The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Eloro - Their is no place for you on this board as you have being seen for what you are , A rasist despicable pig , Why don't you remove yourself , As there is no place on this public forum for your bigotry behavior.
Major shareholders to increase holdings in the Company
28 April 2023
M&G, which is one of the UK’s leading investment institutions and Fundo Soberano de Angola (“FSDEA”), which is the Angolan Sovereign Wealth Fund, remain strongly supportive of the Company and its business plan and have each requested and been granted the right to participate in any future equity or other fund raising undertaken by the Company on a pro rata basis for the next two years.
https://www.londonstockexchange.com/news-article/PRE/major-shareholders-to-increase-holdings-in-the-company/15936563
Update on Longonjo Financing and Development
28 June 2023
Major shareholder FSDEA to provide an immediate US$15 million loan facility as part of a broader US$80 million investment (subject to due diligence and the finalisation of investment terms) to facilitate the development of the mine and to provide the equity component for the proposed project debt facility.
https://www.londonstockexchange.com/news-article/PRE/update-on-longonjo-financing-and-development/16016943
Eloro - You are a pig and the lowest form of humanity that has staged this presences in a public forum , Your remarks are disgusting towards the host nation of Angola and there people that what to diversify from oil for the future benefit of their people , Personally i take your comments as totally disrespectful and despicable towards the people of Angola , You should be ashamed of yourself you inbreed repulsive pig.
According to monthly surveys conducted in 2022 and 2023, the share of the respondents in South Africa worried about financial and political corruption in the country was one of the highest among the countries taking part in the online study. In June 2023, 58 percent of the South African respondents were worried about financial and political corruption. During the period under review, the share of participants concerned about financial and political corruption peaked in February 2023 at 59 percent.
https://www.statista.com/statistics/1266540/share-of-south-africans-worried-about-financial-and-political-corruption/
South Africans are simply not angry enough, protesting enough and shaming the ANC government and leaders enough for their corruption, state failure and decay.
Mediocrity, incompetence and callousness by government and elected leaders are now accepted as commonplace. They do not elicit the requisite national uproar. These ills are now collectively resignedly accepted as normal, acceptable and the way things are and will be.
The cherished belief that South Africans will rise up against government callousness is a myth. Former ANC and South African President Jacob Zuma was tolerated in government for nine wasted years – in spite of the systemic corruption, state failure and lawlessness under his watch, and which impact will take the country years to recover from.
In South Africa, there appears to be an acceptance that corruption, incompetent and state failure is the identity of South Africa. Paradoxically there is often a celebration if public services are just being delivered, no matter how tardy, mediocre, and inconsistent. Crime is runaway, power outages are now permanent and infrastructure have collapsed across the country.
https://www.wits.ac.za/news/latest-news/opinion/2023/2023-03/the-soul-of-south-africa-corrupt-to-the-core.html
(Bloomberg) -- South Africa is intensifying efforts across key institutions to secure the country’s removal from a global financial watchdog’s so-called gray list, which denotes nations with shortcomings in tackling illicit financial flows.
“The implications are too ghastly to contemplate should we not be able to be removed from the gray list within the 24-month period,” Unathi Kamlana, commissioner at the Financial Sector Conduct Authority, said in an interview with Bloomberg on Thursday. “Our focus is on getting ourselves off.”
The Paris-based Financial Action Task Force placed South Africa on its watchlist in February, citing deficiencies in tackling illicit financial flows and terrorism financing. It gave the country until Jan. 31, 2025, to address the shortfalls.
The gray-listing followed an era of endemic government corruption — referred to locally as state capture — under former President Jacob Zuma that his successor Cyril Ramaphosa estimates cost the economy at least 500 billion rand ($26.6 billion). While the FATF’s decision hasn’t had an immediate impact on South Africa’s credit ratings, missing the 2025 deadline may damage investor sentiment toward South Africa, leading to capital and currency outflows.
https://www.bnnbloomberg.ca/south-africa-ramps-up-coordinated-efforts-to-get-off-gray-list-1.1940885
Tony - Pensana will go ahead with the full support of the Angolan government from the president down , Such a shame the UK can not show the same level of government support for Saltend and the broader investment community to de risk the project as the Angolans will do for Longonjo.
