ELE - Elmore Ltd
- Thread starter moneymajix
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Re: NSL - NSL Health
Conveniently out of the office I'd say. Must have been getting the odd phonecall...
An after the close ann today is probably not terrible news, not the best day for positive anns. Also some hype may build over the weekend if we're lucky.
Can only wait and see.
Conveniently out of the office I'd say. Must have been getting the odd phonecall...
An after the close ann today is probably not terrible news, not the best day for positive anns. Also some hype may build over the weekend if we're lucky.
Can only wait and see.
Re: NSL - NSL Health
22nd Feb 2,166,667 @ 2.5c 25th 2,000,000 @2.55 27th 1,250,000 @ 2.8c. He/they should have waited until they had read this thread and they would have done better!!!!!!!!!!!!!
Is this the long awaited announcement. Major shareholding selling:I just rang the NSL office. Sean is not in until 2pm WA time with is 4pm AEST or market close.
They are expecting to make an announcement today - but cant confirm.
So, i would say it will be after the close???
22nd Feb 2,166,667 @ 2.5c 25th 2,000,000 @2.55 27th 1,250,000 @ 2.8c. He/they should have waited until they had read this thread and they would have done better!!!!!!!!!!!!!
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Re: NSL - NSL Health
Well I guess it's progress
MARKET UPDATE ON INDIAN IRON ORE PROJECT
HIGHLIGHTS
Joint Venture Agreement with Austind Iron Ore Pty Ltd (Austind) declared
unconditional.
Austind is continuing fund raising discussions to fund the land acquisition
strategy, mining permit applications, joint venture expenditure and general
working capital.
NSL Health Limited (NSL) has appointed an independent reputable consulting
firm of geologists to conduct an independent review of the Indian Iron Ore
Project (Project) and, in particular, to form a view on the exploration potential
of the Project.
1. JOINT VENTURE AGREEMENT AND FUNDING
Austind’s legal advisors have provided written opinions (made available to NSL)
in relation to the land acquisition strategy being implemented by Austind and
NSL is satisfied that any legal or regulatory hurdles can be overcome based on
these opinions.
Further, Austind has advised NSL that it is progressing well with its proposed
significant equity fund raising that will allow it to complete the acquisitions of
land at Iron Ore Hill.
Based on the above two factors, NSL has, by letter to Austind dated 29 February
2008, declared the Joint Venture Agreement entered into with Austind in
October 2007 unconditional.
NSL has further been advised by Austind that the mining permit application is
progressing and will be submitted in the coming weeks.
Now that the Joint Venture Agreement is unconditional, NSL may spend up to
$400,000 on joint venture expenditure in order to earn a 25% interest in the
Project. NSL expects that a joint venture committee meeting will be convened
in the coming weeks to determine the quantum of funds to be expended and
the program undertaken.
NSL Health Limited
ABN 32 057 140 922
21 Teddington Road, Burswood, WA, 6100
P: (08) 9486 2333 F08) 9355 4580
2. APPOINTMENT OF GEOLOGISTS
NSL has appointed an independent reputable consulting firm of geologists
(Consulting Geologist) to conduct an initial review of the Project and, in
particular, form a view on the exploration potential of the Project.
On the weekend beginning 16 February 2008, a representative of the Consulting
Geologist made a site visit to the Project and NSL is expecting a report from the
Consulting Geologist in respect of the review within the next two weeks.
The initial feedback from the Consulting Geologist is that the exploration work
completed on the Project to date is not sufficient to define an exploration
potential in accordance with the requirements of the JORC Code and that
additional exploration work will be required to determine the Project’s potential.
NSL expects that the findings of the Consulting Geologist will guide the
exploration program undertaken through the joint venture with AIO.
Further updates on the joint venture will be released to the market in due course.
Should you have any queries, please contact the company’s secretary Sean Henbury on
(08) 9486 2333.
Yours sincerely
SEAN HENBURY
COMPANY SECRETARY
NSL HEALTH LIMIT
Well I guess it's progress
MARKET UPDATE ON INDIAN IRON ORE PROJECT
HIGHLIGHTS
Joint Venture Agreement with Austind Iron Ore Pty Ltd (Austind) declared
unconditional.
Austind is continuing fund raising discussions to fund the land acquisition
strategy, mining permit applications, joint venture expenditure and general
working capital.
