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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pensana Plc | PRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.80 | 3.39% | 24.40 | 15:23:31 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 24.00 | 23.50 | 24.40 | 23.60 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Top Posts |
|---|
Posted at 05/9/2023 10:36 by dumbpunter >>DP, on what basis do you make that statement?Some suspicious, very small, bid/ask offers far outside the normal spread that help ramp up the price. Plus September is the time funding will run out (assuming the terms of the $15m advance from Angola have not been met) Ramping up the price 10 days before the raise is a common practice. Any suggestion that funding is incoming or their will be interested from major investors is fantasy. The company doesn't even have a feasibility study. |
Posted at 10/7/2023 18:01 by neo26 Wtf is goin on here, thought they had investors willing to invest at 30p.This is crazy, unless large holders have been given a wink to bail. |
Posted at 08/5/2023 17:38 by mwj1959 Mumble...Not sure the company has raised $325m so far. This is what they announced in early April..."The Company has been engaged with three parties to provide the required funding; namely the previously announced US$175 million bond issue being arranged by ABG Sundal Collier, for which the Company has received green bond accreditation from CICERO rating agency, a $220 million strategic equity investor which is before its investment committee and a $150 million debt package being arranged by a South African bank." ...progress definitely, but not in the bank yet by any means. |
Posted at 11/4/2023 12:06 by mikethebike4 From PensanaChina 'weaponising' grip on vital rare earth metals. Beijing plots crackdown on technology crucial for modern tech. Article by Rachel Millard and Matt Oliver, in the UK Daily Telegraph, 6th April 2023. China has been accused of "weaponising'' its grip on the rare earth metals needed for wind turbines and electric cars amid reports it is preparing a ban on exports of key technology. Beijing is reportedly drawing up plans to block exports of technology needed to process and magnetise the metals, raising the spectre of shortages in the West given China's dominance in the market. Jack Richardson, an associate fellow at the Council on Geostrategy, said: "The Government should be very concerned, China has a strong position in the global economy built up since the eighties. It is seeking to corner the market in clean tech as it does in other sectors like steel. We need to join the Americans, Japanese, and others, and work together to water down China's leverage." Paul Atherley, Chairman of UK rare earths refinery developer Pensana, said: "This represents a seismic shift from China's previous position and brings an outright export ban one step closer.'' China said they would never introduce export restrictions on rare earths after 2011. The announcement appears to be a clear warning of its willingness to weaponize its dominant position in rare earths." Brian Menell, chairman of critical-metals investor TechMet, said: "The fact that there is a prospect of them using this weapon is very disturbing. It indicates the rise of the assertive confidence of China on the global stage and their sense that they can play these games" Rare earths are a group of metals such as neodymium and dysprosium with used in high-tech uses, such as for making the permanent magnets that help wind turbines run. Despite the name, the metals are abundant in the earth. China dominates the market in producing and processing them into usable products, however. Its move to restrict technology exports comes as rival countries attempt to cut their reliance on China's supply chains, wary of any escalation of tensions over Taiwan. Gareth Hatch, a rare earth elements expert and boss of Strategic Materials Advisory, said the restrictions threatened to hit American and European companies with specialist equipment on order from China, such as furnaces and presses used to make magnets. He said: "It can be a nine, twelve, eighteen-month lead time when you are ordering this kind of equipment, because the companies that manufacture it don't sell thousands - they are done to order. So if there are folks who placed their orders a while ago and the kit is on its way on a boat or in a warehouse somewhere, there's going to be some concern now. Anyone who is relying on Chinese hardware, that's going to be an issue." A spokesman for the Department for Business and Trade said: "It's vital we have a secure supply of critical minerals for UK businesses, and that is precisely what our Critical Minerals Strategy will do. The UK has recently signed several critical mineral agreements with key countries, including Canada and Australia, and our accession to CPTPP will help improve the resilience of our supply chains further. The Government will continue to stand up for UK businesses, working with our friends and allies around the world on issues where our interests align.’’ For further information, please contact, CEO Tim George or Chairman Paul Atherley at contact@pensana.co.u |
Posted at 04/4/2023 13:17 by raremurph Maybe a company will step in to buy it at a huge discount. THAT company might be worth investing in. This one is already on life support, with investors capitol on its way to money heaven. |
Posted at 03/4/2023 22:11 by wiseacre The market cap has fallen to just £70 million which makes the company vulnerable to a bid given the value of of the project both upstream and downstream. Private investors have been spooked but sellers likely to regret rushing for the exit. |
