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I also think the days of moving the mined resource and money out of economies and offshore for large international mining houses are coming to an end….they will have to create circular economies so that the country producing the resource gains the benefits….and uses the resource.
There is,as LR put it across in his presentation an new mining model being created with ESG etc.
Guessing we are too small for Lundin but thought there might be a chance they would want a 51% stake. In saying that if the mine with payback years comes down to 2 could be on the cards profit over 12 years 500 million is nothing to them lol
I believe it still is Money as we have previously checked with LR.
But I also know we have attained the minimum of 1 ton inferred and drilled more than 5000 meters a long long time ago….and a lot more than 10 days has elapsed and we have NOT provided them with written notice…draw you own conclusion :-)
Can someone clarify if this is still on the table for Lundin?
Lundin part 2. To exercise the back-in right, Lundin must (1) spend an amount equal to 2.5 times the aggregate expenditures made by GoldQuest on the Toral Project and (2) pay an amount in cash equal to 51% of the value of the shares issued by GoldQuest under the agreement. If Lundin elects to exercise the back-in right, the right of Lundin to receive the 1.5% NSR will be terminated.
Lundin Part 1. Lundin will retain a 1.5% royalty on the Net Smelter Return (NSR) from the Toral Project. Lundin also retains a one-time back-in right to reacquire a fifty-one (51%) percent interest in the Toral Project once GoldQuest provides written notice to Lundin within 10 days of the following events occurring: delineation of an inferred resource on the Toral Project of greater than 1 Million tonnes of lead and zinc (contained), as demonstrated in a NI 43-101 compliant report, and completion of not less than 5,000 meters of drilling.
Lundin will retain a 1.5% royalty on the Net Smelter Return (NSR) from the Toral Project. Lundin also retains a one-time back-in right to reacquire a fifty-one (51%) percent interest in the Toral Project once GoldQuest provides written notice to Lundin within 10 days of the following events occurring: delineation of an inferred resource on the Toral Project of greater than 1 Million tonnes of lead and zinc (contained), as demonstrated in a NI 43-101 compliant report, and completion of not less than 5,000 meters of drilling. To exercise the back-in right, Lundin must (1) spend an amount equal to 2.5 times the aggregate expenditures made by GoldQuest on the Toral Project and (2) pay an amount in cash equal to 51% of the value of the shares issued by GoldQuest under the agreement. If Lundin elects to exercise the back-in right, the right of Lundin to receive the 1.5% NSR will be terminated. Upon completion of the above, a Joint Venture will be formed pursuant to which Lundin will have 51% interest and GoldQuest will have a 49% interest in the Toral Project. Upon formation, each party will either fund their proportional share of the expenditures or Lundin may elect to increase its participating interest in the Joint Venture from 51% to 65% by completing a full feasibility study on the Toral Project.
For those that missed the Iberdrola deal last week
https://www.eib.org/en/press/all/2021-280-iberdrola-and-eib-sign-a-new-eur550-million-green-loan-to-boost-smart-grids-in-spain
I’m sure a lot of zinc is going to be needed for this park
https://www.renews.biz/71016/quercus-seeks-investor-for-800mw-spanish-pv/
And this
https://www.eib.org/en/press/all/2020-163-green-recovery-eib-finances-the-largest-solar-project-in-andalusia.
but most importantly was this hot off the press yesterday
https://www.streetwisereports.com/article/2021/08/02/explorer-hot-on-the-trail-of-zinc-in-spain.html
The area is noted for its mining. Lundin Mining Corp.'s copper-zinc Neves-Corvo mine is located approximately 50 km to the west and Trafigura has the Aguas Teñidas mine around 40 km to the east, and a number of smaller producers are in the area as well. First Quantum recently announced approval for its 500 million euro project at its Las Cruces operation in the belt.
The area has become even more receptive to mining recently with the issuing of a directive by the government of Andalusia stating that "underground mining will be given priority and will be permitted on all land classifications," Gower explained. "That was followed by an announcement by the European Union that it was going to invest €3.5 billion in mining and metallurgical project development in the two provinces."