Georgian Mining Share Discussion Threads

[thegreatgeraldo] 19/5/2005 00:17

Finding oil in the Black Sea might offer some hope for the future ? BP are due to drill there this summer ,

[energyi] 18/5/2005 23:46

THE WAY IT IS...

While in Russia, Bendukidze became well-versed in the mechanics and relative benefits of privatisation when, like many aspiring businessmen in that part of the world in the early 1990s, he began investing his money. From small beginnings, he gradually built himself up and by 1996, he was Head of the Board of Directors of the Soviet-era Uralmash group, a heavy machine-building factory, which he then merged with Izhora Factories to form OMZ, the country's largest heavy engineering group, also involved in shipbuilding and the nuclear energy sector. In 2003, with Bendukidze at the helm, the group had amassed revenue of $546.2 million – and net profits of $22.7 million. At the beginning of 2004, he was still a resident of Russia and still running OMZ. But things were changing.

Back in his homeland, in late 2003 exciting things were afoot. The so-called 'Rose Revolution' was a series of peaceful uprisings made by the citizens of Tbilisi, and from all over Georgia, in which they protested the re-election of communist (but nevertheless liberal within that description) President Eduard Shevardnadze, whose victory many political observers in Georgia and worldwide considered unfair. The admirable lack of violence and unrest during these protests eventually had an impact, and on November 23, 2003 Shevardnadze met with opposition leaders and announced his resignation. Taking his place was the pro-Western, former US-based lawyer Mikhail Saakashvili. He quickly brought the French-born Georgian Salome Zurabishvili into the government as Foreign Minister. He then offered Kakha Bendukidze the position of Minister for Economic Development, a position he accepted on June 1, 2004. He immediately became re-instated as a Georgian citizen, and became the second expatriate Georgian to immediately take a position in the Georgian government. Saakashvili subsequently offered citizenship to all ethnic Georgians living abroad.
Saakashvili's liberal approach to government is being mirrored by Bendukidze's fearless progressivism. He got stuck into his new position with gusto, immediately demanding reform on all counts, and most bravely and controversially, beginning his privatisation drive.

The list of enterprises, both large and small, that Bendukidze has earmarked for privatisation numbers 1,800, and includes vineyards, a hydro-electric power station, beach resorts and a proctology clinic, along with countless non-residential buildings that are currently out of use. To display his wares, Bendukidze has set up a website, www. privatization.ge, which functions somewhat like an eBay bidding site for an entire country's state property.

Understandably, in this whirlwind of change and privatisation, Bendukidze has picked up his share of detractors along the way. Every day on his way to work, protesters gather outside the Ministry of Economics bemoaning Bendukidze's 'selling off' of the country. Bendukidze argues that with the weak economy from which Georgia currently suffers, it would be appalling if Georgia's assets were not used to generate wealth.

But for all his detractors' accusations of being a blight on the country, there is no doubt that Bendukidze's techniques are working. In an auction of some smaller enterprises – small shops, cafés and properties – what Bendukidze calls part of the 'microprivatisation' on 17 September 2004, $300,000 was expected to be raised. In fact, by the end of the auction, a total of $829,962 had been bid and taken.

And there is much bigger money emerging from this privatisation drive. On 3 November 2004, the joint stock company Tbilaviamsheni, Georgia's 60-year-old Tbilisi-based aerospace manufacturing plant, was sold to Tbilaviamsheni LLC, who paid $67 million for the enterprise. Bendukidze was, understandably very pleased with the result.

Recently Tbilisi's 330-room Iveria Hotel was sold to German investors for $2.3 million. The building had previously been temporary housing for over 1,000 refugees from the civil war. Each of these 270 families will receive $7,000 to go towards new accommodation. The London-based Salford Fund has also expressed interest in one of the capital's hotels; the 30-year-old Hotel Ajara has become the object of their curiosity. Once again, the 239-room hotel houses a number of refugee families, and once again each family will receive $7,000 as part of the purchase.

Also safely under the hammer is In-Tourist, Georgia's most prominent tour operator and hotel chain, which was sold for just over $3 million to one Levan Turmanidze. Although investments have come from many international businesses, the interest of Russian enterprises has been the most prominent.

Bendukidze himself admits that one of his main aims is to attract as much Russian capital as is possible.

