Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The only immediate impact in Utah will be to some of the leisure facilities like National Parks or other Agencies that are funded partly or fully by the Federal government. The DWQ is a local state funded agency so you wouldn't expect any hold ups due to the shutdown?
A Further email exchange I had with Mark Novak From Me: Thanks again for your comments Mark, It's hardly surprising that Living Rivers has submitted an objection as they have been the prominent body against the mining of Oil Shale in this region. Is it likely that the full water permit will be approved with added caveats to cover reasonable objections from Living rivers? Mark Novak reply 20:40 to me Mark Novak So far in reviewing their comments I haven't found much that is reasonable. End of message
Mark Novak from has just replied to my latest email request about how many objections have been lodged? Mark Novak Apparently we got 35,761 copies of a form letter promoted by the Natural Resources Defense Council "online activists". We also got 10 pages of comments from Western Resources Advocates, representing Living Rivers, that are actually about the permit issues, that will have to be responded to. End of Message Lets face it, It's not surprising that Living Rivers have responded with a 10 page doc is it! Red leaf has spent up to a year reworking this application after carrying out further studies and improving the design of the Ecoshale Capsule to satisfy the Utah.GOV Water Quality department regulators that the the capsule will not leak! Remember it is a 3/4 size development that will be under close scrutiny from the DWQ. I believe that any reasonable objections will be dealt with in the wording when they issue the full water permit approval?
Here is a link to the Utah Water Division Public Notices relating to Permit applications. http://www.waterquality.utah.gov/PublicNotices/index.htm You can click on any of the Headings to see the content of various documents that have been submitted by Red Leaf or from DEQ stating what notices have been sent out including the draft permit. There is no sign of any bad news to date!
I wrote to the Mark Novak at the Utah Division of Water Quality on Monday morning enquiring about the results of the Consultation Period following their decision to issue Red Leaf with a Draft Water Permit. Dear Mark, I'm enquiring in connection the results of the public consultation process you carried out recently and when they may be published please. I understand that a draft permit has already been issued to Red Leaf and I was interested to learn if any objections could impact on full approval being given for the water permit. Any comments you can offer would appreciated. Reply from Mark Novak DWQ UTAH GOV. We are reviewing public comments now and will eventually prepare a responsiveness summary. The final permit may be appealed after it is issued. Mark Novak Short and sweet reply! So they are reviewing comments and then they will produce a response to Red Leaf and to the General Public . I would expect a full permit will be issued but when? and even then further appeals can be made.!!
Totally agree with you Mike, Charts have little use in the aim market where tangible news or lack of it drives the sp. Some of the recent posters on this thread are absent today without news of the water permit approval as yet. Quite a bit of selling today too and typical of what happens over on the ADVFN BB don't you think? I have much confidence about the future success of TOM but it isn't going to happen overnight! No doubt the water permit permit news will arrive next week and the JORC will arrive soon after I guess.
No problem Sirious, It's a complicated process to understand the Tomco story in addition to all of these permits to comprehend as well! It may take a little longer before we hear the results of any Public objections that closes this Friday the 27th September. In reality Utah State Water regulators have already issued a draft permit to Red Leaf subject to any further objections that may come out of the Public Comment notice. Take a look at this local article that was published recently by the Salt Lake Tribune http://www.sltrib.com/sltrib/news/56765143-78/leaf-red-shale-oil.html.csp
Sirious, You appear to be writing about Tom's water permit approval. The water permit we are interested in relates to Redleaf's water permit approval. This is due anytime from Friday this week. Any preparation work that Tomco has started will be of more interest in the coming months.
If I'm correct, news is expected on Friday 27th? regarding approval of the Red Leaf Water permit application that had been delayed since June 2012. This approval is a vital piece of the Jigsaw that will see Red Leaf motor ahead with construction of the commercial sized Ecoshale capsule. Tomco is currently totally reliant on Red Leaf's success with this development so any crucial news must be published through RNS to keep the market and investors informed and this news should have a positive impact on Tom's sp?
2 x 1 million buys just gone through on ISDX - Encouraging start!
