Member Info for Tyfoon

It's called 'PR', but sadly FM seems to have forgotten that he's employed the services of a professional PR expert. C'mon Fortune, break the silence, at least with Chinese water torture you know when the next drip is coming!

Sorry, forgot the lnk: https://im-mining.com/2018/06/20/45484/

I don't believe this has been mentioned before and I can't find reference to it in the draft Charter, so maybe this the first bit of 'give and take' in the negotiations: "Mosa Mabuza, former Deputy-Director of Licensing in the Department of Mineral Resources (DMR), said at a press conference presided over by Mineral Resources Minister, Gwede Mantashe, that compliant mining companies could rely on security of tenure. In effect, the Mining Charter is offering miners a 30-year stabilisation clause. “If there are any changes in law – and the South African government must be allowed to do this – the terms and conditions of the mining license will be applied for the tenure of the right,” said Mabuza, CEO of the Council for Geoscience. Stability clauses are favoured by foreign investors because they guarantee that the term and the conditions attaching to the mineral right they sign up for will not be changed unilaterally."

Thanks for the mention fb, but sometimes I wish there was a lot less SA politics to post about!

YTSS it's a good question. You will recall the chat on here since last Friday about the draft Mining Charter and the delay to the publication of the final version of the Charter due to the Minerals Councils disagreement with some of its contents. I believe that the uncertainty this has caused, together with the perceived delay in the long-awaited news we've all been expecting, has had the effect of not just damping down the buying here, but also contributing to the PIs selling down and wandering off elsewhere, possibly seeking the next rainbow. As has also been mentioned on here today, a sustained period of pull-back and consolidation is not only normal, it's a good thing for all investors as it creates a strong support level around the current prices. But fear not, when the news does land, and providing it's as positive as we all believe it to be, then these prices will become a distant memory, never to be seen again.

I also agree. I took all the cash that was just lying around in my bank doing sod all and stuffed it in here. Now I'm up several 100% :-)

I think Mr qwerty has a bit of previous form on LSE This posted on BARC bb on 29/3/18 "the coming recession this will plung well below �1. Im out of all bank investments as i think they are dead in water with the coming crisis" On PANR: "Worth taking a punt on this or is this another AIM piece of crap O&G failure?" On BLVN: "Also true. Sometimes i wonder if i should sell my BLVN and blow the money on a fast car in case i get killed by a meteor strike. Quite unlikely as you say but if the odds swing i might do it." and "almost back below 30p. The market has virtually zero faith in this company. Lets hope they are wrong and we are right." You're BUSTED matey!

If you're concerned about a global recession then you'd be safest pulling all your money out of stocks and shares, although I'm not sure what you would do with it after that. What makes you think that a global recession is coming? And remember - if it's described as 'imminent' then there's nothing to worry about for a few months :-)

https://www.fin24.com/Markets/Currencies/rand-under-massive-pressure-as-trade-wars-heat-up-20180619 "The rand came under "massive pressure" on Tuesday morning, having weakened from R13.63 to R13.90, following news that US President Donald Trump is threatening new tariffs on Chinese imports." "Apart from the trade wars, locally load shedding is also adding to currency weakness, commented NKC Africa Economics. NKC expects the rand to trade within a range of R13.65/$ to R13.95/$." ""Given the fragile growth outlook and inflation contained within the 3%-6% target band, the SARB (South African Reserve Bank) is unlikely to increase interest rates to support the currency," she said. Peregrine Treasury Solutions' Bianca Botes said investors are dumping emerging markets for safe haven assets, including US treasury bonds. "South Africa, due to the liquidity that our local market offers, often leads the losing streak, she said. "Should these tensions elevate and strong data from the US keeps making its way to market, emerging market currencies will remain under pressure and one could very well see the rand target R14/$," Botes warned." A mixed blessing in that it'll reduce our costs (Rand/$) but could also account for the drop over these last 2 days...

Pdub, perhaps we'll get a shed load of new investors if we list on the JSE "Bushveld Minerals, a company which is considering whether to join the Johannesburg bourse..." "Bushveld's intentions to list in Johannesburg are unclear and its board has not yet decided on the matter." https://www.businesslive.co.za/bd/companies/mining/2018-06-07-bushveld-minerals-to-diversify-with-battery-production-powering-ahead/ (Btw, Business Live has subtly changed the wording in this article, possibly under pressure from FM, because the original phrase was "Bushveld Minerals, a company planning to join the Johannesburg bourse...")

