Thanks IB - just laziness on my behalf for not going back to the original announcement. Yes, I know it was probably the financial catalyst for the whole project but, like you, I think it a very onerous, one-way deal, and one which will act as permanent drag on finances. The 5% commission would be much better spent on debt interest.
Yes Golfer, US$50 million worth at the original 20p offer price.
And she doesn't have to pay up if several conditions aren't met , so all the potential upside with no risk during the early stages where the highest risk happens to be.
It would be nice if SXX don't have to use this facility and there are no tie ins from our side, meaning her involvement was just a catalyst for the st 1 financing, but Gina is a shrewd player so I think she will get her slice of the pie.
I didn't like it then, still don't like it now, but accept it was necessary to get the ball rolling.
Hi Popex, good to see you're still around, even more so to hear from you directly. As one of the more respected long term holders here you intrigue me on this one.
I seem to have misplaced your email address though, despite our previous conversations following the SXX AGM some years back.
When you get the chance, please drop me a line to spikeyturnip at hotmail for com.
Of course, the cause of our recent speculation may well be in the public domain by then, but maybe you know better.
All the best.
Another positive piece in the Investors Chronicle this week (came out Thursday) in a feature called 'Future-Proof Miners'. Another good week of consolidation last week I believe.
Copper, zinc, lead, uranium and lithium each have their bulls, but in one key sense, backing a project in any one of these commodities is anchored in a pre-existing market. Successfully predicting what commodities might come next is altogether harder.
But innovation within the mining industry is possible. For UK investors, there is no closer demonstration of this than Sirius Minerals (SXX). Now a member of the FTSE 250, the prospective polyhalite miner is currently in the process of building an enormous project in North Yorkshire, which by 2021 should be supplying agricultural groups around the world with a product that has only just been accepted by the market.
It now appears that POLY4 the Sirius-branded name for its multi-nutrient fertiliser has passed the agronomy test. At least thats the clearest way of interpreting the 4.35m tonnes of annual off-take agreements signed to date. Finance director Thomas Staley this month described to us the inking of these deals as the biggest change to occur in potash markets in recent years. The broader fertiliser market now knows this is coming.
Indeed, we feel that offtake success has tipped the balance in favour of the believers, and now view the company as an investible proposition. Getting another 2mt a year of supply contracted this year should help matters further. All that then follows is the small task of raising $3bn of debt financing to get the Woodsmith mine into production.
I think that you and PAAA with his comments on the red channel are right. I might, just might be able to comment further, in the near future but in private. If you wish to e mail me I will reply to you within a week.
Note the auction price ~0.3p above the closing market trades and that it was reported a good few mins later than the usual UT timing.
Recon it took a bit of time to find shares for what definitely looked like large buy to be filled. Position taker on knowledge of an upcoming event? Strategic stake build? Or maybe for another reason? Don't know..........Expect things will kick off on Monday though.
Generally favourable but with a few of the usual concerns about delays/debt and unknowables. Basically, confirms what most of us here are already aware of - yes, this is a long term share, where patience will most likely be rewarded etc.....
I am too idle to run my calculator over all of the trades, but a rough count looks like over 70 MILLION post 16-30pm trades.....maybe more.
And all seem to be buys at 30.00p PLUS.
Or am I imagining things???
Might be an interesting morning.
Nice find, Doc. A nice, yet comprehensive, and well presented video. It feels good to be a part of something thats come so far, doesnt it? I can remember just after the purchase of Dove's Nest Farm was announced, cycling up from Ruswarp and standing outside what is now the main entrance Woodsmith, but was then nothing more than a pine plantation and thinking to myself so... here it is. This is where dreams will happen'.
Looking at the site now really does drive home just how transformative this project will be to everyone involved, the local area and the country as a whole. I've not invested from inception in anything like this before, and it feels incredibly rewarding and satisfying to see just what is being achieved in this little corner of North Yorkshire.
Never did get a chance to reverse the mistake sale 23/03/17 @17p.
But did drop back from end of May 29p slice ( hindsight should of topped around 23p )
Back to that 29p level last week.
( W ) ??
" FTSE OVERVIEW (FTSE:UKX) Last week, the FTSE did the sort of thing most folk associate with "magic", essentially the nonsense trick where someone shuffles upended cups with a coin under one of them. We've opted to draw two conclusions from ..."
Given the confirmation in this latest update (outside the qtrly's) of the planned timelines, i'm struggling to reason any motive for the Co not to announce ToP agreements. It goes against my reasoning that such critical matter would not be closed off at this time and as stated given this latest update. Anyone have ideas why the Co would not announce if agreements already made?
The point I was making was that you can throw any number of adverse comments at SXX and it will not make a blind bit of difference to many share holders. The adverse comments tend to be about risk, guess what, we know them. They are about the sp, guess what a) we know them and b) for many it isn't about personal wealth.
This is a strange share in that, for many, it is the end result and not the monetary value of the end result that matters.
I betting people are getting back in and some will be missing out. This has a long way to go and the only way to view it is a long term Buy and the gains won't be a steady curve up but more likely in steps and they'll be easy to miss. GLA TN
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