The Talga Bar

[cosors]

For the first time in human history, or rather in the history of cow domestication, the following has been systematically observed and analyzed:

 

[cosors]

The government's decision to overturn Kiruna municipality's plan has no effect here on the stock market (SP, volume). Thanks to Gero, you already know the essential. So this is just a repetition. But I don't want to ignore it either. Here are a few articles from the newspapers:

"The government says yes to the detailed plan for the mine in Vittangi​

Published today at 12:46

• The government has now decided to give the go-ahead for the detailed plan that will allow the mining company Talga to begin planning for buildings in the mining area in Vittangi.
• Kiruna Municipality has previously opposed the project, but the government handed over the detailed plan to the County Administrative Board, which has now received the go-ahead.
• The graphite deposit in the area is described as Europe's largest and important for both Sweden's and the EU's supply of natural graphite, according to Housing Minister Andreas Carlson."

Regeringen säger ja till detaljplan för gruva i Vittangi - P4 Norrbotten

Regeringen har nu beslutat att ge klartecken för detaljplanen som gör att gruvbolaget Talga kan börja planera för byggnader på gruvområdet i Vittangi.Kiruna ...

www.sverigesradio.se

"On Friday, the Government decided to adopt a detailed plan for mining operations in Nunasvaara, outside VIttangi, Kiruna municipality. This means that the mining plans are one step closer to a mine.

Graphite mine gets green light in Kiruna – cannot be appealed​

Updated today 12:56Published today 12:37
A new graphite mine at Nunasvaara in Vittangi could become a reality.
Now the government announces that they have decided to adopt a detailed plan that enables mining operations at the graphite deposit.
The Government has decided to adopt a detailed plan that enables mining operations at the Nunasvaara graphite deposit in Vittangi in Kiruna Municipality. The County Administrative Board of Norrbotten has, on behalf of the Government, prepared the draft detailed plan on behalf of Kiruna Municipality.
The government's decision to adopt the detailed plan proposal prepared by the County Administrative Board of Norrbotten becomes legally binding as soon as it is issued. The decision cannot therefore be appealed.
"Nunasvaara in Kiruna Municipality has Europe's largest and richest graphite deposit. The graphite deposit is very important for both Sweden's and the EU's supply of natural graphite. Graphite plays an important role in battery manufacturing and for the green transition. This is the first time that the government has used this opportunity," writes Minister of Infrastructure and Housing Andreas Carlson in a press release from the government.

Municipality critical​

It was at the beginning of 2025 that the government overtook Kiruna Municipality and issued an ultimatum that they would complete a detailed plan for the planned mine – otherwise the County Administrative Board would take over the project.
The government concluded in June that it was not possible for Kiruna Municipality to adopt the current detailed plan on time and therefore decided, with support, that the County Administrative Board would produce a proposal for a detailed plan at the municipality's expense.

Strategic project status​

Talma and Gabna Sami villages have been critical and see negative consequences for reindeer herding of a possible mining establishment in the area. However, on March 25, 2025, the graphite deposit was designated as a strategic project status within the framework of the Critical Raw Materials Act. This means a permit review of 27 months, a so-called “fast track”.
The government believes that Talga has taken sufficient measures to limit disruptions to reindeer herding by not drilling, blasting and handling waste rock during the six months of the year when the area is used for winter grazing."

Kiruna kommun överkörda i gruvfrågan: ”Man kör över demokratin”

Regeringen har beslutat att anta en detaljplan för gruvverksamhet vid grafitfyndigheten utanför Vittangi. Det innebär att kommunens vetorätt är rundat. Det har historiskt aldrig skett förut. – Man blir ledsen och förbannad, säger Mats Taaveniku, (S), kommunalråd i Kiruna.

www.svt.se

 

[cosors]

"Why are so few new mines being opened in Sweden?
The gold rush is running out of steam.


For Sweden, the mining country, this should be a golden opportunity.
Metal prices are reaching record highs, and interest is greater than ever before.
Nevertheless, there are only slightly more than ten active mines in Sweden, and only one of them was opened in the last decade.
Why is that? EFN tries to find the answers."

