over thirty years old, and with relatively modern designs.
I received another letter today from the Minister for Energy and Mining, the Hon Dan van Holst Pellekaan MP.
Part of which says.
Strategic Minerals Plc is still engaging with the Department for Energy and Mining regarding the approval process for its Program for Environment Protection and Rehabilitation that is required to take the project into production.
Also.
Should Strategic Minerals Plc achieve its approvals and its funding required to proceed to production, I am sure it will have a positive impact on the local community.
Not as much impact as his plans to demolish most of Leigh Creek.
Local MP Dan van Holst Pellekaan said the state government planned to demolish empty or asbestos-filled buildings, but leave some standing so the town could still function as a service and tourism hub.
Approximately 200 houses will be demolished, and they are essentially the ones that are not in a good enough condition to retain anyway," he said.
"The absolute minimum that will be retained is 59 houses, 36 flats and 29 vacant blocks.
The markets are usually right more times than I ever am, so I take it they know what they are doing.
I’ve never seen a PEPR that states “Not granted” because that would make the land worthless. Basically you tell them what you want to do, they then tell you what you need to do to achieve that, if you can comply then you get your PEPR, if not it stays active on the system, sometimes for many years.
Negativity is only someone telling you something you don’t want to hear.
Do you honestly believe that DVH.
They gave themselves 3 months to submit required information and still failed.
Then they tell us (in not so many words) that the PEPR will be granted within 3 months, how can they possibly give us a timeline on a process that they have no control over. "if" they have submitted all the required information, on average it normally takes the DOM about 2 weeks to grant a PEPR.
Don't forget DVH, that was released on the 31st March, yet they did not complete the information submission until the 8th of April, I was sent an email on the 6th April stating that the Govt had received "some" paperwork, but they were waiting for the rest of it, so I wouldn't put much faith in the Nomad.
According to the SARIG (South Australian Resources Information Gateway) website, the request for “further info required” made by South Australian Department of Energy and Mining (DEM) on 10/12/2020, has still not been submitted by SML, that’s almost a month since we submitted a reply to the 22/12/2020 info request and JP told us.
"It is the Board's view that this is likely to be the final submission required for approval and that this is likely to occur in the second quarter of 2021”
Obviously that wasn’t the final submission; there has always been another outstanding info request, so it looks like the PEPR is still sat collecting dust until they get their finger out.
Prop - Just to answer your question and give my overall view.
The method for seeking to "enforce" an arbitration award under the Federal Act, is to file a motion for confirmation in the appropriate court. That court must grant the motion and enter judgment on the confirmation order.
The “STAY” stops SMG’s court case for enforcement confirmation from proceeding, that is why SMG put in an appeal to have it overturned (which was denied), because without a confirmation order they have no real legal right to Brenda's assets.
The receiver did say:
He has taken note of SMG’s position and will take it under consideration in recommending a claims procedure to the Court at the appropriate time, when the Receivership has marshalled sufficient assets for a meaningful distribution.
Taken from the initial court papers last year:
Since the Fund's inception, Smith raised approximately $105 million from “at least” 40 investors, and investors are still owed “more than” $63 million in principal.
The amount so far retrieved is less than $10 mil.
As Lupi has already stated, the magnetite Brenda bought and collected has basically vanished, but the receiver's view of our claim is interesting, because we still have magnetite that belongs to Brenda as she paid for it, which in law becomes part of her assets.
Quote by receiver:
Upon information and belief, CVI did not actually receive any magnetite for which it failed to pay; rather, it failed to purchase the full amount of magnetite required by the PSA. It is further believed that some of the magnetite paid for by CVI was retained by SMG.
Dotcom - They initially lodged a draft PEPR in May last year, this was done to get feedback from the DEM (Department for Energy and Mining) before putting in a full PEPR.
According to the RNS dated 1/9/2020, the DEM had requested further information be submitted for the draft, but after consultation with the relevant government department and their own consultants, SML decided to turn the requested information they should have submitted along with the draft copy into a full PEPR.
In the RNS snippets below they talk about consultation with, and encouragement from the South Australian government to put in a full PEPR, if that was the case!! How come the DEM after the full application was submitted, then turns round three months later and requests a further two lots of information? It doesn’t make much sense.
Taken from RNS Dated: 21/5/2020
The lodgement of the draft PEPR is an important step to full re-opening of operations and producing copper at Leigh Creek. The general regulatory process for a licence to operate is for companies to lodge a draft proposal which is circulated to relevant departments within the South Australian state government. This process normally takes around two months and feedback is then addressed/incorporated into a final PEPR lodgement. Generally, the process takes around three to four months from lodgement of the draft PEPR to the granting of the approval.
Taken from RNS Dated: 1/9/2020
Announces that the planned lodgement by Leigh Creek Copper Mine ("LCCM") of updated information to accompany the draft Program for Environment Protection and Rehabilitation ("PEPR") with the South Australian government has been delayed by a few weeks so as to upgrade the submission to a full PEPR application.
Previously, the Board had reported that it expected to provide updated requested information to the South Australian government in a draft form by the end of August. However, after reviewing the information provided, and in consultation with the relevant government department it was decided to delay a few weeks and lodge the information as a full PEPR application. The Company's consultants have recommended this approach and the Company was encouraged as it opens the way for a PEPR approval before the end of the year, subject to internal South Australian government processes.
Taken from RNS dated: 10/9/2020
Given the level of detail reviewed in the draft submission and the encouragement received to date by the South Australian government, the Company feels confident that an approval will be forthcoming before the year end.
Lupi - The SARIG system was always updated daily until Covid hit, but I think it's virtually back to normal now, the info I put out last week was almost instantaneous.
When it's approved I think the info will be updated the same day, also, as far as SML is concerned that would be price sensitive information, hence it should appear on an RNS immediately.
What's not certain is the outstanding DEM information request dated 10/12/2020, from what I can see that request has not yet been fulfilled by SML, it may well be that SML lumped it together with the 22/12/2020 request, if that was the case I would expect the PEPR to be approved this week or early next week, but if the DEM is still waiting for that info, then it could be weeks if not months. The only people who can answer any of that is the BOD, don't think they are going to tell us.