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Neredowell I agree. With these loans the fish is on the hook. Just a question of when to reel in. China knows that these countries cannot afford to repay the loans and they certainly know and will take advantage of the colossal leverage they have. That’s exactly why they made the loans in the first place. Cape Verde Islands a nice example. Borrowed the money, could not repay, China agreed a rescheduling in exchange for all their fishing rights. Forever.

Fair point Mumbles.

That’s brilliant. Bunch of old shirts get on a train and travel all the way to Longonjo. They get off and somebody announces that the scrubland they see before them will one day be mined by the British or Chinese for rare earths. They all clap, get back on the train and return to Luanda. What a great day out!

Top stuff Lewis. So you got out of bed at 7.59am on Sunday morning to post that?! And there was me feeling sorry for myself because it was a full moon here on Wednesday and that is never good for offshore fishing.

Must have been an awkward call to M& G. Now about your £10 million.

Tony, exactly what I have been saying for months now. So would you agree that the equity or quasi equity component of any funding package is likely to be priced in the 50p to 55p range? HZM a discount of around 30% to the pre finance sp. Where we differ is that I don’t believe PA has the skill set to pull off an HZM, that’s where he needed Hohnen and Maclachlan but sadly for shareholders there was a monumental falling out. Executing a financing like HZM requires surgical precision and some very astute and experienced advisors.

Murchison managing director Paul Atherley yesterday blamed "vested interests within the Portuguese bureaucracy" for killing the deal. He refused to elaborate. He said the Portuguese Government-owned EDM, which owns 51 per cent of the project, withdrew the necessary government approvals.

Mr Atherley said there was little to be gained from taking action against the Government or EDM. But Bloomberg reported EDM as saying it rejected Murchison "due to its insufficient financial credibility and technical capabilities".

It would seem that 20 years on the lessons haven't been learned. There seems to be an incredible lack of joined up thinking and lack of consideration for shareholders too. If what posters are saying about the site problems are true then surely some announcement from the company was warranted?

So in August the company announced they were commencing drilling and trenching for foundations at Saltend. Seven months later it appears the site might be abandoned altogether. Next month will be the anniversary of the company’s announcement of first phase progression with the ATF application. Last August the company announced FEED would be complete in October (2021). Last November the company led us to believe the Norwegians were about to deliver on the finance. I don’t think anybody, not even China and Tony, has a clue as to what is really going on.

No sympathy Tuna, locked up in heaven, go down the OBH have a beer, make yourself feel better.

No need whatsoever for RNS. Somebody with plenty of form when it comes to rumourmongering kicks off a story about private equity circling the company, yawn yawn, why on earth would the company consider that worthy of a response??

What has the board of Pensana actually achieved in the last two years? Can anyone think of anything?

Surely Rock is right. Betaville report true = RNS. Betaville report false = Company ignores.

Nberzins, the man who lost his shirt on SDX because he didn’t listen. A slow learner methinks.

No TR-1’s, if there was any substance to the private equity rumour would have expected someone to at least taken advantage of the weak market and accumulated some stock before breaking cover. Sadly I think that somebody is trying to stir some interest and nothing will materialise.

Presentation was pathetic. Almost childish, read with mother. This company does not have the skill set necessary to pull off what is an extremely difficult funding exercise. It is the current shareholders who are going to get toasted as a result of the abject failure of the current board to make any headway. Company should have stuck to convention, finalised a BFS, cut out all the Saltend dreaming, mine to magnet, the fantasy stuff that still oozes out of this latest presentation. Time for the large shareholders to flex their muscles.

Prenut just think how wealthy you would be if you had taken note of the childish rubbish! Here’s the problem you have. No finance and the share price meanders further down. Say 60-70p. Company gets finance and the share price plummets to 50p because whoever puts up the finance scalps the existing shareholders. So an extraordinary and bizarre situation where in the short term you’d be better off with no finance! Check out the HZM share chart, all you need to know is there.

SunDrum, it’s not what he’s done to me, I wouldn’t touch a PA business, it’s about what he’s about to do to you!!

Stencil, Pensana is main board listed, it would be exceptionally foolish to share information with some shareholders not others. I don’t think the company has any info to distribute just now. ATF is dead. Run into a total brick wall with the finance. Atherley does not have the wherewithal to get the company moving, he has three epic fails under his belt, He lost the confidence of Hohnen and Maclachlan, that’s where the real brains were.

You can’t build a processing plant if you do not know exactly what you might be processing or indeed if you will have any material at all to process. Saltend (or any other site) is a colossal smokescreen. Finance for a mine, that’s all that matters. The share price is going to kick around 70’s or 80’s but may well drift lower as the wait continues and if finance does come we will probably be looking 50’s, 60’s, deal structure would be extremely similar to HZM, if you think this is downramping then go check out the HZM deal (which is a text book example of how it’s done) and study the consequences for the SP. M & G pocket money investment, buys them a seat at the table to take a closer look at what’s going on just in case there’s some worthwhile action down the track.

Disagree Tony. With no finance everything still looks very sick. Thought this latest world beating sensational incredible development was actually rather pathetic. A hope to get involved in some magnet recycling? Or a ploy to buy beleaguered management more time?