Member Info for pb940

No worries mikinaman. Glad to correct any misunderstanding. Nice work getting pdubs boat up to scratch as well :)

Sorry mikinaman I wasn’t referring to you, my response was to bsol. I found it ironic he would post something that would obviously include himself.

I take it you wet the bed then? Seeing as your up early posting?

The company couldn't commit to it's spending plans made prior to covid. That would be irresponsible without any idea what affects covid would have on global economics.

I'm not a company but I've curtailed my spending just so if their are any surprises down the line then I'll have some capital to weather anything that happens, and all I have to worry about is the wife. Bushveld has a lot of workers livelihoods dependent on the company being run in a responsible manner not to just carry on spending as though nothing is going on in the world.

https://tinyurl.com/y5xc3h38

Just a small mention of Bushveld at 49min 20sec. And when I say small its literally what I've typed below. It was in the context of the Chinese flooding at the moment requiring more construction.

"If you look at Bushveld Minerals I was expecting the Ferrovanadium price to have risen quite a lot, that doesn't seem to have happened yet, but i do think it's going to and when it does the vanadium price will be pretty strong."

So past performance has a time limit is that what we're saying? And if past performance isn't an indicator of future performance then the share price can go up as well as down? I'm sure I've read something like that in investing information before.

http://www.bushveldminerals.com/wp-content/uploads/2019/06/Bushveld-2018-Annual-Report.pdf

If you look at the 2018 financial statement it has the following statement with regards to the issuing of additional shares to staff and directors.

SHARES ISSUED TO DIRECTORS AND STAFF
During the course of the year a benchmarking exercise was conducted in order to address a pay gap matter which resulted in a one-off retrospective compensation by way of shares being issued to employees, directors and advisors. Further to the approval by Shareholders of the Retrospective Compensation Scheme, the Compensation Shares were issued
---------------------
If you look for when they were issued that was 8th August 2018 when the sp was around 27p. If they took the price when they were issued then you get about £1.89 million. Not sure what the $ conversion rate was then but I think this one off has skewed the figures and it's not his normal salary.

https://www.investegate.co.uk/bushveld-minerals-ld/rns/result-of-annual-general-meeting---issue-of-equity/201808081713572565X/

Kubayi-Ngubane said the department was also enabling generation for own-use, having removed the licensing requirements for a certain category of generation facilities under 1 MW.

“One hundred and thirty-nine requests for registration have been processed by Nersa to date with a capacity of 59 MW. This capacity excludes installations under 1 MW that register directly with local municipalities.”

The Democratic Alliance’s Kevin Mileham described the interventions as entirely inadequate, arguing that they fell well short of the promises made by President Cyril Ramaphosa in his February State of the Nation Address (SoNA) for dealing with impediments to self-generation.

“In reality nothing has changed. The amendments to Schedule 2 of the Electricity Regulation Act, which would allow own-generation, did not increase the licence exemption threshold to 10 MW as had been widely anticipated,” he noted.

In rejecting the department’s amended Budget, Mileham also argued that the emergency power procurement programme was unlikely to yield a single megawatt before the end of 2021.

“If he really meant what he said at SoNA this year, the President would direct this department to immediately open the fifth bid window of the renewable energy procurement programme; he would instruct Nersa to urgently finalise the Section 34 determination it is considering; he would encourage Parliament to support the Independent Electricity Management Operator Bill currently before it to ensure a level playing field for all electricity generation entities and companies; he would order the immediate amendment of the licensing threshold for own-generation; he would ensure that the IPPO was working on urgently bringing the IPPs that have submitted proposals for the emergency supply of electricity on board.”

https://www.miningweekly.com/article/dmre-2020-07-21

id documentation for the procurement of 2 000 MW of “emergency” power to address an immediate supply shortfall that is making South Africa vulnerable to ongoing load-shedding will be released to the market by the end of July or early August at the latest, Minister Mmamoloko Kubayi-Ngubane told lawmakers on Tuesday.

