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More from Otto. Jamie Pinto fired by Sedapal. "The crooked ways of Jaime Pinto Tabini, once of Minera IRL and forever under a cloud of abject two-faced lying and double-dealing, are now catching up with him fast. Due to the acceleration of formal State corruption charges against him he has now been fired from the board of directors of State water company SEDAPAL. Jail time awaits this lying piece of crap soon. In the meantime, please reflect once again on the fact that the whole case brought by COFIDE against Minera IRL (MIRL.cse) rests on the testimony of one man; Jaime Pinto Tabini. IRL gonna win so much they gonna get tired of winning, I'm tellin' ya...gonna be beautiful folks."
Jamie Pinto Corruption Case "You Minera IRL (MIRL.cse) aficionados out there will be pleased to learn that Jaime Pinto, along with a handful of other execs, has just been indicted on a totally separate case of corruption, this time connected with an electricity company at which he is a director "Electro Oriente" (ELOR). The charges are serious and have been levied by the national body that investigates public sector corruption and include a freeze on his assets and also the loss of banking privacy (which means the prosecutors are now allowed to look into his bank accounts and financial movements. We also remind readers that the whole COFIDE case against Minera IRL still rests on the testimony of Jaime Pinto. Guess who is going to win?"
News release out that the corriumi mine may not have as much gold as thought......surprise surprise 😂😂not too long now until Minera IRL issues a news release stating COFIDE won and they can�t afford to pay the loan back and go into administration..........2 yes 2 years since pinto was sacked and STILL nothing MR Diego Benavides u are an absolute DISGRACE sir
Stew200 I�m sorry to say but YOU have to accept the journey is all but over!the share price trades at 7.5c that�s 15.5c lower when it began trading last March 2017 so let me ask you what has Diego Benavides and the NEW BOD actually achieved/done for shareholders......let me tell you NOTHING but still they take their wages and enjoy Xmas parties with the communities!Since IKN blog(who I think personally think is full of ****)mentioned once again about Jaime pinto and corruption in November 2017 and arbitration what news have you all heard again NOTHING this is a complete SCAM of a company and Minera IRL will soon run out of money and go into adminstarion wait and see I adtually met Courtney chamberlain the co founder lovely man and he would of worked for all shareholders unlike his co founder Diego Benavides absolute disgrace in my opinion you have to ask yourselves were Hodges and Pinto really that bad or were they made out to be GLA your money has gone and IKN is full of CRAP
arnt we just waiting on the litigation with CONFIDE?
Thanks Penn , interesting observations. I'm absolutely crap at stock investments but given I'm retired (and looking at my investment results,probably ******ed !!!) I do it because it gives me a bit of interest and I'm told that ,in terms of making a profit ,It's marginally better than horse racing ! Incidentally, when it went on to the CSE market I tried to buy more shares but my broker ( H & L ) said they could only sell and not buy , on what you have indicated it seems that this was probably the best bit of luck I've had so far in terms of result !!!. Thanks again ,gffy.
Hi gffy47 I�m afraid it�s a dead duck ur chasing..........IKN as far as I�m concerned is paid my Minera IRL to ramp the share price up and down when it wants....... you have to ask yourseleves what has Diego Benavides actually done since Jaime Pinto was voted off in 2015 that�s over 2 years ago now.........and what about the 60 day investigation of pinto and a supposedly dodgy ollechea judge being bribed NOTHING at all once again.Minera irl in my opinion is a huge SCAM of a company and has does NOTHING for UK shareholders since all this CRAP started I managed to sell as soon as they relisted on the CSE market for a loss but atleast I got some cash back all the best but ollechea will never be built and ur money has gone GLA
I check this board most days ( and ADFN ! ) and there seems to be a deathly silence ! Does anyone have any info or opinion of the state of play with Minera or is it a dead duck. I made a couple of quid with the previeouse spike (some time ago now !) but I Retained a reasonable stake with the hope that it would take off again. Any comments would be welcome
Nothing at all to do with Minera, but well worth viewing the IKN blog for 23 Nov. Great piece about a Catholic church, enjoy! http://incakolanews.blogspot.co.uk/
Ok. So it looks like there is a 60 day investigation period into Pinto and judge. From ikn website: �More reports on the Jaime Pinto bribery story The story is starting to gain traction in Peru. This one in Puno's 'Los Andes' newspaper gets one fact wrong in that it says Minera IRL has brought the charges against the judge. In fact it's the Peru State prosecutor that's brought the charges. However it does state that Pinto has been paying the judge S/.5000 (U$1,543) per month and this humble corner of cyberspace hears that is the correct figure. It also syas that Pinto is involved with another mining company and has been impeding the start of the project in order to benefit this other company. Meanwhile, this one in Peru national paper Correo states that the charges come from intercepted text and social media messages between the judge, Juan C�ceres Tito, and Jaime Pinto. It also has local sources asking how the judge managed to accumulate properties and make very frequent visits by plane to Lima on a salary of just S/800 per month. What happens now is that the judge is placed under a 60 day investigation period, after which the State prosecutor decides what to do with him and with his alleged corruptor, Jaime Pinto.�
I have no idea. I�m just following otto at ikn�s Commentary as he seems well informed on what�s going on. Things are certainly looking like they are tipping in favour of us and how we were treated by Cofide, etc. Getting rid of Pinto can now be seen as absolutely the right way to have gone. Guessing it will be months before the thing is resolved, but getting the attention of national media will speed things up I would have thought.
