The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
This confirms the 42 day public consultation requirement.
https://www.falklands.gov.fk/mineralresources/regulatory/environment/public-documents
So the EIS should be highly visible. No sign of the public consultation yet.
https://www.falklands.gov.fk/policy/consultations
I couldn't agree more. As a Polo shareholder I may be somewhat traumatised by that company's failure to appoint NEDS, loss of advisor, suspension and eventual de-listing. I considered GCM un-investable before this RNS, as they had been looking for one NED since last September and TANG (via Polo) then got rid of another recently, thereby creating a risk of another of his companies being delisted without any further notice. I actually decided over the weekend to sell off a chunk of my GCM holding this morning, to de-risk it a little and avoid too much of my capital being potentially stranded in another private company (and ejected from my ISA in the process). Instead I've bought some more this morning and can focus on the potential value of the project and not on the risks created by inadequate corporate governance.
Thanks Adamk87 & Lovely. I'm not quite as optimistic as you both and I read that para about 1st quarter 2024 as being a (somewhat aspirational) timeline to engage with the new government, and not necessarily to also deliver the project proposal. I could be wrong, but I'm not going to top up now based on a Q1 timeline for the proposal being submitted. Would be great news though and I hope they get on and submit.
Sorry Torino - you beat me to it.
Can anyone confirm where/when it was stated that the proposal is going to be submitted in Q1 as that was news to me. Was that in the AGM? If so, was there any level of confidence expressed, i.e. is it a target, an aspiration, a hope, or a clear intent. Any info much appreciated.
Just a quick thanks to WG818 for your response to my post. Pity we can’t monetise the future storage potential now. I’ll hold and pin my hopes on a rise to the gas price over winter instead. For me the side track is technically a success as they found and are extracting gas. But it’s a commercial failure at these prices as it isn’t generating shareholder value, which at the end of the day is the only reason for a (properly run) company to exist.
If there is in fact any value long term in storage, I’d like to see the company cash in on it now to get out of the financial mess they have created. Otherwise, as others have noted, the company will just be serving the interests of funders in the short to medium term. This could be done by selling an option now to a big player for the future right to use the site for storage and using the money to pay off debt. I’d be happy to trade a long term storage business for shareholders actually benefitting from gas sales in the next few years. Of course this is predicated on someone being sufficiently interested in storage in the future to pay to secure the use of the site now.
If you had to pay a big sum and were currently in an interest free period, would you: i) pay early in full to get it over with? ii) wait until the last interest free day and then pay in full? iii) raise a reason not to pay and during the remaining interest free period try and reach a settlement? iv) risk a bogus objection and years more accumulated interest and legal fees before you are forced to pay during enforcement proceedings?
My money is that Italy are trying route iii) and at some point today or over the coming days will be offering RKHs lawyers a settlement having seen the company lose a quarter of its value today.
Has anyone analysed the effect of currency changes on JLPs reported revenue/ profits? I’m struck by the fact that back in May 2021, when we briefly traded around 21p, the $/£ rate was 0.7 whereas it is now 0.87. So we get 24% more pounds now for every dollar of revenue from selling copper, PGMs & chrome. Over the same period the copper price has fallen from $10211 on May 10th 2021 to $7701 now, a drop of 25%. So my question is why hasn't the currency effect balanced the reduced dollar price of our products? Or rather, why aren’t we still at 21p? I know platinum is down about a third over the same time frame, so not offset totally by currency effects, but it’s pretty close (I haven’t looked at the effect vs the rest of the PGM basket or costs in Rand). Any thoughts welcome.
If you step back from the day to day share price variability and debate, the big (only) question for me is “can the relevant authorities be persuaded to sign off on the mine development?”. It’s very encouraging therefore that we are looking to partner with a company (Power China) which has recent success in dealing with those authorities and securing rapid progress. http://en.powerchina.cn/2018-04/17/content_36197086.htm
I particularly like the quote at the end referencing the power project they were signing off “In addition, it will lay the foundation for further development of POWERCHINA in Bangladesh and increase its influence in the country's power industry.” I certainly hope that proves to be the case.