NSL Health Limited (NSL) has appointed an independent reputable consulting
firm of geologists to conduct an independent review of the Indian Iron Ore
Project (Project) and, in particular, to form a view on the exploration potential
of the Project.
1. JOINT VENTURE AGREEMENT AND FUNDING
Austind’s legal advisors have provided written opinions (made available to NSL)
in relation to the land acquisition strategy being implemented by Austind and
NSL is satisfied that any legal or regulatory hurdles can be overcome based on
these opinions.
Further, Austind has advised NSL that it is progressing well with its proposed
significant equity fund raising that will allow it to complete the acquisitions of
land at Iron Ore Hill.
Based on the above two factors, NSL has, by letter to Austind dated 29 February
2008, declared the Joint Venture Agreement entered into with Austind in
October 2007 unconditional.
NSL has further been advised by Austind that the mining permit application is
progressing and will be submitted in the coming weeks.
Now that the Joint Venture Agreement is unconditional, NSL may spend up to
$400,000 on joint venture expenditure in order to earn a 25% interest in the
Project. NSL expects that a joint venture committee meeting will be convened
in the coming weeks to determine the quantum of funds to be expended and
the program undertaken.
NSL Health Limited
ABN 32 057 140 922
21 Teddington Road, Burswood, WA, 6100
P: (08) 9486 2333 F
08) 9355 45802. APPOINTMENT OF GEOLOGISTS
NSL has appointed an independent reputable consulting firm of geologists
(Consulting Geologist) to conduct an initial review of the Project and, in
particular, form a view on the exploration potential of the Project.
On the weekend beginning 16 February 2008, a representative of the Consulting
Geologist made a site visit to the Project and NSL is expecting a report from the
Consulting Geologist in respect of the review within the next two weeks.
The initial feedback from the Consulting Geologist is that the exploration work
completed on the Project to date is not sufficient to define an exploration
potential in accordance with the requirements of the JORC Code and that
additional exploration work will be required to determine the Project’s potential.
NSL expects that the findings of the Consulting Geologist will guide the
exploration program undertaken through the joint venture with AIO.
Further updates on the joint venture will be released to the market in due course.
Should you have any queries, please contact the company’s secretary Sean Henbury on
(08) 9486 2333.
Yours sincerely
SEAN HENBURY
COMPANY SECRETARY
NSL HEALTH LIMIT
Re: NSL - NSL Health
The initial feedback from the Consulting Geologist is that the exploration work
completed on the Project to date is not sufficient to define an exploration
potential in accordance with the requirements of the JORC Code and that
additional exploration work will be required to determine the Project’s potential.
didn't mention rock chip samples at all
The initial feedback from the Consulting Geologist is that the exploration work
completed on the Project to date is not sufficient to define an exploration
potential in accordance with the requirements of the JORC Code and that
additional exploration work will be required to determine the Project’s potential.
didn't mention rock chip samples at all
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Re: NSL - NSL Health
Hmmm.....This Sean bloke wasn't quietly having a chuckle in the background while you were speaking with him by any chance??
Hmmm.....This Sean bloke wasn't quietly having a chuckle in the background while you were speaking with him by any chance??
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Re: NSL - NSL Health
No but we'll know more within the next 2 weeks. Perhaps some samples then...
Hopefully the day traders holding are prepared to wait that out, and hopefully some weekend media attention.
Any guesses on SP direction Monday morning?
No but we'll know more within the next 2 weeks. Perhaps some samples then...
Hopefully the day traders holding are prepared to wait that out, and hopefully some weekend media attention.
Any guesses on SP direction Monday morning?
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Re: NSL - NSL Health
Perhaps it's just as well this came out after close. There may have been a bit of dumping going on. What about Monday......?
So what does this all mean for trading on monday?
No real movement?
Down or up?
I'm none the wiser
Perhaps it's just as well this came out after close. There may have been a bit of dumping going on. What about Monday......?
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Re: NSL - NSL Health
Wasn't the JV conditional on the fact that there was at least 200mt @ 60% Fe at a minimum?
If so, this is great news.
Wasn't the JV conditional on the fact that there was at least 200mt @ 60% Fe at a minimum?
If so, this is great news.