smrrty when you do think this will get resolved and when do you think the next update will be? Cheers
Check out otto ikn he is reporting that local papers are saying that a judge has been accused of being bribed by Jamie Pinto in relation to Minera! This whole thing could get cleared up much quicker if it becomes a national scandle which otto thinks will happen when the national press pick up on the possibility that Cofide were involved in the whole shenanigans.
Am feeling positive going into arbitration, People are failing to realise that Ollachea is a world class gold deposit, that is why Cofide and others are trying to get there hands on it.
What happened here?
"Minera IRL: It's beginning to dawn on Cofide ...that they're deep in the excrement. About time too, the freakin' dumbasses. I mean, this band of fools try to get an asset for U$70m, then when Minera IRL doesn't just roll over and play dead demand an arbitration procedure without even noticing how weak Cofide's case is, then when they see their case is weak try everything in their power to stop the arbitration from moving forward. And now the connection between Cofide's chief Pedro Grados and the piece of crap hired by Daryl Hodges to steal the company back in 2015, Jaime Pinto, is finally coming to light. The truth behind that cosy partnership has only just begun to be revealed, too. Meanwhile, according to the on-record statements of the IRL chairman, the company can't wait to get the arbitration process going. What does that tell you?"
Minera IRL provides arbitration update and reports legal proceedings against certain officers of COFIDE LIMA, PERU--(Marketwired - Oct. 4, 2017) - Minera IRL Limited ("Minera IRL" or "the Company") (BVLAC:MIRL)(CSE:MIRL)(CSE:MIRL.CN)(CNSX:MIRL) reports that the Superior Council of Arbitration of the Chamber of Commerce of Lima ("CCL") has rejected the arguments submitted by Corporaci�n Financiera de Desarrollo S.A. ("COFIDE") in opposition to beginning the Arbitration requested in June, 2017 by the Company's subsidiary company, Minera IRL S.A. The Council has admitted all of Minera IRL claims despite COFIDE's objections, and decided that the Arbitration should continue. The formal announcement of the Arbitration Panel is expected in the coming days. Minera IRL has become aware of irregularities at COFIDE that appear to be preventing COFIDE from honoring its commitments under the Mandate Contract to structure the US$240m financing package for the development of the Company's Ollachea gold project. As a result, the Company has filed, before the authorities, a criminal complaint of corruption against certain officers of COFIDE and third parties directly involved with the alleged events. MIRL has taken this strong step in order to protect the assets of the Company and all of its stakeholders. In addition, the Company understands that COFIDE has filed a lawsuit against some of its own former officers, alleging violations of internal procedures and, without any apparent foundation, COFIDE has named the Company as an additional defendant. It appears that, rather than trying to find a joint solution to the existing dispute, COFIDE would prefer to harm the Company's good name and commercial reputation. Minera IRL's Executive Chairman, Gerardo Perez, stated that "We are pleased with the CCL Superior Council of Arbitration decision rejecting COFIDE's opposition and ordering continuation of the arbitration. We intend to provide all necessary evidence during the course of the arbitration process in order for the arbitrators to find in our favor. Likewise, we reject the complaint and abusive attitude of certain COFIDE officers who appear intent on destroying our Company's reputation and commercial viability through a media campaign that threatens our ability to access possible means of financing." The Arbitration was requested by the Company last June. COFIDE submitted its opposition by the end of July. In August, the parties were called by the Superior Council of Arbitration of the Chamber of Commerce of Lima in order to present their positions regarding the continuation of the procedure. In September, by means of Resolution No. 0234-2017-CCL, the Council decided that "the Arbitration shall continue with the participation of Minera IRL S.A. and COFIDE regarding all the claims previously submitted by Minera IRL, so that the Arbitration Panel to be constituted can decide on any objection to its
