The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Contd
one does NOT allow the opposing party to linger. After a reasonable period , the answer or no answer will suffice. Then REM will have to obtain FUNDING and quite a few co's offer funding for a cut of the compensation. Herein, the REM scoping study provides the underlying value metrics.
KIRAN: Perhaps he is busy with Amapa. I have checked Co House for REM Mexico today and yes, bells are ringing. So, someone has to give Kiran a call as he may have completely forgotten about Sonora with so much to do at Amapa. But shareholders ARE LONG OVERDUE on an update which is PRICE SENSITIVE NOW.
REM 5P PARTY: I am aware many held pretty large stakes. DL is a sympathetic person from what one perceives per Twitter . Thus, Amapa was the replacement set up by DL after the Sonora fiasco of the takeover by the major. Perhaps DL can now do something given BCN/GAN is not what WC wants and it is public knowledge now, even Blooms is reporting on it.
So, any resolution of Sonora would help the REM 5p party folks a lot given the gov let the cat out of the bag ie up to $600BILLION valuation for Sonora. Kiran must also be asked about the VALUATION METRIC FOR THE CLAIM GIVEN THE REM SCOPING STUDY DONE AND COMMISSIONED BY DL CAME TO AN NPV OF SOME US$1BN+ and is favourable to the NPV of Bacanora. So, compensation ICSID is standard either on FAIR VALUE or VALUATION metric [ I looked it up].
Time is running on and perhaps DL's help is also needed. I decided to post this further info once Barksy1 posted given Barksy1 arranged the REM 5p London party. Forgot what Barksy1 said was the treat. I only recall Barksy1 said the food was TOO SALTY. I think the party was THE EVENT THAT WAS THE HIGHLIGHT OF REM LoL. Mon, 22.4.24. Sorry for errors as I am not editing and wearing tinted glasses to cut out glare so not very ideal.
The order of news:
[1] "Mexico PUSHES TESLA to start GIGAFACGTORY construction soon, but it hesitates."-Electrek, 19 Feb 2024.
[2] "TESLA courts CHINESE EV Supplies to Mexico===STOKING FEARS IN WC."-Bloomberg, 14 Feb 2024.
[3] "TESLA layoffs will NOT affect MEXICO Gigafactory plans."-Auto Spies, 18 Apr 2024. https://www.autospies.com/news/index.aspx?submissionid=1211025
[4] "Faulty CYBER TRUCK steering wheel part made in MEXICO."-Daily Mail. 1 wk ago.
Comment: One will see that the TESLA JIGSAW discussed during the REM days and David Lenigas obtaining the TESLA Offtake [the opening gambit to funding via off-takes was the key to unlock Sonora then] now coming to fruition. How? LoL, TESLA WAS COGNISANT THAT LITHIUM & LABOUR ETC in Mexico was the ideal since it is just across the border to USA Tesla. This is even more advanced that just supplying LITHIUM TO TESLA USA OVER THE BORDER FROM SONORA, MEXICO. Why? =======TESLA IS COMING TO MEXICO & CYBER TRUCK IS BEING MANUFACTURED IN MEXICO.=====
However, it does NOT look very positive that GAN will be allowed to operate @SONORA but from the above Bloomberg article, it does look now that it is a "POLITICAL ISSUE". That is outside the scope of REM plc who are NOT a C. co but London listed with no affiliations etc to ...so not stoking any ...with WC. If one looks at the whole picture, all that DL planned , HE DID CARRY IT OUT but no one could have FORSEEN that a fellow Ozzie /Mining Engineer would go their own way instead of co-operation with REM. Why? It is now obvious and proven that the ROAD CLEARANCE gave the govt the opening gambit and selling to GAN was a disaster. EVEN SHAREHOLDERS DISCUSSING IT were aware of Uncle Sam not allowing it due to nat sec. and now PROVEN RIGHT. ALL THE PLANS WITH LORD ORR AND DL WERE TO SET UP SONORA AND IF THIS WAS CARRIED OUT, TODAY, IT WOULD BE DIFFERENT AND WOULD BE NOT STOPPED IN ITS TRACKS.
Claudia Shabeum is an appointee of the current President so it is likely he approves of her plans to get MEXICAN TECH and to this end, they have already done work, visited countries to probably get know how. So, if one looks at this seamless succession plan, it does not look too hopeful when the gov would NOT EVEN COMMENT on the proposal by GAN JV with the gov.
