The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Afawk there has been no work going on at the Croatian MDC pending FC. So the build has not yet started although EQT had some of the kit manufactured and delivered last year as announced.
FC was said to be dependent on a site visit of the Croatian MDC prospective backers to the Italia MDC when it was operational so this could be happening now with a FC decision to be announced by EQT. To prepare the Croatian plant for cold commissioning there is mechanical and electrical installation which has not started and possible cleaning of the components of the existing plant as at Italia.
So a lot of work!
Simms45. "we should have some optimism that once we release news of Italy refinance, Croatia/Greece commissioning ...."
You do know that there has been no build on the Croatia project awaiting FC so commissioning of the Croatian MDC is not months away, near term, as you suggest in a number of your posts? At best it may be in operation by year end. It's misleading to suggest otherwise.
VH says: "biochar sale will be possible only from plants with wood chips and not from waste plants"
This is not the case. The Agrigas EQT plant at Larissa, Greece uses pelletized agricultural waste material as input (not wood chip) and will produce electricity, heat, biochar.
"The gasifier is powered by biomass in pellet form For this reason there is an agripellet production line which can be used for other uses such as animal feed, fuel.
At the same time, at the exit of the gasification system we get a quantity biocarbonation (biochar) which is sold as fertilizer and / or as a raw material for the cement and asphalt industry. Overall the unit produces approximately 400 tons of biochar on an annual basis.
https://www.agrigas.gr/monada-exoplismos/
VH doesn't recognise that sale of power and potentially heat are not the only products that improve the economics of EQT plants.
Italia MDC has a biochar production unit. Biochar has a ready market and will be generating significant extra revenue and profit. North Fork also will produce biochar to add to the electricity generation revenue. This may become a standard feature for EQT plants going forward incl possibly retro fitting at Movialsa, Spain which has been profitable for the past 10 years using a biomass feedstock (olive waste).
Further to Aandii's postings on legal proceedings commenced by Logik (Deeside SPV) against Eurasia.
EQT projects incl now Deeside SPV blighted by dealings with companies that are skint and should never have passed a vetting process.
Trail of chaos with failed companies involvement with EQT projects: MNRG, Kibo and now Eurasia (EUA) all linked by Christian Schaffalitzky, Non-exec director of MNRG, Managing Director of Eurasia Mining plc (LON:EUA) and ex-Chairman of Kibo Energy plc (resigned last year).
High Court: Logik Developments Limited and another v. Eurasia Mining Plc
Corporate or business acquisition agreements
https://caseboard.io/cases/135ea082-3811-4948-9602-647356cd70f3
Eurasia is now the third company in this chain. It has mining projects in Russia. It was hyped to the moon and even now is valued at £100 million but has worthless mining assets, no cash and like Kibo could be wound up soon.
You may be right about Southport Phase 1 and 2.
Kibo to pay £650k incl £350k in shares for 100% of Shankley Biogas Ltd (Rotunda)
So it is Rotunda which is on the hook with Kibo and will likely have trouble collecting.
But EQT have issued a CLN for £2.5 million of outstanding fees to be paid by Shankley.
So this is a complication in EQT being paid.
MAST is a Kibo vehicle that has lost shareholders nearly 90% of its IPO listing price of 12.5p since April 2021.
"MAST is structured to acquire, own develop and operate a portfolio of projects of flexible, small scale, multiple reserve power generation plants throughout the UK totalling c. 30 – 40MW by the end of its first year,"
Have they done that?
No. They have 1 plant operating only. 9MW.
Just like Kibo they don't do anything they say.
Is it any wonder with Louis Coetzee as Chairman.
"Their second project is due to reach financial close Q1."
This is Bordersley, 5MW which has been supposed to be operational every year for the past 3 years but because Kibo/MAST are skint it has got nowhere.
RNS dated 10/12/19.
Bordersley, which remains on target for commercial commissioning at the end of Q1 2020”
RNS dated 10/06/2021.
is pleased to announce that its Bordesley project has now entered the construction phase of its development.