Svenska guldläget rinner ut i sanden

Del 1. Varför öppnas så få nya gruvor i Sverige? • Stor kartläggning

efn.se

Reason in this Part 1: too little electricity.
Talga is mentioned in the list of potential candidates for a mine. Let's see what obstacles Part 2 will reveal.) In any case, I don't expect a clear, focused identification of the problem that environmental protection laws are (also) being used against these projects and that a lack of electricity is only a special minor issue.

"All permits were processed within 52 weeks, which is considered record time in the industry."

So in their case, the approval process was no problem at all.)

...

 

[curiousmagpie]

@Gvan one of my concerns has always been lack of institutional ownership here. what are your thoughts on Pentwater and what they are after. are they friends or foe?

 

[Gvan]

@Gvan one of my concerns has always been lack of institutional ownership here. what are your thoughts on Pentwater and what they are after. are they friends or foe?

At 43:50 in the May 2024 Investor Webinar, Mark addressed a question on takeover protection. He outlined the mechanisms in place and referred to several “friendly” parties, explicitly naming Pentwater among them.

I’d attribute the limited institutional ownership mainly to Talga’s current stage. Most institutions can’t invest in size until FID and project finance are secured and timelines are de-risked. The company is getting there, with the majority of permitting hurdles now behind it and financing potentially being conditionally secured by the end of February. Depending on the details, ownership could increase shortly after that and a sustained re-rate could occur.

 

[Semmel]

@Gvan , I now read multiple times that some grants are time limited and require Talga to finish FID by end of February. What if they dont? Is the grant then lost? I forgot which one it was, sorry.. I lost a bit of the track on Talga while I focused on other things. In any case, it seems like there is a hard time limit towards action by the end of Feburary. But is there?

 

[Gvan]

@Gvan , I now read multiple times that some grants are time limited and require Talga to finish FID by end of February. What if they dont? Is the grant then lost? I forgot which one it was, sorry.. I lost a bit of the track on Talga while I focused on other things. In any case, it seems like there is a hard time limit towards action by the end of Feburary. But is there?

Hi Semmel,

The Innovation Fund grant has a financial close of 31 March.

The Innovation Fund Delegated Regulation defines financial close as:

"The moment in the project development cycle where all the project and financing agreements have been signed and all the required conditions contained in them have been met”. In practice, it means that all contracts supporting the financing and implementation of the project (such as major supply, construction contracts or off-take contracts) are signed and all necessary permits are secured. It also means that the project shareholders have all received Final Investment Decision which can be evidenced by minutes of meeting.

At financial close, irrespective if the project intends to raise external or internal financing, the project is expected to meet all condition precedents required in the financing agreements of all funding sources i.e. from all project investors, lenders and sponsors shareholders (public or private), including its own resources, for the full capital expenditure of the project and to cover any potential negative operational cash-flow. As stated in the call document, the project must reach financial close within four years (48 months) after grant signature.

The maximum amount of time given for projects to reach financial close is 4 years after signing the agreement, however “Projects demonstrating the ability to reach financial close within two years and entry into operation within four years after grant agreement signature may receive a higher score under the project maturity criterion.”

Talga opted to have a shorter date to be more attractive in the grant application process.

I shared my initial thoughts in the group chat about a week ago. There appeared to be potential conflict with Talga's June timeline. My initial thought was that the company would have to achieve conditional FID, however having looked further into this, there seems to be leniency on failing to meet your own estimated financial close date. The hard rule seems to only apply for the maximum time to reach financial close, 4 years and the entry into operation, 5 years.

There is also a fairly straight forward answer in a Q&A (although from a different Innovation Fund call document):


"42. Must applicants propose a date for financial close? Are there any limitations


(e.g. no later than 2 years after the signature of the GA)?


The bidder indicates his/her anticipated financial close date. The only hard deadline from our side is that entry into operation must take place within 5 years from grant agreement signature, after which the project would be terminated and the completion bond called.”


That said, there is still a possibility that Talga can meet this 31 March timeline. The Industrial Leap grant's timing could technically align correctly for conditional FID to occur, but I think it's less pressure than initially thought.

 

[Gvan]

Hi Semmel,

The Innovation Fund grant has a financial close of 31 March.