REM VS GOV: The RNS was dated 16 Nov 2024 and it is now MORE THAN 5 MONTHS since appointing Clifford Chance, leading international counsel. Clifford Chance is nuanced in international arbitration. Int arb centres are in Paris, Washington DC, London and Geneva. In another case involving a AIM co and DRC, legal counsel said that a/c to the Treaty of Rome, arb is to take place in London or Geneva. But for AVZ vs DRC, the arb. took place in Washington DC. By now, REM Mexico would have heard from the gov as to whether they have decided to settle or not. IF THEY WONT SETTLE, that too is O.K as that is the answer needed for submission for the writ and filing for int. arb. Even in normal litigation, one d
Uh, awkward... Perhaps the director should do something about that before going to arbitration...
Thank you for all the info and discussion , I really don’t want to get involved at this stage ( enjoying my life too much especially those parts I missed following the in and outs of Rem/kdnc. )
I did however after reading all the current chat look into Companies House at Rem Mexico and something has to change fairly quickly or else . Hope all posters are well otherwise
https://find-and-update.company-information.service.gov.uk/company/08022329
In accordance with Article 10 of the BIT, Cadence and REMML have requested consultations and negotiations with Mexico with a view to resolving the dispute amicably. The BIT provides for disputes to be resolved by international arbitration if they cannot be resolved by consultation and negotiation.
Article 10 - does state, the notice of Intent and Consultation as:
An investor that has a dispute with a Contracting Party should first attempt to settle a claim through consultation or negotiation. The investor shall deliver to the Contracting Party written notice of its intention to submit a claim to arbitration at least 90 days before the claim is submitted. Such notice shall specify:
The name and address of the disputing investor and where a claim is made on behalf of an enterprise according to Article 11 of the agreement, the name and address of the enterprise
Also the provisions of this Agreement alleged to have been breached with the factual and legal basis for the claim, plus
remedy sought and the amount of damages claimed.
https://investmentpolicy.unctad.org/international-investment-agreements/treaty-files/2009/download
I would like to know the amount of damages in the claim, if the above is correct?
Cadence CEO Kiran Morzaria commented: "The team at Clifford Chance have many years of experience in mining-related investment treaty arbitration, and have successfully resolved similar cases in the past. With their guidance, we are hopeful that a constructive solution can be reached through consultations and negotiations with Mexico under the BIT. "
Contd
given I was told on this forum that NO, BCN WAS NEVER GOING TO SUPPLY TESLA but to Korea and so forth. So, thankfully I could locate the ARTICLE WHICH STATED WHAT MR S. BCN CEO TOLD MEXICAN LEADING PRESS. Some will know that what is said on British soil is different to what is said to the Mexican govt and official statements to Mexican leading press & newspapers. I tend to follow both Mexican and British press on Sonora. Recently, I realised that what DL told us via open Twitter MAY NOT HAVE BEEN SEEN BY MANY on this forum. All this about $400m M & A was by DL on open and public twitter. Barksy1 used to follow closely and so did I. So, I do sympathise with the REM 5P LONDON PARTY and I know how it feels especially since we were told on this forum about DL this and that. SO, THE RECORD VIA PROVEN EVIDENCE IS NOW POSTED and I would rather not have posted but I must do the right thing so that everyone at the REM 5p LONDON PARTY can see the evidence and decided what happened. Unfortunately, the Ozzzie did not support us etc?
The rest is history now but the record must be set right. But if those who knows the most from following the early 1st days or REM plc under DL could cobble together the WHOLE STORY with PROVEN EVIDENCE. I posted the Seeking Alpha USA article as well and Oberver842 & Barksy1 saw it. So, I close and take my leave. I dont need to post anymore and I am NOT RAINING ON ANY BODY'S PARADE. Mon, 22 Apr 2024. IT IS ALL WAIT AND SEE FROM HEREON. BUT SINCE SONORA WAS REM PLC, THE STORY IS OF INTEREST TO THOSE AT THE 5P LONDON REM PARTY AND WHAT ACTUALLY HAPPENED WITH EVIDENCE NOW SEEN.