Kibo. All I care about is if they can navigate the capacity market and secure power purchase plans at much better prices.
You do know this counts for nothing as both MAST and Kibo are significantly loss making.
Kibo has never made a profit in the past 10 years.
It has burnt through at least £58 million (some say £100 million) of capital in Admin and misguided investments..
Kibo latest 6 month loss: £1.9 million
Kibo latest 12 month loss: £23 million
MAST latest 6 month loss: £0.7 million
Both are cash burning operations with debts.
If MAST, one of Kibo's spin offs, was such a good investment why did Kibo sell another 7.4 million shares as recently as December and in the process cut the Mkt Cap of MAST by nearly 50%?
Kibo does not meet any date for FC or project. They are endlessly revised. So for them to be quoting FC of Southport Q2/Q3 2023 is a sure kiss of death no one here should want to be associated with.
What matters is this company has no cash for investment in Southport as required and should never have been entertained by EQT.
It escaped LSE delisting by a whisker just 2 months ago after trading was suspended for a month.
It is a thoroughly disreputable company and probably the worst company trading on the LSE.
This association is very unlikely to end well for EQT.
Kibo. On the PR front they puff themselves up and can seem to offer investment potential. The reality is very different. The company is all about financial engineering with no project delivery track record spanning 10 years. It has been run solely for the benefit of CEO Luis Coetzee and his cohort directors. In December their Nomad finally threw in the towel and they struggled to find any one to take over and save the company from delisting.
Doen't be deceived by any new appointment or yet another proposed spinn off company. It is and always has been smoke and mirrors.
EQT allowed Kibo to sign up to the Billingham project which they backed out of. EQT compounded the error by agreeing to their participation in Southport. Kibo is not a viable company and is now looking to scam millions more in investment funds.
Kibo is a scam company with zero funds (can't even pay directors where £650k is outstanding), zero project completions in 10 years, zero support of shareholders who have been diluted to zero from never ending placements.
They have zero funds for Southport which EQT should have discovered from due diligence.
From ADVFN KIBO BB.
cj4122 Feb '23 - 18:05 - 7883 of 7902
Over the past 10 years a significant amount of all monies raised has been spent on admin costs of which the majority is Salaries. I see no point in further fund raising and would like to see the company wound up so that LC et al no longer can pick up significant income for achieving less than zero as they have done to date. The performance of KIBO has been appalling and the CEO has never acknowledged this fact, in fact still coming out with ridiculous statements about having created an energy company. It’s worse than laughable. Why would anyone invest in anything associated with LC? Other than excessive up front fees and a guaranteed quick return from dumping discounted shares quickly into the market. What happened to the sale of the coal assets? We were finally told they have little or no value. Bordesley, still waiting 3 years lte etc etc etc
lurker522 Feb '23 - 19:03 - 7884 of 7902
That goes, perhaps even more, for Schaffalitski. (Doesn't come up on Google any more as associated with Kibo ! The r-t scuttling away under data protection no doubt) Took £70 k from shareholders each year (at last count) to preside over this scandal with an annual chairmans puff that gave impression all was well (Similar to his grotesque record at Eurasia Mining, including wheeling in the most blatantly dishonest share puffers in the form of 'ACF Research'. Watch out for attempts to do the same irt USE !) As for MAST. Its float price at 12p can be proved to have been a deliberate scam - with LC's lawyer's paws all over it. If enough victims would come together, I'm sure they could mount a successful prosecution. And all that doesn't even include the incompetent failure of due diligence at Blyvoor / KAT.
