The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Alkemy hosts Syrah Resources, Zeus Capital and Austrade at Wilton International and PD Ports
On Friday 26th April the Alkemy team hosted Syrah Resources, Zeus Capital and Austrade for a successful site visit of the plot for Tees Valley Lithium and the potential plot for Tees Valley Graphite and Syrah Resources at the world-class Wilton International located in Teesside UK.
During the visit, the team visited the integrated infrastructure and logistics capabilities at PD Ports before spending the afternoon touring Wilton International.
Wilton offers unrivalled plug & play facilities, decarbonised power and direct access to a skilled labour force inside the Teesside Freeport, making it an ideal location for the low-carbon processing facilities.
Alkemy wishes to thank their valued and trusted partners at PD Ports and Wilton International, respectively, for the ongoing support and for hosting a successful visit by the delegation.
Paul Atherley, Chairman of Alkemy Capital Investments commented:
‘It was a pleasure to host some of our most valued partners and guests last week to inspect first-hand Wilton International’s world-class plug and play facilities and direct access to PD Ports unrivalled infrastructure in the Teesside Freeport.’
Shaun Verner, Managing Director and CEO of Syrah Resources commented:
‘I thank Alkemy, Sembcorp and PD Ports for hosting Syrah Resources on the site visit and briefing us on the impressive infrastructure installed and activities underway within the Teesside Freeport. It is clear that Teesport and Wilton International offer good foundations for a potential active anode facility in the UK.’
Anastasia Nishnianidze, Trade and Investment Commissioner for Austrade commented:
‘The collaboration between Australia’s Syrah Resources and the UK’s Alkemy Capital is a very timely development that leverages Australia’s deep expertise in critical minerals extraction and the UK’s minerals processing know-how. The project will help the UK and Europe secure future supply of minerals needed for the global energy transition and manage wider supply chain risks. The UK is well-placed to facilitate this project. Wilton International Chemicals Park is part of Teesside Freeport and offers freeport tax incentives, access to reliable renewable energy and a skilled workforce. It’s exciting to see Syrah Resources and Alkemy explore these opportunities.’
Robin Byde, Director of Zeus Capital commented:
‘An exciting and strategically significant project, supporting UK and European EV transition.’
@Beast - taking your points in order:
Exploration, drilling and labour in Russia is pretty cheap. The funds KK had at the end of 2023 would already go a long old way towards proving up the flanks or upgrading Loipishnune towards the 15moz target. And that’s before they’ve received the remainder of tax rebates or sold the remainder of the stockpile, or done any mining in 2024. Plenty of money in the company for this.
There’s work that needs to be done at MT throughout 2024 as part of the license conditions anyway, so I’d like confirmation from the company that this is going to take place to keep the license in good standing.
Re sanctions, there are no current sanctions affecting EUA, its banks, its employees or its operations. Potential sanctions that may or may not be introduced in future should be dealt with at the time. The company is permitted to continue its operations as they were in early 2022, and developing MT further was part of the pre-existing plan at that time. The money to develop it can come from pre-existing Russian operations, so no risk of sanctions breach.
@SpikeyJ - Of course there aren’t figures for production increase yet as there hasn’t been a full season of mining since the e-dragline was commissioned.
But it doesn’t take a genius to work out that big digger = more metal…
The problem is I’m not sure CS motivations are in line with the best interests of the company.
By pursuing a sale and nothing else, he’s missed out on several years of exploration and development at MT. He wants to retire with a lump sum, but if a sale is not forthcoming then what’s Plan B for the company? At the moment there isn’t one, we’re just sat here wasting time.
My view is that there’s absolutely no reason why further upgrade to the reserves and resources at MT cannot continue whilst sale negotiations are ongoing, which is why we want to be able to vote on this resolution.
Dealing with a few messages in one post:
@del929 - nothing. They could choose to define continued development as just works that are required under the MT license. In which case the resolution has still done no harm and as a minimum we would be confident that work is going ahead as needed. I absolutely wouldn’t vote no confidence in the Board as this is a far more serious action. The resolution we’re hoping to get to vote on is supportive of the company and its assets. A vote of no confidence or kicking directors off the board is quite the opposite.
@del / @JamesB1 - Regarding who would do further exploration and development that’s a fair point. CS is an experienced geologist (much more than he is a salesman) or could farm this out to third parties if he wanted to, or get a new CEO on board. There’s also the local Russian staff - the country manager, etc who could be involved in this.
@Wolfe - no guarantee of good news on the 8th May, it’s purely an unusual time for KK to hold an EGM which gives some hope it might be something positive. Either way, no harm in getting this resolution on the agenda in the meantime.
@cryptochump - believe the Board only have to update us on the sale of WK stockpile at the next update, which at this point looks like it’s going to be the annual report. No requirement for them to tell us immediately.