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Im going to blow that bottle of MOET
Im going to blow that bottle of MOET
I know it might be a bit pre mature but I am happy with the unconditional part of the ANN ATM 2 weeks brings Results sounds good to me let the spec build now with a foundation SP in place CHEERS :alcohol::band and it,s friday night and im thirsty anyway
Im going to blow that bottle of MOET
I know it might be a bit pre mature but I am happy with the unconditional part of the ANN ATM 2 weeks brings Results sounds good to me let the spec build now with a foundation SP in place CHEERS :alcohol::band and it,s friday night and im thirsty anyway
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Re: Im going to blow that bottle of MOET
Do you think you should be sharing that on a public forum???
hehehehehehehehee
I tend to agree that this is great news!
Im going to blow that bottle of MOET
Do you think you should be sharing that on a public forum???
hehehehehehehehee
I tend to agree that this is great news!
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Re: NSL - NSL Health
Austind must have some good cause why would they sign with them if they didn't have anything in the ground? There would be no point in a useless joint venture?
thoughts?
Austind must have some good cause why would they sign with them if they didn't have anything in the ground? There would be no point in a useless joint venture?
thoughts?
Re: NSL - NSL Health
With the JV being unconditional (In the previous announcement an unconditional jv would only occur if a minimum identified targeted resource of 200mt is possible), I am happy with the jv announcement to date. What will transpire in the next two weeks is that NSL may well seek to identify a targetted resource of greater than 200mt (my hunch only and certainly not fact because that is the way I am reading it otherwise why would NSL commit to an unconditional JV when they are still seeking to identify a target resource?
Well that's my understanding and certainly I am happy so far.
Drubs
With the JV being unconditional (In the previous announcement an unconditional jv would only occur if a minimum identified targeted resource of 200mt is possible), I am happy with the jv announcement to date. What will transpire in the next two weeks is that NSL may well seek to identify a targetted resource of greater than 200mt (my hunch only and certainly not fact because that is the way I am reading it otherwise why would NSL commit to an unconditional JV when they are still seeking to identify a target resource?
Well that's my understanding and certainly I am happy so far.
Drubs
Re: NSL - NSL Health
(emphasis added)
the 'unconditionality' they refer to in the ann relates to the 01/02/08 market update, not the potential jorc resource, where they stated that 31/01/08 was the date whereby condition precedents had to be met in order for the jv to proceed
this included agreement on the land acquisition strategy and progress on the mining permit application
both parties agreed to extend the date to 29/02/08, when austind would be expected to be in a position to provide a legal opinion on the land acquisition strategy, which, if satisfactory to nsl, would enable nsl to declare the jv agreement unconditional
the land acquisition strategy appears to relate to austind purchasing
total cost approx $10M
there are conditions relating to the 220Mt @ 60Fe, however, they don't enter the frame until
and afford nsl the right to, inter alia, withdraw from the project or acquire 100% of austind (see annexure in 03/12/07 market update)
cheers
(emphasis added)
the 'unconditionality' they refer to in the ann relates to the 01/02/08 market update, not the potential jorc resource, where they stated that 31/01/08 was the date whereby condition precedents had to be met in order for the jv to proceed
this included agreement on the land acquisition strategy and progress on the mining permit application
both parties agreed to extend the date to 29/02/08, when austind would be expected to be in a position to provide a legal opinion on the land acquisition strategy, which, if satisfactory to nsl, would enable nsl to declare the jv agreement unconditional
the land acquisition strategy appears to relate to austind purchasing
total cost approx $10M
there are conditions relating to the 220Mt @ 60Fe, however, they don't enter the frame until
and afford nsl the right to, inter alia, withdraw from the project or acquire 100% of austind (see annexure in 03/12/07 market update)
cheers
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Re: NSL - NSL Health
Announcement
29 Feb 2008 18:09 ! Half Yearly Report and Accounts 14
Announcement
29 Feb 2008 18:09 ! Half Yearly Report and Accounts 14
Re: NSL - NSL Health
having read both of yesterday's anns, it would appear that nsl could be best described as at the speculative end of the speculative end of the market (and i understand the multi-bagger potential therein and that some on this thread have highlighted its speccishness)
whilst holders may be concentrating on x millions of tons jorc (potential) it would appear the company's immediate interest (or concern) may be the land acquisition
that austind were required to deliver legal opinions to nsl on the land acquisition strategy and the words used included legal hurdles can be overcome indicates the potential for dispute as to the land acquisition, irrespective of nsl's satisfaction of those legal opinions, ie potential delays to acquiring land, accessing land for drilling up to jorc
that the co in its half yearly report specifically mentions in bold that