@News,
I believe this is the agreement:
https://investmentpolicy.unctad.org/international-investment-agreements/treaty-files/2009/download
Enforced 25/07/2007 - this link gives the BIT's index
https://investmentpolicy.unctad.org/international-investment-agreements/countries/221/united-kingdom
This Agreement shall remain in force for a period of 10 years. Thereafter it shall continue in force until the expiration of 12 months from the date on which either Contracting Party shall have given written notice of termination to the other. The
provisions shall continue in effect with respect to investments for a period of 15 years after the date of termination and without prejudice to the application thereafter of the rules of general international law.
-----------MEXICAN GOVT DEBT US$926.6 BILLION, FEB 2024 vs US$197.7 @DEC 2005.------------
Juxtaposition the SONORA, Mexican Govt Official Treasury Valuation [see KDNC.L for link which I have posted before]
came to US $ 6 0 0 BILLION. So, in taking an OBJECTIVE and balanced view, one can see that the SONORA lithium deposit means a lot to Mexico ie $926bn USD vs $600bn USD Sonora lithium.
SONORA -SILICON VALLEY [Mexican Govt Plans]:
As President of Mexico, the most important is the national interest ie Sonora and the valuation. Come what may, politicians come in on votes and it will depend on the will of the people. The frontrunner for the next President of Mexico is an academic who is very highly qualified in energy etc and she comes from a very highly qualified academic family. So, it is obvious, she is approaching the Sonora lithium project with an academic eye and for Mexico. There are implications of the concessions taken from Ganfeng as per the BNAmericas latest article in that Ganfeng wants to sue the govt and that remains to be seen if they file for int. arbitration/annulment. The official reason per BNAmerica article is that they did not put in the required investment kinda of thing. The proposal of GAN JV with Mex govt has been met with silence per the article I posted. Time is running on and REM Mexico CANNOT delay and hence they hired Clifford Chance, a renowned international legal counsel to speak to the Mex govt for "consultations & negotiations" and it is positive that the govt is at least in to them. Why? Kiran did not say in the interview or RNS that it has been rejected etc. In what I read, it appears clear to me via the latest BNAmericas article below of recent days, that GANFENG IS NOT IN ANY WAY JOINING IN CO-OPERATION WITH REM MEXICO/KDNC for ANYTHING RELATING TO SONORA [JV partners]. So, hence, KDNC in the Nov 2023 RNS did NOT MENTION GANFENG etc. So, REM Mexico is on its own and if KDNC delays, there is a time limit to file and to initiate their rights. THE 1ST PROCEDURE IN INT. ARBITRATION as is it with ordinary litigation, is to SPEAK AND ENGAGE FORMALLY WITH THE OPPOSING PARTY TO AGREE A SETTLEMENT. IF THE OTHER PARTY WILL NOT SETTLE, then it paves the way to file for international arbitration and this is what every Court wants to see before any co can file. BUT FOR GANFENG, THERE IS NO PUBLISHED OUTCOME as to whether they have taken this 1st needed procedure. But that is up to them. It is also clear that this NON-JOINT CO-OPERATION to approach the govt appears not new, even in the days of BCN, otherwise, some sort of shared co-operation would have happened or at the time of the takeover, REM could have been included or at least some discussions etc. Of course, please pardon me IF MY SYMPATHIES are with REM holders at the 5p London party. That was my motive to post what I know given I sent DL the article about BCN/ GOING TO SUPPLY TO TESLA to which thank goodness I could LOCATE the DL TWEET AND REPLY given I
@jimb2
Cadence Minerals - should hear shortly what is the outcome of the consultations and negotiations with the Mexican govt.
Kiran, over to you now as REM Mexico will hear the Mexican govt decision.
At least, REM Mexico has been entertained by the Mexican govt to be in to consultations /nego by KDNC as opposed to the other JV partner.?
Come what may, is not yet revealed until the elections in Mex is over and then further news.
Thank you all - story of REM and the 5p LONDON PARTY. Mon, 22.4.24.
Barge pole, comes to mind @News
Sheinbaum compared the Mining Law to oil expropriation: “Lithium was rescued for the benefit of the nation”
Once again, the capital's president took the opportunity to describe as “traitors to the country” the opposition deputies who voted against the initiative to make lithium belong to the Mexican people as “traitors to the country”
Xochitl Galvez,
would be in favour of private investment.
----"Mexican Presidential FRONTRUNNER advocates national tech to extract lithium."---BNAmericas, 18 Apr 2024.
