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Topic: Minmet - A dead Duck?

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Eman
Bronze Contributor

Joined: 16-Aug-03
Location: United Kingdom
Posts: 112

Posted: 15-Apr-05 at 12:05 \| IP Logged

Sorry PC, not trying to bash the company.

I will have to catch up on this Oil Shale Exploration License.

Adie2003
Gold Distinction

Joined: 03-Jan-03
Location: Denmark
Posts: 414

Posted: 15-Apr-05 at 12:17 \| IP Logged

scudly that was my initial thought lol and you never know with Minmet ;-) but it appears that the oil in oil shales is not in liquid form. It needs to go through a process to turn the Kerogen into gas, then liquid, or something like that. I think, although very loosely, that it is the process in turning it into liquid oil which would give enviromental concerns.

This tells you all about it: http://www.minmet.ie/mimet/site/minmet.asp?id=22&cid=550

Aluminium is not even mentioned on their website. They have entirely concentrated on Oil and the production thereof, so this does constitute a change of direction.

But this now explains part of the drop after MW's article. This is obviously deemed as bad news, as many were pinning their hopes on the oil, and now we are back to new exploration projects!

I guess the environmental committe Sweden scuppered their original plans with the shales, and they have to salvage something out of it. Not unexpected as Sweden has some high standards with regards to this, in some areas at least!

As regards to Aluminium, then surely this goes back to being a grass roots project which requires exploration etc. I doubt if the original partners would be so interested now, so who will bear the costs of these expenditures etc?

As regards OuroQuest, this is taking an enternity to finalise, for which Minmet was supplying the bridging funding!

For those of you not reading ADVFN, Rolf Nordstrom has now sold all his holdings in IGE. With that sale he also sold his rights to Minmet shares at bargain basement prices - even to today's measly price. If he had held on to them for one more day, he could have sold and also retained the MNT rights. He strategically planned to sell these before the rights date imo.

Regards

Edited by Adie2003 on 15-Apr-05 at 12:28

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Adie2001

steve eaton
Bronze Contributor

Joined: 22-Dec-02
Location: United Kingdom
Posts: 181

Posted: 15-Apr-05 at 12:32 \| IP Logged

i believe the aluminium process is an easy route to get at the oil and will stop any objections. remember that this was previously done in sweden but cost came into the equation and strangled the project. aluminium is the easiest road to getting at the oil and thats what mnt are doing , oil just happens to be a bi product of the aluminium process. the sale of the alumium should bring a small profit after the oil has been produced. fingers crossed and anything else sticking out.

Perfect Choice
Gold Distinction

Joined: 20-Dec-02
Location: United Kingdom
Posts: 366

Posted: 15-Apr-05 at 13:14 \| IP Logged

The reference to aluminium was from the RNS on the 31st August, the text is below, I should have been more specific to what I was referring to on MNTs web site. Also rechecked Mikes article, The strict wording was saying emphasis was on the minerals rather than the oil, it was aluminium that was mentioned as one of them so it implies it is more than just Aluminium MNT will be focusing on, I expect the annual report to explain this in more detail.

The oil shales are part of the so-called Alum Shale Formation which comprise Swedens main source of fossil energy. In addition this formation variously contains elevated contents of aluminium, vanadium, molybdenum, nickel and rare earth elements

I have to say Adie you seem to be jumping a few conclusions there like partners not being interested any more unless you are one of them! MNT havent yet announced who they are working with yet, lets wait and see.

Im still curious on what Ralph was doing with his IGE holding and selling it the day before the expiry date for buying MNT shares. Perhaps he didnt want the recipient to have the time to take advantage of the offer. As previously stated on ADVFN, I think there is some corporate activity going on in the background IMHO which we will find out in the fullness of time.

Search for other posts by Perfect Choice

Adie2003
Gold Distinction

Joined: 03-Jan-03
Location: Denmark
Posts: 414

Posted: 15-Apr-05 at 14:58 \| IP Logged

PC I'm always jumping to conclusions, problem is, with Minmet they mostly come true lol

Anyway, I haven't seen the full text of MW's piece, and I doubt MW knows the full details, but it sounds as if they couldn't get the go ahead the other week from the environmental authorities for the oil. However, if the process for the metals, as well as the Oil is the same, I cannot understand how they can still get the environmental approval regardless of what product they name as wanting to be extracted.

With applications you usually have to state on them the properties you are exploring for etc, and then you are ony allowed to go for those ones. If additional properties come up then you need to reapply, so I believe, so I don't quite understand this. Do Minmet really think they can sneak around the Swedish authorities with this by naming aluminium instead of Oil?

I guess we will have to wait and see or the results, and hopefully an update, but it appears to be settings up for another upset imo.

Regards

Edited by Adie2003 on 15-Apr-05 at 15:47

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Adie2001

Perfect Choice
Gold Distinction

Joined: 20-Dec-02
Location: United Kingdom
Posts: 366

Posted: 15-Apr-05 at 16:37 \| IP Logged

I believe they will have to reapply Adie since as you say, while it may be the same regional target, the purpose has changed. This may have happened already, we simply dont know until more details are released on intentions. I wait patiently! Something Ive become an expert at when following MNT!

Nigel W Shock
Contributing Member

Joined: 19-Jan-03
Location: United Kingdom
Posts: 41

Posted: 16-Apr-05 at 18:53 \| IP Logged

I see it as more non news. The price of Aluminium may be at a high, it's the same with most metals and also with oil, but who cares? It's the price when they start to produce which matters and given their past record of actually producing anything meaningful this is nothing to get excited about.

I am not too concerned about an apparent change of direction as it is an exploration company but there's the rub. It's STILL an exploration company and after all these years it isn't yet a real production company in gold, diamonds or anything else which gives the shareholders a return.

steve eaton
Bronze Contributor

Joined: 22-Dec-02
Location: United Kingdom
Posts: 181

Posted: 18-Apr-05 at 07:45 \| IP Logged

i beg too differ we have had a fresh supply and im talking millions of tons of pure unadulterated bulls*&t and you have to admit there has been some real quality piles.

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