Construction Phase of 'Woodsmith Mine' Launched by Sirius Minerals· Page 3

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rikj
50.2% (Neutral)
Newbie

6 years ago

#41

An article from the early days with lots of good background, puts a more human face on the story. (The FT only gives you one free article per day, so this won't work if you've read another already)

https://www.ft.com/whitbymine

Can't imagine the Crown Estate or the Duchy of Lancaster will like the thought of their royalties not materialising. Likewise 400 North Yorkshire farmers.

The contractors are on site, all permissions are granted, lets hope some creative funding ideas get it through.

Jim MacPherson
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6 years ago

#42

"rikj" wrote:

Can't imagine the Crown Estate or the Duchy of Lancaster will like the thought of their royalties not materialising. Likewise 400 North Yorkshire farmers.

The contractors are on site, all permissions are granted, lets hope some creative funding ideas get it through.

I suspect the Old Pretender could rustle up £400m by just having fewer boiled eggs being prepared for him daily! but shareholders, by the nature of capitalism, are the primary risk takers, so if it works loads of money, if it doesn't they lose all, if that deal doesn't appeal they shouldn't play the game (unless they own banks of course).

Re FT, I used to get a limited number of free articles then that stopped and they told me the only access is via the paywall yet you and my brother seem to still be getting some access, so unfair ;(

Jim

sinker
50.2% (Neutral)
Newbie

6 years ago

#43

"Jimbo" wrote:
Couple more articles!

https://www.standard.co.uk/business/small-investors-suffer-as-giant-uk-mining-plan-in-yorkshire-nears-collapse-a4238791.html

https://www.proactiveinvestors.co.uk/companies/news/902947/sirius-minerals-yorkshire-mine-will-be-on-ice-for-a-while-after-financing-collapse-says-proactive-research-analyst-902947.html

How sad that someone can be advised or even *allowed* to plough their life savings and pension pot into anything like this. I know friends of family in and around Whitby who have put in more than they can afford to lose. Nice people but they need protecting from themselves sometimes.
The whole project will probably come off and be completed one day but probably not in any way that will help small investors. By the time it has been re-financed a few times it will be unrecognisable :(

Yma O Hyd....

John Lawson
50.2% (Neutral)
Newbie

6 years ago

#44

One can only reiterate the old phase do not put all your eggs in one basket!

BertyBasset
50.2% (Neutral)
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6 years ago

#45

It's shaky times isn't it. Can't be blamed on leaving the EU per se, but no one knows what's around the corner. Tighten the belt, and wait for calmer waters.

Minegeo
50.2% (Neutral)
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6 years ago

#46

Not so sure you cannot blame BrexShit for the failure of the Bond issue after all this depended on a strong Pound which certainly will be / is not the case. Mining finance is dying in London and the juniors are finding it (a little) easier to raise funds elsewhere.

Moorebooks
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6 years ago

#47

"Minegeo" wrote:
Not so sure you cannot blame BrexShit for the failure of the Bond issue after all this depended on a strong Pound which certainly will be / is not the case. Mining finance is dying in London and the juniors are finding it (a little) easier to raise funds elsewhere.

That sounds counter-intuitive I would have thought the low pound would encourage foreign investors to get in on the cheap.

Mike

Jim MacPherson
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6 years ago

#48

"Moorebooks" wrote:

"Minegeo" wrote:
Not so sure you cannot blame BrexShit for the failure of the Bond issue after all this depended on a strong Pound which certainly will be / is not the case. Mining finance is dying in London and the juniors are finding it (a little) easier to raise funds elsewhere.

That sounds counter-intuitive I would have thought the low pound would encourage foreign investors to get in on the cheap.

Mike

If the money raised is in £UK and the financing is nominated in $US, as appears the case with Sirius, a falling £ results in a more £s needed to buy the same amount of $s. I take Minegeo comments about the role of the UK in fund raising as a professional in the field, which I certainly am not.

Jim

Minegeo
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6 years ago

#49

That is exactly the issue and you can add to that most large scale equipment would be priced in USD also having an impact. If GBP falls to the predicted levels with no deal with EU it would add maybe 20% in GBP to the project costs. Lets not even mention tariffs on sales into EU. Another pat on the back for the Brexshitters.

Jim MacPherson
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6 years ago

#50

"Minegeo" wrote:
That is exactly the issue and you can add to that most large scale equipment would be priced in USD also having an impact. If GBP falls to the predicted levels with no deal with EU it would add maybe 20% in GBP to the project costs. Lets not even mention tariffs on sales into EU. Another pat on the back for the Brexshitters.