Major shareholder FSDEA to provide an immediate US$15 million loan facility as part of a broader US$80 million investment (subject to due diligence and the finalisation of investment terms) to facilitate the development of the mine and to provide the equity component for the proposed project debt facility.
Saying that M&G could step up to the plate when needed for Saltend funding the same as the
FSDEA has done for Longonjo.
FSDEA has agreed to provide an initial US$15 million loan facility as part of a US$80 million investment to Pensana and which will be repaid out of the larger facility, for the US$200 million staged development.
The purpose of the proposed investment is to facilitate the immediate development of the Longonjo mine and to provide the necessary support for the proposed project debt facility.
The funds are required to be put in place between now and the end of the calendar year to meet the proposed construction and commissioning schedule with first production targeted in 2025.
FSDEA’s commitment towards funding has allowed for the continuation of onsite activities for which the earthworks contractor and electrical contractor have already been mobilised.
https://www.miningreview.com/energy/pensana-looks-to-achieve-first-production-at-longonjo-in-2025/?fbclid=IwAR1kvQxV5mWXdPFzING0I7Gx_Vj6qsTqkwIvNj546PTaVdrpd8w1t2_nhe0
All the signs are there for us to see that South Africa is on its trajectory toward being a failed state. At the moment, the country’s economic and political system is poorly performing. Hence, we will soon be living in what we call a failed state.
Many leaders of the ANC do not waste time defending the government they are in charge of when it is being labelled by opponents or commentators as a failed state, rightly or wrongly. According to the Oxford Dictionary, a failed state is a country in which the government is so weak that it has lost control of the structures of the state.
These are all the signs of a nation heading towards a trajectory of a failed state. We are almost there.
https://www.iol.co.za/the-star/opinion-analysis/sa-is-a-failed-state-b39e35cf-6c86-4ecd-bf6b-be27f1c193ca
Thursday 29 June 2023
Over a decade of worsening economic indicators has wreaked havoc on the African giant – and politics seems to be the root cause
South Africa is on the brink of collapse. After years of corruption, mismanagement and poor investment, the fruits of the once-promising country have turned rancid. As the country’s leaders grapple with the impending disaster on their hands, tensions are boiling over. On January 10, Tito Mboweni, the finance minister, launched a series of tweets underscoring the gravity of the situation: “If you cannot effect deep structural economic reforms, then game over! Stay as you are and you are downgraded to Junck [sic] Status!! The consequences are dire. Your choice.”
This will force fund managers with investment-grade mandates to dump their South African assets and make others rethink their own positions in the country, worsening already high investment outflows from the country
https://www.thenationalnews.com/opinion/comment/south-africa-s-leaders-are-facing-impending-disaster-1.963586
RRE looking at more share dilution. shareholders hope that the CEO is correct in his production timeline. Then there's that processing intention in the US with K-Tech with unproven tech . Or, will it be China as the CEO stated in 2022? time will tell
Dumbpunter - You are busy today spewing your verbal dribble across platforms as a non holding TROLL with no financial interest in PRE, What a pathetic poor excuse of a human being you must be , Such a lonely existence you must have to spend your time this way showing your inadequacies.
Pensana Plc (LSE: PRE) is pleased to provide details of a revised financing and development strategy which will see the Longonjo operation fully funded into production.
A revised execution plan allows for staged mine development which will reduce the upfront Capex to US$200 million with US$105 million deferred until year three.
Major shareholder FSDEA to provide an immediate US$15 million loan facility as part of a broader US$80 million investment (subject to due diligence and the finalisation of investment terms) to facilitate the development of the mine and to provide the equity component for the proposed project debt facility.
ABSA Bank has been mandated to arrange a US$120 million project debt facility which together with the US$80 million funding will fund the mine and processing facilities into production.
Durban - The Institute of Risk Management South Africa’s (Irmsa’s) latest report has raised concerns over growing social unrest in the country, with social and economic factors fuelling protests and riots.
“Economic challenges, including stagnant growth, high unemployment, and persistent inequality, have consistently ranked among the major risks facing the country. Concerns over corruption, governance, the rule of law, and breakdowns in public service delivery have also been recurring themes.”
The report said the country had experienced a surge in social unrest, with protests and riots fuelled by issues such as inadequate service delivery, poverty, inequality, unemployment and political corruption.
