Unjust Criticism11 May 2021 13:28
As the share price slides south, I'm seeing a lot of criticism directed at Paul Atherley and feel its largely unjust. People are forgetting what has been accomplished in the past 12mths. Not enough leeway is being given to the fact the goal posts have moved several times, which has been reflected in some missed timelines. I concede that PA could've communicated some of these better, certainly with respect to the BFS, however there has been significant additional planning to incorporate new processing and refining facilities into the business plan. This arguably will allow Pensana to diversify away from being just your run of the mill miner. Listening to the recent VSA capital interview is telling, the bulk of the interview focus is actually given to the Saltend processing facility including talks of recycling and sourcing additional offtake from other suppliers. This alone has huge potential and could well be a £1b company in its own right if all goes to plan. Having followed many mining companies over the years, I can honestly say the approval at Saltend happened about as quick as one could've hoped for. These things have a tendancy to be bogged down in environmental protocols and extreme NIMBYism, this show's that Pensana have what it takes from an administrative, negotiation and planning perspective to get this project across the line.
Perhaps a few are miffed on the potential of the Angolan sovereign wealth fund potentially upping their stake? Whilst on the other hand failing to see the huge upside of having a supportive and stable partner which is heavily incentivised to see the project succeed. Paul has not only fostered a respectful working relationship with Angola, but also foreseen the need to go down the ESG and green compliant route which separates Pensana's product from its peers, (and future proofs any requirements down the track). He is also engaging on the ground in Angola to get buy in from the local workforce, which will further help minimise the often seen exploitative mining practices of many companies operating in Africa, yet again minimising geopolitical risk that comes with operating on the continent.
"The Company has engaged international consultants and with officials in-country and the UK Embassy in Luanda to weigh opportunities to establish a centralised hub with anchor farms feeding into a roasting facility at the port of Lobito to produce coffee for export to Europe. Providing positive opportunities for talented young women to help build a sustainable economy. Pensana is actively seeking bright and aspirational women with STEM backgrounds, particularly those who come from diverse and/or disadvantaged backgrounds and want to be part of creating solutions for a sustainable future."
In my humble opinion I think many will be looking back these ~£1 share price levels in disbelief, the potential here is huge, and with the calibre of the management team assembled, personally I think PRE has the right mix to get t
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