Given the Supreme Court's ruling of 90 minutes ago, perhaps a no-deal outcome is now a little less likely, but who knows. What's a useful word meaning more than just febrile?

Jim

droid
50.2% (Neutral)
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6 years ago

#51

How's the Euro doing against the Dollar?

Just googled - it's falling.

Moorebooks
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6 years ago

#52

"Minegeo" wrote:
That is exactly the issue and you can add to that most large scale equipment would be priced in USD also having an impact. If GBP falls to the predicted levels with no deal with EU it would add maybe 20% in GBP to the project costs. Lets not even mention tariffs on sales into EU. Another pat on the back for the Brexshitters.

I had forgotten all the equipment industry had also been decimated and we now have to rely on another import

somersetminer
50.2% (Neutral)
Newbie

6 years ago

#53

It depends what particular equipment you are talking about, depending on what happens next month there could be a fair bit of plant stood not doing much in the UK, ought to knock hire/purchase costs down somewhat. Only a few things have to come from elsewhere

rikj
50.2% (Neutral)
Newbie

5 years ago

#54

In the news this week:

"A spokesperson said other options on the table could include using the initial part of the underground tunnel to extract what minerals are available and selling it".

Don't know what to make of that, what minerals will the MTS intersect? Maybe we'll see the resurgence of the alum or jet industries ::)

Or maybe the Cleveland ironstone seams will be back in production.

christwigg
50.2% (Neutral)
Newbie

5 years ago

#55

Yes, I found that statement a little cryptic considering they've not even left the Wilton site yet from the Teesside end !

If they are suggesting taking stuff directly out of Woodsmith and moving it to Teesside by road, I suspect their relationship with the National Park will become very tricky.

Of course the 'third-way' would be underground connection to Boulby.........

legendrider
50.2% (Neutral)
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5 years ago

#56

more here....

http://www.msn.com/en-gb/money/news/north-york-moors-mine-plan-could-be-rescued-by-%c2%a3465m-investment/ar-BBWAJE6?ocid=ientp

as always the low signal-to-noise ratio of such articles leaves me wondering what, if anything, was actually said!

MARK

festina lente[i]

sinker
50.2% (Neutral)
Newbie

5 years ago

#57

Well I haven't exactly bet the ranch on it but I've put a few quid in. I'm already up by over 0.6p per share. :lol:

Yma O Hyd....

sinker
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Newbie

5 years ago

#58

"sinker" wrote:

Well I haven't exactly bet the ranch on it but I've put a few quid in. I'm already up by over 0.6p per share. :lol:

But seriously...I'm not bothered about ££$$ but it would be good to know what is going to happen ultimately. I suspect that Sirius may wind up/pull out/go bump and leave the infrastructure behind for the vultures to pick through. It may even get started up again by "A.N. Other (Mining) Ltd" sometime in the future.
How sad that some local people have effectively been fleeced of their pensions and life savings thinking that they were investing in their local area and their grandchildren's futures. Sometimes people need protecting from themselves >:(
I'm no expert on the subject so please tell me if anyone knows something I don't. I want to be wrong.

Yma O Hyd....

Jim MacPherson
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Newbie

5 years ago

#59

"legendrider" wrote:
more here....

http://www.msn.com/en-gb/money/news/north-york-moors-mine-plan-could-be-rescued-by-%c2%a3465m-investment/ar-BBWAJE6?ocid=ientp

as always the low signal-to-noise ratio of such articles leaves me wondering what, if anything, was actually said!

MARK

In truth Sirius have said nothing apart from the blindingly obvious, they still need a guaranteed $500m(ish) to unlock the remaining $3bn or so funding and, possibly, the last throw of the dice for the current formation is a white knight single investor, if that happens existing shareholders will end up with nothing, if it doesn't then the bones will be picked up for very little, and I still think ICL will be very interested at that point and the shareholders and most creditors will get nothing. In my view that is!!

Edit: I scribbled this before Sinker's last comment which is along the same lines.

Jim

Jim

derrick man
50.2% (Neutral)
Newbie

5 years ago

#60

... nothing would induce me to invest in a project of this nature, least of all my pension fund or life savings. Mark Twain’s aphorism to the effect that “a Western mine, is a hole in the ground, owned by a liar” applies.

I learnt mining at, among other places, King Edward Mine - where a disused engine house, built for a speculative fraud which never landed a bucketful of paying ore, stands close by.

The government don’t help. Look at the way small investors were left with nothing at TML - the French government being particularly culpable.

A while ago, as the oil industry slipped into one of its periodic downturns, there was a pan advertising campaign along the lines of “American oil from American soil”; a sure sign that the BIG investors, with their multi-million-dollar analysis and prediction departments, were walking away.