"CLAUDIA SHEINBAUM told a press conference that the DEVELOPMENT of a TECHNOLOGY to EXTRACT lithium from CLAY should continue." "Work has been DONE & VISITS HAVE BEEN CARRIED OUT TO OTHER COUNTRIES , proposed a public RESEARCH CENTRE..." [Mexico going to go it alone with their own tech as above] Link: https://www.bnamericas.com/en/news/mexican-presidential-frontrunner-advocates-national-tech-to-extract-lithium
"...clay tech: We are going to continue working on it, she said in a press conference in Hermosillo in SONORA state.
SHEINBAUM is FAVOURITE IN THE POLLS heading into presidential elections-------JUNE 2. THE NEXT PRESIDENT WILL TAKE OFFICE ON OCT 1. GANFENG: CONCESSIONS WOULD BE CANCELED - FAILURE TO MEET MINIMUM INVESTMENT OBLIGATIONS. Ganfeng requested an administrative review of the decision BUT the economy ministry reportedly indicated in Nov that the cancellation had been ratified by the mining dept. In a statement, Ganfeng said that it "will take all measures to protect the legitimate interests of the co, including filing international arbitration or an annulment claim. "
"UK based Cadence Minerals for its part, said the decision affect Mexilit & Megalit concessions where the co has a 30% interest thru its subsidiary, R E M MEXICO. CADENCE IS CONSIDERING INTERNATIONAL ARBITRATION under a BILATERAL TREATY-------IF CONSULTATIONS AND NEGOTIATIONS with Mexico are NOT successful."
"Sheinbaum reiterated IMP has the best geologists & geophysicists in the country.. they can collaborate on tech development & lithium production, taking ADVANTAGE OF SONORA's reserves."
@News,
it's not straightforward at all, AMLO is all over the place!
Https://latinus.us/2023/11/16/amlo-invita-a-xi-jinping-a-mexico-para-que-conozca-el-plan-sonora-de-energias-renovables-y-el-corredor-interoceanico/
AMLO invites Xi Jinping to Mexico to learn about the Sonora Plan for renewable energies and the Interoceanic Corridor
At the end of the meeting, held on the sidelines of the Asia-Pacific Economic Cooperation Forum ( APEC ), the Mexican Foreign Ministry reported on social networks that López Obrador invited Xi to visit Mexico to learn about the Sonora Plan for lithium exploitation. and renewable energies, as well as the Interoceanic Corridor project of the Isthmus of Tehuantepec
And Durazo:
https://proyectopuente.com.mx/2024/03/04/gobernador-durazo-sostiene-reuniones-de-trabajo-con-empresarios-en-china/
During the activity on the first day of this visit, the delegation from the Government of Sonora held meetings with directors of Chinese companies that lead industries in the generation of clean energy, as well as with the diplomatic corps that represents Mexico in that nation.
This previously established work agenda will continue its course in the following days by the Government of Sonora together with different levels of government and representatives of the People's Republic of China.
He has done a few overseas trips - I do wonder if a $3bn investment in lithium mining and processing in Sonora isn't that appealing - LOL
If not clear, it was discussed before by old timers of REM - it is akin to having BIG MAJOR [C] in a SCOTTISH TOWN to the border of Britain. Hence, today, the Ukr situation is the same - too close to Rus.
Https://www.telematicswire.net/mexico-halts-incentives-for-chinese-ev-makers/
During this meeting, Mexican officials clarified that they would not extend incentives previously awarded to automakers. Furthermore, future meetings with Chinese automakers are on hold. This decision reflects concerns about Chinese automakers accessing the US market through Mexico, potentially circumventing tariffs and other trade barriers.
The move is attributed to pressure from the US government, particularly the Office of the United States Trade Representative (USTR), which aims to prevent Chinese automakers from entering the free trade zone established under the North American Free Trade Agreement (NAFTA).
The Mexican Economy Ministry declined to comment. The office of Mexican President Andres Manuel Lopez Obrador did not immediately respond to a request for comment. A White House spokesperson affirmed President Joe Biden’s stance: Chinese vehicles threatening national security won’t inundate the US market.
"At the opening of the forum, the director of EL PAIS America....[newspaper].
WITH THE RECENT ANNOUNCEMENT of T E S L A 's arrival in MEXICO...."
https://theusaprint.com/lithium-sun-and-electric-cars-this-is-how-sonora-plans-to-be-the-silicon-valley-of-renewable-energy-the-usa-print/
[2] Earlier Ref: "SONORA: MEXICO'S S I L I C O N VALLEY of clean energy."-Mexico News Daily.
