Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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That's what he might have stated, however, the current reported position is different.
Seems like Sonora is project full of broken promises.
That's pure speculation.
We don't know whether the fact that a sovereign nation taking sole control over a strategic asset is what precipitated this particular action. It seems everyone is catching on pretty late to Sonora, and even AMLO stated previously that they only wanted to nationalise projects NOT in development.
Oh sweet poetic justice.
Be interesting to see if GFs SP drops when the Chinses market reopens.
Bob
If that turns out to be true we dodged a bullet
Mexican President Andres Manuel Lopez Obrador plans to declare lithium a “strategic mineral” and take state control of mining and processing it.
Mr Lopez Obrador said on Wednesday that a new state company would be created to mine and process lithium, and existing permits for private firms to mine it would be cancelled.
Mexico’s only private lithium mine, Bacanora Lithium, is owned by Chinese firm Ganfeng International, but the Mexican leader said they would not be allowed to start operations. “What they want to do is to continue looting and that is over,” he declared. “Lithium is going to be mined by the government.”
https://morningstaronline.co.uk/article/w/state-to-take-control-of-mexico-lithium-mining
https://www.bloombergquint.com/onweb/mexico-declares-lithium-too-strategic-for-private-investors
Yes Bob, discussion about this on KDNC board. Its complicated, because ''the buyer'' is Sonoroy holdings. It looks to me as tho' Sonoroy holdings has been set up by the COE Estate and TRR (50/50). The Estate will hold their half thru a company called Marmottes Capital.
The Estate has always believed in the value of the Sonora resource. I guess this arrangement gives them access to monies 'up front' if the courts rule in their favour with the appeal. It will mean Trident pay them $25M by the end of 2023 (if I've understood correctly)
There's an RNS about this at the TRR board. "A deposit of US$2.5 million (the "Deposit") is being paid by the Buyer, with the balance to be paid upon completion of the Transaction, expected to occur in early-2023 following a favourable resolution of a dispute between the Seller and Bacanora (the "Dispute"). If the Dispute is found against the Estate, Trident's funding is fully repayable by the Buyer."
The royalties have been bought by a company called Sonoroy Holdings, of which TRR hold 50%. Sonoroy have paid 52M US for the priviledge. Thanks to @Mullins on KDNC board for posting this. Its messy, and I do think that one of the reasons that Secker wanted out was because of this royalty claim and the bad blood it caused thru the company.
Still interesting even if we no longer have a financial interest .
Trr picked up royalty deal on sonnora deposit, could generate them upto$75 million a year ....
Where are the BOD now? They should be shamed for their handling of this!
What happened . Where are we ?
Pretty much same as me young foz. To which I'd add that looking here became more than a bit of a habit over the past 2 years (my first toe in the water was 13th Jan 2020).
BB is a bit of an enigma. I think he was my quickest ever filter after his first bizarre post, but after unfiltering on a whim one day I actually realised in the end that he was actually well informed and worth reading. Yes, I'm talking about you Bob!
Hope everyone does well in their future AIM investing/AIM gambling adventures (smiley face)
R keep an interest even as sold and gone because there’s been some informative posters on here. Who knows someone might find a local article about production or something else that could be relevant for other assets!
There’s always that 0.1% chance the govt uses its securities bill!!!
We’ve all moved on but check in now And again,
Iv even unfiltered BorderBob.
Bacanora has informed the London Stock Exchange that it wishes to cancel the admission to trading of Bacanora Shares on AIM (the "Cancellation"). The Cancellation is expected to take effect at 7.00 am (London time) on 26 January 2022 (being 20 clear business days from the date of this announcement).
https://polaris.brighterir.com/public/bacanora_lithium/news/rns/story/x2koj6x
Because people are still attacking BCN management, now employed elsewhere, for selling out at a 50% profit.
obs842 - This is one helping of wishful thinking ! I hope you are right from the PoV of being a KDNC shareholder, but given how Ganfeng work they will want this off KDNC for peanuts and will play hardball if they dont get it for peanuts, and given how KDNC work they will probably just cut their losses !
I wonder why people keep an interest it this. Gangfeng won. We lost big time. What ifs can't change that.
A Sonora newspaper has a lengthy January 6 interview with a geologist who worked for Rio Tinto before becoming an independent consultant. It's in Spanish but translatable online. He has doubts about the process for clay deposits, and adds:
"“Is (Bacadehuachi) an important deposit? Yes, it is a significant deposit . Is it the biggest in the world? It is not the largest in the world. Does it have relevance? Above all, for us and for the region in which it is, it does have relevance.
“Is it going to be a major global competitor? No, I don't think so, there are other more important countries. The giant, the white elephant is still asleep, the largest lithium reserves in the world are in Bolivia ”.
https://www.elimparcial.com/sonora/sonora/Bacadehuachi-a-la-espera-del-litio-en-2023-20220106-0035.html
Yep it is totally over now, with a slight of hand, over 90% has been hit and everyone will now get 67.5p for their shares. Thanks for the input of everyone, even Bob! I will still be checking here from time to time and I hope in the fullness of time, some light is shone on what really went on behind the scenes here. Sure that I will see some of you good folk on other boards.
So this is four-month-old wine in new bottles. And LAC is years away from production -- did they actually buy any land, or are these just mining claims that cost $250 per 20 acres? (Of course, with Covid raging in Sonora, I don't think Ganfeng will make any progress there soon, either.)
The nearby lithium project in Oregon, on state land, probably will start production sooner.
Actually it's year 11 in earnest...
For the avoidance of doubt: I expect mining from the 30% KDNC JV to get started in earnest sooner than in the current plan of year 9, and that more than 72kt of LCE will be mined from these areas in total - significantly more, perhaps an order of magnitude more...
Surely it must be as clear as day to all invested here/were invested here the reason why Ganfeng have forever been reviewing the mining plan and holding back announcing anything concrete until after they take control of BCN. Surely? For sure they are going bigger then 17.5ktpa, they've said as much, but how big? 40ktpa + 40ktpa looks likely to me. They even have the opportunity to start two operations simultaneously from the 100% North of the pit and the 70% (30% JV with KDNC) South of the pit, meeting in the 70% middle, if they have the resources and anticipate the demand. We'll just have to wait and see I guess, but I know what my money is on! ;-)