The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Spindok, Progress in Spain eh? :) Good luck mate, was a long time coming.
Salamanca, OK, muchos gracias. Mantenernos actualizados. saludos
Managed to find the reference SALAMANCA provided. He has highlighted point g) in the Mining Act as being relevant, which seems to indicate a legal issue with 'title' or status of the land as being 'free land' at the time of application IMO. Worth checking out with the company I would have thought. articulo 105 del Reglamento General para el regimen de la mineria http://translate.google.es/translate?hl=en&sl=es&u=http://noticias.juridicas.com/base_datos/Admin/rd2857-1978.html&prev=search Apols if I am interpreting that wrong but that is what it looks like to me. GLA
Is sometimes not very helpful. 'For having made the request when the land is not registrable or not there is free land settled upon its execution' Better it be translated by someone who is qualified. Man beats computers still in 2014, be that Spanish or English man. Uapraiz, I am sure will provide a better translation but looks to be a further legal niggle to work through to me.
Evening mate, Did you miss the downgrade from 'imminent' to 'shortly' or 'within weeks'. Surely can't be much longer but needs to be in before the Junta's xmas party? Empirical, check the updated snippet in the last Company Report, ORM understand that the review has been completed but the outcome has not been communicated. ORM have said all the paperwork is with the Junta and recent clippings in the local Spanish press seem to point now to an outcome 'within weeks' or 'shortly' depending upon your translation/ interpretation i.e. still non-specific, so could be anytime but hopefuly not as long as 'imminent' LOL. If you go to page 2 or 3 here you can check the links to the Spanish press and Granto's translation.
Despite weakening oil price. Top stuff CAZA
took the in a 'few weeks' from the email response to the poster on iii. As you say, can't actually see that in the reports either. Local elections all across Spain being held in May 2015. Better to be before that.....!! Some Spanish newspaper report today gave news on EMED's Rio Tinto project concession being held back to coincide with that timeline, investors there not best pleased. Good luck
Taken from a post on iii feed icon dyfiman 16.41 CONTACT WITH MANAGEMENT Hi all Ormers......... have been as frustrated as everyone else over the permit delay and decided to get in touch with ORM management. Decently, Mr Kerr took the trouble to reply... as outlined below so I thought I'd share his comments. Mr Kerr "Ormonde Mining Plc. Attachments14:39 (1 hour ago) to me Dear xxxx, I understand your frustration with the time being taken to issue the mining concession. We understand that all the documentation is with the Junta Regional Mines Department for their final approval. To this end, we were encouraged by some recent Spanish local media coverage of an interview with Tomas Villanueva, who is both the Regional Minister for Economy and Employment (who’s brief covers the Mines Department) and Vice-President of the Castilla y Leon Region, on matters in the Region, where he refers to the granting mining concession for Barruecopardo in “a few weeks”. I have attached a couple of the relevant parts of the Spanish articles and an internet English translation of such. Links to some of the actual Spanish articles are: http://www.diariodesoria.es/noticias/castillayleon/economia-empleo-concretara-plan-industrial-destinara-378meuros-financiacion-empresarial_26444.html http://www.20minutos.es/noticia/2276731/0/economia-empleo-concretara-plan-industrial-destinara-378-millones-financiacion-empresarial/ We are therefore hopeful of developments shortly. Regards, Kerr.
+ increased reserves, out now. Hope this starts to kick on baby brother GDL. Good luck all holders
o/t there was a share tip for WLFE in the Mail on Sunday this weekend: http://www.dailymail.co.uk/money/investing/article-2798458/midas-share-tips-update-wolf-leaps-backers-dig-deep-start-tungsten-project.html
Sure you are right mate. May have contributed to the delay in getting the Environmental sign off part?, or just idle speculation. Good luck mate
A little bit of Spanish guitar, recall why you are here: http://ormondemining.com/en/news/media_coverage/22
Surely soon... I did speak to someone at WRES some time ago about length of permitting given ORM's experience - seems Spain is very different from fiefdom to fiefdom. Extremadura Junta were not slow to support La Parrilla licence but EMED for example has faced slow progress with Andalucian Junta (so hot down there the siestas must be legendary). Anyway, they reckoned the close proximity of Barrecupardo to a National Park could account in part for the authorities delay, that mind you was before the recent legal shenannigans. Don't know how 'on the button' their view was as don't recall seeing anything in ORM RNS about that previously or in fact recently. Anyway, good luck mate, I keep 'em peeled here myself
But not much, pegged back a tad but all current movement pretty much irrelevant, all about the next news on this one. Has actually been remarkably resilient in this market given the wait for news IMO. Don't know if this has been a 'leaky' share previously but see no sign of it being so atm. GLA
Goes up on buying pressure :) 2 trades in 2 days 1 buy yesterday and popped up 2.49% 1 buy today and popped up 1.08% In a difficult market, that is impressive performance, hope it continues for holders. GLA
'Further announcements will be made in relation to the Mining Concession without delay following developments' I thought that phrase was a bit strange too, just the choice of the words 'following developments'. Why not just say 'following sign-off by the local Junta now that the legal process has been completed in ORM's favor' or specify what the 'developments' are? Maybe reading too much into that? GLA
According to a poster on ii (in Spanish) who looks to have had intel on the recent legal process completion, here's the Google translate version: I was unable to confirm whether our license be granted at this meeting of the Board but if I've learned this: The Territorial Committee on Environment and Urbanism (CMAU) of Castile and Leon Salamanca, examine the next Tuesday, 30, two applications for special authorization Berkeley for use in Villavieja Yeltes and Retortillo for installation and operation of uranium mines open, including a plant for the production and processing of uranium, classified as radioactive facility 1st category and also for the transport and storage of waste radiactivos.Saludos I guess not too helpful
Interesting reading today, I'd guess they have about £1m in the bank currently so no immediate placing required provided licencing turned round in a reasonable timeframe. RNS also provides clearer proof that the bond funding being sought is not going to cover the full costs required to get ORM to production. I personally thought the use of the word 'eventual' was weird (maybe nothing in it) - but perhaps there are a further conditions/ hurdles yet to clear for the bankers? Perhaps less is going to be available by way of bond funding than the E50m they were seeking? as I see the E50m figure did not appear in the Interims. Best case - JV has already been teed up with partner ready to sign on once (if [sorry]) licence in place for the balance of (assumed E20m required). Could even be Noble that commits to a slice? (just guessing) Although that may put Ormonde completely in their pocket, given they are the takers of 100% of Ormonde's output for 1st 5 years? Also possible that there will be less than E50m from bond funding forthcoming given the language used in the RNS today about challenging finance conditions etc. Clear that a JV is one option and best for current holders in terms of minimising dilution but that the company is looking at a range of options, so still quite a large risk of further equity dilution it would seem? Anyway,just my thoughts so feel free to ignore - good luck to all holders here.
shares here I'd sell them, very profitable short trade, was 'free money' from 350p+. Thank BG for the added impetus to the downside. Ex CEO sales next? No-one but the prior owners and Directors are in profit now and the prior owners look to be selling down. That is going to affect sentiment big time. Chart is pointing one direction only and quite firmly.