within an emboldened paragraph advising investors to use caution with their investment decision with nsl, indicates that those focusing on jorc type resorces may choose to concentrate on more immediate issues
as nioka mentioned above, major shareholder selling some of their shares days before these anns
whether the land acquisition legal concerns stem from nsl's own
and they don't relish the prospect of another legal stoush (over the land acquisition in india and they therefore insisted on austind gaining the legal opinions) who knows
just speculating (like everyone else on this thread) but on yesterday's two anns
cheers
having read both of yesterday's anns, it would appear that nsl could be best described as at the speculative end of the speculative end of the market (and i understand the multi-bagger potential therein and that some on this thread have highlighted its speccishness)
whilst holders may be concentrating on x millions of tons jorc (potential) it would appear the company's immediate interest (or concern) may be the land acquisition
that austind were required to deliver legal opinions to nsl on the land acquisition strategy and the words used included legal hurdles can be overcome indicates the potential for dispute as to the land acquisition, irrespective of nsl's satisfaction of those legal opinions, ie potential delays to acquiring land, accessing land for drilling up to jorc
that the co in its half yearly report specifically mentions in bold that
within an emboldened paragraph advising investors to use caution with their investment decision with nsl, indicates that those focusing on jorc type resorces may choose to concentrate on more immediate issues
as nioka mentioned above, major shareholder selling some of their shares days before these anns
whether the land acquisition legal concerns stem from nsl's own
and they don't relish the prospect of another legal stoush (over the land acquisition in india and they therefore insisted on austind gaining the legal opinions) who knows
just speculating (like everyone else on this thread) but on yesterday's two anns
cheers
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Re: NSL - NSL Health
I for one am still very bullish on NSL. Three areas I would like to concentrate on are :
Land acquisition, JV, and the Fe exploration project.
Okay firstly, about the land aquisition -
6 December 2007 From the Company Announcement
"Iron Ore Hill (IOH)
Tenure
Austind has negotiated an MOU to purchase Circa 800 acres of freehold land from the land owners. Once the land acquisition is completed, Austind will seek to secure government permitting for mineral tenure (mining lease or equivalent) over the project area and surrounds (estimated to be up to 1,000 acres in total).
Austind believes that India will be an excellent place for the exploration and development of new iron ore projects on the following basis:
1. Immense potential in the severely unexplored Indian mining sector – India spends just US$5mn per year on survey and exploration compared to US$430 million and US$463 million on an average by Australia and Africa, respectively.
2. The Central Government offers a wide range of concessions to foreign investors engaged in exploration or mining activities. These include tax holidays, generous depreciation schedules on capital equipment, tax deductibility for elements of mineral exploration, specified exemptions from excise duty, and concessions on customs duty.
The generally perceived un-favourable political and local government environment in Kerala has led to the State not being an active mineral producer since 1965, largely due to a lack of modern exploration and mining development expertise and investment. These issues have now largely been overcome and the State Government of Kerala is openly pushing and supporting external investment into the resources sector and in particular AIO has been hugely encouraged in its endeavours by the State Government in this respect.
Existing reserves being exploited in other Indian States are Orissa, Jharkland, Chattisgarh, Karnataka, Andra Pradesh and Goa. The mining legislation in India is currently being amended to speed up investment in exploration. This legislation will hopefully make India similar to other Asian and African countries and will be consistent with most international jurisdictions."
1 February 2008 From the Company Announcement
"APPLICATION FOR A MINING PERMIT
Austind has confirmed to NSL that it has, through its wholly owned Indian subsidiary, is in the process of applying for a mining permit over the Project area. Austind has also negotiated “Non Objection Certificates” from the owners of the land to which the mining permit relates. This process should ensure that the mining permit application will be processed without challenge from the local land owners. In addition, Austind has negotiated to purchase circa up to 1000 acres of the freehold land from the land owners covering the Project area. The estimated total acquisition cost is expected to be approximately $10 million and will be funded from Austind’s current equity raising."
Secondly, with regard to the JV from an earlier announcement -
The joint venture agreement is conditional on the Austind shareholders entering into a put and call option agreement (Option Agreement) that will grant NSL a call option (Call Option) to acquire all of the securities (shares and options) in Austind and grant the Austind shareholders a put option (Put Option) to sell all of their securities (shares and options) in Austind to NSL (subject to certain conditions). Austind and NSL have reached agreement on the terms of the Option Agreement. The parties are now awaiting execution of the formal agreement. As announced on 29/02/2008 the JV is now UNCONDITIONAL to the terms in this paragraph only.