The Innovation Fund Delegated Regulation defines financial close as:

"The moment in the project development cycle where all the project and financing agreements have been signed and all the required conditions contained in them have been met”. In practice, it means that all contracts supporting the financing and implementation of the project (such as major supply, construction contracts or off-take contracts) are signed and all necessary permits are secured. It also means that the project shareholders have all received Final Investment Decision which can be evidenced by minutes of meeting.

At financial close, irrespective if the project intends to raise external or internal financing, the project is expected to meet all condition precedents required in the financing agreements of all funding sources i.e. from all project investors, lenders and sponsors shareholders (public or private), including its own resources, for the full capital expenditure of the project and to cover any potential negative operational cash-flow. As stated in the call document, the project must reach financial close within four years (48 months) after grant signature.

The maximum amount of time given for projects to reach financial close is 4 years after signing the agreement, however “Projects demonstrating the ability to reach financial close within two years and entry into operation within four years after grant agreement signature may receive a higher score under the project maturity criterion.”

Talga opted to have a shorter date to be more attractive in the grant application process.

I shared my initial thoughts in the group chat about a week ago. There appeared to be potential conflict with Talga's June timeline. My initial thought was that the company would have to achieve conditional FID, however having looked further into this, there seems to be leniency on failing to meet your own estimated financial close date. The hard rule seems to only apply for the maximum time to reach financial close, 4 years and the entry into operation, 5 years.

There is also a fairly straight forward answer in a Q&A (although from a different Innovation Fund call document):


"42. Must applicants propose a date for financial close? Are there any limitations


(e.g. no later than 2 years after the signature of the GA)?


The bidder indicates his/her anticipated financial close date. The only hard deadline from our side is that entry into operation must take place within 5 years from grant agreement signature, after which the project would be terminated and the completion bond called.”


That said, there is still a possibility that Talga can meet this 31 March timeline. The Industrial Leap grant's timing could technically align correctly for conditional FID to occur, but I think it's less pressure than initially thought.

It was good to get some clarity around this from the Q&A part of the webinar.

Mark on whether there will be a conflict of timelines with the IF financial close date:

“No, I can understand that, but no. There’s negotiations & discussions underway. Everyone involved in the different funding parts of Vittangi anode project in Sweden, everyone wants the project to succeed, everyone wants to get the project going. From the EIB, to the EU to the grant funders themselves. Everyone wants there to be European battery materials made. Currently there is none and they want some success and this project is looking good for that success for them. It’s got all the components that they would like to see. So, we’re in discussions with them for those timelines to be extended and to be married together and we’re very confident of that.”

 

[mpk1980]

It was good to get some clarity around this from the Q&A part of the webinar.

Mark on whether there will be a conflict of timelines with the IF financial close date:

“No, I can understand that, but no. There’s negotiations & discussions underway. Everyone involved in the different funding parts of Vittangi anode project in Sweden, everyone wants the project to succeed, everyone wants to get the project going. From the EIB, to the EU to the grant funders themselves. Everyone wants there to be European battery materials made. Currently there is none and they want some success and this project is looking good for that success for them. It’s got all the components that they would like to see. So, we’re in discussions with them for those timelines to be extended and to be married together and we’re very confident of that.”

Thanks Gvan. I missed parts of the webinar as I was on the move.

This means FID will most likely push out to after March 30.

 

[Semmel]

It was good to get some clarity around this from the Q&A part of the webinar.

Mark on whether there will be a conflict of timelines with the IF financial close date:

“No, I can understand that, but no. There’s negotiations & discussions underway. Everyone involved in the different funding parts of Vittangi anode project in Sweden, everyone wants the project to succeed, everyone wants to get the project going. From the EIB, to the EU to the grant funders themselves. Everyone wants there to be European battery materials made. Currently there is none and they want some success and this project is looking good for that success for them. It’s got all the components that they would like to see. So, we’re in discussions with them for those timelines to be extended and to be married together and we’re very confident of that.”

Yes, thank you. It's a bit sad that timelines seem to be expanding still. Sigh.

 

[Gvan]

Yes, thank you. It's a bit sad that timelines seem to be expanding still. Sigh.