DPR188123 Feb '23 - 10:07 - 7885 of 7902
I don't think anyone doubts that if Kibo Energy Plc is to deliver its viable projects then equity needs to be raised. The point is that the current management team have a track record of delivery which speaks for itself (I include Katoro and Mast) and the majority of shareholders have zero confidence in the executive management team. Riverfort are not fools their loans to Mast and Kibo need to be repaid. Change will eventually come and shareholder confidence will be restored. VOTE NO TO RESOLUTIONS 1 - 5!
plentymorefish24 Feb '23 - 09:37 - 7886 of 7902
LC should have gone/been removed years ago for consistent non delivery……the fact that he is still in situ leads me to believe that he will be to the end……I can’t think of any other corporate entity where the status quo aka failure has been tolerated for sooo long……if anyone has any other examples, I’m a
C909. 2 more posts already today and counting.
What don't you understand?
We are tired of your constant negative spin on DP and this company and endless repetition which seems to be a juvenile obsession from someone who doesn't have a life but lives through being self appointed 'da man' who sees through all the smoke that only he can see through and feels obliged to tell us 24/7.
It doesn't matter if he has been right or wrong on some issues. We just don't care. We just want a break from a know all /know nothing who sees it as his mission in life to 'educate' us all to his point of view and hence the need for this contant repetition.
As DerSack says: "The year is now just two months old and the sole activity of his LSE account has been to make more than 100 posts in such a short time against a his own investment."
Give it a rest for Heaven's sake.
C909. " Knowing DP he would have grabbed the full £2M in december "
You don't know DP and know nothing about him.
You just big yourself up here as an expert on DP and this company when it's all made up and a product of your imagination presented as fact.
Typical of a big head who has no real life experience of running a company or making difficult decisions, where theory trumps reality and everything else!
We are tired of your constant refrain and endless repetition.
How old are you? 20 something?
Thought so.
Give it a rest for Heaven's sake.
From the CC on Tuesday: Current plan is for Pallancata to close sometime in Q4 this year. The permitting process for mining from the new deposit there will be about 3 years so there is a gap before the mine can resume production.
JVL Linkedin: What a pleasure to be with the plant manager, operations experts, COSMI SRL EQTEC plc engineers, YOEL S. ALEMÁN MÉNDEZ and various other supplier experts all on site at the Italia MDC.
Testing everywhere, with all equipment now on site.
Nov 29, 2022. Rolf Gerritsen, Metal NRG Proactive interview. First 5 mins is about Eqtec.
Italia plant: "commissioning into the grid by mid to end of December"
Once plant is operational looking to refinance and reinvest, coinvest with EQT, in a second and maybe a third other EQT projects that they hope to announce early in the New Year.
https://www.youtube.com/watch?v=BryPo_grKhs
Operational means just that. You have a complete system that works. Commercial operation is quite different.
The company lists the ancilliary equipment agreed by the SPV. We don't know which of these are delivered and installed and which last ones are coming this week. From the list it can be seen that they are ancilliary or enhancements not part of the core operational system which is likely to have been operating since October.
The Company expects to take delivery of the last, critical, ancillary equipment this week.
The Investors have agreed to invest in specific enhancements to the Plant that will allow it to produce biochar, for which there is a growing market in Italy and Europe more generally. Additionally, the Investors agreed to installation of an additional feeding-in system so that the Plant can accommodate both low-density and high-density feedstocks.
These augmentations will allow the Plant to vary its feedstocks as market conditions change and to add biochar as a revenue stream.
Other augmentations, such as addition of a dryer and a thermal oxidizer will make the Plant more self-sufficient and give the operation greater control over the end-to-end conversion process.
How do you test then train staff if feed is not going into the plant and the system is operational processing it and producing syngas and electricity? How do you learn to drive a car if you're sat in the car but the engine has no gearbox?
"Earlier this year, the Company employed an operations manager and operations specialists to run the Plant and has had EQTEC operations & maintenance specialists on site since October, to train and support the ramp up of the local team."
From this statement yesterday I assume the plant has been operating since October albeit without the final add on bells and whistles that are going in now. So the plant appears to be operational, staff recruited and trained and fine tuning probably under way. The RNS gives confidence that we will have a top spec working model very soon.
Maybe some of the recent enhancements to the spec here will also be considered for upgrading the Croatian MDC which will be next in line for start up?