And finally the third subject, exploration -
Investors and shareholders should now be eagerly anticipating the exploration program : (this is part of the Material Terms of the JV Agreement).
Stage 1. - to December 2008. Data compilation, reconnaissance field work, sampling and assay with a view to identifying an Exploration Potential (allowed by JORC and independently verified) of at least 200MT of iron ore @ Fe 60% (or equivalent thereof).
Stage 2. - to December 2009. Data compilation, drilling and field work with aview to establishing a JORC Compliant Inferred Resource of at least 200MT of iron ore @ Fe 60% (or equivalent thereof).
The Project can be summarised as follows:
* "An asset base conceptually estimated by Austind to be at least 200 MT of iron ore grading 60%+ Fe, occurring primarily as hematite and magnetite, hosted by banded iron formation (BIF) lithology.
* Tonnage estimates are based on the spatial size of the “Iron Ore Hill” and assumes a conservative depth extension of 100 meters and limited width.
* The Project is contained on 350 acres of land (located at Kakkur Village) where Austind has advanced negotiations to freehold purchase via MOU with the land owners.
* Preliminary investigations by Austind, of limited testing completed by a government department in India, indicates hematite may comprise 93% allowing a conceptual residual Fe grade of approximately 63%.
* Site visit conducted to the Kerala Iron Ore Project has verified iron mineralisation occurring continuously over approximately 8kms of strike.
* Rock chip analysis has returned results from pervasive, large magnetite orebody with Fe grades ranging 43-52%, which compare favourably to global averages for magnetite ores.
* Test work completed by the Indian Government indicates the ores are amenable to beneficiation, and 65%+ concentrates are achievable.
*The deposits are easily accessed by sealed roads and village tracks 17kms
from the main town of Calicut, and are supported by power and infrastructure and port facility."
Looks mighty promising to me.
I for one am still very bullish on NSL. Three areas I would like to concentrate on are :
Land acquisition, JV, and the Fe exploration project.
Okay firstly, about the land aquisition -
6 December 2007 From the Company Announcement
"Iron Ore Hill (IOH)
Tenure
Austind has negotiated an MOU to purchase Circa 800 acres of freehold land from the land owners. Once the land acquisition is completed, Austind will seek to secure government permitting for mineral tenure (mining lease or equivalent) over the project area and surrounds (estimated to be up to 1,000 acres in total).
Austind believes that India will be an excellent place for the exploration and development of new iron ore projects on the following basis:
1. Immense potential in the severely unexplored Indian mining sector – India spends just US$5mn per year on survey and exploration compared to US$430 million and US$463 million on an average by Australia and Africa, respectively.
2. The Central Government offers a wide range of concessions to foreign investors engaged in exploration or mining activities. These include tax holidays, generous depreciation schedules on capital equipment, tax deductibility for elements of mineral exploration, specified exemptions from excise duty, and concessions on customs duty.
The generally perceived un-favourable political and local government environment in Kerala has led to the State not being an active mineral producer since 1965, largely due to a lack of modern exploration and mining development expertise and investment. These issues have now largely been overcome and the State Government of Kerala is openly pushing and supporting external investment into the resources sector and in particular AIO has been hugely encouraged in its endeavours by the State Government in this respect.
Existing reserves being exploited in other Indian States are Orissa, Jharkland, Chattisgarh, Karnataka, Andra Pradesh and Goa. The mining legislation in India is currently being amended to speed up investment in exploration. This legislation will hopefully make India similar to other Asian and African countries and will be consistent with most international jurisdictions."
1 February 2008 From the Company Announcement
"APPLICATION FOR A MINING PERMIT
Austind has confirmed to NSL that it has, through its wholly owned Indian subsidiary, is in the process of applying for a mining permit over the Project area. Austind has also negotiated “Non Objection Certificates” from the owners of the land to which the mining permit relates.