Delivering a Budget Vote address on behalf of Mineral Resources and Energy Minister Gwede Mantashe, who was hospitalised for Covid-19 on Monday, the Tourism Minister said both demand and supply solutions were required to mitigate the unpredictable performance of Eskom’s plant.

The fall in the energy availability factor from Eskom’s undermaintained coal fleet had resulted in a return of rotational power cuts in July, and the utility had warned that there was a risk of even more load-shedding for the coming 18 months as it implemented a so-called reliability maintenance programme that would result in units being taken offline for protracted periods.

Kubayi-Ngubane said a “holistic” approach had been adopted to the problem, as there was insufficient time to pursue the normal route of introducing grid-scale generation solutions, which, depending on permitting requirements, technology and size, typically involved lead times of about three years.

Besides the emergency procurement programme, the department was expecting that the National Energy Regulator of South Africa (Nersa) would provide its concurrence “soon” on a second Section 34 Determination which would enable the procurement of the capacity outlined in the Integrated Resource Plan of 2019 (IRP 2019).

“In addition to providing security of supply in the long run, these determinations are going to unlock investments in excess of R250-billion from various energy sources that include, coal, gas, renewable energy and storage.”

Government’s Independent Power Producer Office (IPPO) had already warned, however, that it was unlikely to be in a position to release bid documentation for the technologies outlined in the IRP 2019 until the second quarter of 2021.

In the shorter-term, Kubayi-Ngubane indicated that supply would be augmented by procuring additional power from existing independent power producers (IPPs), Eskom entering into short-term supply and demand agreements with existing facilities and customers and enabling generation for own-use.

The IPPO was engaging with the renewables IPPs to secure existing surplus energy, with about 128 MW available immediately, 50 MW of which was accessible without the need for any additional infrastructure.

Eskom was also pursuing a Short-Term Power Purchase Programme (STPPP) for as much as 550 MW.

The utility revealed to Engineering News earlier in July that the evaluation of STPPP bids was being hampered, however, as the Covid-19 pandemic had reduced access to the secure C-Max facility at Megawatt park where such evaluations were conducted.

Just watching a program on Nat Geo about China. It says they’re building a city the size of Chicago every year. Incredible amount of construction they are capable of.

The IRP 2019 envisages the introduction of at least 6 000 MW of additional solar photovoltaic (PV) capacity by 2030, before taking into account distributed solar PV installations. It also assumes the introduction of 14 400 MW of new onshore wind capacity by that date, as well as 5 000 MW of storage.

The study has stress tested various, more ambitious, deployment scenarios for the period to 2050, during which it has been deemed realistic to introduce new variable renewable energy capacity at yearly rates of between 4 000 MW and 6 000 MW.

An ambitious renewable-energy pathway, the study concludes, would increase the overall system cost by little more than 1% relative to the policy trajectory outlined in the IRP 2019, but remove more than 25% of emissions, a reduction of 1 000 Mt. If their conservative cost assumptions are relaxed this might come at a saving to the IRP 2019 trajectory.

In all of the study’s realistic mitigation scenarios, the majority of new build capacity is wind and solar PV, with gas and battery storage acting as flexible reserve capacity as coal retires. The IRP 2019 has allocated 3 000 MW for gas to power.

The ‘ambitious pathway’ outlined also creates options to achieve future mitigation milestones, which could allow South Africa to delay major gas decisions for at least 15 years.

“Gas is only required in volume in the late 2030s,” the study asserts, adding that gas infrastructure for power generation, should it be required, could be coast-located, avoiding a necessity for long pipeline lead-times.

The study argued that the major constraints to a more ambitious renewables roll-out is currently related to policy uncertainty and regulatory restrictions, which can be addressed through political commitment and sector reforms.

“We know that the renewables build must be immediate and ambitious. A slow start means we are highly unlikely to achieve Paris-alignment and economic competitiveness in the low-carbon global future,” the authors state.

