The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Anyone know the duration and run time on the 2 IMLs. I think we're 1 year+ into a 10 year life? If I'm right, Cmet needs to get a move on. The clock's ticking and the Sri Lankan's will be watching?
They have the EIA and IMLs. For me, main risk is Cmet not pressing on to production responsively because they will be accused of being life stylers and there'll be plenty in SL who'll want to try to step in and do that themselves, plus lethargy on the two licenses they hold will not look good for new IML applications. Critical juncture: life stylers or high flyers? You put down your money and you take your chance. After last rns, and assuming no porkies, the latter for me, and I'm hoping to upgrade my brief case to 2 handles so I can carry home all me money.
Working its way up the channel.
My money on multi party jv, and not too far away either:
. Discussions with LB Group CONTINUING..
. ADDITIONAL interest received to fund the Project to production.
...CONTINUE to work with LB Group to progress the MOU announced on 9 May 2023 TO DEFINITIVE AGREEMENT,
...Pursue additional options and funding structures IN PARALLEL WITH the negotiations with LB Group to deliver the Project in a timely manner and maximise value.
Add to rns that Eastern Minerals project viewed by SL as helping foreign reserves and IMF loan repayments. SL also provided Oluvil port to boost fishing and commerce in Eastern SL.
You put down your brass and take your chance I suppose. I was in Sav and exited for time being. We get jurisdiction risks in Europe too.
Didnt know LB had gone. Rns said negotiations continue, unless it's a porky.
Another good RNS. More revenue.
There was nothing in the RNS to say the construction commencement and operational dates have changed: first half of this year for former and twelve months for latter, as said in presentation.
Rns is clear (please forgive the capitals, just wanted to highlight key words), unless it's porky pies which I can't see, can you? If both parties now want a multi party jv they have to relax exclusivity?
. Discussions with LB Group are CONTINUING..
. ADDITIONAL interest received to fund the Project into production.
...CONTINUE to work with LB Group to progress the MOU announced on 9 May 2023 TO A DEFINITIVE AGREEMENT,
...Pursue additional options and funding structures IN PARALLEL WITH the negotiations with LB Group to deliver the Project in a timely manner and maximise value.
Only thing that makes sense to me from the rns is to expect a multi party JV, including LB Group. Doesn't make any sense for LB Group to be out altogether based on Cmet having put them front and centre up to now - look at the presentation, it was all LB. You could see LB not wanting the full range of minerals though and perhaps encouraging further jv involvement due to China construction slowing a little, although still forecast to grow. My money's on a 3 or more party JV. Spread some risk out too. Its the only thing that makes sense from the rns and the strong presentation focus on LB.
I wonder if Cmet are able to update on an action that should be a quick win as it would, I believe, involve dealing with SL rather than a jv partner: the port lease or an agreement to lease. This would be a strong, quick win, indicator that we're not invested in a lifestyle company. I also think there has been Cmet lethargy: the only bit of the Oct-23 IM presentation I didn't like was when Martyr told us he hadn't been in touch with LB. I'm sorry, but that is lethargy, plain and simple. Please Cmet, let's see some achievements now and reassure us you're not a jam tomorrow lifestyle organisation.
Hoping and praying I haven't bought into a lifestyle company. Read an article it's quite common in SL for outside companies to take licenses just for the salary, which upsets the locals because they see inaction and then try and take them back because they can do that themselves. I'm sure I'm wrong. Hoping so anyway.
This is a straightforward project we're reassuringly told, and surely Cmet will have been warming things up from at least 19th Oct 23, going on 3 months ago? We need to see an MOU, a JV and financing, port lease, and commencement of design and build. Such achievements will stand CMET in good stead for the additional licenses, too, which surely they won't achieve without a royalties and taxes flow to SL from the two they currently have? I'm looking forward to seeing more achievement very soon. An Investor Meet update is appropriate in my view.
Dear Mr Martyr, please provide an IM update:
. Is the 12 month operational timescale still a target?
. When is the SL Treasury expecting to receive its first revenue?
. Progress update on harbour lease. Is this being finalised?
. Outline timescale to conclude a JV
. Is this still a straightforward design and build?
Thank you.
I wonder if the Sri Lankans themselves could begin to get frustrated. I realise the IMLs were taken last time through corruption, I understand. But it has been known for companies to have licenses withdrawn through a failure to perform too. Use them or lose them, eg if a company is considered to be taking a lifestyle approach. I trust this isn't the case here. This is my biggest hold and I would like to see more progress, eg the lease, and fuller updates. I don't think this is too much to ask for.
It was a brief RNS considering its significance. No mention of the harbour lease either and no mention of at least an outline timetable remaining in place to commence mining in 12 months, the implication being they're progressing swiftly with a JV. I think it's time for an update on Investor Meet. You would think that with the Sri Lankan's having in the IMF and the need for this revenue to help payback loans, and given the project's straightforward nature, they'd be getting their finger our a bit more?
The stuff's still in the ground just waiting to be dug out and my understanding is there's high global demand for it. I do think Martyr has over promised on this in the presentation last October: optimism of a deal before XMas then the umbrella MOU allowed to fall away without any update at all. I hope CMET are better miners than they communicators and strategists. They say it's a straight forward project so why are they making such hard going of it. Having said that, I'm topping up because of my first sentence!
This is going to keep on going beyond 20s in my view.
Thanks Andy
Just awoken to DEC having read an article about the dividend, which seems stellar. Definitely want to buy in for divi alone, plus hopefully some sp growth over time. Please forgive me I'm a bit new to the divi side of things. Please will someone share the key date,eg is it ex divi and record date? Thank you.
What a ride! Massive buying! I'm just enjoying the show!