This is, of course, understandable; due to the geographical proximity of Russia and Georgia, coupled with the fact that it has been less than 15 years since they had a joint economy. Indeed, Russian investors have already approached Bendukidze with proposals about winemaking, heavy industry (Bendukidze's forte, of course), mining, tourism and transport. Both sides understand each other's markets. It is therefore not surprising in the least to discover that Bendukidze expects a full 33% of all privatised assets to be sold to Russian businesses.

Nevertheless, the Ministry of Economic Development is adamant about asserting their new liberal economy on a worldwide scale, and are firmly setting their sights beyond their own borders.

...MORE:

[energyi] 18/5/2005 23:41

THE WAY IT WAS...

Chapter 7: Investment Climate Statement

Summary

Georgia suffered severe political and economic turbulence during the years following the re-establishment of its independence in 1991. Beginning in 1995, the country started to enjoy steadily improving political stability and economic growth. Presidential elections were held in 1995 and again in April 2000, when President Shevardnadze was reelected to another five-year term. Parliamentary elections were held in 1994 and then again in 1999, with the President's Citizens Union of Georgia Party (CUG) increasing the number of seats held by the party. However, the CUG subsequently lost their majority, and Parliament currently consists of approximately 15 factions, with final coalitions yet to be determined. In addition, President Shevardnadze dismissed the government in 2001, following large, non-violent street protests. Local elections were held in June 2002.

The political status of the breakaway provinces of Abkhazia and South Ossetia is unresolved, with sporadic outbreaks of violence in Abkhazia. Approximately 300,000 people displaced by these conflicts have yet to return to home. Renewed fighting in the Russian republic of Chechnya has generated concerns that the conflict will spillover into Georgia. Several thousand Chechen refugees have moved into Georgia's Pankisi Gorge, adding to the refugee/internally displaced population.


In the mid-1990s Georgia began to experience modest but increasing levels of GDP growth and foreign investment. Until 1998 Georgia's economy grew on average 7 percent per year. This growth was attributable to the introduction of a new, stable currency, reduced rates of inflation, and the re-establishment of both economic and political stability. Economic growth and reform slowed in 1998, due to the Russian financial crisis, drought and political events, including an outbreak of hostilities in Abkhazia and an assassination attempt against the President.

Growth through 2001 has been positive, and Georgia's economic performance is slowly increasing, with GDP growth of 3 percent in 1999, 2.0 percent in 2000, and 4.5 percent for 2001. While a severe drought in the summer of 2000 undermined Georgia's projections for economic growth that year, the low level of increase is also due to fundamental economic problems that have eroded investor confidence in Georgia.

Foreign direct investment (FDI) has declined in recent years. According to the State Department of Statistics, FDI in 2001 was USD 61.8 million, compared to USD 83.65 million in 1999. FDI peaked in 1998 with USD 288 million, although a significant portion of this is attributable to one project: the Baku-Supsa early oil pipeline and Supsa terminal.

The key sectors of economic activity in Georgia have been energy, agriculture, trade, tourism, and transport, as well as significant projects in the food processing and telecommunications industries. The United States is the largest foreign investor in Georgia, having contributed USD 20.4 million in 1999, USD 12.2 million in 2000, and USD 20.1 million in 2001, or 24, 21 and 34 percent of overall FDI respectively.

Georgia is a leader in the former Soviet Union of developing the legal infrastructure for an attractive investment climate. Georgia maintains no currency controls, allows foreign investment in all but a few sectors deemed strategically important, and has implemented an impressive privatization program, including land privatization. Georgia is also the second country of the former Soviet Union to join the WTO, which will provide additional opportunities for investors to develop export markets.

Despite these advances, economic activity in Georgia is below potential. The poor fiscal situation, pervasive corruption, and the arbitrary implementation of laws and regulations have inhibited foreign investment in Georgia.

@:

[energyi] 18/5/2005 23:31

GEORGIA FOR SALE
..

Well, don't Trust me...
But listen to this interview, and you will be intrigued:

VIDEO:

In the 20th century Georgia lost its independence and became a pawn in Moscow chess game, just like other Soviet Republics. When the Soviet Empire collapsed what remained was a tired and corrupt country, a failing state, run by a former Kremlin boss, Eduard Shevardnadze.

In November 2003 the Georgians decided they had enough. After the peaceful Rose Revolution a new, young team took over with a strong mandate to put the country back on its feet again. Whatever it would take.

It soon became clear however that for a very poor country with no infrastructure to speak of, it is not easy to connect to the global economy, to be taken seriously by the outside world and to attract the foreign direct investment necessary to kick start its economy.