Emissions over the long term are most easily and cost-effectively achieved by initiating a coal phase down immediately, and allowing it to proceed steadily, the study adds. It notes, too, that a more ambitious renewables roll-out will enable Eskom to avoid potentially costly life extensions.

“For a similar level of costs, a more ambitious renewables build pathway delivers valuable options for more rapid future decarbonisation if required, and scaling up of the associated economic stimulus and socioeconomic benefits (especially in areas which will be most impacted by reduced coal-burn), in a rapidly changing world.”

Steyn argues that the opportunity “is real and immediate” and that South Africa should, thus, seek to grasp it.

https://m.miningweekly.com/article/a-more-ambitious-renewables-roll-out-would-have-major-benefits-for-south-africa-new-study-shows-2020-07-16/rep_id:3861

A more ambitious renewable-energy build programme than the one outlined in the Integrated Resource Plan 2019 (IRP 2019), which already has a large renewables component, will greatly benefit South Africa and should begin immediately, a new study asserts.

Produced jointly by Meridian Economics and the Council for Scientific and Industrial Research Energy Centre, the study reaffirms that South Africa’s “cost-optimal” future power supply should be based on wind, solar, storage and peaker plants, given that new coal, nuclear and hydro are no longer economically competitive.

It also confirms that the cost of introducing an even lower emissions scenario is no longer significantly more expensive than a pure least-cost scenario and could be funded through a transaction with climate funders and development finance institutions.

Such a transaction, Meridian Economics CEO Grove Steyn asserts, could contribute to resolving Eskom’s financing crisis and provide support for a just transition for affected communities in key coal regions.

Accelerating a more ambitious renewables roll-out will deliver a large green stimulus that will attract job-generating investment in new generation facilities and associated value chains, Steyn, who is also a member of the Presidential Economic Advisory Council, adds.

“Over the next ten years alone, a more ambitious renewables pathways could attract in the region of R200-billion more, at about R500-billion, in capital investments over and above the IRP 2019, whilst not relying on the fiscus.”

Investment at such a scale, he adds, presents an enormous opportunity for a much-needed economic stimulus, particularly post Covid-19.

“It creates the opportunity for value chain localisation, reindustrialisation, and large-scale job creation in manufacturing, associated services, construction, operations and maintenance,” Steyn says, arguing that some 50 000 jobs would be created by 2030, which is larger than the 43 000 jobs currently generated at Eskom.

He also argues that “a strategically managed, ambitious renewables roll-out will provide substantial new opportunities for broader economic participation and inclusive ownership, especially for South Africans from previously disadvantaged groups.”

The study’s authors, therefore, conclude that the IRP 2019 should be reviewed urgently with updated renewables cost assumptions.

Such a revision would yield a more ambitious renewables build programme that would be able to deliver a large green stimulus along with material value-chain localisation opportunities.

gkb47 I would have thought bbn et al are above the childish antics being perpetrated on this bb and simply have no need to comment.

Anyone who is unable to take responsibility for their own buying/selling decisions just shouldn't be investing. If you buy or sell solely on another bb members recommendation that's at your own risk. If you're willing to put £10k, £100k or whatever into a share based on someone saying 'fill yer boots' without following that up with a little bit of research then I'm afraid that is going to be a lesson you need to learn if you are going to keep investing.

If you did a weekend of research after having your attention brought to BMN then I would say at the time it would have looked like a decent investment.

Ultimately people need to grow up and stop pointing fingers at others for their buy or sell decisions.

Etzinger expressed frustration at the delay, particularly given the return of load-shedding in July, owing to a combination of plant being offline for reliability maintenance, or as a result of unplanned trips.

In early May, Eskom CEO Andre de Ruyter indicated that the utility saw scope to procure about 129 MW under the STPPP and also reported that the utility was working on demand- and supply-side procurement solutions that could collectively deliver 917 MW by March 2021.