Comment: Old timers would like to know what the plans were LoL for Sonora as "THE SILICON VALLEY" for renewables.
In the USA print, SONORA was mentioned for the resource. So, DL and Phalen et all then were right. However, if what Mr S @BCN CEO said in El Pais late last yr has still NOT changed, then it was known even then, that UNCLE SAM would NOT allow it. Why? SONORA is TOO CLOSE to the US border. It was said then, it was a national sec issue. It was discussed on the forum I think but if interested, search for it as I am off for lunch. That is all. I posted as this was the plan and something old timers of REM plc said was the most practical.
They odds are stacked against the MEX GOV, it seems obvious Ganfeng were their best way to having an industry:
Lithium Americas Plunges After Shares Sold at Steep Discount
https://ca.finance.yahoo.com/news/lithium-americas-plunges-shares-sold-133628815.html
I'm not sure how they think they could improve on what Ganfeng have to offer $1bn - $3bn, mine, processing plant and recycling plant - plus they are the world number one lithium metal producer as well as forty lithium compounds in production.
I would say a dead cert battery production would be on the cards now.
The problem is the autocratic narcissist and the way he weakens the judiciary and manipulates legislation:
https://apnews.com/article/mexico-president-projects-rushing-mistakes-lopez-obrador-1d287dc9ebf4872ce7ef9e742a2bc232
On Wednesday, his party pushed through the Senate a law that would prohibit judges from blocking government projects, even if citizens file appeals against them.
Have a read to understand what we are up against, and a typical project AMLO decides will get done and Durazo is implicit.
https://apnews.com/article/mexico-train-environment-climate-rewild-biodiversity-812e0f33dea38eb41220025afdcef2fa
-----------------Last part to the REM story & Sonora------------
From the horse's mouth to El Pais, 24.10.23 [there is NO further articles from BCN'@ Mr S, so El Pais is the latest available]. Two statements from CEO of BCN: [1] Ganfeng : Sell Sonora. [2] Work round the implied "objection."?
Ganfeng's latest financials: Await legal counsel's advice on Sonora.
SEVERAL POINTS OF DISCUSSION:
[1] It is HARD to SELL any licences @Sonora once under a NATIONALISATION GOVT ORDER by the major@Gan.
This is well known & norm - title under "nationalisation" order.
[2] If still want to sell, can it be done? YES, still possible. But if one follows some examples in biz, it may be sold for "option" money? But of course, the major can try if they want to. Usually, option money is £1.
[3] REM Mexico is NOT selling their 30% @Sonora - the above principle is the reason as norm, per point [2]. So, REM Mexico has RNS 'ed that they have approached the Mexican govt which is the 1st step before any arbitration potentially.
[4] Who can the major sell Sonora to? A fellow major? If what Mr S said is correct, then it would appear the answer is NO from the govt.
[5] Gan JV proposal @Sonora: All Minister/s of gov will NOT comment when contacted.
[6] If sold, who is acceptable? From what Mr S said, it will be only from the Five Eyes: Australia, UK, Canada, N.Z & U.S countries.
[7] Is/was David Lenigas acceptable? Likely, given it is a UK co @REM plc, London and DL is Australian & Brit as well.
[8] Where is Mr S? He has been appointed executive director of an ASX co called Parabellum Resources, Mkt Cap A$3m on 9 Nov 2022. The non-executive Chairman is Mark Hohnen. This co is in REE, Mongolia. Mr Hohnen was from BCN.
[9] Mr S, per Companies House [active] is CEO of BCN. Mr S nationality on public open file at Co House: "Nationality: Australian". Training & profession: Mining Engineer.
[10] If the major wants to SELL per Mr S of BCN @CEO, then it could be sold to say, a fellow major and that may be also subject to approval or not depends on the agreements/s if any.
[11] From recall, DL said it was legally structured that REM MEXICO can SELL the 30% JV@Sonora licence to anyone they like.
[12] The 1st likely candidate? REM Mexico can sell to GAN, the major but if they did want it, they would have offered
at the same time as the BCN takeover or later but nothing to date.
[13] GAN can also per textbook theory SELL TO REM MEXICO. Again, only DL will know what is in the agreement/s.