The Georgian Kakha Bendookidze ?an entrepreneur who amassed a huge private fortune in Russia- was asked to return to his native country to reform its economy. As state minister with a special mandate Bendookidze works day and night to clean up Georgia act.

But will the outside world be convinced? Because whatever the Georgians do, their country fate is in the hands of those who have the money to save it from collapse


CNG: Canargo


= = = = =
LINKS:
What's for Sale:
Google.........:

[energyi] 21/4/2005 19:48

Calpine (CPN)

Major Power Company
�� Fuel Efficient, Environmentally Friendly Power Generation
�� 92 Plants in Operation, 26,500 mw
�� 32,000 mw in 2007
�� 390 bcfe Proved Reserves
�� Calpine Energy Services
�� Ranked 5th in 2004
�� Focused on Enhancing Financial Position

Presentation:

[energyi] 11/2/2005 16:53

v.NGP
Here's an interview:
Brian Fairbank, Pres./CEO

[energyi] 29/1/2005 20:55

CHINA: 30MW of Geothermal



Sources:
1/
2/

EASTERN CHINA - Eastern China is not close to a plate boundary, but has hot water in sedimentary basins similar to those in northern Europe. Direct use in 1995 totaled 4717 GWh/yr. In Tianjin and Beijing, more than 400 wells provide 6000 kg/h of hot (50-70degrees C) water for space heating, cloth dyeing and paper processing. In rural areas hot water is used for over 300 acres of greenhouses, drying crops and fish farming (430 acres of ponds). Throughout the country hot water is used for bathing and heating. Geothermal greenhouses in northeast China allow early starts of rice plants and an increase in production. Small geothermal power plants of 300 and 686 kWe capacity are in use in eastern China. 80 to 100 MWe production is planned for all of China by 2000. Nearby Taiwan is close to a plate boundary and has a large high-temperature volcanic-geothermal field at Tatun (too acid for present use), as well as lower-temperature fields at Chingshui (3 MWe) and at Tuchang (300 kWe).

@:

[energyi] 28/8/2004 07:42

Jay Taylor's interview:
LOOKS at Alternative Energy stocks, like these:

Nevada Geothermal (NGP.v) ...


McKenzie Bay (MKBY) ...
(Windmills on Building rooftops, with diesel backup. Vanadium deposits)


Environmental Power (POWR) ...
(Animal waste into electricity; Plants under construction in Wisconsin)

[energyi] 10/7/2004 00:08

still watching this sector.
Its day will come

[energyi] 08/6/2004 19:34

Calpine Corporation (NYSE: CPN)
Underperform Speculative Price: $3.79 Target: $3.00
Maureen E. Howe, Ph.D.

Calpine will build a cogeneration plant in Texas backed by a long-term contract.
250 MW Texas Cogeneration Facility Built with Existing Turbine.
The new plant will be constructed in phases and will begin delivering steam in 2005 and will achieve full operational status in 2006. The project will use one of the company's existing gas turbines. (No Financial Details Provided.) Calpine will sell up to 200 MW (80% of capacity) of power in addition to steam to Dow Chemical. However,
management declined to provide any financial details such as the cost of the facility or details regarding the economics of the contract.

Cogeneration is Typically More Efficient. In general, a cogeneration facility is more efficient relative to other gas-fired generation sources due to the sale of the steam byproduct, which garners extra revenue. In addition, the use of an existing turbine in inventory is incrementally positive from a "sunk cost accounting" perspective.
With Little Information to Go On, It's Not Definitively Positive. With 80% of the facility contracted, it is also possible that the contract will cover the fixed costs and Calpine is looking to profit from the remaining 50 MW of merchant capacity.

Valuation. Our $3.00 target price is based on a weighted probability of three scenarios: Base Case of $1.50 (70% weighting); Upside Case of
$7.50 (25% weighting); and liquidity problems leading to bankruptcy protection (5% weighting).
We rank Calpine as Underperform, Speculative
Risk.

[energyi] 31/3/2004 21:28

Go USEY, go!
Just discovered it yesterday. Nearly bought some. Up 20%!

[energyi] 30/3/2004 00:25

STUMBLED ACROSS...



First water, then waste coal ... what next? From its beginnings in 1982 as Cresci Associates, Environmental Power has taken over independent power projects. The company acquires or develops and then sells hydroelectric and waste-coal generation facilities. It has retained ownership of its Scrubgrass coal-fired plant (83 MW). Subsidiary Microgy Cogeneration Systems holds an exclusive license to market an animal waste-to-energy conversion technology in North America; the unit has several projects in development stages. CEO Joseph Cresci owns 23% of Environmental Power; president Donald Livingston owns about 11%.

