Member Info for Mjd2020

Article refers to increased demand from China and continuing supply issues due to power outages in South Africa.

https://www.ft.com/content/01352385-372f-4b79-9446-a03c518ba28a

Tim?

MrWolfe - filtered…

🐺

🥾 🗑

Only kidding! Ha ha.

From Russian media…

China announced the visit of its special representative to Russia and Ukraine

Chinese Foreign Ministry: Special Representative Li Hui will go to Europe, including Russia and Ukraine

China's Special Representative for Eurasian Affairs Li Hui will go to Europe on May 15, including Russia and Ukraine. The visit was announced by the official representative of the Ministry of Foreign Affairs of the People's Republic of China Wang Wenbin during a briefing, the Central Television of China (CCTV) reports.

The representative of the Chinese Foreign Ministry noted that Li Hui would visit Russia, Ukraine, Poland, France and Germany to discuss the political settlement of the Ukrainian crisis with each of these parties.

Wang Wenbin stressed that since the beginning of the Ukrainian crisis, China has always "took an objective and impartial position, actively promoting peace negotiations."

Earlier, Chinese President Xi Jinping, following a conversation with Ukrainian President Vladimir Zelensky, announced the imminent arrival of his representative on a visit to Ukraine and other countries for in-depth consultations for a peaceful settlement. On April 26, it became known that the delegation would be headed by Li Hui.

https://m.lenta.ru/news/2023/05/12/spec_vizit/

Toffers wondering if he said that he didn’t have a Twitter account a couple of weeks ago: 🤔

The realising he said he wasn’t on Twitter a couple of weeks ago: 🤦

Now thinking of a suitable response: ⚙️⚙️⚙️

Having different opinions is one thing. Making claims on a public forum such as the company has lied about the group cash balances is another. It’s quite serious in my view as cash balances have a material impact on the share price.

I notice no reply from Toffers to my earlier question so I’ll take that as he understands that point very well and is unwilling to clarify if he is claiming that the BoD has i) told the truth about the cash balances and therefore stolen the $35m which he says is in a Cypriot bank account or ii) the company had lied about the cash balances and has access to $35m which is in a Cypriot bank account.

I won’t raise this again as it’s clogging up the BB but the lack of a direct answer to my question from Toffers will tell its own story.

Offshore accounts and outside the control of the company so “theft of funds” by the directors or Offshore accounts and in the control of the company so “misleading shareholders about the real group cash balances”. Which one are your going with?

Toffers, on the basis that group cash balances were last reported as being £3m, your statement that the BoD has moved $35m out of the group needs clarifying.

What exactly are you claiming:

That the BoD have stolen the funds

Or

That the BoD have mislead shareholders about available cash and the actual balance is significantly higher than they have reported to shareholders

It can only be one of the two so which one are you putting your name to?

“$35 mill meant for the Rosgeo JV is already offshore in a bank account in Cyprus I believe”

Just to be clear, are you saying that the BoD has moved $35m outside of the control group bank accounts and lied to shareholders about how much cash the group has?

Morning all. Looks like there was a meeting between the Governor or Murmansk and the Consul General of China in St Petersburg last week.

https://invest.nashsever51.ru/list_item/news/gubernator-murmanskoy-oblasti-provel-vstrechu-s-genkonsulom-knr-v-peterburge

Northern Sea Route forming the basis of trade between Murmansk and China:

“The strategic direction and global task is to realize the transit potential of the Northern Sea Route. The leaders of our countries agreed to establish a joint working body for its development.”

Export of metals is part of this trade:

“The basis of exports is made up of major international players - producers of iron ore concentrate, nickel, fish and seafood. Floating structures, chemical products, technical textile materials, metals, equipment, electric machines and tools are imported," commented Andrey Chibis.”

Potential to obtain equipment from China:

“Among the strategically important is cooperation in technological issues: the governor noted that the largest metallurgical and mining companies of the Murmansk region are increasing cooperation with Chinese partners in terms of equipment for industrial projects and services.”

Obviously not EUA specific or exciting until there’s some actual news but might show some potential in terms of cooperation with China.

BoD “expects” to publish to the audited accounts by early June CTC so we shouldn’t have too long to wait on that front. Reading glasses at the ready!

Snippet from a conversation between the Governor or Murmansk and a member of Parliament - article dated today.

“We are also starting to work actively with the eastern countries - China and India, for example," said Andrei Chibis.”

https://invest.nashsever51.ru/list_item/news/deputat-gosudumy-rf-arefev-vysoko-otsenil-ekonomicheskoe-razvitie-i-potentsial-murmanskoy-oblasti

No idea what the nature of this work is - could be absolutely anything but at least there’s some cooperation between these countries and Murmansk.

Other points of discussion were the potential of NN’s lithium JV and development of the port for the Northern Sea Route.

I don’t pretend to know one way or another but if the plan is to keep WK, then I’d be expecting to hear about refining arrangements very soon.

I guess it will come out when the accounts are issued as they’ll have to outline the cash flow position for the next 12 months.

If WK can meet our needs and refining arrangements are in place that that would be even better than selling.

Pre-war I’d say Mitsubishi was more than a strong contender based on their metals trading and hydrogen policy. Now I think it’s politically difficult to say the least with EUA and Mitsubishi being from classed as being from “unfriendly” countries.

However, if you replace EUA with a Chinese or Indian buyer / operator then the likes of Mitsubishi could still potentially buy the output via the Chinese or Indian market.

Just my opinion, I have no idea what will happen or when - my guess is WK could go first as it’s a producing, smaller scale project and then we’d have time to secure the best outcome for the main assets.

14/01/2021 RNS:

“Since launching the Formal Sale Process on 1 July 2020, Eurasia and its advisers have engaged with a wide range of parties, and have to date received non-binding offers in respect of both a possible acquisition of the Company as well as other transaction structures.”

Dividend scenario could still be relevant if there are ongoing payments like you say - could be because the assets are being sold to different parties at different times and with different payment structures - staggered payments seem to be a possible feature.

If WK went first, this would provide cash to complete any further work needed on the Kola assets and give EUA a bit more leverage in their sale process.

Hydrogen projects could also happen as per the Deeside example which while didn’t go ahead, shows the BoD were actively looking at projects.

Very general comment on the Murmansk portal:

“In the course of interaction with the Trade Missions of the Russian Federation initiated by the region in 31 countries not included in the list of unfriendly, interaction with the Trade Missions of 20 countries was established. In 2023, it is planned to expand the geography of cooperation with partners from the BRICS and SCO countries.”

https://invest.nashsever51.ru/list_item/news/v-razvitie-promyshlennosti-v-murmanskoy-oblasti-za-god-vlozhili-142-milliarda-rubley

Nothing specific to EUA but sharing given the BRICS link - at least could suggest that the regional gov may be supportive of a investor from a BRICS country.

May be helpful in reassuring a buyer in terms of being able to withdraw funds from Russia that relate to new investments.

“The Ministry of Finance is thinking about how to "color" new foreign investments to liberalize their withdrawal”

https://www.interfax.ru/russia/894546

According to caseboard, S&S are not working for EUA on the second and the 2020 accounts state S&S worked for EUA before the first case was logged.

Simmons & Simmons are listed as advisors in the 2020 accounts which are dated June, 2021 (page 16).