Member Info for observer842

Timeline:

"Results for the year ended 31 December 2018" (30 May 2019)
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2798334
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The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.
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"Hastings Technology Metals (ASX:HAS) - DRA Pacific Awarded EPCM Contract Yangibana Processing Plant." (21 October 2019)
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2939357
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Cadence owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit.
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"Hastings Technology Metals (ASX: HAS) Announces revised Mineral Resource and Ore Reserve Statement for the Yangibana Rare Earth Project." (04 November 2019)
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668
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Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit.
]===

"Results for the year ended 31 December 2019" (26 June 2020)
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428203815111478
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Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit ("Yangibana Project").
]===

So what happened between 21 October 2019 and 04 November 2019. I wonder if a cheeky sale can be spotted in the accounts?

I know it was before his time, but @Kiran really should know we own 30% of Bald Hill North too...:

"Results for the year ended 31 December 2019" (26 June 2020)
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428203815111478
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Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit ("Yangibana Project"). Hastings Technology Metals owns the remaining 70% ("Hastings").
]===

I suspect an accidental omission from one of the RNS's has confounded his records...

And if we don't own it, I want to know when it was sold, to who, and for how much, because according to HAS Bald Hill North is only 70% owned by them. It's the red square furthest to the right: https://hastingstechmetals.com/wp-content/uploads/2018/09/yangibana-tenements-1030x721.jpg which they are planning to drill into.

Yes. Which bit are you doubtful over?

And if you aren't sure about anything - just ask, I'm sure there are plenty on here who would be willing to help.

@Cause:. Trust your own research, don't listen to anyone who says to the contrary without supporting evidence.

I think people are waiting on different things. I'm personally waiting on the court decision.

@jimb2. I meant to say your message made me chuckle - it's as if you thought this news was negative and after all your filtering you didn't want to seem a hypocrite in posting a link to the report. LoL. But it's far from negative. The fact they caveated their summary with "we recognise the risks of these preconditions not being met by 2020-21 and, as a result, Amapá's development being delayed." showed great integrity to me - you'd be pretty annoyed at paying over £2k to access the report to only discover the largest hurdle had yet to be met!

I suspect there might be a run on that report if all goes well over the next few days and we conclude with the banks one way or another :-))) Unless the scoping study is released simultaneously, which I doubt.

Also, it was reassuring to read in writing: "These funds are intend be reinvested in the capital development of the Amapá Project, however they could also be used in part as part of a settlement package with the Bank Creditors."

and to reiterate! :-))) "at the time of writing transport of the the material from DEV's port to the public port has begun and DEV expects to be able to start shipping in early Q3 2020."

Finished! I didn't spot anything untoward or too unexpected - which is always a good sign! :-)

Did we know about "All votes at the most recent AGM held on 20 September 2019 were passed. The proxy votes were in excess of 85% in favour of all resolutions." and "Additionally on 26 November 2019 a further $200,000 was drawn down."?

This is my usual go to for rough and ready calculations:

https://www.calculatorsoup.com/calculators/financial/net-present-value-calculator.php

In case you didn't spot it. This is interesting:

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In respect of the total assets, £727,000 (2018: £783,000) arise in the UK, and £Nil (2018: £317,000) arise in Greenland, £3,631,000 arise in Mexico (2018: £5,553,000), £10,064,000 (2018: £10,808,000) arise in Australia, £2,775,000 (2018: £100,000) arise in Brazil, £575,000 (2018: £225,000) arise in Argentina and £993,000 arise in Canada (2018: £547,000).
]===

and I think it's worth highlighting:

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The CEO is engaged to work a minimum of a 39 hour week and is an employee of the Company. The Finance Directors is employed part-time for a minimum of 28 hours a week. The board deemed that given the stage and development of the Company, it would be more cost efficient to employee a full-time accountant which along with the finance director ensure that Company's financial systems are robust. compliant and support current activities and future growth.

The service agreements of the non-executive directors anticipate that the non-executive Chairman should spend 3 working days per month and the non-executive director 2 working days per month. All directors dedicate such time as required to effectively perform their roles.
]===

I don't think so @Cause as that is dated 05/28/2020 and we announced on 16 June 2020: "We have also been informed that due to court closures during the current COVID-19 outbreak in Brazil, a ruling in relation to DEV's petition to annul the secured creditors liens and charges over the Amapá Project is now scheduled for the end of June 2020."

(unless written down)

The book value is what we paid for the asset.

Transport of ore from private port to public port has begun :-)))

Has anyone seen the report? Looks like it could be interesting - but I can wait for the scoping study to compare with my notes :-)

"Amapa iron ore mine" (17 June 2020)
https://www.woodmac.com/reports/metals-amapa-iron-ore-mine-17230546
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$2,250

Tables and charts
This report includes 12 images and tables including:

Detailed map
Participation
Marketable reserves (at 01/01/2020)
View all tables and charts in this report
Production
Production
Operations
Infrastructure
Cash costs
Cash costs
Capital costs
Product quality
Economic assumptions
What's included
This report contains:

Amapa iron ore mine PDF 833.17 KB
Amapa iron ore mine ZIP 856.83 KB
Amapa.xls XLS 183.00 KB
]===

@Cause. *I* know the Bod's shareholdings ;-), I was just wondering if you did since earlier you said: "I do have some reservations on the management of Cadence as I see that the shareholding they have is insignificant in cadence" - which made me think you didn't.

Great find @Cause! Deserves a new thread. If we get to 20% I suspect we'll some big players wanting in. Notice the date :-)

"Amapa iron ore mine" (17 June 2020)
https://www.woodmac.com/reports/metals-amapa-iron-ore-mine-17230546
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Report summary

Amapá is a surface mine owned by DEV Mineração located in the northern Brazilian state of Amapá. The mine started production in December 2007 under the management of its original owners, MMX. In January 2018, a judicial order offered investors the opportunity to place US$2.5 million in escrow in return for an exclusivity period to conclude debt restructuring negotiations and fully acquire Amapá. More than a year later, in mid-2019, UK-based Cadence and Singapore-based IndoSino agreed to form a 27/73 JV named Pedra Branca Alliance to try to revive the project. Following the fulfilment of the certain preconditions, Amapá is expected to restart in 2022. Still, we recognise the risks of these preconditions not being met by 2020-21 and, as a result, Amapá's development being delayed.
]===

Might be worth sharing the link to the study anyway?

Impressive find @Cause. I wonder how many bonds there are in total? I agree regarding the courts - and fortunately they appear to view us more favourably!