Member Info for LivintheDream

Takami, tell me about, they told my wife it is because they haven't had the money from from GLEN, I assume when Glen pay them and it converted to GBP, it will be at $1.07!!! I have already fired off an email on this and the poor FX on her Rio dividend

Just watching on bbc 2 simon Reeves in south america, illegal gold mining in Peru, 3 miles above sea level, minus 40 in winter, toxic water supplies, no law enforcement, average life expectancy of 35 years old, absolutely desperate......I won't be moaning at work tomorrow, for sure!!!!

The general market pattern at the moment is a few weeks of no bad news, which lifts the market, then reports come out on rising inflation and interest rates dumping the market to lower than it was before. When inflation and interest rates have peaked, I am hoping that will be the trigger for the markets to produce a sustained rise.
At least it us a good time for divis being paid out, strong dollar, cheap shares....

Yes, I agree I got a bad deal with the Rio tinto, and I may ring Halifax for an answer, not that it will change anything. Fortunately, my Rio holding in considerably smaller than my Glen holding.

David, I've just checked the numbers again and the exchange rate equates to 1.1328. I can only assume that GLEN pay my platform interactive investor in dollars, and ii convert it to GBP on the payment date (I did request it in GBP). However, I have checked my rio tinto dividend, also paid today in my Halifax account and they have converted the 267 cents p/s payment at $1.20, so it seems that some platforms are choosing the exchange rate (guide rate v actual rate) to suit. Has anyone else noticed this?

David, I'm not sure if the 1.1489 was a guide given a week or so before the payment date, OR the actual exchange rate used on the day of payment.
I did notice that the exchange at midday today did drop to 1.123 and so assumed the 1.1489 was a guide. I will check again, but dividing the payment by the shares held gave a figure of £0.21186 per share.

ii have paid out, exchange rate was 1.1328, so got a little more than I was expecting.
Halifax haven't paid out on glen, but paid out on RIO

Do we think it is the buybacks shoring up the SP or the rumours that Elon might be taking a look?

More likely he'll having his plums peeled in Moscow by angry Russians!!!

I sold out yesterday after reading the RNS, taking a 50% loss. There is a lot of optimism on this board that copper will to $4.5+ and thus the SP is oversold.
I can't see any copper anywhere near $4.5 until energy prices are reduced. High energy prices kill growth and investment. Interest rates are rising, so restructuring the debt will not be on favourable terms.
We are about to enter a global recession and so I would expect copper prices to dip unless the chinese economy has a continued growth phase.
I hope copper does rise as I hold several other copper stocks, and will accumulate divis, and build a cash position for the next few months.
It was shame as they have a great asset, but poorly managed.

so 1.1489 is the exchange rate.
Bumper dividends
Bumper exchange rate
Perfect timing - doesn't happen very often everything aligns...lets enjoy it!!!

Boark, i've not seen any notification, but last year the currency conversion was on 10th september, at $1.3845.

We should be getting a general progress update this month which should support the SP on the assumption that there is no bad news on delivery schedule and budget.
Strange that everything seems to be going very well and yet the SP is gradually dropping.
I am tempted to add further here, but may wait for the update.
I know other junior miners are seeing an erosion of SP in these difficult times, so probably sector related.

cambridge, I reinvested in glen in 2020 too with the view that glen will be at the forefront of the ev revolution and green energy drive. That statement is still true, but it will now take far longer to achieve due to the raging inflation and supporting the war in ukraine. The markets are starting to get the jitters again so maybe a good time to sell/reduce depending on your investment strategy. I will remain invested and bank the divis, ride out the next stormy 12 months and then hopefully onto better times.
Good luck with your decision.

There's a bit of chatter on the HZM board that Glen will take them out prior to production, circa 18 months, glen already own 9.8% and have a take off agreement for the first 10 years supply of nickel, this was crucial for HZM to secure the funding package to take them to production on the araguia mine (largest nickel in brazil)
HZM also have the Vermalho mine, same region, and this is EV battery grade nickel, but this is years away from production with no PFS or funding.....I can see GLEN securing all product from Vermalho, either through a take over/take off agreement.
The HZM share price has drifted down from recent highs and a take over price would be beer money to glen.

I topped up 5 weeks ago at £1, and saw it rise to £1.17, and thought that was the turning point.
I will add a few more next week, and have some divi payments due next month, so may add again if it stays low....on last RNS, a full update on Araguia will be published next month, so long as there no bad news, it could start to rise next month...it will be interesting to see if they are on budget given the global rising costs....

At least the debt was reduced during the low interest rate period and I rather hope the debt will be cleared during this next trading period, unless the money can be put to good use and add value to the company elsewhere.
Overall, I think the management have struck the right balance with debt management, divis and buybacks....2 years ago it was $22b mcap with $19b in debt, no divis and mired in scandals.

Eadwig, you have raised some good points on your post, but it shouldn't be forgotten that approx 2 years ago, Glen had $19b in debt with several investigations hanging over them, so debt management was prioritised over high dividends, hence, this may have been one of the reasons for the lagging high dividend yield to other miners.
Debt is now at 2.3b, so not so much future (lower) revenue is required to service the debt and should not impact the current /future yields by too much, but appreciate they could be lower based on global forecasts.
Also, as you pointed out, coal prices must drop away at somepoint, but the climate change agenda will become even more critical and should accelerate the ramp up for green metals.....well heres' hoping!!!!

Lost sanity, thanks for answering my question, and i guess its another reason why buybacks are unpopular.

I am assuming the shares from previous buybacks will also acrue dividend payments, which pressumably will also be held in the treasury. Is this statement correct? if so, a nice little earner!
P.S I bet Ivan is rather pleased with todays announcement.