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news
Thanks as always for your insightful thoroughly analysed posts. This appears to have potential to be a very material change in the portfolio of BZT and your questions get to the nub of that. Hope for answers...
Tbh I'm in GLR, XTR and BZT so astonished with the entire Bird copper spectrum. How the hell is he covering this?
Cheers
P.S.
Rather more accurately, it occurred to me that Mr Colin Bird cannot comment on "Mankayan: NO SHORTAGE OF SUITORS" if there in fact, the 80% needs resolving ie taken back from MMIH?
Have to wait for an UPDATE from BZT and Mr Colin Bird.
Thur, 6 May 2021.
I have been waiting for an answer so thank you Mr Bird for your interview today.
Given no one posted the details, I decided to step in to post otherwise I would not have posted.
It has just occured to me:
1] Mr Colin Bird, Executive Chairman, BZT in his interview today with Zak [Galileo] said that "ENTERED INTO CONTRACT...promises were made, promises were not kept, EXPENDITURE per contract- our advice."
Per the last BZT RNS, Mr Bird said they will consult with Singapore Counsel [legal]. Obviously, the said Counsel had advised on BZT* legal position. This is the law of contract. The TERM/S were NOT met ie expenditure.
As for the background, MMIH via MMJV was going to do a RTO into Asia Phos, a listed co on the Singapore Stock Exchange. It was NOT RTO*ed and Asia Phos issued a TERMINATION OF THE RTO WITH MMIH VIA THE JV MMJV dated 7 Apr 2021. BZT issued an RNS on the termination with MMIH on 8 Apr 2021.
It is possible that BZT HAS NOT YET T R A N S F E R R E D 80% OF MANKAYAN YET due to
1] MMIH never met the said expenditure under the contract.
2] There was no RTO into AsiaPhos.
3] AsiaPhos is still listed on the Singapore Stock Exchange and it was the new shares that BZT was going to be issued with in payment for 80% of Mankayan.
So, without all the above fulfilled LEGALLY, it is possible that the LEGAL TRANSFER OF 80% OF MANKAYAN HAS NOT YET TAKEN PLACE??!!!
Otherwise, how COULD Mr Bird say "NO SHORTAGE OF SUITORS." If BZT does not own 100% of Mankayan, then, there needs to be settlement ie re-transfer from MMIH otherwise BZT cannot accept or entertain suitors even if these are preliminary in nature for example? Legal 101?
As for the MANKAYAN JORC 2012 UPDATED VIA MMIH USING DE-RISK GEO MINING OF QUEENSLAND, BZT may want to check or commission another JORC 2012 themselves for Mankayan given that it was not done by BZT or under BZT?
Given Mr Bird said in one of his interviews that he reads the forums, one hopes he will CLARIFY the above?
Just for discussion.
Hoping for CLARIFICATION FROM BZT & MR BIRD AS AN OFFICIAL UPDATE?
Thurs, 6 May 2021.
In the Lexology dated 2020 on the Philippines mining regs, the JORC 2004 was cited [Australian code].
REF: "JORC : MINERAL RESOURCES AND ORE RESERVES:
"This is the home page of the Australasian Joint Ore Reserves Committee [JORC] first published in 1989 with the MOST RECENT PUBLISHED IN 2012...it has been incorporated in the listing rules of the Australian and New..."
Link: https://www.jorc.org
Comment:
The Philippines mining regulations recognise the Australian citation using JORC. The Lexology I cited was dated 2020. So, given that the Philippines govt & Mining Regulations recognise the Australian JORC Code, they may have to also update to the 2012 JORC Code given that it is OFFICIAL NOW.
Also, AsiaPhos or MMJV took out a INDEPENDENT VALUATION FOR THE ASSETS IE MANKAYAN and the 2012 JORC Code was commissioned by MMIH at their expense. I have seen the valuation figure some time ago but I cant locate it so I am reluctant to quote it as I remembered the figure distinctly.
Hence, why Mr Bird may need to comment or BZT may later update it or they may use the MMIH updated 2012 JORC for Mankayan which was done by DE-RISK GEO MINING OF AUSTRALIA [address is Queensland as I checked from recall].
In the interview CB referred to copper and gold figures more closely associated with the 2004 JORC (1.4M tonnes copper & 4.5M ounces of gold)
Helpful information regarding the licence!
Sorry, typo:
Should read 9.6 Moz Gold, not 19.6 moz.
