Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Part of my email, sent on Monday ....
Firstly, can you confirm that the initial shipping up to US$ 10million in gross profit has already been completed as you state that this would be from 2-3 shipments and you also state that the 3rd shipment has been completed in late May2021. If it has been then why has there been no RNS confirming this given that 3rd shipment was nearly two weeks ago?
Secondly, you state that shipments after this initial shipping will be under the settlement agreement which I assume must be the 4th shipment as you state the initial shipping would be completed in 2-3 shipments. You also state that the 4th scheduled shipment is at the end of June 2021. Therefore, can you please explain why according to the port authority website (http://www.docasdesantana.com.br/index.php/operacional/programacao-de-navios#navios-cais-1) there is a carrier called Marlin V which is owned by Dev currently due to set sail today having been loaded with Iron Ore?
I'm sure you can imagine it has been a frustrating year for shareholders as you have been reporting closure with the banks for a considerable time yet nothing has materialised. Your presentation has just caused even more uncertainty given what people are seeing at the port.
Thank you for your email, and thank you for your continued support as a shareholder.
In regard to your queries, we will report details on shipments of iron ore to the market as and when they happen. For future guidance in this regard, we recommend that you follow the Regulatory News Announcements provided by the company.
In addition, further financial guidance in regard to profit targets or margins achieved will be provided via the Regulatory News Announcements from the company.
In regard to closure with the banks, we are negotiating with several different banks, all in different time zones, which has presented some logistical challenges. Nonetheless, we are working to complete this as quickly as we can, and will report any further progress to the markets via the Regulatory News Announcements provided by the company.
Yes appreciate the point from the courts stating 4 but why had Kiran stated 2-3 in interviews and in presentations if it’s always been 4?
As his interviews and presentations have been after that court ruling I assume that is more upto date based on possibly lower costs than originally thought and price of ore going up - surely Kiran would know more about the profit side of things than the courts?
Agree, I believe seeing another boat scheduled in and confirmed on the port website for Dev before the end of June will be promising, unless of course they are shifting something for someone else at the moment whilst they wait for the deal to be done. If that is the case then we have to continue to wait for an RNS from cadence or at least a verbal update as opposed to a presentation just added to their website
They stipulated in a presentation that a 4th boat wouldn’t be until the end of June and that it would be under the banks agreement- surely if Marlin V was the 4th boat and it was under agreement they would have to RNS that straight away as it would have a material effect on the company and SP.
So I’m sticking with the deal is not done and a 4th boat that is applicable to kdnc is not until the end of June and that’s only if the deal gets done.
Plenty of story left in this one yet
it would wait until tomorrow to go back down, but it couldn’t even manage that.
Guessing we will be back at 27p pretty soon tomorrow morning
Still nothing about Marlin V from the BOD which I’m taking as it wasn’t really ours and the presentation was correct - so boat number 4 due end of June then and only if the aligned banks finally sign or the unaligned banks are forced to by the courts
Just ignore iamrich - all he says is that an RNS is just around the corner, or within two weeks blah blah blah - says nothing else.
He made me laugh yesterday though when he said people were getting too excited about a potential RNS - this comes from someone who has been predicting it every two weeks since august last year.
Like all of us he hasn’t got a scooby do!
As far as I am concerned this is still just as likely to fall flat on its face as it is to get over the line!
I stumbled across a tweet from a couple of years ago from Alan Green congratulating the BOD on a deal with PREM - how did that one work out!
Guessing no news is coming so back down by 6-7% tomorrow
So looks like the June presentation has an error, but what was the error - the date of the 4th shipment or the point about the 4th shipment would happen after bank agreement?
Clarification would be good from Kiran
http://www.docasdesantana.com.br/index.php/operacional/programacao-de-navios#navios-cais-1
And so the never ending story continues.....
Guessing the SP will draft back down now during June given there is no boat scheduled until the end of June and that depends on whether the banks agreement is sorted by then which given India still has its covid problems I doubt... unless of course they are just using that as an excuse to hide the fact that they have not agreed in principal and are not aligned with the banks.
I said back in Jan nothing would happen until August, not sure even that is likely at this rate ..
Iamrich, how many times since Jan have you predicted an RNS within the next few days, week or two weeks?
.... for the third shipment?
Let me guess .... they are so close to announcing the bank deal they are just holding it back so they can release it altogether either within the next few hours or first thing on Tuesday morning?
Clarification from the board! You mean the board that told us that the ore would be shipping in Dec19, that everything would be finalised by June20, that everything was agreed in principle in Dec21 and the one that said it would be 2-3 ships to achieve the $10m profit? I won’t go over all the other bull that’s come out of their mouths about other projects.
Quite frankly it’s a good job that ore pricing has gone through the roof otherwise last year we would have been shipping the stuff at a loss. So I suppose by some good fortune it’s a good job it’s taking so long to sort this out.
So when is ship 5 due? as that seems the important one now.
I’m finding all this quite funny ... I’ll tell you why
About 4-5 weeks ago Kiran said it would take 2-3 ships to get to the $10m profit figure. I’d like to think that Kiran pretty much knows the exact cost of these shipments and hence the profit, given his involvement, so why do some people think it could be 4 shipments when it has been stated as 2-3?
If it does turn out to be 4 and therefore Kiran has got his costs/profits wrong then god help us for the rest of the project with Kiran in charge!
Based on what has come out of his mouth in interviews recently we should get an RNS about a bank agreement before the 27th May or that 3rd ship may not be going anywhere and if it does then the 4th ship definitely isn’t docking at the port on the 29th unless the RNS lands on the 28th or 29th.
Crunch time is here, unless of course Kiran is just talking b***ocks
It’s almost over MrC ..
In an interview a couple of months ago Kiran said the $10m would take 2-3 ships.
Ship 3 is due to set sail in 7 days from now.
In an interview a couple of weeks ago Kiran said he expected the banks deal to be done by the time the $10 shipping is complete.
Therefore, by his own comments he has 7 days to get the RNS out.
... oh wait a minute he also said it would be done by June last year ...
And he also said a couple of weeks ago that it is being delayed due to covid in India .... why say that if it was going to be all done and dusted within the next 2-3 weeks when we have waited over 12 months already?
If it is being delayed by Covid then how is boat 3 going to sale in 7 days time if it means profit will be more than $10m? If ship 3 doesn’t take it over $10m how can ship 4 happen which is due in port in 9 days apparently and definitely will take it over $10m?
Whatever happens in the next two weeks we will see if Kiran has failed to hit his timescales again or whether at last he has achieved something.
I would like to think he actually delivers, but going on the last 6 years I’m not holding my breath.
I just wish we would start releasing some news to put us all out of our misery. I don’t recall an RNS for Mobileye like we have with Qualcomm and omnivision? It’s just a shame that if we are working with Mobileye why can’t we release a similar RNS for them? The same could be said for CAE and Renesas- You would have thought these companies would like to be linked with the market leaders in DMS - perhaps when it’s out there that we are behind Ford, BMW and Mercedes others may allow us to announce news due to FOMO :) especially if Qualcomm start announcing new wins inc with SEE DMS
Lewbo18 - you asked Glandore for a link - think this might be it - https://www.eetimes.com/cost-looms-large-in-dms-race/#
Thanks