광산 분석

BERKSHIRE HATHAWAY INC.

To the Shareholders of Berkshire Hathaway Inc.

주주께 보내는 편지,

Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are
honored by your trust.

찰리멍거와 나(버핏)는 오래된 파트너입니다. 나(버핏)은 당신(주주)들의 저축의 일부를 관리하는 일을 하고있고, 저희를 믿고 맞기는것대해서 아주 영광스럽게 생각합니다

Our position carries with it the responsibility to report to you what we would like to know if we were the
absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, andthrough the annual meeting as well

우리가 회사의 주인이고 당신들은 관리자이라면, 우리는 당신들이 회사를 운영하는데 어떠한것들을 알고싶은지에 대해서 알리는데 책임이 있다고 생각합니다.

간단하게 말하면, 회사의 주인으로써 투자하는분들이 어떤것들을 알고싶어하는지 알려주는것들에 대해서 책임과 책무가 있다고 말하는거 같네요.

Absentee owner: 회사를 소유는하지만, 경영권을 가지고 있지 않는 사람들. (주주)

Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large
institutions. Whenever possible, also, we release important communications on Saturday mornings in order to
maximize the time for shareholders and the media to absorb the news before markets open on Monday

우리 회사 규정은, 모든 주주들은 동등(동일)하기때문에 우리는 분석가와 큰 금융업체와 이야기를 하지 않습니다.

토요일 아침에 이 중요한 메세지를 보내는것은 주주님들과 미디어들이 월요일 장이 열리기전에 천천히 읽고 

흡수할수있도록 시간 최대한 활용할수 있게급하기 위함입니다.

A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with
the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others
will simply prefer to learn what Charlie and I believe is new or interesting at Berkshir

Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the
intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be

What You Own

Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group
largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S.
equities and participate in several joint ventures or other collaborative activities.

Berkshire는 다양한 비지니스를 소유하고 있습니다, 하나의 Entirey 비지니스 전체를 가지고있는경우,

두번째 구룹은 많은 부분을 미국 쉐어를 보유하고 있고, 나머지는 미국이 아닌 다른 국가들의 equidies (자산들)

그리고, 조인트 벤쳐 또는 협력 엑티비티에 참여 하고 있습니다.

Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable
economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations
about their long-term business performance and not because we view them as vehicles for timely market moves. That
oint is crucial: Charlie and I are not stock-pickers; we are business-pickers

여기서 중요한 부분인데, 버핏과 찰리가 중요하게 보은 요소는, 경기 변화에 관계없이 견고한 비지니스를 가진 또는 First-Class CEO, 최고의 경영자,

Province Resources Limited (ASX:PRL) (the Company or Province) is pleased to report on the June
2021 quarter activities.

HIGHLIGHTS/SIGNIFICANT EVENTS

• Binding 12-month Memorandum of Understanding (MoU) executed with global renewable
energy leader Total Eren to perform a feasibility study in view of potentially developing up to
8GW Renewable power facility and co-developing 50:50 with Province a downstream
hydrogen facility (see ASX Announcement 19 April 2021)

MOU Total Eren https://www.total-eren.com/en/\

50 대 50 으로 수소 시설 계발 MOU 체결. 1년 계약.

• Province reached an important milestone with the signing of a Memorandum of
Understanding (MoU) with the Shire of Carnarvon to collaborate on the potential
development of its HyEnergy ZERO CARBON HYDROGEN™ Project (see ASX Announcement 4
May 2021)

https://www.carnarvon.wa.gov.au/Home

• Province secured commitments for heavily oversubscribed $18m equity raising led by ESG and
other institutional funds, to advance both the scoping and feasibility studies at its HyEnergy
ZERO CARBON HYDROGEN™ Project and further its mineral exploration portfolio (see ASX
Announcement 20 May 2021). Cash position at the end of the Quarter $23.6m

• Significant progress with government and local stakeholder engagement made during the
quarter by Province and Total Eren

• Scoping Studies well underway and progressing well

• ERM engaged to undertake environmental studies

• Adopted Environmental, Social, and Governance (ESG) Quarterly reporting

• The Company completed the acquisition to acquire all of the shares in Ozexco Pty Ltd that
includes tenements that relate to the Gascoyne and HyEnergy Projects in the Gascoyne
Region, Western Australia (see ASX Announcement 27 April 2021):

o Material acquisition with potential for multiple projects and commodities focusing on
Industrial Minerals and Renewable Green Hydrogen

o Extensive inter-tidal and alluvium areas, including mud flats in proven salt producing
region that may be amenable to large-scale solar salt and potash development

o World class wind and solar resources with close proximity to key infrastructure provides
potential for the establishment of a Renewable Green Hydrogen Project

o Extremely supportive Local, State and Federal governments in emerging Green Hydrogen
Industry set to fast-track projects

• Further to the acquisition of Ozexco Pty Ltd, Province identified and applied for tenements
covering a further 864km² in the Gascoyne coastal region prospective for Industrial Minerals
and a potential green hydrogen production site (see ASX Announcement 7 April 2021)

• Early-stage community engagement meeting with the Carnarvon Chamber of Commerce and
Industry held in Carnarvon (see ASX Announcement 15 June 2021)

• Letters of Support from the Gascoyne Development Commission and Shire of Carnarvon for
the Gascoyne and HyEnergy Projects. Province Resources Ltd
ABN 83 061 375 442
358 Rokeby Road, SUBIACO WA 6008
PH: +61 8 9329 6862

• Key appointments of Kylah Morrison and, subsequent to the end of the Quarter, Roger Martin,
as Non-Executive Directors to significantly strengthen the Board.

• Appointment of key management personnel of Greg Walker and Burke Maslen to drive the
approvals and key stakeholder engagement across all exploration projects

• Exploration planning progressing at Gnama Project in the Fraser Range, Western Australia
with environmental surveys to be undertaken in Q3 prior to drilling

웨스턴 호주 정부는 앞으로 더 많은 정부펀딩을 수소쪽으로 투입할것으로 보인다

수소라는게 앞으로 탄소절감에 있어서 중요한 요소로 작용할수있는 에너지원이고 유일한 KEY일것으로 생각되어진다.

Don’t be surprised to see the Western Australian government inject more funds into the green hydrogen industry given that the state’s climatic conditions and available land mass lends itself to the production process.

https://www.youtube.com/watch?v=N7h8-QbYPIc 

파트너 Total Eron 100% MOU https://www.total-eren.com/en/

Founded in 2012, Total Eren is the dedicated renewable energy subsidiary of EREN Groupe, the leading player in natural resource efficiency. Total Eren is an Independent Power Producer (IPP), which develops, finances, invests in, builds and operates renewable energy power plants (solar, wind, hydro) worldwide over the long-term. Since December 2017, TotalEnergies, a key player in the energy sector, has been a shareholder of Total Eren. On 5 April 2019, Total Eren acquired NovEnergia Group, thereby strengthening its presence in southern Europe in particular.

생산 협력과 운송

스케일을 크게하면 그린수소도 단가 경쟁력을 갖는다 ?

딜 브레이커.

정부와 정책이 유일한 딜 브레이커일것이고 생각한다.