DC26
I have been in for quite a long time. Hence, I know a lot about Mankayan.
From the Lexology link, everything is spelt out as their mining rules are very clear and straight forward.
I noticed from the Lexology that it is the JORC 2004 code [Australian] but MMIH updated it to 2012 JORC Code. There is a VAST difference in the resource as shown and I mean vast.
Perhaps Mr Colin Bird will let us know the next time he is interviewed whether Philippines has in fact updated to the JORC 2012 code from JORC 2004 code as in that Lexology of 2020?
The JORC 2012 code updated by MMIH via De-risk Geo Mining [Australian based]:
19.6 Moz gold
2.8Mt copper
& 20 Moz Silver
The 2004 JORC:
1.3Mt copper
4.3 Moz gold
Silver was not checked then.
Big difference in Value-in-Situ.
Thank you 'News,' good facts to know. It's good to see you over here as well as all the great info you post on XTR. I'll hazard a guess you have just bought in here too, or seriously considering to do so.
Answer @19:40
MANKAYAN LICENCE RENEWAL.
"First-step analysis mining in Philippines." - Lexology, 3 June 2020
"WHAT IS THE TYPICAL DURATION OF MINING RIGHTS?
The term of the MA shall not exceed 25 yrs from the date of its execution.
IT IS RENEWABLE FOR A N O T H E R TERM NOT EXCEEDING 25 YRS."
"The grounds for CANCELLATION, REVOCATION AND TERMINATION OF AN EP, MA & FTAA
Falsehood or omission of facts in the application that may alter, change or affect substantially
the facts set forth in said statements.
non-payment of taxes and fees for 2 consecutive yrs.
failure to perform all other obligations, including abandonment under the permits or agreements.
violation of any of the terms and conditions of the permits or agreements; and violation
of existing laws, policies and rules and regulation."
---
So, everything is clearly spelt out and clear.
Lexology as in legal.
To read, just type into the search engine the above title.
Brilliant interview- I am slightly buzzing like a Bzzzzt lol. Certainly looking bloody good for the coming days,weeks and years for all holders.
Thanks andmillsy for the link. Good stuff. No mention of the Mankayan license renewal so far. Be nice if CB could soon hint whether it is more or less a given or not. I think some investors might hold off until that becomes a bit clearer. Though by then they may be buying at quite a higher SP.
Colin Bird, Executive Chairman BZT:
Verbatim: " N O SHORTAGE OF SUITORS." [When asked by Zak about MMIH: Mankayan]
Mr Bird did NOT say: I dont think there will be a shortage of suitors.
So, can one ask Mr Bird: Have suitors approached BZT for Mankayan for him to state:
"NO SHORTAGE OF SUITORS."
LoL.
Ref: Galileo Resources Interview today with Zak Mir, Zaks Traders Cafe, Thur, 6 May 2021
[Mr Bird answers Zak on his question about MMIH & Mankayan]
Another excellent interview! The Mankayan figures are really very impressive....1.4M tonnes of contained copper AND 4.5M ounces of gold. No wonder there is 'no shortage of suitors'!
Hope those that have sold out recently don't regret that decision. This is only going higher imo...
COLIN BIRD, EXECUTIVE CHAIRMAN, BZT INTERVIEW WITH ZAK MIR TODAY.
Zak Mir: MMIH & Mankayan?
Colin Bird:
"MMIH : Enter into contract, promises made, promises not kept- expenditure per contract, our advice. {think Mr Bird is referring to the last BZT RNS relating to seeking Spore Counsel*s advice].
NO SHORTAGE OF SUITORS.
NOT MANY PROJECTS {Mr Bird quoted the no*s}.
Philippines realistic approach to mining.
COPPER PRICE DOUBLED." [Think Mr Bird is referring to the price then]
Thur, 6 May 2021
Thanks for Andmillsey for the link.
Nice, "NO SHORTAGE OF SUITORS RE: MANKAYAN]
LoL, been in.
Thanks, Andmillsy. CB is certainly not hanging around. Future definitely bright for BZT. He is definitely excited about Mankayan.
Patience will ultimately be rewarded here.
BZT and Philipinnes at c11.30
https://audioboom.com/posts/7860055-colin-bird-executive-chairman-galileo-resources-glr?utm_campaign=detailpage&utm_content=retweet&utm_medium=social&utm_source=twitter