Posted at 10/3/2023 12:44 by mwj1959 Everyone trying to raise growth capital puts an "uber-positive" spin on the prospects of their business, so PA's optimism will be nothing new to institutional investors. As I've said before on this BB the problem the company (and most other companies in a similar position) have is the sharp rise in borrowing costs alongside more cautious investors i.e. lower liquidity. Until we see this improve its going to be a struggle to raise large amounts of capital, which is what PA needs for both PRE and ALK. More support from the government would clearly help alleviate this, but their hands seem to be firmly in their pockets most of the time. Liz and Kwasi, for all their many sins, would have likely been much more generous. |
Posted at 08/3/2023 09:49 by mikethebike4 very interesting reading in the Telegraph today for Lithium investorsAlso has (positive) implications for electric motor production and rare earth demand in the future! The Argonne National Laboratory in the US has essentially cracked the battery technology for electric vehicles, discovering a way to raise the future driving range of standard EVs to a thousand miles or more. It promises to do so cheaply without exhausting the global supply of critical minerals in the process. The joint project with the Illinois Institute of Technology (IIT) has achieved a radical jump in the energy density of battery cells. The typical lithium-ion battery used in the car industry today stores about 200 watt-hours per kilo (Wh/kg). Their lab experiment has already reached 675 Wh/kg with a lithium-air variant. This is a high enough density to power trucks, trains, and arguably mid-haul aircraft, long thought to be beyond the reach of electrification. The team believes it can reach 1,200 Wh/kg. If so, almost all global transport can be decarbonised more easily than we thought, and probably at a negative net cost compared to continuation of the hydrocarbon status quo. The Argonne Laboratory in Chicago is not alone in pushing the boundaries of energy storage and EV technology. The specialist press reports eye-watering breakthroughs almost every month. America, Europe, China and Japan are all in a feverish global race for battery dominance – or survival – and hedge funds are swarming over the field. I highlight this paper because US national labs have AAA credibility. The study is peer-reviewed and has just appeared in the research journal Science. Their solid-state battery has achieved the highest energy density yet seen anywhere in the world. And sometimes you have to pick on one to tell a larger story. The science paper says the process can “theoretically deliver an energy density that is comparable to that of gasoline”, a remarkable thought that slays some stubborn shibboleths. It is not for today, but it is not for the remote future either. It typically takes five or so breakthroughs of this kind in battery technology to reach manufacturing. Professor Larry Curtiss, the project leader, told me that his battery needs no cobalt. That eliminates reliance on the Democratic Republic of the Congo (DRC), which accounts for 74pc of the world’s production and has become a Chinese economic colony for the extraction of raw materials. Beijing has already gained a lockhold on the supply chain through ownership or control over three quarters of the DRC’s major cobalt mines. Russia is the world’s third. It is planning to raise that share by tearing up the marine bed off the Pacific coast. Reports by the United Nations and activist groups leave no doubt that cobalt mining in the DRC is an ecological and human disaster, with some 40,000 children working for a pittance in toxic conditions for small ‘artisanalR Needless to say, the horrors of the cobalt supply chain have been seized on by fossil “realists̶ Prof Curtiss said the current prototype is based on lithium but does not have to be. “The same type of battery could be developed with sodium. It will take more time, but can be done,” he said. Switching to sodium would halve the driving range but it would still be double today’s generation of batteries. Sodium is ubiquitous. There are deposits in Dorset, Cheshire, or Ulster. The US and Canada have vast salt lakes. Sodium can be produced cheaply from seawater in hot regions via evaporation. There is no supply constraint. This knocks out another myth: that the EV revolution is impossible on a planetary scale because there either is not enough lithium, or not enough at viable cost under free market conditions in states aligned with the Western democracies. (The copper shortage is more serious, but there may be solutions for that as well using graphene with aluminium). The International Energy Agency estimates that demand for lithium will rise 20-fold by 2040 if we rely on existing battery technology. The Australians are the world’s biggest producers today. But the greatest long-term deposits are in the Lithium Triangle of Argentina, Bolivia, and Chile, which are in talks to create an OPEC-style lithium cartel. China’s Tianqui owns 22pc of the Chilean group SQM, the world’s second-biggest lithium miner. A lithium recycling industry will mitigate the problem. In the end, lithium can be extracted from seawater. It is highly diluted at 180 parts per billion but research suggests that it could be isolated for as little as $5 a kilo. If so, the lithium scare is just another of a long list of seemingly insurmountable barriers that fall away with time. The march of clean-tech is littered with such false scares. For readers with a better grip on chemistry than me, the Argonne-IIF uses a solid electrolyte made from a ceramic polymer based on nanoparticles. This does require expensive materials. It achieves a reaction of four molecules at room temperature instead of the usual one or two. It is able to extract oxygen from the surrounding air to run the reaction, solving a problem that has held back development for a decade. It can operate over a thousand cycles of charging and discharging. It is safer and less likely to catch fire than today's batteries. What the Argonne-IIF battery and other global breakthroughs show collectively is that energy science is moving so fast that what seemed impossible five years ago is already a discernible reality, and that we will be looking at a very different technological landscape