Sirius Minerals Share Discussion Threads

[spirito] 12/1/2018 16:09

Good long term, but i'm nuts deep in tlw for now. Will switch back once hits £3

[coolhandfluke] 12/1/2018 15:04

MSI stand corrected. BS apologies.

[muckshifter] 12/1/2018 14:38

Err Opencast?

[coolhandfluke] 12/1/2018 12:56

BS I think we should be wary of your input 'having worked on mines that aren't underground'.Only joking.CHF.

[ppvn] 12/1/2018 12:50

Not the greatest update today but suppose teething problems on a project this scale are to be expected. 2 month delay with d wall not too concerning to me personally though I must say strange to have delay in commissioning (but at least not problems with the build out) and not have mentioned this sooner, so hopefully immaterial. Slightly more concerned with lack of formal appointment of shaft sinking contract and look forward to update here as soon as possible and I would hope this would merit a separate announcement from the quarterly updates. Still low volume here frankly and I don't see a drop below 22p myself, due to 264mm shares due to be bought below 22.5p. 1.485mm shares traded between 22 and 23p so far today so seems no real appetite at this point to go lower. All a bit of a yawn update but will be eager to see progress re. shaft contract

[11_percent] 12/1/2018 12:45

There 2 very big risks for this FINANCE share.

(1) Stage2 finance will not be loans. It will be similar to Stage1 finance, more shares, bonds, etc......there is just too much money to be made by the financial engineers for it to be other wise.

(2) The 10p placing because of the cost/budget and schedule over run.

[cflather2000] 12/1/2018 12:39

Anyone know the agreed price in the offtake agreements?

[peteship] 12/1/2018 12:36

yes, sadly I think 20p might be next support.

[blindsquirrel] 12/1/2018 12:35

2 month delay.....no problem. In fact if this project doesn't go at least 1 year behind and 30% over budget I will be surprised considering the scale of the project and the challenging scope of work. I'm not a share guru like some here but I do have a lot of experience of large industrial construction projects including mines albeit not underground. When/If the project is finished I still believe it will be a world class facility that will make £££;££ for the company and more importantly the p.i's that have risked their hard earned savings.

[11_percent] 12/1/2018 12:11

Going under 22 next week.

[compnews1] 12/1/2018 10:14

p5tvr - be constructive. I guess your English literature is always top of the class? In share trading one needs the gut to stomach the down as well as the up. Sorry if you have lost but that is life

[nickgrant2] 12/1/2018 09:34

Well its a helpful update. My questions and observations (some of which I will look into and answer myself over the next day or two but any help appreciated).

1. D Wall delay
- If people didnt expect delays they are idiots. These things happen. There is an amount of contingency for just this purpose
- 6 out of 48 panels done or in progress, or 12.5% complete (giving them the benefit of the doubt)
- So a 2 month delay after 12.5% completion. Could scale up to a 16 month delay?
- Assurances the delay can be caught up. Not convinced on this. What makes me believe the same team can suddenly jump to say, 125% of progress to catch up? No information about what changes are being made to catch up.

2. Additional offtake agreements
- No new ones, bad, continues negotiations with others and in track for S2 finan cing, good, to a point, show me the money!

[11_percent] 12/1/2018 09:32

Shaft sinking
D-walling activities are progressing smoothly with three rigs operating on the services shaft. Six panels are in progress or have been completed with a total of 48 panels required to complete the foreshaft for the services shaft. The D-walling scope of work is approximately two months behind schedule due to delays in commissioning and adverse weather conditions across the quarter. The Company is confident of recovering the lost time over the remainder of the project schedule.
==========

This is good going, even for a UK infrastructure project.

They have managed to go 2 months behind, in a 3 month period, ie they have done 1 months work where they should have done 3.

"delays in commissioning", I am not sure what this means.

"and adverse weather conditions across the quarter." Are we saying that the weather from October through December, was so bad thy could not work...very unlikely.

This project activity is on the "critical path" and has resulted in an overall 2month delay in delivering the Project.

"The Company is confident of recovering the lost time over the remainder of the project schedule." This "confidence" could be misplaced.

On the plus side.......it gives CF an other 2 months to get the shaft sinking contract in place.

[p5tvr] 12/1/2018 09:04

It's 2 months NOT 3 plus they plan to make that time BACK...that's what i wanted to HEAR not HERE!!!...you can't read,add up or spell! how old are you 10.

[carla1] 12/1/2018 09:01

Goose.. you pal has gone on a 3 month break lol...x

[11_percent] 12/1/2018 08:56

From iii.
-----------

08:01
New Sirius video

InsanityBeckons
1



2017: Year in Review

[richard26] 12/1/2018 08:44

Oh dear not good...going down

[compnews1] 12/1/2018 08:39

2-3 months delay cost money - manpower, knock on effect and most importantly production - revenue!! Having been in this industry for sometime, this is not what you want to here

[y1phr1] 12/1/2018 08:38

I am happy with progress apart from little set back of 2 months, and will invest a further 20k. Good luck all longs . What a superb investment for pension pot in a totally British company.

[11_percent] 12/1/2018 08:33

oh dear.......will have a look at the overall impact.