This process should ensure that the mining permit application will be processed without challenge from the local land owners. In addition, Austind has negotiated to purchase circa up to 1000 acres of the freehold land from the land owners covering the Project area. The estimated total acquisition cost is expected to be approximately $10 million and will be funded from Austind’s current equity raising."Secondly, with regard to the JV from an earlier announcement -
The joint venture agreement is conditional on the Austind shareholders entering into a put and call option agreement (Option Agreement) that will grant NSL a call option (Call Option) to acquire all of the securities (shares and options) in Austind and grant the Austind shareholders a put option (Put Option) to sell all of their securities (shares and options) in Austind to NSL (subject to certain conditions). Austind and NSL have reached agreement on the terms of the Option Agreement. The parties are now awaiting execution of the formal agreement. As announced on 29/02/2008 the JV is now UNCONDITIONAL to the terms in this paragraph only.
And finally the third subject, exploration -
Investors and shareholders should now be eagerly anticipating the exploration program : (this is part of the Material Terms of the JV Agreement).
Stage 1. - to December 2008. Data compilation, reconnaissance field work, sampling and assay with a view to identifying an Exploration Potential (allowed by JORC and independently verified) of at least 200MT of iron ore @ Fe 60% (or equivalent thereof).
Stage 2. - to December 2009. Data compilation, drilling and field work with aview to establishing a JORC Compliant Inferred Resource of at least 200MT of iron ore @ Fe 60% (or equivalent thereof).
The Project can be summarised as follows:
* "An asset base conceptually estimated by Austind to be at least 200 MT of iron ore grading 60%+ Fe, occurring primarily as hematite and magnetite, hosted by banded iron formation (BIF) lithology.
* Tonnage estimates are based on the spatial size of the “Iron Ore Hill” and assumes a conservative depth extension of 100 meters and limited width.
* The Project is contained on 350 acres of land (located at Kakkur Village) where Austind has advanced negotiations to freehold purchase via MOU with the land owners.
* Preliminary investigations by Austind, of limited testing completed by a government department in India, indicates hematite may comprise 93% allowing a conceptual residual Fe grade of approximately 63%.
* Site visit conducted to the Kerala Iron Ore Project has verified iron mineralisation occurring continuously over approximately 8kms of strike.
* Rock chip analysis has returned results from pervasive, large magnetite orebody with Fe grades ranging 43-52%, which compare favourably to global averages for magnetite ores.
* Test work completed by the Indian Government indicates the ores are amenable to beneficiation, and 65%+ concentrates are achievable.
*The deposits are easily accessed by sealed roads and village tracks 17kms
from the main town of Calicut, and are supported by power and infrastructure and port facility."
Looks mighty promising to me.
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Re: NSL - NSL Health
Thanks for that post irondragon. That was very helpful for someone like me who is trying to learn and understand.
Thanks for that post irondragon. That was very helpful for someone like me who is trying to learn and understand.
Re: NSL - NSL Health
in discussing the land acquisition situation, you provide details from anns on 06/12/07 and 01/02/08
the majority of your highlighting deals with indian state govt improving attitudes to mining, indian mining law undergoing unspecified amendments and non-objection certificates from landowners regarding mining permits
none of this specifically deals with land acquisition
issues i raised specifically regarding land acquisition were from the co's most recent anns
from the 29/02/08 market update
that legal opinions were required by nsl specifically regarding the land acquisition indicates there is a potential for a dispute regarding the land acquisition, again, irrespective of nsl's satisfaction that any legal hurdles can be overcome
and further from the 29/02/08 half yearly report (emphasis in original, underlining added)
so the most recent anns from the co, regarding land acquisition clearly state that legal opinions were received for the land acquisition strategy (they were required under the 01/02/08 jv extension, see below) and that minerals land title remains unconfirmed
therefore the 1000 acres of project land are not currently owned by austind, let alone nsl
as to the jv issue
it would appear the earlier ann you refer to is the 06/12/07 market update and more specifically the annexure
you are referring to the option agreement component of the joint venture and option agreement as between nsl and austind
you state, in bold, that the 29/02/08 ann asserts the jv unconditional due to the option agreement
neither the 29/02/08 market update, nor the 29/02/08 half yearly report state that
however as i stated in an earlier post, the jv was declared unconditional in the 29/02/08 market update after being extended as per the 01/02/08 market update as follows
01/02/08 jv extension
and then the 29/02/08 jv unconditional declaration
the jv was declared unconditional by nsl in the 29/02/08 market update, due to the legal opinions regarding the land acquisition strategy being satisfactorily received by nsl and austind progressing with its $11M equity raising and not due to the option agreement
which brings me back to my original point in the earlier post, talking about the potential jorc resource may be putting the horse before the cart when land acquisition has yet to be finalised
day traders may disagree as rock chip samples are imminent
and whilst all this has been going on (the legal opinions being sought over the land acquisition strategy and continued jv discussions) steinepreis and paganin have reduced their shareholding in the last month by approx 30%, from 13.29% (38,466,667) to 9.39% (27,182,362)
cheers
...
