George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Yes, two separate companies. In fact, there are quite a large number of companies in the Jadestone group, as the group accounts of Jadestone Energy plc show. Jadestone Energy plc holds the entire isued share capital of the intermediate holding company, Jadestone Energy Holdings Limited, which holds all the various investments - a fairly commonplace structuring arrangement and no big deal.
Our titanium source is predominantly within Sandstone. Sandstone is defined as a "Common sedimenatry rock consisting of sand or quartz grains cemented together". Note rock, not mineral sands. Nothing further to clarify imo.
The Silver Sawsan could be the smaller, lower cost shuttle tanker, as RNS'd. The supply vessel Pacific Rapier is no doubt there to bring supplies. Not sure about the fairly small Bhagwan Houtman tug that is on route. The Grace Ace tanker is bound for Singapore - could be with a Montara offtake?
I've been reflecting on the implications of Thursday's RNS. No question that EML has been granted a mining licence and that the ability to mine is dependent on the company obtaining various other permits, notably the ESIA. EML have been back and forth discussing and refining the ESIA in order to satisfy everyone's legitimate concerns and a reasonable implication from other company notifications is that it has been finalised and the final decision awaited. So why is it that "the regional investment authority, was unable to approve the application"? Was there something wrong with it that needed to be changed, or did they just not fancy having a mine in that area, despite a mining licence having been granted? It just doesn't make sense. It's like a UK local authority deciding that although an outline planning application was originally approved, they've now decided that despite government policy to the contrary, they don't want any more houses in their area and go into reject mode. I think that the ESIA referral to a higher authority, therefore, is a very important step, in that deciding whether or not to approve as ESIA submission with apparently nothing wrong with it, the Kingdom needs to decide whether it wants to be one that attracts international investment - or not. If the answer's no, then Morocco is dead in the water as an investment destination. Time for Rupert Joy to step up and make this clear.
I think there's a number of factors involved here - the fact that the ESIA isn't yet issued, compounded by the Board's mis-communication of the word "imminent" and failure to properly clarify matters subsequently, the fact that the proposition isn't yet funded (not that I see that as being a problem), pressure from the Moroccan government to do a deal with OCP if EML want the ESIA issued (my view only), market falls generally since the beginning of this year, the prospect of an imminent recession and general market boredom in holding a share whose SP is in decline or going nowhere. FWIW I am holding what I regard as a large position and I haven't sold a single share. I think (my view only) that negotiations between EML and OCP are key to unlocking all the above which will eventually get concluded.
Emerging Metals Limited (then EML) issued an RNS on 8 June 2011 showing that Jim Mellon held 31,333,493 shares. On this site the shareholding in Emmerson (EML) at or around that time is shown as 51,333,493 shares - exactly 20m different - too much of a coincidence. Conclusion - LSE has it wrong and that Jim Mellon was a shareholder in Emerging Metals Limited back in 2011 when it had the ticker EML, but not in Emmerson (EML).
Reading between the lines of recent RNSs (ignoring tweets) it would appear to me that the recent reference to the need to ensure that all all stakeholders benefit in the future success of the EML project, is that the ESIA won't be awarded until a wider deal, whatever it might be, is done and dusted. As already intimated by other posters, I supect that OCP will be invoved. The deafening silence by the EML Board suggests that they are trying to progress this and hopefully will reach a conclusion soon. Meanwhile, agreed - the pointless non-news tweets are irritating and do nothing to enhance investor relations.
When I read the "new" presentation this morning, the ESG elements jumped out at me (as also observed by Trek) and I thought it was a whole load of old non-news. That said, the presentation with this focus must have been prepared for a reason and perhaps it is connected with all the fluffy aspects needed to secure permitting. Let's hope so and that the final permits are issued soon, so that the finance raise can be stepped forward plus everything else that follows on from that (including a higher SP).
I doubt our new strategic investor would have become involved with EML, just two months ago, without feeling confident that everything was on track. Also, Graham's end of year newsletter, just three weeks ago, confirmed that everything was progressing to plan. Today's fall followed the broader market weakness and recent falls generally were likely PIs bailing because news isn't coming through quickly enough. Nothing has changed in terms of the fundamentals.
I'm always happy to listen to alternative views, if by doing so it causes me to reconsider or confirm the validity of my investment. In the case of EML, the recent funding RNS made clear that we have a willing investor who has contributed a notional sum and who is prepared to contribute more as the debt finance is secured - which actually I think is quite a smart way of funding the capital element of the refinancing. The investor also wants to stay below 30% (for obvious reasons) with an ability to ratchet up, if necessary, to avoid dilution. I am struggling to see anything untoward with the structure of this capital raise. So, chisler, please tell me why I'm not bright enough to realise that this "deal is a trap"?
chisler - why do you see the GSM and GQC deal as a trap? - because they might have to issue more shares than announced in the funding RNS to achieve the correct debt / equity ratio to satisfy the banks? Would be interested in your views.