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Magnesium Share Discussion Threads
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|Magnesium International Is Bailed Out By The Egyptians
By Rob Davies
You can tell a lot from the financial detritus floating around a company. The fact that Magnesium International is trading at 7.5p, or A$ 0.16.5 doesn't tell you much. But the fact that it has 480,000 options exercisable at A$8.95 on the 30th November 2006 does rather put it into context. A year ago the shares were trading at 75p, now they are valued at a tenth of that and giving the company a market capitalisation of just £3million. That doesn't suggest the market is very optimistic about its prospects, but conventional wisdom might just be a little too bearish. .. more ..
|looks like we have less cash than estimated, this will need new equity, at substantially less then the current price, fair value now is about 2p!|
|So whats going down here (apart from the share price of course) they need something like £200million and have £5million in the bank, how did this ever get floated, stinks of dodgy numbers and colourfull people to me!!!|
|Looks interesting but very speculative|
|I think this is well worth a small punt with recent NEWS and projections.|
|seems i missed this from 31 jan06
Assuming final agreement is reached with Amiral, the next step will be to
re-evaluate and significantly reduce the indicative cost of constructing the
Port Sokhna magnesium plant by:
Increasing the Egyptian content (involving less European fabrication);
undertaking Value Engineering to minimise project scope;
re-tendering a number of vendor bid packages; and
possibly using changed construction contractual arrangements.
This programme of work is scheduled for completion by June 2006 and will include
a full financial evaluation of the project's funding requirements. This may
result in an interim funding requirement to finance the expected engineering and
project work through to financial close, now expected in early 2007. The
Company will provide investors with regular updates on progress throughout this
The cash balance at the end of the quarter was A$7.5 million which is sufficient
to undertake the forward programme required
..........A new furnace and metal delivery system has been ordered and is due for installation in March 2006. This is expected to significantly increase the
Clayton plant's reliability and capacity and is necessary to enable expected
commercial orders to be filled.|
looks like good news!!!!! some buying in germany, looks stronger in oz
A streamlined structure for future debt and equity providers;
A simplified management decision-making process;
AMIRAL's interests will be more closely aligned with those of MIL shareholders.
* amiral now 11.8%
* mgk gets remaining 50% of emag in share issue at 1.06$A to amiral
* Amiral has also signed a brokerage agreement to assist in placing part of the Project's proposed equity requirement. This agreement will replace the joint EMAG funding arrangements under the previous shareholder agreements and is intended to enable MIL to benefit from Amiral's access to Middle East equity sources.
* transaction,..., is conditional upon approval of unrelated MIL shareholders. An independent report will be commissioned and be made available to shareholders|
|from 16dec to 11jan hunter hall have incresaed their stake from 4.3m to 4.7m giving them 12.4%
|this link is for the action in frankfurt; link on mgil site seems to be useless!!
and a currency converter
|yup - the -ves in that stmt, causing the share price fall, are a shame;
I felt optimisitic about this co. when I looked into it as it was about to move out of Australia; tried to get into the placing but failed.
Guess I'll continue to watch.|
summary of current proresss and mg market - magsheet looks an astute move, first sales soon - only negative - "Overall, the work on the project is proceeding well, although it is taking longer than we would have liked"|
|Arb opportunity at the moment with price closing at 72p on bid side in OZ.|
open interview; nothing new i can spot but adds some detail
* The BFS is expected to be completed this October and finalization of the debt package is expected shortly afterwards.
* Our estimates at this stage are that the project will require US$280 million of senior project debt and up to US$180 million of equity for the first module, ie approximately 60% debt and 40% equity.
* We will have three types of equity participation - MIL, with at least 60% but
hopefully more, Amiral, and other direct equity participants approved by MIL and
Amiral. So far ThyssenKrupp Metallurgie (TKM) is one of this latter type of investor. MIL will raise its equity participation from the share markets on which it is listed, ie AIM, XETRA in Germany and ASX. Amiral will source equity
finance from capital markets in Egypt and the Middle East
* Mag sheet -- Testing of these is underway and with one customer we
have advanced to the stage of trial rolling and parts manufacturing. We expect
to be recording some sales revenue from this customer in the September quarter.|
|Moving back up.|
|anything happening in backdround with this stock anyone know|
|27 June 2005
KfW BANK APPOINTED TO ARRANGE EGYPTIAN MAGNESIUM DEBT FINANCE
The Egyptian Magnesium Company (EMAG) is pleased to announce that KfW Ipex Bank
(KfW), a subsidiary of KfW Bankengruppe of Germany, has been appointed to the
senior debt role for its magnesium smelter project.
KfW is owned by the Federal Republic of Germany (80%) and the German federal
states (20%) and has participated in many significant transactions throughout
the Middle East, including several in Egypt. Under the mandate and subject to
certain conditions, KfW will act as arranger and partial underwriter for the
bank debt for the first smelter module, with a capacity of 43,000 tonnes per
year of magnesium metal. The senior debt for this module is expected to be in
the vicinity of US$280m.
The involvement of KfW augments and strengthens the already considerable German
participation in the project. EMAG's shareholders have previously announced
that ThyssenKrupp Metallurgie will purchase all magnesium metal and alloy
production from the smelter under a Metal Sales Agreement and will take an
equity stake in the project, and that MAN Ferrostaal has been appointed as the
prime contractor for the smelter construction. MAN Ferrostaal is currently
preparing a fixed price construction contract for the project.
The Chairman of EMAG, Captain Ossama Al Sharif, said today that this was a major
step forward for the company. 'We are now at the stage that we are able to
start our formal work in the debt finance area and will be working closely with
KfW to put the senior debt package in place by late 2005. Many private and
government-backed banks in Europe and the Middle East have expressed their
interest in participation in the project debt, so we are confident that we will
obtain a very competitive package.'
ABOUT EGYPTIAN MAGNESIUM COMPANY
The EGYPTIAN MAGNESIUM COMPANY is a joint stock free zone company established to
evaluate, construct and operate an electrolytic magnesium smelter at Egypt's
most modern port at Sokhna on the Red Sea in Egypt. Its 50:50 shareholders are
• Magnesium International Limited (MIL), an Australian public company listed
in Australia (ASX:MGK), London (AIM:MGK) and Xetra (MIC), and
• Amiral Overseas Magnesium Limited, which is the privately held magnesium
arm of Amiral Holdings Limited, operator of Sokhna Port, and the developer
of a number of successful projects that are leveraging off the port's
infrastructure and high quality service for exports and imports.
MIL and Amiral agreed to develop the smelter at Sokhna in 2004. This site takes
advantage of significant benefits, including competitive energy and labour
costs, the corporate tax-free status of the free zone and an import duty
exemption for sales to the EU.
EMAG will utilise MIL's exclusive worldwide licence to Dow smelting technology,
which is the world's most proven process for the electrolytic smelting of
magnesium metal. MIL purchased this licence from Dow Chemical in 1999.
EMAG intends to construct a smelter with production capacity of 88,000 tonnes
per year of pure magnesium metal. The magnesium metal will then be transformed
into high quality magnesium alloys at the smelter site. The smelter will be
constructed in two modules, with the first module having a capacity of 43,000
tonnes per year and an expected construction time of two years. The second
module is scheduled for completion three years after the commissioning of the
first module commences.
also 2 "new" brokers reports on website - update of 1st berlin's & carmichael's report
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