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The latest results as we know are poor but what irratates more is the situation with regard to the BE side
The mini grid was detailed in RNS 27th March 2019 and on 3rd July was confirmed procurement was to commence 3rd quarter of 2019, 2nd sept 2020 it was confirmed financing was agreed and on 11th Nov more info. We are 6 months on and all we have is that a battery has been ordered from Cellcube but no start on site or completion.
The electrolyte facility was RNS 29th Nov 2018 confirming EIA by April 2019 detailed design to follow, finance was available from profits or loans. On 27th March 2019 it was confirmed significant interest to proceed. 7th Nov 2019 EIA approved and confirmed 2020 priority was to advance construction of the facility. 4th May 2010 it was confirmed that funding and construction was approved, it has taken a year for a start to be made on site that is down to the management of the construction process, the original programme showed construction commencein in February 2021 but the design and procurement were not sufficiently advanced for this to happen.
The fact that the electrolyte facility has now been taken over by Bushveld from BE speaks volumes
Mickel is clearly a leading light in batteries but has not handled these items I see him being moved to being a director of cellcube where his talents can be used.
Bushveld should concentrate on their core activity of mining Vanadium and then processing elctrolyte which given the current price of vanadium will see a good return.
The current share price is not an accurate representation of value when all assets are taken into account and to try and base share price on current returns takes no account of the vast reserves and processsing plants etc imagine if the likes of GGP were valued on current returns.
Now that the results have been issued and digested I hope that the management will concentrate on core activities and turn the ship around for what is a very rosey future towards the end of this year and next, I expect us to reach 30p by the end of this year when the management team have regained investors confidence and our investment in Cellcube lead by Mickel is bloomimg
The rising vanadium price is the most important factor at the moment but my feeling is this will not be factored in to the share price until it is confirmed by the company that they have met the production targets for the current quarter and sales are bouyant that is when I agree the fireworks will begin regarding the share price but we will have to wait for the figures to be issued which I think will be the end of July
this is where BMN lose credibility the article states that the mini grid is completed and the electrolyte facility is in place which we all know is wrong as neither project has commenced on site and this is an article endorsed by Fortune
until they gain credibility or show that they are actually making good profits the share price will stay where it is
why have we not had a BE report ,the fact is there is nothing to report except Mikhail has not achieved other than on external battery companies and will probably take up his board position at Enorex shortly hence the electrolyte factory reverting to Bushveld and the minigrid is a completely seperate company from which Bushveld will buy energy
I am an investor in BMN since first purchases at 1.5p and even at todays price have a very reasonable return and fully expect to benefit from the potential of this company over the next few years,however the point is it will be over the next few years not over the next few months that everyone is expecting
we have witnessed the astute investments in Invinity a listed company and Enerorex a private company which have and will benifit the company but with regard to BE there is nothing concrete that has been confirmed by RNS hence very little value.
these are my thoughts as to why the SP is stagnant
1 raised production costs
2 maintenance of plant
3 mini grid has not commenced on site and there are no dates for commencement or completion
4 Electrolyte plant has not commencedon site and we have no dates for the commencement and completion , if the project were to start today it would be September 2022 when it would be operaqtional according to the programme issued
5 There is no movement on Mokopane
6 Be effectively have very little confirmed by RNS as on their books hence little value
7 We own a coal project that is at odds with our green potential
8 We are listed on AIM
What will make the SP move
1 confirmation that maintenance has been completed and plant is operating efficiently and able to produce the years target, until this is done the increases in vanadium prices will not be factored in
2 confirmed dates for mini grid commencement and completion
3 confirmed dates for electolyte plant commencement and completion
4 programme for Mokopane
5 sell off coal project
6 RNS all of BE's activities that are producing revenue
7 list on the main markets ( it is worth noting that FAR are listed on the main market and this may be one of the reasons people take them seriously)
I have e mailed Chika several times with concerns particularly regarding BE and am advised that the BE items will all be addressed in the Q1 update
I am still heavily invested and will remain to benefit from the potential of this company but will not be posting regularly as anything that is deemed to have a negative slant is reacted to badly
look at the main programme of works pages 20 and 21 of the drawings section,the handover to client of the functioning building is targetted for 19/7/22 based on a start date of 9/2/21
Alpha
Firstly I have no desire for the price to go back lower I have held in the region of 2 million of these shares for about 4 years and stuck with them I am not throwing in doubt and suggestion but commenting on Libero's posts
The drawings include circular walls and plinths to take the process items but there is no indication of the structural drawings showing how the loads are taken in the ground hence the comment there would be large structual bases which are not on any drawings issued for tender.
There is little point in continuing this thread given your reaction to items raised I will watch the construction process with interest and will be highly delighted if I am proven wrong and everything is procured and installed within the programme time indicated
Alpha
I accept that there are structural drawings giving layout from which you can determine tank sizes etc my point is the detailed structural drawings showing rienforcement etc are not in place these will be required on day one of the project to order steelwork etc and ideally should be a tender drawing to enable the tenderer to understand the complexity and procurement timescales
I did read all the documents and indeed recall having to direct you to where the construction programme was
I do not think the people who run Bushveld are complete idiots ,if I did I would not invest, I am making the point that the process is taking a long time and we do not seem to have fully detailed information in place to facilitate a start.
Have you managed to find reference to the tender documents for the process plant?
Libero
I think it unlikely that the process machinery has been designed and tendered, if this were the case the foundation drawings in the tender would have included large structural bases for process plant and these must be in place before the building structure.
To appoint a contractor and then ask for a price for extras in the foundations leaves one wide open to delays and costs, they have realised that sections of the roof may have to be left off to install plant but why do this when with pre planning could be avoided
to me there is little understanding of the construction process an item that should have been addressed prior to embarking upon the project about a year ago
Libero
I e mailed Chica regarding this and the fact that there was no evidence of the procurement of the process machinery that would have a long lead in and ideally should be in place before the roof is on the 19th Nov but no reply.
Given my knowledge of the construction industry the process plant will be lucky to be up and running by the end of 2022.
In the same e mail I raised the mini grid for which we have no dates only notice of appointments and also asked regarding mokopane.
I did not post my e mail as I did not want to be accused of de ramping which given the size of my holding is not the case I just want answers and for the company to sort out the BE management
If you would like a copy of my e mail send me a link
I am aware of that the point I was making was that we are not taking full advantage due to the delays in the electrolyte facility and will spend 2 years having to ship product to the UK for conversion missing out on a larger margin
These figures are very encouraging and I think what we expected but the key is what price for vanadium are the figures based on.
For BMN to blossom we need 40 dollars will this price be acceptable to the battery brigade or will we be better off selling for steel
If we have lease agreements now for a 20 year period what base price will be used for vanadium
Supply and demand should raise the price but we will see over the next few months