Previous info regarding M.Kearney vs Anglesey

(Posted on 29 October 2023)

Anglesey shareholders oust chairman John Kearney

Anglesey Mining plc shareholders voted against re-electing chairman and director John Kearney after his nearly 30 years’ service with the group.
Support: highly significant contribution during his tenure as chair (Pixabay)

At the company’s general meeting on 27 October, the resolution to re-appoint him received 93,533,645 votes in favour, 103,058,404 against with 256,302 withheld.
Non-executive director Andrew King will act as interim chairman while a formal process begins to appoint a permanent successor.
Finance director Danesh Varma said: “On behalf of the board and colleagues at Anglesey Mining, I would like to thank John for his highly significant contribution to Anglesey Mining during his tenure as chair and for his support to me personally.
“John has played an instrumental role in the life of the group over the past 29 years and will be sorely missed.”

Mr Kearney is chairman of the company’s investee (12%) Labrador Iron Mines Holdings Ltd, Canada and a director of joint venture partner Grangesberg Iron AB in Sweden.

The problem with M. Kearney is not that he is not qualified enough. Look at the info below regarding is experience in the mining sector.The problem is he is getting too old...How old is he? 75?

From Wall Street Journal

John Francis Kearney
Chairman & Chief Executive Officer, Labrador Iron Mines Holdings Ltd.
John Francis Kearney is a Canadian businessperson who founded Labrador Iron Mines Holdings Ltd. and who has been at the helm of 16 different companies. Mr. Kearney occupies the position of Chairman for Conquest Resources Ltd., Chairman & Chief Executive Officer at Labrador Iron Mines Holdings Ltd., Chairman at Royalties, Inc., Chairman for Canadian Manganese Co., Inc., Chairman at Minco Exploration Plc, Executive Chairman & Chief Executive Officer of Minco Plc and Chairman & Chief Executive Officer at Buchans Resources Ltd. Mr. Kearney is also Member of The Canadian Institute of Mining, Metallurgy & Petroleum, Member of Prospectors & Developers Association of Canada and Member of Law Society of Ireland and on the board of 9 other companies.
In the past John Francis Kearney held the position of Chairman, President & Chief Executive Officer of Campbell Resources, Inc., Chairman & Chief Executive Officer for ZincX Resources Corp., Chairman of Anglesey Mining Plc, Chairman, President & Chief Executive Officer for Northgate Minerals Corp., Chairman of NorZinc Ltd., Chairman, President & Chief Executive Officer of MetalQuest Minerals, Inc., Chairman, President & Chief Executive Officer of Sonora Gold & Silver Corp. and President & Chief Executive Officer for Sulliden Gold Corp. Ltd.
John Francis Kearney received an MBA from Trinity College Dublin and a graduate degree and an undergraduate degree from University College Dublin.

Out on Sedar

https://www.sedarplus.ca/csa-party/records/document.html?id=11ea3529bd28f417cb6a5f8ced7a726e0213c2557c1896a53e00d2db3dae6908

Fitch raised iron ore price forecast for 2023-2026

The international rating agency Fitch Ratings has raised its price forecast for iron ore and coking coal for 2023-2026. The increase in short-term iron ore assumptions, Fitch said, reflects prices since the beginning of this year and the expected replenishment of reserves in 2024 due to low levels.

«We do not expect plans to coordinate all iron ore purchases in China, which would offset some price growth, to be implemented in the short term due to the large number of brokers,» the agency noted.

The medium-term outlook reflects the longer time needed for additional capacity to come on line, which means there will be no oversupply until then.

As GMK Center reported earlier, at the end of November, analysts predicted that the price of seaborne iron ore could rise to $150/t in the first half of 2024. They raised their estimates amid expectations of increased demand in China following measures to revive the country’s economy. China buys more than two-thirds of the world’s iron ore, and its demand dictates prices and production plans of leading mining companies.

Oh Lord...

US$ down vs CAN$
US$ has gone down a lot these past fews days. Seems to me like that could be a good thing. Although interest rates have gone higher recently., as we all know. I was wondering, what's you guys read on that?

https://markets.businessinsider.com/
Well, I'd say 140 bilions Chinese stimulus for infrastructure is a pretty good reason/incitive not to wait on the sidelines still and take action once and for all or appoint someone else but Kearney who has the drive to get things done.

Hi everyone. I think we all agree there is definite potential here and this is not the issue. Question is do we have the management team to get this done? Sure is a lot of experience within the actual management. Makes me think that it is more a question of involvement from the real decision makers. Does Kearney really have that much final say on how and when to push the project and bring it to conclusion?

Also, I don't know about you guys but I would be curious to know what really happened with the Scully deal, 4-5 millions I think it was?. We sure could learn more about the reasons why it seems to be so difficult to get the Houston project started and why we just couldn't get the financing so far. After all, what are we talking about? 60 - 80 millions in all? And a lot less to simply get the project on strarting blocks?

Canada bans Russian imports of aluminum products as well as steel products.

Deputy Prime Minister Chrystia Freeland made the announcement Friday in a press release, presenting the measure as a way to cut off funding for the invasion of Ukraine.

Ukraine can win this war, and it must. We continue to do everything in our power to cut off or limit the sources of revenue that are used to finance the illegal and barbaric invasion of Ukraine orchestrated by Russia, declared, in the press release of her announcement, the one who is also minister finances.

According to Ottawa, Canada imported from Russia in 2021 aluminum products worth $45 million and steel products equivalent to $213 million.

Canada and its partners have already sanctioned the Russian Central Bank and capped the price of Russian oil and gas. And now we are making sure that Putin cannot finance his war by selling aluminum and steel to Canada, Ms. Freeland added.

Products covered by the ban include raw aluminum and finished products, such as aluminum household items, as well as steel products such as pipes, the finance ministry said.

Keep up the good work Bubble. Very much appreciated. I've been following this company for a long time and was invested in 2011. It can be very frustrating at times having to wait and wait with hardly any relevant news coming out. However, I still think the potential and the way iron ore market behaves as of the past few months makes me believe it is worth the wait. My main worry is the fact that Kearney is not getting any younger and the company does not seem to be in a hurry to get things going at a time when most indicators show positive. There has to be reasons for these delays that, unfortunatly, we can only guess about...

Here's the excerpt from the november 2022 financial statement / report I am refering to :

"Under the Investment Agreement and the related Asset Acquisition Agreement, the closing Outside Date was initially
agreed as August 31, 2022, and subsequently was extended to September 14, 2022. The proposed transactions
were not completed by Scully by the agreed Outside Date of September 14, 2022 or by the date of this News
Release. Scully has sought modifications to the agreed terms of the Investment Agreement and to the form of the
related Investor Rights Agreement, which modifications have not been agreed to by the Company. The Investment
Agreement may be terminated by notice given by either Party as the Asset Acquisition had not been completed by
the Outside Date.
If Scully does not complete the investment, the Investment Agreement will be terminated and the proposed"
transactions with Scully will not take place. The Company is exploring various financing alternatives, including a
potential private placement of equity.

Hmm...Sedar...that is...

Hi everyone, I`d like to get comments on new cedar latest report just out today, dated november 14. Looks to me that the initial Scully agreement ( although not officialy terminated) may not go through and private placement may possibly take place. Seems like some unclear modifications were asked by Scully wich were not accepted by the company. Or is it still part of the negociation process...?