Member Info for TheGreekLizard

Peter - That is pot calling the kettle black , you post negative comments on multiple PRE platforms daily , quite the hypocrite aren't you .

The current Fiscal Terms currently in place under the Mining Investment Contract (MIC) include:

· 2% royalty on revenue;

· 20% Corporate Income Tax rate and a 5% municipal tax on taxable net profits following an initial six-year tax holiday;

· Custom duties exemption on imported equipment;

· Full 5-year capital repayment allowance;

· Dividend tax exemption for 3 years.

An updated MIC is currently being worked on, which is potentially expected to include various additional tax incentives as a result of amendments to the private investment legislation in Angola most notably:

· Reduction in the Corporate Income Tax rate, applicable for a period of up to fifteen years;

· Deferral of the payment of taxes for a period of up to six years;

· Investment Tax reduction applicable to the distribution of profits and dividends, for a period of fifteen years;

· An Investment premium (uplift) corresponding to the cost recoverable and tax deductible in terms of the investment to be made for mining and product marketing.

Highlights

The engineering team has successfully completed a modular redesign of the Longonjo mine and processing facility, with a total Capex of US$200 million.

ABSA which has been mandated as the lead arranger for a US$120 million loan facility has provided high level commercial debt terms which include South African export credit agency support.

FSDEA and a pan-African Multilateral Development Financial Institution are working to provide the US$80 million equity investment required to support the debt facility.

FSDEA has provided a $15 million bridging loan facility towards the US$80 million investment, which is available to meet operating cash flow requirements to facilitate early-stage development and the route to main finance.

The Company is aiming to fully-fund the Longonjo project at the subsidiary level, Ozango Minerais (84% Pensana), which owns 100% of the Longonjo project and as a result the Company’s holding in Ozango Minerais is expected to reduce from 84% to ~64% at a read-through valuation of 66 pence per share.

An updated MIC is currently being worked on, which could potentially include various additional tax incentives, including a reduction in the rate and deferral in the payment of Corporate Income Tax rate along with a reduction in the tax applicable to the distribution of profits and dividends.

The Company is in advanced discussion with a number of parties for the offtake of the highly marketable, radionuclide-free mixed rare earth carbonate (MREC) and expects to be in a position to sign up to 100% of the production of the high value, clean MREC from the Longonjo Processing facility.

The proposed funding arrangements for the Saltend rare earth separation facility remain largely as previously advised, with ABG Sundal Collier recently confirming that it will place a bond for circa US$150 million and are independent of the Longonjo financing.

The Company is in early discussions with the UKIB and with other potential equity partners for the balance of the funding, namely circa US$100 million equity requirement at the subsidiary level and has received a UK Government grant of up to £4,000,000 towards the funding requirement.

Paul Atherley Chairman commented: “The completion of the engineering redesign together with the technical and economic sign off by The Mineral Corporation during November is a very important step towards the execution of the financing.

We are grateful for the ongoing support from FSDEA which is working closely with us and the team at ABSA to secure the funding to allow the commencement of construction at Longonjo in the first quarter of next year.

We have been pleased with the strong interest in the high value radionuclide-free MREC product from Longonjo and are advancing a number of offtake agreements as part of the financing.

We continue to progress the financing for the Saltend project which will be independent of the Longonjo financing and as previously advised will be

11 October 2023

South Africa is collapsing under President Cyril Ramaphosa, with the rand weakening, debt increasing, and state-owned enterprises failing.

When Ramaphosa took over from former President Jacob Zuma on 15 February 2018, there was hope of a new dawn for South Africa.

Referred to as Ramaphoria, his ascension to power was seen as a positive shift from the Zuma era marred by corruption and economic decline.

The public trusted Ramaphosa to appoint competent leaders to bring about meaningful reforms, fight corruption, boost the economy, and address social issues.

This hope started to fade as many of the problems associated with Zuma and state capture accelerated.

Under Ramaphosa, Eskom’s decline accelerated with constant load-shedding. The railways collapsed, many municipalities became dysfunctional, and crime reached disastrous levels.

The economy is in a dire state, and the country continues to battle record levels of unemployment and poverty.

Skilled professionals are flooding out of the country as they do not see a future for themselves and their children in South Africa.

Many business leaders warn that the country is on the cusp of becoming a failed state and that people should brace for many tough years.

Renowned economist Dawie Roodt warned that South Africans should prepare for high inflation, a weak currency, high interest rates, and political and financial uncertainty.

Roodt said he could see the rand going to R25 or R30 to the US dollar in the next two to three years and that inflation could rise above 10%.

Over the last few years, Transnet has struggled to provide basic rail and port services, which caused tremendous damage to the economy.