Three areas I would like to concentrate on are :
Land acquisition, JV, and the Fe exploration project.
Okay firstly, about the land aquisition -
6 December 2007 From the Company Announcement
"Iron Ore Hill (IOH)
Tenure
Austind has negotiated an MOU to purchase Circa 800 acres of freehold land from the land owners. Once the land acquisition is completed, Austind will seek to secure government permitting for mineral tenure (mining lease or equivalent) over the project area and surrounds (estimated to be up to 1,000 acres in total).
Austind believes that India will be an excellent place for the exploration and development of new iron ore projects on the following basis:
1. Immense potential in the severely unexplored Indian mining sector – India spends just US$5mn per year on survey and exploration compared to US$430 million and US$463 million on an average by Australia and Africa, respectively.
2. The Central Government offers a wide range of concessions to foreign investors engaged in exploration or mining activities. These include tax holidays, generous depreciation schedules on capital equipment, tax deductibility for elements of mineral exploration, specified exemptions from excise duty, and concessions on customs duty.
The generally perceived un-favourable political and local government environment in Kerala has led to the State not being an active mineral producer since 1965, largely due to a lack of modern exploration and mining development expertise and investment. These issues have now largely been overcome and the State Government of Kerala is openly pushing and supporting external investment into the resources sector and in particular AIO has been hugely encouraged in its endeavours by the State Government in this respect.
Existing reserves being exploited in other Indian States are Orissa, Jharkland, Chattisgarh, Karnataka, Andra Pradesh and Goa. The mining legislation in India is currently being amended to speed up investment in exploration. This legislation will hopefully make India similar to other Asian and African countries and will be consistent with most international jurisdictions."
1 February 2008 From the Company Announcement
"APPLICATION FOR A MINING PERMIT
Austind has confirmed to NSL that it has, through its wholly owned Indian subsidiary, is in the process of applying for a mining permit over the Project area. Austind has also negotiated “Non Objection Certificates” from the owners of the land to which the mining permit relates.
...
in discussing the land acquisition situation, you provide details from anns on 06/12/07 and 01/02/08
the majority of your highlighting deals with indian state govt improving attitudes to mining, indian mining law undergoing unspecified amendments and non-objection certificates from landowners regarding mining permits
none of this specifically deals with land acquisition
issues i raised specifically regarding land acquisition were from the co's most recent anns
from the 29/02/08 market update
that legal opinions were required by nsl specifically regarding the land acquisition indicates there is a potential for a dispute regarding the land acquisition, again, irrespective of nsl's satisfaction that any legal hurdles can be overcome
and further from the 29/02/08 half yearly report (emphasis in original, underlining added)
so the most recent anns from the co, regarding land acquisition clearly state that legal opinions were received for the land acquisition strategy (they were required under the 01/02/08 jv extension, see below) and that minerals land title remains unconfirmed
therefore the 1000 acres of project land are not currently owned by austind, let alone nsl
as to the jv issue
it would appear the earlier ann you refer to is the 06/12/07 market update and more specifically the annexure
you are referring to the option agreement component of the joint venture and option agreement as between nsl and austind
you state, in bold, that the 29/02/08 ann asserts the jv unconditional due to the option agreement
neither the 29/02/08 market update, nor the 29/02/08 half yearly report state that
however as i stated in an earlier post, the jv was declared unconditional in the 29/02/08 market update after being extended as per the 01/02/08 market update as follows
01/02/08 jv extension
and then the 29/02/08 jv unconditional declaration
the jv was declared unconditional by nsl in the 29/02/08 market update, due to the legal opinions regarding the land acquisition strategy being satisfactorily received by nsl and austind progressing with its $11M equity raising and not due to the option agreement
which brings me back to my original point in the earlier post, talking about the potential jorc resource may be putting the horse before the cart when land acquisition has yet to be finalised
day traders may disagree as rock chip samples are imminent
and whilst all this has been going on (the legal opinions being sought over the land acquisition strategy and continued jv discussions) steinepreis and paganin have reduced their shareholding in the last month by approx 30%, from 13.29% (38,466,667) to 9.39% (27,182,362)
cheers