@Offler - yes I have. And how much do you think was spent on power lines, electric dragline, and mine infrastructure which is now operational at WK and doesn’t need to be spent again? Which also vastly increases the annual extraction rate…
@cryptochump - good questions. Taking them one by one:
Looks like at least £1m worth was sold by the end of 2023. Impossible to say beyond that as accounts only cover to end of last calendar year. The point is if they’ve sold £1m worth, they can sell the rest. I should point out the line in the accounts that shows this is ‘the sale of products, goods, works, and services’ so they could’ve sold something that isn’t metal, but the most logical explanation is some of the PGM stockpile.
Mining at WK can generate significant revenue, millions of pounds per year. Exploration in Russia is cheap. That revenue could keep WK running nicely and upgrade reserves at MT too.
If they have sold some PT, then it stands to reason that the difficulty in selling PT has now been overcome and while selling the 2022 stockpile has taken an age, this should mean selling future mine product in the current environment should be easier. Appreciate this is an assumption.
As I said though, right now this is just about getting the matter on the agenda for the AGM, it isn’t about voting yes or no to it. Once we see the annual report the company will address the resolution and (presumably) explain why they think we shouldn’t vote for it. At that point we’ll be able to decide with all the information the company are prepared or able to give us, whether to support it or not.
Yes I am suggesting that Offler. The accounts for KK are publicly available, you can see how much money they have for yourself, and compare that with how much they had last year. This tells you enough.
In any case, the beauty of the resolution is it’s left open to the company to decide what ‘continued development’ entails. I would obviously never ask them to spend money they don’t have.
@Amers - thanks for your support - at present this is just an effort to get the resolution included in the AGM vote, so you’ll need to email the company in order to add your support for that. When the AGM comes around we’d then have the chance to actually vote on the resolution.
Having looked at the KK accounts we believe the company has since sold some of the PGM stockpile from 2022. Satellite imagery shows the company clearly preparing to mine again at WK this year. Ongoing revenues from that will more than sustain additional exploration and resource expansion at Monchetundra.
To whom it may concern
As a Shareholder in Eurasia Mining holding TWO HUNDRED THOUSAND shares through the broker HARGREAVES LANSDOWN, I am writing to notify you that I would like to exercise my right under the Companies Act 2006 to request a resolution be added to this year’s upcoming Annual General Meeting. The proposed resolution reads as follows:
“To commit the Company to continued development of its Monchetundra license area and end the current ‘care and maintenance’ approach, notwithstanding a binding or non-binding offer to purchase this asset having been announced to market within the next 6 months"
Although I do not own the 5% of the issued share capital to force this action as an individual member, I would like my shareholding to be added to the tally of other requisition requests for the same resolution, assuming these collectively reach the 5% threshold.
For a couple of months now, a small group of us have been preparing a resolution to be put to shareholders to vote on at the upcoming AGM to be held most likely in June or July. The resolution we would like to vote on is aimed at ending the current period of stagnation during which we are neither developing Monchetundra or making any tangible progress in the asset sale.
The resolution reads as follows:
“To commit the Company to continued development of its Monchetundra license area and end the current ‘care and maintenance’ approach, notwithstanding a binding or non-binding offer to purchase this asset having been announced to the market within the next 6 months.”
In order to add this resolution to be voted on at the AGM, investors holding a collective total of 144 million shares (representing 5% of the issued share capital of the Company) need to request this resolution be added to the meeting agenda.
If you support the idea of this resolution being put to shareholders for a vote, please copy and paste the email which will follow in the next message to info@eurasiamining.co.uk and copy in the Company’s solicitor (Simmons & Simmons) at the following email address: felix.zimmermann@simmons-simmons.com
There is no guarantee that we will generate the numbers required to succeed in adding this resolution to the agenda, but given the support we have received so far we believe it is possible. Some feedback we have had is that people would prefer to wait until the 8th May Kosvinsky Kamen EGM has been and gone before taking any action. This is understandable, but please bear in mind in order to add the resolution to the AGM it must be received by the Company at least 6 weeks prior to the date of the meeting, so if you support the idea of shareholders being able to vote on this proposal, you will need to send the email before 12th May. We believe there is no harm in sending the email now; if the KK AGM does yield anything tangible, there is still no harm in adding a resolution to the AGM to be voted on at the end of June or in July.
PLEASE NOTE that in the email there are two sections (those in bold and Caps Lock) which you will need to edit and personalise before hitting send, to add your total shareholding and the name of broker(s) through which you hold your shares.
We realise there is no way to copy the email from this group. It will also be posted in the EUA Daily Digest group, in the smaller Eurasia Mining chat group, and also on LSE for people to copy from. Alternatively just DM me and I’m happy to forward it on to you privately. The wording of the email will follow in the next message. The wording of the resolution must be exactly the same in each email for it to count towards the 5% threshold.
Hi lovelyboy, appreciate you sharing what you have on here but as somebody who’s spent quite a bit of money in the past on caseboard subscriptions and Russian VPN subscriptions to access certain docs and always shared them with people straight away, you’ve clearly seen the names so why not share them with us here? Clearly inefficient for us all to spend £36 each time when one who’s spent it already can share the wording