Member Info for mitchoftheday

Outstanding BBN - again! Thank you

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I noted in the interview that Fortune made this comment about brownfield opportunites: "we are encouraged by what we see".
Sounds good!

Thanks for clearing that up Alfa!
Move along - nothing to see here...

And some supplementary data that looks like greek to me. If it´s a hoax it´s an elaborate one.
http://www.rsc.org/suppdata/c8/qi/c8qi00325d/c8qi00325d1.pdf

And if it's real it's probably not close to commercialisation.

This looks real Alfa
https://pubs.rsc.org/en/content/articlelanding/2018/qi/c8qi00325d#!divAbstract

Expert
From the wording I think we can expect a description of how they will approach allocating capital to optimise the return on investments across the assets we have, not necessarily exactly how much would be returned to shareholders at the divi per share (DPS) level. A lot will and should be invested in expanding capacity, reducing costs, developing BE and Mokopane etc.

We will though get an idea of where we sit in the prioroties, and a clue about timings. It might go as far what proportion, on average, of earnings they aim to returned shareholders as dividends. Then we'd all get busy guesstimating the DPS figure for 2019. :-)
But to be clear, this is not my area of expertise. Others may know better.

Compass: Re dividends from the 2017 Annual Report:
"The Board recognises the importance of returns to shareholders, and consequently it has determined that during the second half of 2018, Bushveld Minerals will define a capital allocation framework, which will outline an approach and strategy towards shareholder return, value creation through investments and financial performance"

ls
I suspect that the early price rises are due in part to changing expectations (e.g traders fearing supply shortage raising prices), but the number forced to buy the new rebar product (at higher prices) is only going to rise as the deadline approaches.
I seem to recall that November first was mentioned as a deadline, but I'm not sure what that date refers to. That is, is it the point at which sales of rebar must be at the new standard, or at which new projects will only be approved if specced tot the new standard. If it's the latter we'll see prices rising for a while yet. And that's without considering the immense boost that's just been given to the renewables market.

For a db scheme you have to get advice, and get the transfer signed off by an IFA before anyone will consider taking the transfer. I'm in the middle of that right now...

It's not irrelevant. And given the climate in Dubai there is obviously going to be high demand for air con after dark, all year round - ergo the need for storage. I also see that "the solar park will generate 1,000MW by 2020 and 5,000MW by 2030". Gonna need a bigger battery...

mitchoftheday 15 Oct 19 £300

A national holiday!

So the Mining Council is reserving its position for now. I guess that given BMN's ownership structures seem to be mostly compliant already, any pushback from the council, if successful, might make some of the other requirements more easily attainable.

MINERALS COUNCIL ACKNOWLEDGES PUBLICATION OF THE MINING CHARTER
Will study the document and consult with members
Johannesburg, 27 September 2018: The Minerals Council South Africa acknowledges the
publication of the Mining Charter in the Government Gazette this afternoon.
The Minerals Council is not in a position to comment on the document at this stage. It will
need time to study its content in detail, and to consult with its members.
The Minerals Council acknowledges Minister Mantashe’s engaging approach in his
interactions with the industry in the development of the Charter, and that he and his team
have had a difficult task balancing the inputs from the various stakeholders

We were told that the details will be published today. If the is an issue with the free carry, I think there'll be a rapid response from the industry, as it won't be news to them.

NickD
Yes, sort of. The existing 26% level applies to life of the mining right, not the life of the mine.

The meeting has now ended. To Daisan's point there was no suggestion that the fundamentals of the Charter were not agreed - although if there was dissent on that it's not certain IMO we'd have heard about it today.
Any questions about detail e.g. how/when would free carry shares be paid for (by the company) or issued to holders was not clear. Apparently there will be more consultation on the how of that over the next 2 weeks - although it didn't sound like any meetings had been set up yet.
Manteshe seemed to suggest that the only point of the ESOS was dividends 'for ever', which was a bit odd.
There was a question about the 1% turnover contribution to communities (which was actually EBITDA not T/O) but apparently that has been dropped.
Overall quite a remarkable thing to listen to. And really not very impressive.

Manteshe presentation - in progress now - a bit difficult to follow and vague. In the Q&A he's getting a bit of heat over recent reporting of an alleged secret meeting dodgy deal with an Oz company.
Any challenging questions, including one about inadequacy of consultation process with communiities, largely fobbed off.
Question about term "free carry" being being replaced with "carried interest" - was it still free? - met with some fantastic doublespeak. And yes it's still free, but only to the recipient!
Still ongong...

Apologies if this has already been posted! Worth repeating though :-)

#BMN pushing all-time highs as FeV prices smash through 13 year highs.

I've got one for you all - at current FeV prices, BMN will be making roughly the same EBITDA in 2019 as #BOO and #FEVR combined.

BMN mcap - £311m

BOO and FEVR combined mcap - £6,400m.

Food for thought.