All these initiatives were currently being hamstrung by the Covid-19 lockdown, however.

https://www.miningweekly.com/article/evaluation-of-short-term-power-bids-being-hamstrung-by-covid-19-eskom-confirms-2020-07-14/rep_id:3650

Progress on Eskom’s proposed Short-Term Power Purchase Programme (STPPP), initiated to help limit load-shedding while the State-owned utility implements a so-called reliability maintenance programme across its coal fleet over the coming 18 months, is being seriously ******ed by South Africa’s Covid-19 lockdown.

The bidding deadline for the programme, which is led by Eskom’s GM for energy planning and market development, Callie Fabricius, was initially extended from April 30 to May 11. It was then further extended to July 2 at the request of the National Treasury.

The extension also arose after Eskom received a slew of enquiries from potential bidders, which caused it to make changes to the initial contract timeframe, as well as the nature of the entities that were eligible to bid.

When the request for proposals was released on March 23, Eskom indicated that it would consider entering into power purchase agreements (PPAs) only with counterparties able to demonstrate that their facilities could meet a commercial operation date of no later than December 31, 2020.

GM for risk and sustainability Andrew Etzinger tells Engineering News that, owing to the delays, Eskom will now enter into PPAs with facilities able to meet a commercial operation date of March 31, 2021.

The utility is also willing to extend the PPA end date from the initial date of December 31, 2023, to March 31, 2024.

The National Treasury has also insisted that Eskom should not exclude any potential suppliers from bidding, including renewable-energy independent power producers (IPPs) that currently supply electricity to the grid in line with Section 34 determinations, implemented under South Africa’s Electricity Regulation Act.

It is estimated that these IPPs could immediately inject an additional 128 MW of energy into the network. However, Eskom and the Department of Mineral Resources and Energy envisaged this energy being procured through the IPP Office, rather than under the STPPP.

Etzinger says it is possible that some renewable IPPs have now bid for STPPP contracts. He is unable to provide any insight into the nature or scale of the bids, however, as the evaluation process has not yet started.

In fact, he reports that the STPPP evaluation, along with several other tender evaluations, is being seriously hampered by the Covid-19 lockdown.

“We conduct these evaluations in a secure environment at Megawatt Park, known as C-Max. However, it has been difficult to use the C-Max facility as we normally do, because Eskom employees are either directly affected by Covid-19, or are being constrained from meeting as a result of the protocols instituted to limit the spread of the virus.”

Eskom is considering changes that will allow the evaluation to be done virtually.

• This may be down to Zambia’s BCG vaccination programs have may have helped boost immunity levels in the population. Conclusion: The deal with Anglo validates the attractiveness of the Zamsort licenses to the mining majors. We are hopeful that a more meaningful deal may come out of the work being done and we look forward to a degree of competitive tension as Rio Tinto, Glencore and BHP take a closer look at the potential for further discovery in Zambia. Rio Tinto chose to sign a US$51m earn-in agreement with Midnight Sun in April which gives Rio Tinto the right to earn into 75% of their Solweizi licenses in Zambia. The move marked a new era of interest by the majors in discovering copper in Zambia. We also understand a number of Chinese companies have been keen to tie up properties and prospects in Zambia this year.

