Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
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Please note that the Company was placed into Administration on 16 May 2024 and Chad Griffin and Geoff Rowley of FRP Advisory were appointed as Joint Administrators.
The Joint Administrators will be winding-down the Company’s operations following which it will cease trading.
Should you have any queries regarding the administration, you can contact the Joint Administrators on hzmplc@frpadvisory.com.
The Joint Administrators act as agents of the Company and without personal liability.
The Company entered Administration on 16 May 2024. The affairs, business and property of the Company are being managed by the appointed Joint Administrators Chad Griffin and Geoffrey Paul Rowley.
Last time, Nickel spot went through roof to 95k per tonne , suggesting a subsequent rise will have ceiling of 45k per tonne. Whoever is committing daylight robbery knows the above facts very well
For the life of me, I still cannot understand how a mining complex, 65% completed at a cost of $350m should require a further $600m to complete the final 35% build.
The first reports coming out of HZM and that video recording suggested a further $250m was needed. About right in my book. Certainly overbudget by about $150m, but not beyond the pockets of the big cornerstones. How could this escalate to over $600m?
Someone pulled a fast one here, and it would not surprise me to find that a cornerstone or other will come in at a ridiculously low price and get a Company that will earn them billions of dollars in the next 28+ years.
What a bargain. Wow!!!!!
@marandmel I 100% agree with everything you have said and unfortunately the reason I never sold was the suggestion of $250M needed for completion which I personally didn’t believe unreasonable given the economic situation with inflation etc
This is a bargain now but as you say it doesn’t add up!
NICKEL Price
20,524.09+570.09+2.86%
And they were worried about the short term Nickel price !!!
Yet they are supposed to be Longterm Investors and projections for future Nickel prices are US$25,000 to US$30,000 per tonne, go figure
They touted a figure of $600m to complete, but I wonder if some clever accounting here included the $350m alreasy spent, leaving a shortfall of $250m but suggesting a further $600m required. Just a thought. Only time will tell when the mine is eventually sold off.
CEO appointed by La Mancha propped up the figures massively, Why? CTC is not shareholder’s issue, best scenario is sell the assets promptly and distribute proceeds fairly
Glencore has been pumping $400m per annum into a New Caledonian nickel mine for 10 years. It owns 49% of the Company and the operation is now on a care and maintainance basis until they can find a buyer for their share. The funding will run out in July, after which time Glencore will have some options available to them for using the freed up money.
Could they make an offer in a few weeks time for HZM? It is a big possibility in my book as the Brazilian mine is class 1 nickel.Much more lucrative as it is higher grade and lately, the nickel prices have been rising, I await with bated breath to see if they make a move in July.
Can Glencore make offer while the Company is in administration and how it will work?
It doesn't matter, they are not paying any amount that would see shareholders get anything.
Agreed Kriss.
They will company for $1.
They will offer to pay for plant and equipment already delivered and installed.
My guess will be $200m. Banks will get something back. Shareholders will not get a penny.
I wonder what value is put on Vermilho site.
In all fairness, there is value for shareholders provided FairPlay in assets sale. La Mancha is instrumental in this scenario be a bond holder as well as shareholder, wether he likes dosh under the table or emerges as a star. Assets sales can land above a billion dollar IMO.