For anyone reading the RNS this morning you didn't understand the what it was all about, here is an overview published in January 2012. It was regarded as a Novel way to raise money at the time but it wasn't very successful at raising significant funds and it was suspended a few months later. It will be interesting to see how the market reacts but we will need plenty of consistent buying to make it work? However, The fact that it is being reinstated with a floor price of 2p would make one think that there is some very good news to be announced shortly! Extract from Jan 2012 RNS At the closing mid-market share price of 1.575 pence on 25 January 2012, the value of the Ordinary Shares issued to Windsor Capital is estimated at £1.575 million. The Promissory Note delivers to TomCo the proceeds of the sale of the Ordinary Shares over the life of the Promissory Note based on the occurrence of "Liquidity Trigger Days". Liquidity Trigger Days are those days on which the volume of shares traded is greater than 80% of the trailing 90 day weighted average daily trading volume. On Liquidity Trigger Days, Windsor Capital will seek to sell Ordinary Shares, up to a maximum of 10% of the daily volume averaged over any 5 day period, on a best effort basis at the AIM Market offer-price or higher. The Liquidity Facility can be suspended at the Company's discretion in periods of adverse market conditions and minimum share prices can also be stipulated. Windsor Capital has entered into an agreement with Fox-Davies Capital to effect these trades through a combination of access to its market making desk and/or Retail Service Provider networks ("RSP"). Windsor Capital will remit the net proceeds of any sales of Ordinary Shares on a monthly basis against the outstanding amount of the Promissory Note. As such, there are no guaranteed minimum proceeds and any net proceeds to TomCo will reflect the actual value of any sales of Ordinary Shares achieved less a transaction fee of 3% payable to Windsor Capital. The Liquidity Facility is for a period of 12 months and no other cash fees or warrants are payable to Windsor Capital. At the end of the one year period any shares left unsold through the facility will be returned to the Company and taken into treasury, or the parties may agree to the extension of the facility.
I'm not that clued up on Bar chart Strategies but looking through the sentiment behind Tom, I would anticipate fans of these charts would be likely to pile into TOM next week? I do use charts combined with research and fundamentals. I find aim shares to be far too volatile to try to predict trends based solely on charting. I'll leave that strategy to the likes of Zak Mir!!
Over 4 mil bought on ISDX alone today. The spread betting companies are keeping busy too in IG Index where up to 250 individuals are are trading in TOM ( Mostly Buyers) so lots of shorter term speculators around this share too that will keep the sp bobbing up and down a bit. With just a week to go before the Water Permit should be issued, we could certainly see 2p being tested soon.
In June 2012, Tom's JORC was upgraded from "Indicated" to "Measured" Reserves The next published JORC upgrade will be to "Probable" Reserves and then the final report will be to "Reserved" status Take a look at the official JORC site that explains in detail the various stages of the updated 2012 Australian JORC standard http://www.jorc.org/docs/JORC_code_2012.pdf
4p sounds very optimistic Stubbsy but the signs look good to reach 2p again after a very long wait! It's interesting to see that the the isdx index is catching on the TOM this week. Of course, traders will be on board now but the momentum for now is definitely UP.
Stubbsy Below is another link to internal correspondence from Utah State that includes the content relating to the Mining application. https://fs.ogm.utah.gov/FILES/MINERALS/PERMITS/047/S0470118/2013/incoming/08122013.pdf
Below is a link to a reply from State of Utah to TOM's Mining Permit application on 20th August 2013. https://fs.ogm.utah.gov/FILES/MINERALS/PERMITS/047/S0470118/2013/Outgoing/08202013.pdf
Stubbsy, There is a a lot we can be optimistic about at the moment. Pleased to see that Tom are already applying for their own mining permits and the Jorc figures should be published very soon. Once the Water Permit is approved we could see a positive move up. BUT once Red Leaf put a spade in the ground for their Eco Capsule development it should create huge interest being first viable project to produce to Oil from the world's largest shale formation in the USA. Exciting times ahead!!
Until the delay in obtaining the Water Permit in mid 2012, Red Leaf had planned to develop the Ecoshale capsule in 2013 to produce oil in early 2014. Without knowing when Red leaf's development will actually start you have to guess at least 6 months to build the capsule and I presume mining of the shale will be carried out at the same time? The ecoshale process is predicted to take 200 days to fully process the mined shale and produce kerogen. Allowing for slippage it wouldn't be unreasonable for the process to be completed in late 2014 or early 2015? In reality, no matter how long it takes, the important point to remember is that this procedure should be successful based on the smaller scale project that has already produced kerogen using the same ecoshale technology. The success of this project is paramount to the future of both Red Leaf and Tomco.
The news hasn't set the sp on fire yet but as Stubbsy states, we can expect a flow of positive news over the coming weeks.