Transnet’s poor service levels hampered commodity exports, which cost the South African economy billions each month.

It has reached such critical levels that miners have begun retrenchments. Analysts warned that up to 35,000 mine workers could be retrenched due to the collapse of Transnet.

Transnet’s troubles filtered down to its finances. It reported a net loss of R5.7 billion in the 2023 financial year.

https://dailyinvestor.com/south-africa/34134/south-africas-collapse-under-cyril-ramaphosa/

The failures of the ruling elite has plunged South Africa into a dire political and economic crisis. Six out of 10 young South Africans are jobless and more than half of the country’s 60 million residents live in poverty, according to the World Bank. Furthermore, South Africa’s murder rate is one of the highest in the world, with around 25,000 victims per year. Since Apartheid, more than half a million people have met a violent death.

The damage caused by theft, sabotage, incompetence and mismanagement has been particularly severe at the country’s railway operator Transnet and the nationwide power utility Eskom. On some days, there is no electricity for 12 hours at a time in some places and large cities sink into inky blackness at night. The South African Reserve Bank estimates that such outages cost the economy the equivalent of almost 45 million euros per day.

A joke in South Africa these days asks what the difference is between the Titanic and South Africa. Answer: At least the Titanic’s lights were on as it sank.

https://www.spiegel.de/international/world/gangs-corruption-and-collapse-the-slow-and-steady-demise-of-south-africa-a-7ed1fcd1-a2e8-446a-9ff9-074718215281

Rare earth exploration and development company, Pensana, says the Government has offered up to £4m towards the funding required to build a rare earth oxide separation facility in the Humber Freeport at Saltend.

The Saltend project will deliver 450 jobs during construction and 150 jobs in operation with a significant opportunity for further expansion.

Pensana is developing the facility to establish an independent, sustainable rare earth supply chain with mid-stream processing to produce magnet metal in the UK.

The offer of the Government grant follows an application submitted by the business to the Automotive Transformation Fund.

The money is conditional upon Pensana providing clearance from the relevant authority monitoring state subsidies and a funding, activities and deliverables plan – both of which are expected to be provided in the coming weeks.

https://www.thebusinessdesk.com/yorkshire/news/2115415-multi-million-pound-government-backing-for-rare-earth-refinery

Pensana is pleased to announce that Chairman Paul Atherley met recently with Nusrat Ghani, Minister of State at the Department for Business and Trade and Cabinet Office, to discuss the potential UK and US Government support for the Saltend project.

The meeting highlighted that the successful development of the US$250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people, as it transitions to electric vehicles (EVs).

The Minister assured Pensana that the project was of strategic importance for the UK and that support for the project would be raised during talks with Under Secretary Jose Fernandez during the Mineral Security Partnership discussions held during the London Metal Exchange (LME) Week.

Pensana was previously nominated by the UK Government as a partner under the recently announced Minerals Security Partnership (MSP) between the US and its international allies.

The goal of the MSP is to catalyse investment from the private sector and key government partners for “strategic mining, processing, and recycling opportunities that adhere to the highest environmental, social, and governance (ESG) standards,” focused particularly on the priority critical minerals needed for core technologies such as electric vehicles and clean technologies.

The Angolan government is certainly openly showcasing its wealth of critical minerals. Case in point, the 2nd Angolan Mining Conference & Exhibition (AMC) will take place this upcoming 22-23 November. The conference is not too subtle about its objectives; it is titled “Developing Angola’s mineral resource potential to supply critical minerals for a global clean energy transition.” According to media articles about the upcoming AMC expo, “in the next half-decade, Angola is planning to start the production of neodymium and praseodymium, which are used in the manufacturing of batteries for electric cars.

Interestingly and very relevant to our analysis, the White House statement references minerals as an interest of Washington and Brussels regarding the Lobito railway, as the project can support “diversified investment in critical minerals and clean energy supply chains.” As RFI mentioned, Luanda and other parties to the Lobito railway have not publicly announced that they are explicitly planning to export critical minerals to the United States, Europe, and partner nations. However, this scenario is highly possible given the investment from these states.

https://www.eurasiareview.com/30092023-angola-bets-on-critical-minerals-and-the-lobito-corridor-analysis/

Dumbo - Why on earth would you be interested in the daily fluctuations of a share price of a stock you hold no financial interest in , other than serial pest to this BB , you really need to get a life outside PRE , get back to your toxic waste dump were you belong.

Your post punter - Rainbow-Less Common Metals-Ford Motors supply chain

No facts no links , totally unfounded as your normal garbage.