Good article and good news, there's plenty of money to be made over here my lovelies, get in while they're cheap :-)

I certainly believe that, in spite of any political headwinds, we can achieve a multi billion dollar valuation but I think the number of multis will ultimately depend on the political scene. Personally my targets for the MCAP are, as a minimum, 2,3,even 4 $billon over the next 4 to 5 years but my ultimate goal at which I will sell the vast majority of my shares is around 2025 when I believe that VRFBs will finally achieve critical mass and I hope to get a serious number of £s per share and become a millionaire so that I can pass the wealth onto my kids. A lot of things can happen between now and then and I can't read the future but I do still have my targets and my hopes, but only time will tell

Me too faramog, however we do have to bear in mind BBNs comment this morning re the balancing act that Cyril has to perform in order to do as much as he can without causing a backlash from the other ANC faction, which means he can neither go too fast or too far. I would also think end July or early August would be viable for the final version of the Charter due to the pressure to get it into print, and I'm certain that the MC won't want to push so hard that Ramaphosa could fall as that would definitely not be in their best interests and they know it. It'll be interesting to see how this plays out over the next few weeks, but overall I expect a bit of give and take from all involved parties.

Bearing in mind the different 'legislation' in the draft Charter for how to treat existing mining rights vs new mining rights, and with new mining rights having the more onerous rules (eg more RET), it's possible that all new mining rights, including Mokopane, are being held back by the DMR until the final version of the Charter is gazetted. It could explain the delay between FMs use of the word 'imminent' several weeks ago and todays situation where we're all still waiting. And now that the Minerals Council have found some areas of the draft Charter with which they disagree, I can't see the final Charter being gazetted until after those issues have been discussed and agreement reached, which could be another month or two away. "The draft third mining charter was gazetted for a month-long public comment period during which a mining summit is tentatively scheduled for 7 and 8 July 2018." https://www.dailymaverick.co.za/article/2018-06-18-minister-mantashe-opens-a-careful-new-chapter/?utm_source=homepagify A bit more patience may be required...

SA is currently a socialist/ communist country, so this old joke seems to sum up the ANC mindset quite accurately: SOCIALISM: You have two cows. State takes one and give it to someone else COMMUNISM: You have two cows. State takes both of them and gives you milk CAPITALISM: You have two cows. You sell one and buy a bull.

More on the Charter https://citizen.co.za/news/south-africa/1956317/mantashe-walks-a-tightrope-with-mining-charter-draft/ "Mining analyst Mamokgethi Molopyane said Mantashe was walking a tightrope between balancing the interests of investors and the ANC’s radical economic transformation (RET) goals. “He now has to straddle the role of mining minister and consider the mine owners, while at the same time use the charter to address mining’s uncomfortable history of how it treated workers and how as an industry it was built,” Molopyane said. “One has to also be cognisant that Mantashe is national chairperson of the ANC. That responsibility must have been weighing heavy on him, especially on RET. I wouldn’t say RET has lost, per se, but more of a case of it not being the dominant language in the Ramaphosa-led ANC.” Molopyane said where pragmatism was the order of the day, the RET narrative in a mining context had to face the reality of its global economic impact on mining. “Right now, SA mining is not doing great. The latest mining production figures put it at 4.3% down from this time last year.” Another hurdle for mining companies was representation, Molopyane said. “The 20% black women on boards as per the new draft charter might prove difficult to fill for mining companies,” she said. “It is now a prerequisite.” Mantashe set a 30-day deadline for those wishing to comment on the draft bill."

Interestingly the MC is using Cyrils own words on investment as a wedge to attempt to force a renegotiation of some aspects of the Charter: "Most importantly, some of the elements of the Mining Charter do not promote competitiveness. Without competitiveness, investment in new exploration and mining will be limited and the current mining sector will continue to decline, to the detriment of all citizens. This is directly contrary to President Ramaphosa’s stated intention to attract US$100 billion in foreign investment into South Africa in the next five years" They are objecting to what appears to be a change in what was agreed ie 30% ownership for new mining rights only. Gwede seems to have unilaterally extended this to cover existing mining rights as well. And they're also attacking the free carry and the associated 1% of EBITDA annual payments. However, as you rightly say, transformation is deeply embedded in the ANC and, from what I've read, in the black population generally. There are many expert reports on SA being one of the most unequal countries on the planet so one can't really knock them for wanting more. Unfortunately, the ANC always seem to want a bigger slice of the same pie instead of creating policies which will make more pies for all to enjoy.

I know it's an EV and not a grid-scale battery but another high profile lithium fire isn't a very good advert for the technology. https://www.bbc.com/news/world-us-canada-44511200

https://www.businesslive.co.za/bd/national/2018-06-15-chinese-delegation-in-sa-in-response-to-cyril-ramaphosas-call-for-100bn-investment/

More details are emerging... "The Minerals Council South Africa, a lobby group representing most producers, said it will take time to study the document but that it’s against the free-carry provision, which will hurt prospects for new investment in mining and reduce the profitability of future developments." "New mining right holders also must pay 1 percent of earnings before interest, taxes, depreciation and amortization to employees and communities. That’s a change from last year’s version, which required companies to pay at least 1 percent of annual revenue to black shareholders." "At least 70 percent of the mining-goods procurement budget must be spent on South African manufactured goods, with a 60 percent local-content value." "At least 80 percent of the money spent on services must be to South African companies." https://www.bloomberg.com/news/articles/2018-06-15/s-africa-draft-mine-charter-recognises-past-empowerment-deals