http://incakolanews.blogspot.co.uk/ "Minera IRL (MIRL.cse) news This is the link to the report on IRL in Peru's newspaper of record, El Comercio, yesterday afternoon. This is the translation: Minera IRL Reduces the Cost of Ollachea Minera IRL sees light at the end of the tunnel for Ollachea. The gold producer expects to put its mine project into production before 2020, despite the financial difficulties derived from the decision of Cofide to cease its financing of the development. Gerardo Pérez, chairman of the board of directors of Minera IRL, explains the reasons for this as the arbitration process (between IRL and Cofide) begins at the Lima Chamber of Commerce (CCL) Arbitration at CCL "We consider this tribunal as the right location, not only because we can get a resolution from the arbitration committee but also because it will open dialogue with Cofide", said Pérez. In 2015, the mining company was granted a U$70m bridge loan from Goldman Sachs, with an expiry date in June 2017, structured and financed by by the State entity Cofide, in which Cofide also committed to structure a full financing for U$240m. Cofide has made it clear, however, that it will not continue in this service and demands repayment of its U$70m in order to comply with its social mandate. The State financing entity considers that the financing of Minera IRL is outside of what should be its policy line and has even said that there is the potential of corruption in its original granting. Under this scenario, the gold mining company has been left without the capital to finance the U$165m that the Ollachea project needs. However, it has taken measures to revert the situation. Re-design the project The most important advance has been the re-designing of the project to a smaller scale, in order to reduce capital costs and increase its attractiveness to investors. "The optimization (process) is almost complete and will allow us to reduce capex by 50%, from U$165m to around U$80m", said Pérez. The new optimized feasibility study recommends the construction of a smaller mine, of 1,500 tonnes per day, which is scalable to 3,000 tonnes per day (as per the original design) in the fourth year of operations. This will allow construction in just seven months, instead of the 18 months estimated previously. "Another big advantage of Ollachea is that it has its EIA approved and all its permits in order to start operations", Pérez added. The gold mining company has also been in contact with investors interested in financing the project and is currently in negotiations with two investment funds."
here??
I would think the situation would be worse if COFIDE did not already revoke the deal for financing, prior to this deadline being missed as it puts the conditions in dispute (strange timing actually). It was a broader strategy decision by COFIDE to do that, not due to the performance of MIRL. Also this court order was a move initiated by MIRL which is a positive in my opinion, instead of allowing the issue to simmer. With the project setup being favoured by the local community, i would suggest it wouldnt be politically sound to start pulling all of that apart and delaying job opportunities, stop providing better facilities etc... surely the best resolution for all is some form of deferred payment plan, through new financing (mentioned in the news release) and profits from the mine once started. If MIRL can demonstrate that they are capable of achieving that in a realistic timescale, i don't see why an agreement couldn't be reached as it would be a solution that wouldn't require a lot of extra resource and time on the part of COFIDE.
Destination f****d...
what's your view sbradders about the outcome here?
LIMA, PERU - (Marketwired – June 06, 2017) - Minera IRL Limited (“Minera IRL” or the “Company”) wishes to advise that it has obtained an order from the Superior Court of Justice of Lima as a precautionary measure to preserve the value of the Company’s assets and investment in favour of its shareholders, communities and employees. The order temporarily suspends any enforcement proceedings against the Company due to the expiry of the repayment period for the US$70 million Bridge Loan granted by the Corporación Financiera de Desarrollo (“COFIDE”). In order to keep the court order in place, the Company must request arbitration with COFIDE within 10 days. The Company has requested a meeting with the members of COFIDE Board, to reach an agreement regarding the extension of the Bridge Loan payment term, within which the Company expects to finalize a new financial structuring plan with banks and/or investment funds. The Bridge Loan was part of the Exclusive Structuring Mandate of a senior debt facility for up to US$240 million maximum, which was unilaterally revoked by COFIDE with an announcement made in early March 2017 that became effective on April 01, 2017. “Within 60 days after COFIDE’s announcement of its decision not to continue with the loan structuring, the company has identified new financing options and is in active dialogue with a number of parties interested in considering an investment. We also maintain the local community’s support for construction of a mine. We are confident we will resolve this matter and unlock the value of our flagship Ollachea Gold Project.” stated Gerardo Perez, Chairman of Minera IRL. The Ollachea Project, located in Puno Region, Peru is a robust, shovel ready development project that hosts probable reserves of 9.3 million tonnes grading 3.3 g/t for 1.0 million ounces of gold based on the 2014 post-feasibility optimization study. In Q1, 2017 the Company engaged Mining Plus from Australia to review the life of mine plan and further optimize the project. Final results of the project optimization and profitability studies will be soon announced.
gone very quite here. come on Minera give us something positive to chew on
Anyone heard anything or had any correspondence regarding the London linsting