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Bloomberg-

Barrick Mining Corp. said it signed an agreement to end its disputes with Mali’s government regarding its Loulo and Gounkoto gold mines.

All charges brought against Barrick, its affiliates and employees will be dropped and legal steps to release four detained Barrick employees will be undertaken, the company said Monday in a statement. Operational control over the Loulo-Gounkoto complex will be returned to Barrick, and the company’s subsidiaries will withdraw international arbitration claims.

Well done. I traded this in a day on the original news- fall/bounce.

Hanging in there a bit longer this time, there are 5.3m shares shorted, so far 0.75 m volume today so there is scope for more to unwind yet. It is a profitable business so now there is some clarity about what happened I am more comfortable holding on for now.

It's always good with multiple shorts, none want to be the last out....

I'm back in. They will have put all of the bad news into this rns. It's looking like it is the bottom so the shorts will close.

Because it is only around 10% of each holding. You also need to knock off the divi and share buybacks so perhaps not quite as high as you suggest.

I assume that the registration date for the shared to be tendered, be a future one rather than today?

The way things are in Bamako it is not clear who will even be collecting the taxes....

Yes, buybacks that reduce the amount of divi's being paid are a saving, but were the shares that were bought back in 2023 and 2024 at a price that was around the current nav, really accretive to nav?

They will keep them there, in the hope that one day they will be at a premium and they can reissue them!

As it's raining, and I was bored, I looked up the primary 2002 and 2015 legislation for ROC's, both specifically state increasing offsets by RPI.

It is hard to see how it can be legally justified to then back date anything before at least 2016 at the earliest as they were fully aware of the past interest rates when then passed the 20215 legislation.

There is an article about this on the AIC site -

'Winterflood analyst Ashley Thomas said it was reassuring to see the relatively limited impact on both funds (re-orit and GCP) but said investors were concerned about the government’s reference to a further consultation on “fixed price certificates”.

“However, the broader concern for the UK renewable energy sub-sector is not just whether the impact is option 1 or option 2, but whether there are additional changes to come, eg, whether a consultation on the shift to fixed price certificates for ROCs [renewable obligation certificates] results in a change to the 10% headroom or whether there are changes to general carbon pricing,” he said.

I am out as well now. Given the price and volume yesterday and today, someone has more confidence in them than I still do!

I can see the potential and have held them for four years but the outlook for 2026 is just too tight and talk of efficiency savings to get them through it is a red flag.

I had hoped that their cash position by now would have been such, that if they got some new larger contracts, they would have had the resources' to fund them but this is now not the case. I am also concerned that new business may be reluctant to place orders with finances being so tight.

Overall things seem to moving in the wrong direction, I will be back if they can get on track in a year or two.

Looks OK, slightly ahead of broker targets.

Well that was worse than I expected!

Trig's put out the impact on their nav for the proposed changes in their quarterly update this morning.

'TRIG has relatively limited exposure to UK ROC and FIT revenues (16% and 1% of projected revenues for 2025, respectively) given the nature of its diversified portfolio. The Managers estimate that the impact of such a change, were it to be applied to TRIG's NAV per share, would be c. -0.6p under proposal 1 and c. -2.4p under proposal 2.'

Not sure exactly how this maps to UKW but given the geographic distribution of assets compared to Trig, and being only wind, the relative values are surely higher?

Nice to see they put some numbers on the proposed changes that were responsible for yesterdays drop across the sector.

'TRIG has relatively limited exposure to UK ROC and FIT revenues (16% and 1% of projected revenues for 2025, respectively) given the nature of its diversified portfolio. The Managers estimate that the impact of such a change, were it to be applied to TRIG's NAV per share, would be c. -0.6p under proposal 1 and c. -2.4p under proposal 2.'

They said the same at the previous update.

Further confirmation, in an article in the Times, of what I was saying a couple of weeks ago-

'Concrete sales tumble by a third in London amid building slowdown Volumes, seen as the ‘earliest indicators of real activity’ in construction, fell to a 62-year low this summer and are slipping further'

'Ready-mixed concrete sales slipped 0.8 per cent from July to September compared with the previous quarter. They were down 12 per cent compared with the same period the year before. And in London, in the grip of a housebuilding crisis, concrete volumes were down 32 per cent in the third quarter compared with 2024.'

The nav dropped by 2.7p from the previous quarter.

The reason for this at the top of the list was ''Q3 generation 5% below budget owing to lower wind resource'' . The government data for wind speeds was also released today, for the quarter it was down 1.3% on the twenty year average. Given that they made a one off adjustment to the nav, based on reduced output from historical data, last year, it is surprising to see them not hitting budget.

You will need to put it to a month scale and convert to GDP on the dropdown menu.

If the shares were redeemed below nav and new ones issued above nav then it would be nav accretive per share.

So saying, it is going to be very, very marginal.

The leverage loan index has bounced back really strongly and is back to where it was late September (in GDP terms) so I would expect to see the nav back up in the next update. If you were redeeming shares it was quite unfortunate timing but worked out quite well for those buying!

If you look at the chart below you can see why the nav fell when it did.

https://indexes.morningstar.com/indexes/details/morningstar-european-leveraged-loan-FS0000HS3S?currency=USD&variant=TR&tab=overview