Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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CONTRY RISK SOUTH AFRICA/GOLD South Africa—Last May, three men strode into a suburban street and sprayed gunfire into a car, killing mining executive Nico Swart on his way to work.
Mr. Swart, 47 years old, had been a general manager at Richards Bay Minerals, or RBM, which is majority owned by global mining giant Rio Tinto PLC. His murder, which is still under investigation, marked another grim flashpoint in the decline of South Africa’s signature industry.
In June, protesters and looters attacked RBM operations, destroying property and mining equipment. In response, Rio Tinto declared force majeure on all customer contracts at RBM, employing the legal provision that excuses parties from contract terms because of unforeseen circumstances.
South Africa’s $24 billion mining sector, which has provided the raw material for nearly half the gold bullion and gold jewelry ever produced, is waning under the pressure of violent crime, growing costs and regulatory uncertainty, as well as tapped-out mines.
Some of the world’s most familiar mining brands have headed for the door, threatening severe consequences for South Africa’s struggling economy, which has also been walloped by Covid-19. The nation’s unemployment rate hit a record 34.9% last year. Mining employs more than 450,000 people and makes up some 8.4% of national economic output.
In recent years, South Africa’s metal refineries and processing plants have been the target of commando-style robberies carried out by Kalashnikov-toting gangs. Mining companies suffered 22 armed heists at precious-metal facilities in 2019 and 2020—a period of rising gold prices—as well as an attempted robbery in 2021, according to Minerals Council South Africa, an industry group.
“I’m very angry about what’s happening in South Africa, and disappointed,” said Neal Froneman, chief executive of Johannesburg-based Sibanye-Stillwater Ltd. , one of the world’s largest producers of platinum, palladium and gold. “But I have to put my personal views and emotions to one side. This is why we’re internationalizing our business.” The company in recent years has expanded mining operations to the U.S. and Finland.
The rest is not any better, but looks very grim for South Africa
I would put Sth African Gold Companies on a Hold or SELL
best
the gnome
I am always interested in how country risk is calculated into investment calculations. Barrick maybe wishing to diversify out of the USA? Diversify into a country (via a company) where Mining has a social icense to operate, as it gives actively back into the government and local communities.
Resolution Copper (Tier 1 copper mine in the USA, and givend evelopments in Chile and elsewhere might be of strategic interest to the US Govt and Industry)– has been caught up in a heightened level of global activism against mining that has stalled not only this project but so many others, and is now threatening to undermine the fight against climate change, and with it the economic and military security of Western democracies.
Major projects have been blocked across the US. But it goes beyond America: from Chile to Serbia, fresh threats to critical minerals projects are popping up, dragging approval processes out to the point at which the average new mine now takes 16 years to start production, according to the International Energy Agency.
US President Joe Biden, who has repeatedly raised concerns about the need for critical minerals independence from China, which controls 73 per cent of the market, has also taken the activists’ side. Last year his government rescinded the approved environmental impact statement for the Resolution mine and ordered a review of an already approved deal by Congress allowing Rio Tinto ownership of the land.
I have posted previously about the contry risk in Australia, which is incresing every year. Just ask Djokovic.
ASIDE, Email from a Serbian friend
The life expectancy of Australians has increased since the start of the COVID-19 pandemic, new research from the Australian National University (ANU) has revealed.
The average age of death is now 83 years old
https://www.abc.net.au/news/2022-01-18/australians-living-longer-due-to-pandemic-life-anu-study-finds/100761624
But the average age of people who died with covid was 86.9 years old (85.2 years for males, 88.4 years for females)
https://www.abs.gov.au/articles/covid-19-mortality-1
Should Victorians be locked up for 262 days every 2 years as part of a new strategy to extend life expectancy in the state? (State Premier has plans)
Is covid actually good for Australian Public, as its effects extend life, and hence should Djokovic be allowed back to play for the public good?
Should Australian states shut their borders at random more often?
There must be some robust science behind the government's thinking?
Cest la vie as they in Serbia
the Gnome