before the end of this decade. Germany and Italy last week succeeded in blocking EU’s plans for ban on petrol and diesel sales by 2035. They might just as well bark at the moon or command the waves to recede. Moore’s Law and the learning curve of new technology has already sealed the fate of the combustion engine – with or without net zero. The legacy companies cannot save their sunk investment in fossil motors – unless the EU retreats into fortress protectionism, which would be economic suicide. To try would be to guarantee the total destruction of Europe’s car industry. The only hope of saving it is to go for broke on electrification before global rivals run away with the prize. The coming battery technology kills the case for hydrogen in cars, vans, buses, or trucks, and perhaps also for trains and aircraft, whether it is “green” from wind and solar via electrolysis or “blue” from natural gas with carbon capture. The energy loss involved makes no sense. It is much cheaper and more efficient to electrify wherever possible. Clean hydrogen is too valuable to squander. We need it to replace dirty hydrogen used in industry. We need it for fertilisers, green steel, container shipping, and long-term storage in saline aquifers to back up renewables during a windless Dunkelflaute. We do not need it for road transport. My advice to corporate bosses and ministers: keep up with the world’s scientific literature, or you will be massacred. This article is an extract from The Telegraph’s Economic Intelligence newsletter. |
Posted at 07/3/2023 12:55 by mikethebike4 Paul Atherley seems to be doing all the right things to encourage investors- to no avail judging by the share price - it says a lot about the current economic risk aversion ! - all really courtesy of this shambles of a 'Government' over the last few years - fortunately if we'd had the alternative lot it would have been even worse |
Posted at 01/12/2022 17:15 by mwj1959 Some more detailed commentsA key point that I took away from the Q&A session was that we need to look at Pensana as a two project company - Longonjo is the downstream company and Saltend a midstream company. Both can operate completely independently of the other, are not dependent on each other and are broadly speaking being financed as such. Longonjo can sell into the worldwide REM market, while Saltend can buy REM from elsewhere. But the value to Pensana, according to PA, is primarily in Saltend being developed as margins are likely to be far higher there (60 - 70% EBITDA margin) versus Longonjo at a 10 - 15% EBITDA margin. So the company could exist just with Longonjo, but the icing on the cake comes from Saltend. On financing: Saltend - As posted earlier the bond part of the $250m fund raising is not progressing at present and won't do so until the board feels market conditions are more favourable (i.e. the cost of funding are more reasonable - what that exactly means is hard to interpret, but PA was saying that if they had raised the money in the past couple of months it would have cost mid teens % with conditions attached, such as the interest payable being put into an escrow account. Clearly we're not going to get back to the sort of mid to high single digit levels seen 6m+ ago, so I would presume something in the low double digits, 10 - 12%? would be acceptable). So, nothing before Q2 in my opinion. As far as the other $75m goes there continues to be discussions with a whole range of strategic investors (PE, hedge funds, closed end funds, royalty companies etc.) with a broad range of instruments being considered, such as convertibles, royalty payments etc. I didn't ask whether all the moving parts of the financing needed to be completed at the same time. Overall, it is clear that PA was far too optimistic in the Crux interview, which he freely admitted. Longonjo - A very different project financing challenge, but also likely an easier one. Raising the bond / loan package, which will be guaranteed by UK Export Finance, is being co-ordinated by ABSA, who are speaking to three bilateral government agencies, two South African and one American. The level of interest rate is not subject to the vagaries of the bond market and as such a much more competitive rate should be achievable here. Discussions are progressing faster than thought and are in their final stages. So, takeaway here is more positive than for Saltend. Putting the two together and the obvious conclusion is that we're not nearly as advanced in the process are some thought and those who voiced concerns were right to do so. Given this far from ideal situation someone (definitely of the disgruntled investor type)asked when the company would run out of money. A valid question to ask. PA said that it wouldn't run out of money because there were supportive shareholders, who would continue to fund the company. But there would need to be a fund raising in Q1, unless some sort of miracle happened on the financing front. How much would that be? The Q wasn't asked, but $10m was raised last time around in August. How the burn rate has changed since then I don't know. The state of the share price was also raised, which PA addressed by showing side 26 in the AGM presentation (hxxps://pensana.co. My overall conclusion is that while the market fundamentals underpinning the company continue to be extremely attractive and the potential upside for equity investors remain substantial over the LT, but only if financing is achieved. Ultimately I think it will be (even if ultimately they have to accept higher rates on the bonds than is optimal), but there is likely to continue to be significant uncertainty around this for the foreseeable future (quarters rather than years clearly), which is likely to weigh on sentiment towards the share price in ST, even after the declines we've already seen. For those LT investors, hoping that the Lassonde Curve will out, this will likely provide a good entry point. All my opinions of course!! |
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