“If left unaddressed, the consequences of the poly-crisis could lead South Africa toward becoming a failed state, or worse a mafia state.”
https://www.iol.co.za/mercury/news/risk-reports-warning-of-growing-unrest-in-the-country-a735a9df-fe4b-4e5a-a2db-56969cbe217b
Eloro- Neither are you but your constant whinging in a stock you apparently own defies logic, you obviously want PRE to fail which is backed up with your posts, if you are not ok with it sell up and move on simple.
Tony - Eloro - Do us all a Favour and sell out, instead of whinging like a couple of old clowns., for God's sake grow a pair and man up, you both are typical gutless keyboard warriors with nothing to offer but your negative noises and self-opinionated dribble.
THURSDAY JUNE 22 2023
South Africa’s perceived ‘friendship’ with Russia is already severely hurting the southern African country economically – with potentially full-blown United States sanctions not yet ruled out.
The Americans are still considering what to do about South Africa allowing a specifically sanctioned Russian cargo vessel, the Lady R, to dock at the Simonstown naval command near Cape Town, there allegedly loading weapons, or weapons-related cargo, early last December.
Last month, the US ambassador made an extraordinary public allegation that the South Africans had not only allowed a sanctioned vessel to dock but had further violated international sanctions imposed on Russia for its invasion of Ukraine by supplying Russia with unspecified military equipment, believed likely to include electronic components for high-tech weapons systems.
The subsequent diplomatic row triggered a crisis in US-SA relations, that rift still not having been resolved, despite several missions to Washington by various South African delegations, one sent by President Cyril Ramaphosa, another by the opposition Democratic Alliance.
Even without further direct sanctions from Washington over the Lady R saga, the impact of South Africa’s perceived leaning towards Russia put severe negative pressure on the South African currency, which plunged to its lowest-ever value against a basket of currencies including the dollar and the euro.
https://www.theeastafrican.co.ke/tea/news/rest-of-africa/sa-economic-crisis-deepens-as-friendship-with-russia-spurs-4279382
21 JUN 2023
Governance collapses when the state retreats
Pinpointing when the state lost its way has become something of a chicken-or-the-egg situation.
Some will say it started with state capture — a period easily identified as the start of governance collapsing, sending the economy into freefall. Others might say that state capture was the inevitable result of a public sector already stripped of its ability to ward off an economic coup. The state was ripe for the picking.
But those same people will say that there is no way South Africa’s government could see anything of that scale through — that it will be choked by mismanagement and corruption before it even takes its first breath.
The reason for raising this self-distrust is that it is at the heart of our country’s governance problem. At some point, the public sector stopped trusting itself to govern and so decided to outsource this crucial function. Given that governments are meant to be shaping their economies, this is very dangerous.
The ability of governments in Africa to govern has long been viewed with scepticism. This scepticism has been the basis of the “guidance” given to African policymakers by the likes of the World Bank, whipping their economies into shape.
In April, in response to a parliamentary question, Minister of Public Service and Administration Noxolo Kiviet said that 166 365 public sector posts were vacant. The vast majority of these unfilled posts (109 894) were in education and healthcare. There are also considerable shortages in government departments, including employment and labour; higher education; justice and constitutional development and water and sanitation.
A dearth of people and skills leaves the public sector vulnerable to mismanagement or worse. It also leaves it strapped for good ideas — alternatives to the stale, often impractical and sometimes unimplemented, policies that have been foisted upon us.
https://mg.co.za/thoughtleader/analysis/2023-06-21-governance-collapses-when-the-state-retreats/
Smartpunter - You cannot offer any links to your pathetic ramblings of a imbecile, and by the way Dumbo Th will be a great byproduct of the future.
A country of 60 million is on the verge of “collapse” amid rolling blackouts and warnings of “civil war” scale unrest.
South Africa is on the verge of “collapse” amid rolling blackouts and warnings a total power grid failure could lead to mass rioting on the scale of a “civil war”.
Western embassies including the United States and Australia have advised their citizens in the country to stock up on “several days' worth” of food and water and be on high alert during extended blackouts sweeping the country.
https://www.news.com.au/finance/economy/world-economy/stockpile-food-and-water-south-africa-faces-civil-war-conditions-if-power-grid-collapses/news-story/231d976d93e9a34ef8dfaf0ac3db6582