QUESTION:
Will Sonora ever be developed, JV'ed? Yes, if text book and history of other projects go, it is possible. Who will be acceptable? That will remain to be seen. There is a lot of news passing through that the Middle Country may be subject to "sanctions" & this comes from the Uncle Sam administration? I just saw the headlines late last night so will check today.
It will take some time before any news is out, so, that's all from me. Mon, 22.4.24.
I think the Mex gov under Morena will want to take possession of the Sonora clays for as little as possible, there's no one reason they have given for the Ganfeng and REMM concessions, the mining laws, spend, environmental and the next obstacle will be the open pit mining ban:
Claudia Sheinbaum, a presidential candidate with a clear lead in polls and a member of López Obrador's Morena party, has already made promises to push for the ban.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/mexico-s-push-to-ban-open-pit-mining-likely-to-outlast-l-243-pez-obrador-s-term-80738199#:~:text=Indeed%2C%20the%20open%20pit%20mining,recent%20polls%2C%20according%20to%20Reuters.
My view is their plan is to introduce the open pit mining ban and then develop the Sonora open pit mining using the military to circumnavigate any environmental requirements and little exposure to the media - if you look at the projects AMLO has rushed through involving the military.
There's 500 plus Amparo's from mining companies in place!
Whatever happens AMLO has to come out smelling of roses if its within his term if not then Claudia Sheinbaum will only continue under his influence.
I'll take international Arbitration as the Mexican gov seemed determined to miss an opportunity rarely seen in a lifetime to have a robust industry supporting EV's and Storage.
IMHO
P.S.
Australia is part of the 5 [[0]] =Australia, Canada, UK, New Zealand & US.
--------------Question: So is David Lenigas, an Australian acceptable to the Mexican Govt?-------
Ref: From the horse's mouth @BCN below in the article from El |Pais in English?
I have NOT told David Lenigas yet @Twitter or sent him the article from El Pais, 24 .10.23 as I just saw it tonight.
Ganfeng, a/c to |Mr Secker, CEO of BCN wants to RE-SELL SONORA now?
Who is going to buy it from Ganfeng?
Who is acceptable to the Mexican Govt from what Mr Secker himself said in El Pais above?
LoL As they say in school, should have looked before jumping in, eh?
Its like a Bond movie LoL.
I will leave Barksy1 to tweet to DL if she choses to as she is the team leader of the 5p London party.
Nice surprise for David Lenigas as he is the right nationality ie Australian and perhaps why Elon accepted for REM to be the lithium supplier to Elon of Tesla. Why Australia? Well, its a neutral country and I am sure Uncle Sam wouldnt mind Australians owning Sonora? Isnt life strange? News, Sun, 21 Apr 2024.
[1]----"Bacanora Lithium: Nothing is off the table in fight to defend Mexico concessions."- El Pais, 24.10.23----
Link: https://english.elpais.com/economy-and-business/2023-10-24/bacanora-lithium-nothing-is-off-the-table-in-fight-to-defend-mexico-concessions.html#
"...We believe from a MEXICAN point of view, it would be BETTER to have a LITHIUM HUB IN SONORA, where they could have their own lithium, producing their own batteries, supplying to their own vehicles and then DELIVERING IT INTO THE U.S." -CEO of Bacanora Lithium, Mr S.
"Suggestions that Lopez decision to CANCEL THE CHINESE CONCESSIONS has been INFLUENCED BY THE U.S, Mexico's top trading partner, are nothing but conspiracy theories. I have heard this that before.... ----------THERE HAS BEEN P O L I T I C A L MOTIVATION FOR THIS, and we just have to work round it, the executive concluded."
-----[2] "Ganfeng open to Mexico venture on canceled lithium mine."-Mining .com,10 Nov 2023.
https://www.mining.com/web/ganfeng-open-to-mexico-venture-on-canceled-lithium-mine/
"MEXICO'S ECONOMY MINISTRY, ENERGY MINISTRY & THE PRESIDENT'S OFFICE DID NOT REPLY TO REQUESTS FOR COMMENT."
"SECKER, CEO OF BACANORA LITHIUM: While the preferred outcome is to DEVELOP THE SONORA project, ---------GANFENG WOULD -----------EVENTUALLY OPT TO SELL THE SITE. --------------No one is going to invest a billion $ unless they have some kind of security..."