https://www.uploadlibrary.com/SPAngel_JohnMeyer/SP_Angel_-_Morning_View_-_Tuesday_14.07.20.pdf
• Arc Minerals reports it has signed a confidentiality and exclusivity agreement with a subsidiary of Anglo American on their Zaco and Zamsort subsidiaries.
• The exclusivity is for six months and permits Anglo American ‘to conduct a technical review which, if satisfactory, may result in an extension of the exclusivity and the negotiation of a commercial transaction.’
• The Anglo deal does not tie Arc into an premature deals and leaves potential for other majors to come into the project.
• There is no earn-in agreement at present meaning the field will be open for other majors to come in once the period of exclusivity is ended.This marks Anglo’s first return to Zambia since it left in the late 1990s when the group was streamlining in preparation for its London listing.
• The Zamsort licenses were formerly held by Anglo American with potential for some date within Anglo’s extensive archives.
• Anglo American are keen to workover the drilling and other work done on the licenses in the West of Zambia.
• We also expect Anglo geologists to do look to do further exploratory work on the properties
• Arc will continue with its existing drilling programme during the period of the agreement..
• Arc’s CEO, Nick von Schirnding, was formerly an executive at Anglo American and we wouldn’t be surprised if Nick was able to promoted the prospect to his former employer.
• We also suspect Nick’s presence at Arc was able to create the confidence required to bring Anglo back into Zambia and that the Zamsort licenses are well managed and in good standing.
• Drilling: Arc Minerals restarted drilling in Zambia a few weeks ago following the end of the rainy season within its license area
• The team plan to drill 8,000m this year starting with the Fwiji target following promising exploration work • Follow up work at Cheyeza East and Muswema is also ongoing where we expect the better definition of the scale and extent of the resource.
• Drilling will extend to 100m – 250m below surface to test deeper structures and follow mineralisation in the downplunge hinge component to the anticline.
• COVID-19: Zambia has suffered relatively little in terms of COVID-19 fatalities with just 42 fatalities recorded to date.

“We are resisting that, we will do what we can do so that we give electricity to our people at an affordable price and transition from high emissions to low emissions over a period.”

https://www.miningweekly.com/article/shift-from-high--to-low-carbon-must-be-systematic-and-just-mantashe-2020-07-09/rep_id:3650

South Africa’s Mineral Resources and Energy Minister, Gwede Mantashe, used the platform created by the International Energy Agency (IEA) Clean Energy Transitions Summit on July 9 to stress that South Africa’s shift from a high-carbon to a low-carbon path needed to be both systematic and just.

Speaking during the virtual event, which was opened by United Nations Secretary-General António Guterres, attended by energy ministers from 40 countries and viewed by thousands online, Mantashe insisted that South Africa’s Integrated Resource Plan 2019 (IRP 2019) would guide the diversification of the country’s electricity mix, which is currently dominated by coal.

The IRP 2019 envisages the energy contribution of coal falling, partly through decommissioning of old stations, from over 75% currently to about 59% by 2030 and the contribution of renewable energy rising from 7% to about 24% over the same period.

This renewables contribution would arise primarily from the integration of more than 14 000 MW of new wind and some 6 000 MW of new solar photovoltaic (PV) generation by 2030. In addition it is anticipated that the bulk of the allocation for distributed generation would arise in the form of solar PV.

South Africa was also aiming to integrate 5 000 MW of storage and import 2 500 MW of new hydro from the Inga scheme in the Democratic Republic of Congo.

Mantashe suggested during the summit, however, that the hydro allocation might be displaced by small modular nuclear reactors should the hydro scheme fail to be implemented on time.

In addition, the plan caters for 1 500 MW of new coal and 3 000 MW of gas to power.

The Minister insisted that South Africa’s priority was to deliver affordable and universal access to electricity, while honouring the commitments it had made under the Paris Agreement to reduce its carbon emissions.

The South African government would, thus, resist “pressure” to narrow its policy focus to emissions alone, particularly given that Africa as a whole “contributes between 2% and 3% of global carbon emissions”.

The Minister described South Africa key challenge as being the ability to develop “connected capacity that can be used to give access to everybody – that is our biggest preoccupation”.

“[To do so] we are subscribing to the concept of a just transition, and a just transition cannot mean jumping like a pendulum from one end to the other. It will mean systematic transitioning from one era to the next,” Mantashe explained.

“We think we are positioning ourselves to manage that carefully, despite the pressures, because sometimes when you are a weaker economy you get pushed to do things that are almost like self-destruction.

Thing is bassguy it's all 5hits and giggles until someone giggles and 5hits :)