RRL - Regis Resources

[finicky]

 

[Sean K]

The Greens are pulling the strings here. That's what you get by voting Labor.

Green activists are abusing land rights acts at the cost of economic empowerment and Environment Minister Tanya Plibersek is failing to listen to the Aboriginal authority on the lands of a vetoed $1bn gold mine, one of the most respected leaders of the Wiradjuri nation warns.

Despite her own department originally approving the project and the Orange Local Aboriginal Land Council challenging the grounds of her decision, Ms Plibersek has said she declared an Indigenous protection order over a Regis Resources goldmining project near Blayney because of its importance to the Wiradjuri people of central NSW.

Ms Plibersek was holding firm on Monday as she came under attack from both the Business Council of Australia and the Coalition for her decision. BCA chief executive Bran Black warned of an investment drain and opposition Indigenous affairs spokeswoman Jacinta Nampijinpa Price called the veto a “serious threat to economic development for Indigenous Australians”.

Last Friday, Ms Plibersek said: “Because I accept that the headwaters of the Belubula River are of particular significance to the Wiradjuri/Wiradyuri people in accordance with their tradition, I have decided to protect them.”

Roy Ah-See – one of the most senior Wiradjuri leaders on the national stage and the former chair of the NSW Aboriginal Land Council – said the Labor frontbencher was wrong to prefer the views of opponents over the written advice of the Orange Local Aboriginal Land Council.

 

[divs4ever]

UPDATE ON IMPACTS OF THE SECTION 10 DECLARATION OVER MCPHILLAMYS

Regis Resources Ltd (ASX:RRL, Regis or the Company) advises that, subsequent to the recently announced Section 10 Declaration1 over part of the approved McPhillamys Gold Project (the Project),Regis continues to assess all legal options available to respond to the decision, as well as considering impacts that the Section 10 Declaration will have on the Company.

As a result of this work Regis advises as follows:
• The Project outcomes of the McPhillamys Definitive Feasibility Study (DFS) are withdrawn.
This is a result of the failure to achieve a key project assumption, being the satisfactory resolution to the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cwth) Section 10 application.
This outcome has materially impacted the ability to construct and utilise the planned Tailings Storage Facility (TSF) area and as a result, the DFS outcomes cannot be relied upon by investors when making investment decisions.
• A non-cash impairment of $192M has been taken against a significant proportion of the carrying value of McPhillamys.
This is due to the Project no longer being viable.
• The McPhillamys Ore Reserves have been reassessed resulting in the withdrawal of the 1.89Moz of Ore Reserves previously associated with the Project.
Investors should not rely on the previously reported McPhillamys Ore Reserves when making investment decisions.
• Having undertaken a review of the reasonable prospects of eventual economic extraction of the deposit, Regis has concluded that, while the risk profile has changed considerably, for the purposes of establishing a Mineral Resource Estimate the key assumptions remains valid and unchanged (see Appendix 1).

Managing Director, Mr Jim Beyer commented: “Following the surprising and disappointing Section 10 Declaration by the Hon. Federal Minister Plibersek last week, Regis has commenced an assessment of the impacts on the economic value of our business.
The Section 10 Declaration has resulted in the loss of planned access to TSF area.
This has made the Project in its current form unviable.
To advance any form of realistic and approvable alternative TSF solution requires further extensive investigations and studies along with the restart of the state and federal approvals processes.
This could take between five and ten years, with no certainty of a viable alternative being realised.
With this context, some regrettable but prudent actions are necessary.
These include writing down the value of the McPhillamys asset along with removing the relevant Ore Reserves from our reporting.
Regis is also disappointed that the flow-on effects of the decision include the loss of significant wider benefits to the regional communities of Blayney and beyond, such as jobs, royalties and taxes.
Regis will present these impacts as part of its FY24 Financial Results, which are expected to be released tomorrow, 22 August 2024

i hold RRL


is this a top up opportunity ( @ say $1.10 ) ??

 

[Sean K]

UPDATE ON IMPACTS OF THE SECTION 10 DECLARATION OVER MCPHILLAMYS

Regis Resources Ltd (ASX:RRL, Regis or the Company) advises that, subsequent to the recently announced Section 10 Declaration1 over part of the approved McPhillamys Gold Project (the Project),Regis continues to assess all legal options available to respond to the decision, as well as considering impacts that the Section 10 Declaration will have on the Company.

As a result of this work Regis advises as follows:
• The Project outcomes of the McPhillamys Definitive Feasibility Study (DFS) are withdrawn.
This is a result of the failure to achieve a key project assumption, being the satisfactory resolution to the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cwth) Section 10 application.
This outcome has materially impacted the ability to construct and utilise the planned Tailings Storage Facility (TSF) area and as a result, the DFS outcomes cannot be relied upon by investors when making investment decisions.
• A non-cash impairment of $192M has been taken against a significant proportion of the carrying value of McPhillamys.
This is due to the Project no longer being viable.
• The McPhillamys Ore Reserves have been reassessed resulting in the withdrawal of the 1.89Moz of Ore Reserves previously associated with the Project.
Investors should not rely on the previously reported McPhillamys Ore Reserves when making investment decisions.
• Having undertaken a review of the reasonable prospects of eventual economic extraction of the deposit, Regis has concluded that, while the risk profile has changed considerably, for the purposes of establishing a Mineral Resource Estimate the key assumptions remains valid and unchanged (see Appendix 1).