Comment: The above is as Phalen and others on REM forum said: it is easier to be at Hemlo and then trucking them back to the USA from Sonora. 2nd: WELL, GANFENG WANTS TO RE-SELL SONORA per Secker above. 3rd: Well, it is the US per Secker? 4th: DL is not Chinese LoL, so possibly pass.? Too late now though since REM's bid was rejected at £1 by BCN?
HISTORY NOW.
JV WITH MEX GOV - as above article - appears no progress on that re: GAN/ So, latest GAN accounts , they are waiting for counsel's advice but so far no sound yet. So, that concludes the HISTORY of Sonora until as and when. That 's all folks. Thank you. News, 21.4.24 [Sun]
[1] ROAD PIC OF SONORA DATED APR 21, 2021 @BACANORA LITHIUM ON TWITTER POSTED BY THEMSELVES:
Link: https://twitter.com/BacanoraL/status/1387280538109624321 [See detailed tweet]
[2] "BACANORA LITHIUM & GANFENG ANNOUNCE TERMS OF POSSIBLE CASH OFFER FOR BACANORA."-DATED 6 MAY 2021.
https://twitter.com/BacanoraL/status/1390275707914313728 6 May 2021.
[50 replies in the thread. LoL- 1 of the posters here is repeating the same thing he said on this forum. ]
[2nd and last tweet AFTER the above tweet with pic. So, ---------15 DAYS LATER-----------OFFER.
This is the last Bacanora tweet and pinned].
If I were the Mex gov, I would take up the Ganfeng offer - even where the grass might seem greener!
https://www.mining-technology.com/news/lithium-americas-thacker-pass-project/?cf-view
Lithium Americas launches $275m offering for Thacker Pass project The company intends to sell 55 million shares at $5 each through the offering.
The commencement of Phase 1 production is targeted by 2027, with the lithium produced expected to qualify electric vehicles for consumer incentives under the US clean energy tax credits programme.
Last month, Lithium Americas secured a conditional commitment for a $2.26bn loan from the US Department of Energy to construct processing facilities at the Thacker Pass mine.
That was all on the table for Sonora and would have been producing by now. Not forgetting Ganfeng were involved with Thacker Pass and took on Sonora, likely due to Trump rhetoric at the time.
Good@jimb2
I thought about posting for some time but this Sunday, I decided many people who went to the 5p party may never find out so perhaps I should post it on the open forum so that folks are aware that the 5p REM London party figure was not pie in the sky kinda of cals. In fact, had there not been talk of nationalisation, it would have gone for the price nearer US$400m as mentioned by DL vs US$391m offered by the major for BCN. So, 5p was modest given 2.25p was £90m market cap which REM hit at one stage ie 2.25p. DL did his best but history records that there are many stones on the way. In my view, DL was smart to rush everything. Maybe, he knows that slowly, slowly might have an opening ie excuse? But that is up to the other side what they decided. But the moral of the story ends with: UP TO US$600 BILLION is something out of this world. Even Solgold's Cascabel etc is valued at $150bn and Solgold's mkt cap even today is £288m @9.6p [52 wk high 20.61p and low 5.67p]. So, the decision to DO road clearance was all not up to REM by then. The gov said that Sonora was NOT progressing the project kinda of thing and that it was for SPECULATION. Whether the chefs at Sonora can win it back, one doesnt know as that will await further developments. But if it goes to international arbitration, it will cost many millions because it will take at least 2 years to the final hearing at the earliest. It is going to be tough to argue it out and that will take some arguing with precedent law case quoted if any to prove it was not speculation. It is norm in Courts, just saying so is not enough and where is the PROOF? Ah, that is another day in Court. However, IF KDNC could put in the claim with the govt, then I am sure DL got it covered ie they did the scoping study, got Tesla off-take which would have opened the doors to capex and Seeking Alpha USA said so. Even Seeking Alpha was impressed and stunned that a small co like REM could get Tesla off-take, the No 1 electric car co in the USA. So, looks as if REM Mexico has enough proof they intended to take the project forward given DL went to one clay lithium based co to find out how to do the roasting for clay. Otherwise, the gov would not even entertain the submission by REM Mexico nor would Clifford Chance, such a world renowned global law firm have taken it on given they would have egg on their faces to even attempt it with the gov saying it was for speculation, hence taking back the Sonora licences. Anyhow, hope it turns out for REM Mexico . But I hope knowing the story HISTORY NOW will help to fill in the missing bits. Thank you. News, Sun, 21 Apr 2024. Nothing more to say after this.
Yes @News
I do recall