@:

[energyi] 29/3/2004 21:35

USEY- U.S.Energy Systems..... #12530



U.S. Energy Systems provides energy services with the aim of protecting the environment. The company's subsidiaries provide outsourcing services to develop, own, and operate small to medium-sized power plants. Its 35 generation facilities (total capacity of 260 MW) use combined heat and power (CHP) technology or renewable fuels such as biomass fuel, biogas, and geothermal energy. U.S. Energy Systems serves about 900 customers, including retail commercial and industrial users and local wholesale suppliers. The company has formed several joint ventures, including one with a unit of Cinergy. U.S. Energy Systems has sold its U.S. Energy Environmental unit, which provided assessment and remediation services

@:

[energyi] 29/3/2004 21:30

Caithness Energy
...develops, owns, and operates renewable power plants in the US. The firm has 1,200 MW of geothermal, solar, wind, and fossil-fueled generating capacity.

@:

[karzy] 25/3/2004 23:04

Here's another one Western Geopower CP v.wgp, has it's sights set on building a power station north of Vancouver. Dual listing on Frankfurt.

[energyi] 23/3/2004 16:25

ORMAT becomes the third largest geothermal IPP in the USA

Sparks, Nevada: December 22, 2003 - ORMAT Nevada, Inc. announced today that its subsidiaries have completed the acquisition of all the geothermal assets of Covanta Energy Corporation, an unrelated third party. The sale of assets was made as part of the seller's restructuring process under Chapter 11..

The assets included in the sale are the following:


100% ownership in the Heber Geothermal power plant, having a nameplate capacity of 52 MW and located near Heber in Imperial County, Southern California,


100% ownership in the lessee position of the SIGC geothermal power plant having a nameplate capacity of 48 MW, adjacent to the Heber Geothermal plant, and


50% ownership interest in the 40 MW Mammoth Geothermal power plant, located near the city of Mammoth, Mono County, California.
All the above power plants have long-term power purchase agreements with Southern California Edison for the sale of electricity until 2015-2022.

The expected revenues from sale of electricity for all the above assets is approximately $80 million per year.

In order to finance the acquisition, on November 14, 2003 an ORMAT subsidiary received a loan commitment from a US bank for an amount of approximately $155 million secured by the acquired assets.

The acquisition of these geothermal assets, along with the completion of the acquisition of the Steamboat Nevada geothermal assets currently under way, will bring the total geothermal power plants owned and operated by ORMAT and its subsidiaries in the USA to over 250 MW, with an additional 30 MW under development in Nevada.

...MORE:

[energyi] 23/3/2004 16:10

Ormat's Geothermal Record Discloses Problems Elsewhere (1992 article)

Puna Geothermal Venture, developer of the geothermal plant at Pohoiki, in the Big Island district of Puna, is a partnership made up of OESI Power Corporation and Constellation Investment, Inc., a subsidiary of Baltimore Gas & Electric Company. OESI (formerly Ormat Energy Systems, Inc.) is a Delaware corporation having its executive office in Sparks, Nevada.

OESI's principal stockholders are Lucien Y. Bronicki and his wife, Yehudit; and a Philadelphia company called LFC, an LFC subsidiary, and several of LFC's present and former officers (including its president, Frank P. Slattery Jr. and former vice president James W. Porter Jr., who is now OESI's chief executive officer). Bronicki also is president and founder, in 1965, of the Israel-based OTL, previously known as Ormat Turbines, Ltd. OESI has a marketing agreement with OTL that gives OESI exclusive rights to market OTL's energy converters.

Another major player in Puna Geothermal Venture is a syndicate of banks led by Credit Suisse and including Bank of Hawai`i and Banc Nationale de Paris. This syndicate has agreed to provide PGV with construction loans of as much as $100 million. To date, PGV claims to have invested more than $120 million in the development of geothermal energy on the Big Island.

The plant now under construction, what PGV calls "Puna I," is intended ultimately to provide 25 megawatts of capacity to Hawai`i Electric Light Company (HELCO). OESI is hoping eventually to develop a second project, called Puna II, with a capacity of 30 megawatts.

A Checkered History

Ormat has been involved in the construction and operation of several geothermal power plants in California and Nevada. Perhaps controversy is inevitable in the very nature of this industry. Nonetheless, Ormat's operations have seemed to generate more than their share.

