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Minister Gwede Mantashe , who is currently in Australia to promote SA as an investment destination for mining, met with investors, partners in Orion Mine and fund managers to discuss investment prospects in the Northern Cape as well as policy & licensing issues
Could quite easily be just for accountancy reason diggit not necessary writing it off as you’ve just suggested!
URU METALS LIMITED (AIM: URU), the AIM-quoted resource company, announces that it will be writing down it's 50% interest in the South Africa Burgersfort assets. The company will be focussing its efforts and resources on its Zebediela Nickel-PGE Project.
A write-down is performed in accounting to reduce the value of an asset to offset a loss or expense. A write-down becomes a write-off if the entire balance of the asset is eliminated and removed from the books altogether.17 Apr 2019
https://www.investopedia.com/ask/answers/070715/what-difference-between-writeoff-and-writedown.asp
Hi Anto I think that the latest presentation has hugely under valued our assets imo and yes it makes you think that the reason why we’ve decided not to pursue burgersfort is because the investor / buyer wasn’t interested in it as it hasn’t been proved up unlike Zeb ?!
Makes you also wonder now why the corporate Governance was changed along with the Articles of Association as it now ties in to what will be submitted on the 4th October as per the DMR requirements !
This was an Article back in 2014, tbh it’s not far off this now and look at the figures that were thrown around !
“Prices are on the rise, having jumped from $14,000 a tonne to above $20,000 since the start of the year.
The ban on exports of unprocessed ore by Indonesia has been at least a partial catalyst for that spike, while the world’s largest producer, Norlisk, is likely to be hit by trade sanctions aimed at Russia.
Zorbas certainly doesn’t see the market getting any easier as Indonesia is unlikely to repeal the embargo quickly, which points to further increases in the value of the metal.
'This is a very enticing project and when we last had prices where they were today assets like this sold for $200-$500milion,' observes chairman Subotic.
The preferred route would be a sale, Zorbas reveals; however, he and his chairman aren’t afraid to take Zebediela into production.
They had offers, when URU owned 50 per cent of the deposit rather than the 100 per cent they have now, to fund it to production.”
https://www.thisismoney.co.uk/money/investing/article-2652952/SMALL-CAP-SHARES-IDEAS-Nickel-share-help-URU-Metals-think-big.html
This is all positive!
MINING STRONGEST PERFORMER IN THE 2nd QUARTER
The main contributors to the growth in mining include iron ore, manganese and coal.
https://www.dmr.gov.za/news-room/post/1813
Yes you’re most probably correct but the timings a bit odd imo !
I do recall this RNS back in 2017 thinking about it.
“The Board of MRS is not currently involved, neither has it been involved, in commercial or financial discussions with either URU or Altona and none are planned.”
https://www.lse.co.uk/rns/MRS/response-to-market-rumours-csd4qhfkqyc3gxk.html
Just pondering over the recent events at MRS and in regards to the almighty one stepping down !
Has he stepped down because his “jobs done” ?! He did state he was leaving back in January. I do believe with what’s gone on over at MRS would most probably be like “water of a duck back “ so his departure was his choosing. Imo
RNS Dtd 10/4/17
“John Zorbas, CEO of URU Metals, commented:
"At the time we acquired our original shareholding in MRS, we said we were making it both for long term investment reasons and for the potential synergies we see between the two companies.”
https://www.lse.co.uk/rns/URU/proposed-additional-investment-in-mrs-5rehgdjzb44jvok.html
Global nickel supply to drop on Indonesia's ore export ban in 2020
Indonesia said on Monday it will stop nickel ore exports from January 1, 2020,
Goldman Sachs said in a note on Sunday it expects London nickel prices to reach $20,000 per tonne in three months due to the ban.
https://www.google.co.uk/amp/s/uk.mobile.reuters.com/article/amp/idUKJ9N22S04E
I wonder if the almighty one is considering diversifying over to SA with Ccc ? There’s seems to be potentially a very large market out there once legalised!
South African Government wants to have concept plans for the development of the hemp and dagga sector in place by October,
based on reliable data and research, said South Africa and Nigeria had the potential to become the continent’s highest value markets, worth $667 million and $75 million, respectively, by 2023 if the use of dagga is permitted for medicinal and recreational use.
https://city-press.news24.com/Business/new-dawn-for-weed-in-sa-20190823
It looks like we’re well ahead of the projected price of Nickel given by The World Bank Commodity Markets Outlook Report of 2018 :)
The Nickel Market
Overall positive trend — In March 2018, the average nickel price was approximately $13,400 per metric ton, reaching a three year high of $15,500 a metric ton in June 2018. The Group believe the Nickel price has been lifted by sustained demand growth and decreasing supply.
Outlook — The Group has a positive outlook on the nickel market. The average nickel price for 2018, as noted in the World Bank Commodity Markets Outlook Report published in April 2018, is expected to be $13,500 a metric ton, with forecasts predicting it will reach $18,000 a metric ton by 2030.
Your Management believes that our current projects have the potential to deliver shareholder value and look forward to updating shareholders on the development of its Nickel projects in South Africa.
John Zorbas
Chief Executive Officer
http://www.urumetals.com/investor-relations/reporting/uru-annual-report-2018
Cont,...
With dynamic teams in both China and South Africa, downstream opportunities are being evaluated to fully exploit the numerous sought after properties of the PGE's, thereby maximizing the return on investment for the benefit of all the stakeholders, including the communities and employees.
Strategy
In partnership with the local communities, jewelry and fuel cell manufacturers, current and future shareholders, establish a world class PGM operation with beneficiated final products sold internationally but specifically targeting opportunities in China.
So who is LPU ?
This is interesting Lesego Platinum who owns the mining rights and is a subsidiary of URU states:
“The creation of an integrated China-South African cross border PGM company, participating throughout the value chain to deliver superior returns to all stakeholders!”
The Zebediela Project could quite easily fit in to their synergy especially with the “integration Chins -South African” relationship. Zorbas has stated previously he has held discussions with the Chinese.
Makes me think there’s more involvement with LPU than we know about.
Also note Richard Montjoie is their project manager as well as our Director and Project Manager.
https://www.lesego.com