No mention of Ford here either , Rainbow Rare Earths is pleased to announce that it has entered into a strategic supply agreement with Less Common Metals Ltd ("LCM") to be a supplier of the magnet separated rare earth oxides

If you are going use such headlines , you need to check your facts ,as you have come up short once again.

Please back up with facts were LCM supply's Ford with Alloys or metals , BTW they do not make magnets , or is it on your own personal wish list,

other than Ionic Technologies Ltd / Less Common Metals Ltd / Ford Technologies Ltd – Creating a circular supply chain for recycled magnets.

LCM supply Ford and anyone else.

Neither is there any connection with one of the biggest car manufacturers in the world for RBW.

Were Pensana has inked a deal with Polestar.

So you statement of ,I'll take a 50 year experienced magnet making specialist and one of the biggest car manufacturers in the world , is totally unfounded for Ford dealing with RBW , only LCM and IXR producing a circular supply chain for recycled magnets,

Bit of a stretch there Dumbo even for you :)

What a shame then RBW has not been chosen for - critical materials projects have been chosen?

Only - Ionic Technologies Ltd / Less Common Metals Ltd / Ford Technologies Ltd – Creating a circular supply chain for recycled magnets;

Not much joy there selling REEs for RBW, think you did not read , Creating a circular supply chain for recycled magnets;

Great partner for RBW when LCM is reducing REEs

Materials Nexus Ltd / Less Common Metals Ltd – Using Machine Learning techniques to design high-performing magnets with reduced REE;

Pensana has a real partnership with Polstar for developing REEs to magnets

Pensana Rare Earths PLC / Universities of Leeds and Hull / Polestar Automotive / Route 2 Sustainability Ltd – Creating a low carbon, environmentally sustainable, and socially just value chain for rare earth magnets;

https://www.innovationnewsnetwork.com/innovate-uk-launches-6-6m-critical-materials-for-magnets-competition/37183/

Exploration Manager Grant Hayward and Project Geologist Eric Kruger getting excited about high-grade near-term feedstock for Longonjo at Sulima West.

Following the recent high-grade TREO soil sample results at Sulima West and the very encouraging results from other Coola targets the company is pleased to report on the Mineralogical Characterisation study results.

Sulima West laterite mineralization contains monazite which hosts NdPr with moderate liberation and exposure which should be amenable to some degree of simple upgrading at the current location, prior to processing at Longonjo;

The Coola carbonatite contains a significant amount of bastnaesite which is host to more than 90% of the NdPr. The bastnaesite is moderately liberated and exposed, again suggesting that there is potential for recovery using the physical separation at the current location prior to processing at Longonjo.

Exploration Manager, Grant Hayward, commented:

“We are encouraged that the initial mineralogical study has confirmed the processing potential of the rare earth host minerals for both the Sulima West laterite and the Coola Carbonatite.

The opportunity for upgrading the ore at the current location using physical separation techniques will be further assessed with the testing of larger samples which are in the process of being collected.

We obviously see both Sulima West and Coola carbonatite as having the potential for upgrading the ore at its current location and thereby providing a high-grade near-term feedstock to Longonjo.”

Corruption, government incompetence and policy paralysis risk turning Africa’s most-industrialized nation into a failing state, leaving the ANC struggling to hang on to power

https://www.bloomberg.com/news/features/2023-07-20/south-africa-s-private-sector-is-key-to-stopping-the-failed-state-cycle#xj4y7vzkg

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.

We are on a trajectory toward a failed state. We are being plunged into darkness by a failing power utility, Eskom. The trains are no longer working because somebody somewhere did not do their job. Our roads are not maintained sufficiently, and new roads are not built to create interconnection between communities. Our education system is in a sorry state. Politicians are stealing from the poor with impunity.

https://www.iol.co.za/the-star/opinion-analysis/sa-is-a-failed-state-b39e35cf-6c86-4ecd-bf6b-be27f1c193ca

Dumbpunter - Are you on drugs or just a imbecile , get back to your toxic waste dump were you belong , absolutely clueless to say the least

6 Sep 2023

Business interest group Sakeliga says South Africa’s latest round of data shows that the country is in deep financial distress – a situation that is almost always followed by state failure.

Government finances have deteriorated sharply in 2023 as tax receipts have fallen further behind the pace of spending.

“Government borrowing has now swelled to around R100 billion per quarter, from an already-imprudent R50 billion per quarter just a year ago,” the group said.

Sakeliga noted that the government has run up so much debt since 2008 that interest payments to service its overall debt have spiralled up to nearly R100 billion per quarter as well.

https://businesstech.co.za/news/business-opinion/716486/failed-state-warning-for-south-africa/