In fairness, that March 2026 date was likely decided at the grant application stage, with the IF grant awarded back in October 2024. With permitting now out of the way, further grant funding maturing and now imminent, new non-EV customer qualification having occurred, implementation of recycling capability, and time for adjustments to the funding stack, the company has a clearer line of sight.

We should hold them to their updated timeline from the announcement, “Talga accelerates towards commercial-scale anode production."

 

[cosors]

How things are going in other parts of the world:

The government of Minas Gerais (federal state) has signed a preferential tax regime that grants tax benefits to Australia's xxx to accelerate the development of the Araxá Project, considered one of the most advanced niobium and rare earth projects in the West.
...
Under the agreement, equipment and other materials purchased for the development of the project are exempt from ICMS (Tax on Circulation of Goods and Services), which can reach 18% in the state.

 

[cosors]

"Automotive industry

‘Shock’ among researchers – study reveals high fuel consumption of plug-in hybrids​

In everyday use, plug-in hybrids are much thirstier than on paper. On average, they consume about four times the official value, as shown by a study by the Fraunhofer Institute for Systems and Innovation Research (ISI) and other organisations, reported by SWR. The study is based on real data from almost one million vehicles from various manufacturers built between 2021 and 2023.

It is well known that cars – including those with other types of drive systems – deviate in everyday use from the standard consumption measured in the specified WLTP cycle (Worldwide Harmonised Light Vehicles Test Procedure). The accusation that the difference could be particularly high for plug-in hybrids is also repeatedly raised. However, the difference now measured is extreme: while the average standard consumption was around 1.5 litres per 100 kilometres, the real data shows that it was around 6 litres per 100 kilometres. CO₂ emissions and fuel costs are correspondingly higher.

However, the difference could be lower for new plug-in hybrids. The rules for measuring the fuel consumption of this type of drive have since been tightened. The WLTP specifies a precise sequence of speeds and accelerations. The aim is to determine comparable fuel consumption values.

According to the report, one factor contributing to the discrepancy is that, even in predominantly electric discharge mode, the cars consumed an average of around 3 litres per kilometre in everyday use – much more than previously thought. This came as a ‘shock’ to all the scientists involved, according to SWR study leader Patrick Plötz from Fraunhofer ISI.

Based on the new findings, the scientists are calling for EU regulations to be amended. They argue that the gap between ‘theoretical’ and ‘actual’ fuel consumption is far too large and must be significantly reduced by imposing stricter requirements for calculating the fuel consumption of plug-in hybrids.

Such an adjustment would also have implications for car manufacturers, as compliance with the CO2 fleet values specified by the EU is calculated on the basis of WLTP consumption figures.

Plötz also advocates in SWR for an adjustment to the reality on the road: ‘Now that we have the data and the infrastructure, we can stop evaluating vehicles based on their type approval and instead measure the real data and say: manufacturers who comply with the limits on the road are good, and those who do not comply on the road may have to pay a penalty.’"

 

[cosors]

I once had to hire a Toyota Aygo for a holiday. Don't ask. It consumed an average of 13 litres per 100 km over just under 300 km in total. Like a hummingbird hyperventilating. I had to put my foot down on the last stretch and drove at a maximum of about 154 km/h because we were in a hurry. I think I've told the anecdote about tiny engines in cars before

 

[curiousmagpie]

well there we go

seen this coming with the tone shift

time to call out management - disaster in executing whatever this “strategy” is. hope for the best and good luck to investors

heads should roll for this

 

[curiousmagpie]

don’t tell me MT didn’t already know this when he did the bell potter talk. he knew

zero credibility left

 

[Monkeymandan]

don’t tell me MT didn’t already know this when he did the bell potter talk. he knew

zero credibility left

Crawl back into whatever dank hole you came out of, you cretin.

 

[curiousmagpie]

why not direct your anger at the people that deserve it rather than a poster that has been CONSISTENTLY proved mostly correct

look at my posts from 2 years ago saying they won’t get this funded and tell me where I’m wrong

staggering incompetence and hubris on show

just another west perth bullshit artist collecting a fat salary at the expense of retail investors