In 1987, Ormat entered into a consent decree with the state of Nevada concerning Ormat's operations at Steamboat Springs. The state's Division of Environmental Protection had found Ormat in violation of water-pollution regulations -- specifically, Ormat had pumped fluids into an injection well at a rate faster than what was permitted. To settle the state's complaints, Ormat paid a fine of $7,500 and agreed to develop a computerized data base and statistical program for monitoring ground water quality.

A year later, in December of 1988, pipe at an injection well at the Steamboat Springs plant was noted to have risen beyond the normal range of expansion. This was the second rise noted in a four-month period. At first, it was thought that casing in the well had dropped. By March 1989, Ormat determined that the casing had probably failed and decided to undertake a "workover" of the well.

In violation of Ormat's operating permit, it failed to notify the state of these problems until the decision was made to rework the well. Ormat acknowledged the failure in a report submitted to the state: "Regretfully, because the well had stabilized and it did not appear to have lost integrity, we overlooked notifying [state regulatory] agencies until the middle of March." It informed the state that "we are modifying our permit monitoring, incident reporting and compliance verifying procedures."

Ormat no longer operates the Steamboat Springs facilities, but its actions there were the subject litigation. A report prepared by Barry Mizuno, managing director of Hawai`i County, detailing a visit to Mainland geothermal facilities in 1991, describes some of the problems. "Ormat used to manage this operation but the owners [Far West Electric Energy Fund L.P.) took back management due to what has been purported to be poor management on the part of Ormat. When we spoke to the president, he also alleged that the Ormat equipment, the generators, were and are unable to produce the electricity as specified in the contract. There is currently litigation against Ormat in the neighborhood of $7 million. The president [of Far West] felt very confident that they would prevail." In a prospectus for a stock offering published in the spring of 1991, OESI said it believed "the claims ... are substantially without merit," noting it had filed a counterclaim against Far West. On January 30, 1992, Maurice Richard, PGV manager, stated in one of PGV's occasional "progress reports" that OESI had been vindicated by the Nevada court, with the judge finding "only minor breaches ... in reporting" had occurred.

@:

[energyi] 23/3/2004 16:00

Started the thread a little late to get positioned in NGP.

Maybe some of the other GEOs will work out well also

[karzy] 22/3/2004 21:26

Update at close, up 40%, looks right you were right energyi.

[karzy] 22/3/2004 17:44

Nevada Geothermal v.ngp, up 21%,cad$0.51 at present time.

[energyi] 22/3/2004 15:38

California Energy, Magma Power and Oxbow Geothermal Corporation

California Energy Company: Geothermal Projects

CalEnergy explores and develops geothermal resources, which it converts into electrical power for sale to public utilities. CalEnergy operates five US based power generation sites including Coso, CA., Imperial Valley, CA., Uma, AZ., Desert Peak, NV., and Roosevelt, UT. CE International operates two sites including one in the Philippines and one planned for Indonesia.

- - -

Covanta Energy

Covanta Energy manages and operates two geothermal projects, and has
a 50% interest in three additional projects, all in California

[energyi] 22/3/2004 15:32

Thnx, K.

Here's a start...
Operator Plant Plant Type Year No. of
Units1 Net Rating
MW3 Gross Rating
MW
Oxbow Beowave Double Flash 1985 1 16.0
BPP Brady Hot Springs Double Flash 1992 3 21.1
Cal Energy Desert Peak Double Flash 1985 22 8.7
Oxbow Dixie Valley Double Flash 1988 1 66.0
Empire
Geothermal Empire Binary 1987 4 3.6
OESI Soda Lake 1 Binary 1987 10 3.6
OESI Soda Lake 2 Binary 1991 12 13.0
Far West Steamboat 1 Binary 1986 7 6.0
Far West Steamboat 1A Binary 1988 2 1.1
Far West Steamboat 2 Binary 1992 2 14.0
Far West Steamboat 3 Binary 1992 2 14.0
OESI/CON Stillwater 1 Binary 1989 14 13.0
Tad's Wabuska 1 Binary 1984 1 0.5
Tad's Wabuska 2 Binary 1987 1 0.7
Caithness
Sequa Steamboat Hills Single Flash 1988 1 14.4

@:

[karzy] 20/3/2004 20:10

energyi
Try www.eere.energy.gov/geothermal/nevada.html then go in "search" for recent press reports. above website looks a good one.