Managing Director, Mr Jim Beyer commented: “Following the surprising and disappointing Section 10 Declaration by the Hon. Federal Minister Plibersek last week, Regis has commenced an assessment of the impacts on the economic value of our business.
The Section 10 Declaration has resulted in the loss of planned access to TSF area.
This has made the Project in its current form unviable.
To advance any form of realistic and approvable alternative TSF solution requires further extensive investigations and studies along with the restart of the state and federal approvals processes.
This could take between five and ten years, with no certainty of a viable alternative being realised.
With this context, some regrettable but prudent actions are necessary.
These include writing down the value of the McPhillamys asset along with removing the relevant Ore Reserves from our reporting.
Regis is also disappointed that the flow-on effects of the decision include the loss of significant wider benefits to the regional communities of Blayney and beyond, such as jobs, royalties and taxes.
Regis will present these impacts as part of its FY24 Financial Results, which are expected to be released tomorrow, 22 August 2024

i hold RRL


is this a top up opportunity ( @ say $1.10 ) ??

I'm not sure if Plibo can reverse this decision any time soon. It would put her out of a job I think.

But, there is hope.

The company behind a $1bn gold mine near Orange vetoed by Environment Minister Tanya Plibersek on Indigenous heritage grounds says it is cancelling the project and is suffering a $192m hit from Labor’s decision.

Regis Resources told the stock exchange late on Wednesday that jobs, royalties and taxes would all be lost as a result of the decision with the company writing off $192m of its value due to Minister Plibersek’s decision late last Friday after the project had passed all federal and state planning approvals..

Regis Resources managing director Jim Beyer said in a statement that Ms Plibersek’s decision made the gold mine unviable, and it would take “extensive investigations and studies” to find an alternative path forward for the mine”.

“This could take between five and 10 years, with no certainty of a viable alternative being realised,” he said. “With this context, some regrettable but prudent actions are necessary. These include writing down the value of the McPhillamys asset along with removing the relevant ore reserves from our reporting.”

 

[divs4ever]

I'm not sure if Plibo can reverse this decision any time soon. It would put her out of a job I think.

But, there is hope.

View attachment 182945

The company behind a $1bn gold mine near Orange vetoed by Environment Minister Tanya Plibersek on Indigenous heritage grounds says it is cancelling the project and is suffering a $192m hit from Labor’s decision.

Regis Resources told the stock exchange late on Wednesday that jobs, royalties and taxes would all be lost as a result of the decision with the company writing off $192m of its value due to Minister Plibersek’s decision late last Friday after the project had passed all federal and state planning approvals..

Regis Resources managing director Jim Beyer said in a statement that Ms Plibersek’s decision made the gold mine unviable, and it would take “extensive investigations and studies” to find an alternative path forward for the mine”.

“This could take between five and 10 years, with no certainty of a viable alternative being realised,” he said. “With this context, some regrettable but prudent actions are necessary. These include writing down the value of the McPhillamys asset along with removing the relevant ore reserves from our reporting.”

so let's guess this project is stalled ( since some of the land is freehold ), and RRL don't sell the land ( and exploration data )
what is RRL worth without this project ?



any cap-ex set aside for the stalled project might be redeployed , or just used to pay down any debt

i also note RRL are exploring litigation options ( and they might be cash-destructive as well )

i am assessing RRL as carrying a tax write-down and McPhillamys as abandoned after all if they need new approvals , the mine might not get to 'brown-field in my lifetime

but let's see what the market makes of it all

 

[Sean K]

LOL

 

[Sean K]

Does Lisa have blue eyes?

Just sayin.

@darkemuexposed

 

[finicky]

"Everything woke turns to sh*t"
Donald Trump book of aphorisms

 

[Sean K]

"Everything woke turns to sh*t"
Donald Trump book of aphorisms

I think that in 1000 years, when the history books are written, they will identify this epoch as the gradual decline of Homo Sapiens. The 'wise man' has lost the plot.

 

[Sean K]

LOL. You could make this crap up. Plibo must go.

 

[TimeISmoney]

 

[Garpal Gumnut]

The ALP have to go.

Their adherence to a guilt position on Aboriginals v Miners makes a nonsense of arbitration.

Twenty five years in opposition would clear the party of these nutters.

gg

 

[divs4ever]

The ALP have to go.

Their adherence to a guilt position on Aboriginals v Miners makes a nonsense of arbitration.

