The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Precisely. RY should be screaming from the rooftops to come and get us. Instead, tumbleweed..
Can we expect this last quarter that may finally move this share north? Or are we resigned to another wasted year? Isn’t there a production schedule RY and co. are supposed to be working to? Nothing has moved this share up in two years or more and it’s getting ridiculous.
Yes, Nickel at its highest price since 2014 today. And AMC’s sp chart since 2014? That would be a painful graph to see. RY needs to start delivering shareholder value!
Nobody makes announcements on a Saturday when they want to impress Putin on the Friday.
Goes by with no news from AMC of any deals, government support, partnerships or anything else in a region which Putin says is a development priority for Russia. Until the BoD delivers any of this, the sp will continue to look so sick. We lths remember sp being in double figures long before the PFS or TEO came out - failure of the RY and the BoD to follow through on developments is the real problem here.
market cap company, which is great news after the last few weeks. How many more billions to come at the deal?
Confirming AMC has $24 billion of metals vital to the EV revolution Is published and the share price falls nearly 20% in response. Jesus, why even bother any more? It’s all rigged.
Like many, I thought the deal would have been announced before now. But I now think it will be kept under wraps until Putin’s big Eastern Economic Forum at the start of September in Vladivostok. The last big mining deal - $8 billion Russian Platinum - was announced at the St Petersburg economic forum in June. The Russians will want to make as big a splash as possible with foreign investors on a deal this huge, to show they’re open for business.
Taking Extraordinary Overtime. Five months into the year and the BoD have nothing to tell us. Has anyone asked for a proof-of-life check?
EUA’s timing is perfect
https://twitter.com/katie_martin_fx/status/1389106411066507264?s=21
What astonishes me is that the BoD feel no apparent sense of urgency to be shouting about what they have in KM when the whole sector is rising in response to demand for metals to fuel the green revolution. Instead, there’s a sometime-anytime attitude to producing the TEO where it’s considered an achievement that they’ve gained themselves another year to finish it, having told us shareholders months earlier it was nearly complete. The only complete thing here is the absence of decisive leadership.
This from February probably sums up the year ahead - another wasted year with AMC. So sick of the absence of any urgency or clarity in respect of shareholders from RY and co.
“The Company submitted the application to amend the delivery date of the 1 December 2020 TEO which has now been successfully extended to 1 December 2021 for its delivery.”
The BoD hasn’t formally repudiated its November RNS of the TEO being completed by Q1 though they did implicitly in February with the extension announcement. Is it too much to ask that they do so by tomorrow and state a timeline that means something? I’ll get my coat...
The deal is structured so that “the Initial Consideration and the Earnout (if applicable) is capped at 75% of the value set under the relevant Russian law if the Additional Assets had initially been auctioned by the Russian state instead of being acquired by Rosgeo.”
Now as anyone in Russia knows, asset values at Russian state auctions are whatever the government decides they should be. So, for argument’s sake, if a Russian major buys EUA for a very large sum, it could recoup that investment from a low-ball asset value set for the metals in the Rosgeo mines and basically get WK and Monchetundra as free rides, while the state gets its cut in taxes and the 25% stake. Pretty nice deal and everyone is happy. Just a thought.
I think this deal also means the fsp is very close - possibly by next Friday. Rosgeo simply wouldn’t sanction transferring the rights to develop such significant resources if it had any doubts about the ultimate ownership of EUA. It clearly doesn’t.
In my opinion it means this: EUA are getting sold to a Russian major or at least a Russian-led JV and the Russian government just ensured that all these juicy new assets stay in Russian hands while showing outside investors that there is serious money to be made in working in Russia, as demonstrated by the payout to EUA that has worked with commitment in the region for many many years. We could be on the verge of a history-making deal! Good luck to all genuine shareholders - it’s well deserved.
The BoD deign to tell us shareholders CLEARLY when the TEO will be submitted, what the details of the TEO contain, whether AMC is or is not in talks with a major on a binding off-take agreement as AH stated, what happened at the AGM concerning AH’s status, what the income stream is expected to be from NRR and what on earth they plan to do for the rest of this year to move this project forward. The sp is where it is because we know the answers to NONE of these questions and the BoD has disappeared from sight.
For RY to demonstrate that this RNS statement on the TEO in November is true. Would be nice to think they would meet a stated objective for once
“ "Completion of the final sections consisting of the financial analysis of the project and operational plan is anticipated to be Q1 2021”
The board received an extension to Dec. 1 2021 - everything in their recent history tells you they will use up that whole time. The last RNS was deliberately ambiguous in my view to leave us lths in some hope for Q1. Time will show whether once again this is delusional.
Of $26 million, which at current prices, is equal to about 1,500 tons of nickel. And supposedly we’re sitting on as much as 2 million tons. So there’s the value proposition - after the latest delay, the question grows stronger whether RY is capable of delivering on it. The latest RNS contained the positive news about the security of the licence, but all the rest was his usual distraction trick of mine-open pit analysis he’s used before.
The fact is, he could have stated in Nov. that AMC were seeking a one-year delay but cloaked it in the 1Q “ready” deadline to mislead us. And the latest RNS leaves that lack of clarity in place- you can believe it’s still 1Q or wait for him to say it’s really year-end. And there may be no news until then to bolster this abysmal share price. Other mine companies with these metals are rising!