Twenty five years in opposition would clear the party of these nutters.

gg

no it won't

they just get worse and worse as they recruit more Uni. students to the ranks , under get more and more isolated from struggle street

and now they have to form an alliance of convenience with Greens .. well .. poor workers ( and small business )

 

[TimeISmoney]

no it won't

they just get worse and worse as they recruit more Uni. students to the ranks , under get more and more isolated from struggle street

and now they have to form an alliance of convenience with Greens .. well .. poor workers ( and small business )

If we don't get rid of them they'll be hunting anyone with wealth young or old. I've already heard all the rubbish come out of their mouths on property forums. If they make another term watch them go for retirees that own their own homes.

 

[divs4ever]

i just said no longer in Parliament , even in Opposition , they still work the levers of power and influence

the Modern ALP are Fabian Socialists

Britannica Money

www.britannica.com

George Bernard Shaw (1856-1950) and the Fabian Society | Online Library of Liberty

Related Links: Thomas Mackay Topic: Classical Liberal critique of socialism Debate: Fabian Socialism vs. Radical Individualism In 1884 The Fabian Society was founded in England with the aim of bringing about a socialist society by means of intellectual debate, the publication of books and...

oll.libertyfund.org

Fabian Socialism: a Theory of Rent as Exploitation | Journal of British Studies | Cambridge Core

Fabian Socialism: a Theory of Rent as Exploitation - Volume 9 Issue 1

www.cambridge.org

now in the last example you need a rather elastic interpretation of 'rent ' to capture the true goal

 

[TimeISmoney]

i just said no longer in Parliament , even in Opposition , they still work the levers of power and influence

the Modern ALP are Fabian Socialists

Britannica Money

www.britannica.com

George Bernard Shaw (1856-1950) and the Fabian Society | Online Library of Liberty

Related Links: Thomas Mackay Topic: Classical Liberal critique of socialism Debate: Fabian Socialism vs. Radical Individualism In 1884 The Fabian Society was founded in England with the aim of bringing about a socialist society by means of intellectual debate, the publication of books and...

oll.libertyfund.org

Fabian Socialism: a Theory of Rent as Exploitation | Journal of British Studies | Cambridge Core

Fabian Socialism: a Theory of Rent as Exploitation - Volume 9 Issue 1

www.cambridge.org

now in the last example you need a rather elastic interpretation of 'rent ' to capture the true goal

A mate of mine who's a political academic showed me this a few years ago, read the memo at the bottom by Richard Nixon.

Nixon on Communism and Socialism

The 37th President reflects on how the West can help influence new democracies in the East. President Nixon was a reflective thinker, and would daily outline political and foreign policy […]

www.nixonfoundation.org

 

[divs4ever]

A mate of mine who's a political academic showed me this a few years ago, read the memo at the bottom by Richard Nixon.

Nixon on Communism and Socialism

The 37th President reflects on how the West can help influence new democracies in the East. President Nixon was a reflective thinker, and would daily outline political and foreign policy […]

www.nixonfoundation.org

but instead the West got itself Communism/Socialism mostly spread by academia

and it was the West ( bureaucracy ) by preferring certifications over actual skills

sometimes weeding your own back yard is better than grabbing new acreage

 

[Sean K]

Can anyone make heads or tails of what Labor's position on this mine is?

Or, has Regis played a little game itself?

Anthony Albanese says he backs a $1bn gold mining project in NSW that was blocked by Environment Minister Tanya Plibersek due to Indigenous heritage concerns.

“The gold mine can go ahead,” the Prime Minister said on Tuesday morning.

Ms Plibersek last week announced she was using the Aboriginal and Torres Strait Islander Cultural Heritage Act to excise the headwaters of the Belubula River from the McPhillamys gold mine’s tailings dam, a decision that proponent Regis claims has killed the mine.

“What has happened is a decision based upon a tailings dam. [NSW Premier] Chris Minns would like it to go ahead. I’d like it to go ahead too. There’s nothing to stop it.

“There were other options that the company put forward on the tailings dam.”

 

[divs4ever]

“There were other options that the company put forward on the tailings dam.”

why would they bother , another 5 to 10 years before even starting a new DFS , and assuming no more 'precious sites ' discovered

maybe RRL should negotiate with the moss on the trees for better clarity on 'Green credentials

abandoning it would give tax write-downs lower costs , save on more approval fees ( and all the costs involved in hurdling red , Green and black tape )

claim all the losses and sell of the ( free-hold ) asset later on ( when offered a decent price ) , maybe rent it out to homeless mine-workers until the sale goes through

by the way Tanya looks to be at a train station ( probably at a CFMEU picket ) rather than a Pro-Pac site .

( i hold RRL and PPG )

 

[finicky]

Yeah, that's just rat cunning Albanese amplifying Plibersek's aforesaid obfuscation. The company has admitted that there were other options considered for the tailings dam but this banned one was what the company did all its due diligence on over four years of work on feasibility and step by step going through the applications process. Now that this option is refused the company would have to redo the feasibility and go through all the application processes again. The company suggested years added on to get to go but still without final go being guaranteed. It's like they're saying, "We havent dictated you can't do it, all we've done is ruin your plans."
The essence of the Albanese breed of politician: If two things are the fkg same you find a way to say they're different. If two things are different you find a way to say they're the same.