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====GANFENG POSSIBLE TAKEOVER FOR BACANORA TODAY====
Hand has been shown today re: above. No point in keeping it under the bush anymore.
Ganfeng is buying 70% of BCN*s SONORA LITHIUM LTD [SLL] or rather more accurately 35% given they already have 50% of BCN.
In terms of licences, no co wants a minority holder like REM MEXICO LTD @ 30% holder of SLL via REM MEXICO LTD.
Example? The Cascabel licence -the main 85% holder wants to buy out the 15% holder to make it easier. This is something well known. Makes life easier as decisons can be made without reference to the minority holder/S if any?
So, interesting as to what happens next?
The prize is Sonora, Ranked No 1.
Thur, 6 May 2021
Cadence Minerals Plc owns 30% of Sonora via REM Plc Mexico Ltd.
Whether Ganfeng makes an offer to KDNC for REM Plc Mexico Ltd or NOT, it does not matter.
If they dont make an offer as and when, then the Bacanora -Ganfeng Takeover Offer today, 6 May 2021 appears to provide a M & A BENCHMARK FOR SONORA LITHIUM LTD [SLL] that holds the Sonora deposit [Great Sonora, Mexico].
By the way, the deal [BCN -Ganfeng] deal involves a lot more complex maths given BCN has already paid for their BCN shares earlier [+] plus BCN has already provided part Capex [-].
I have done my own sums.
By the way, I posted on this forum but it was done from a commercial view point. When it involves one*s money in any investment, one has no choice but to be realistic rather than ...
I personally think Mr D.Lenigas played a blinder. Why? Now, REM plc Mexico is in play without having to pay for capex but has the advantage of BCN M & A Benchmark. If Ganfeng dont want to make an offer for REM Mexico Ltd [holding co], its OK as the Sonora project could become more $$ once production starts. REM Mexico is NOW FULLY IN THE SEAT AT SONORA WITH 30% SHARE.
That*s my view.
News, Thur, 6 May 2021
Yup, from my last post from Proactive Investors UK today, it is S O N O R A that Ganfeng is interested in [see the Proactive article].
Per D. Lenigas*s tweet from years ago which I posted on this forum recently, he said its 100 BILLION BUCKS.
£221 m / 100b= 0.221%
10% of 100b= $10b
1% of 100b=$1b
1/2% of 100b= $500m.
For illustration only.
DAVID LENIGAS
He was supposed to have put across the idea of REM plc [then, historical now] of 5p for REM.
At 2.25p [high], REM had a mkt cap of £95m.
So, at 5p= £211m [illustration as implied].
===
BACANORA has offered 67.5p = Implied £223million.
Current 57p=£190m MKT CAP.
My comment:
It is interesting that 70% for Sonora +100% BCN comes to £225m.
Ganfeng will still NOT OWN 30% OF SONORA LITHIUM LTD [REM per on the original agreement] but only 70% if they take over Bacanora Lithium 100%.
Thur, 6 May 2021
For discussion only of the historical.
PROACTIVE INVESTORS article just out:
"Independent directors at Bacanora said the offer is attractive and that they would expect to recommend it once it becomes a formal proposal, something that requires approval from the Chinese authorities."
"Ganfeng already has a 29% stake in Bacanora AND ALSO A 50% STAKE IN S O N O R A , the
junior miners LITHIUM DEPOSIT IN MEXICO."
https://twitter.com/proactive_UK/status/1390295296639442946 Thur, 6 May 2021 [21 mins]
Anyone notice the difference in the BCN RNS from the past re: rejection of REM plc offer of £1 for BCN vs BCN RNS of today, 6 May 2021 about a "Possible offer for BCN?."
BCN did NOT state as they did for REM plc that they rejected the offer or some such like phrase as I recall [long time ago]?
So, what is the BCN take on the offer?
Notice it is a "Scheme of arrangement", 50% premium and the dates 6 June 2021 and 31.12.21?
For discussion only.
DAVID LENIGAS, FORMER CHAIRMAN OF REM PLC [NOW KDNC]:
In reply to a Question: " Just Bacanora share as I read it.
GANFENG WILL PROBABLY WANT TO EVENTUALLY OWN THE WHOLE OF THE SONORA LITHIUM DEPOSIT - So I will be watching Cadence Minerals with more interest."
@1:12pm, Thur, 6 May 2021
https://twitter.com/DavidLenigas/status/1390278226400980992
--
Comment:
D.Lenigas has a commercial outlook hence his answer.
Thur, 6 May 2021
Re: My last post below:
---------PREVIOUS THESIS ON SONORA LITHIUM LTD [SLL]------
BCN 70% KDNC 30%
Post Ganfeng 50% share of BCN: SLL 35% BCN, GANFENG 35% & REM-KDNC 30%
Illustrating 30% by REM plc [original name on agreement] means that REM is a big player in SLL.
Hence, if Ganfeng takes 100% of BCN = 70% GANFENG vs 30% REM plc [now KDNC]
One to wait and see what is going to happen next?
News, Thur 6 May 2021
---------WHAT HAPPENS NOW TO KDNC PLC??----------------
Stage 1 production is 80% on Ventana only.
20%?-Balance?
----SONORA LITHIUM LTD [SLL]:
-Originally: 70% BCN vs 30% KDNC [REM plc]
After 28.8% Genfeng stake in BCN = 50% of BCN, SLL NOW:
GANFENG 35%, BCN 35% & KDNC 30%.
------GANFENG OFFER NOW FOR 100% OF BCN @67.5p, Thur 6 May 2021----
Next piece of interesting development?
-----
Comment:
As I said on this forum, it is SONORA LITHIUM, NO 1 RANKED that is of great interest naturally.
News, Thur, 6 May 2021
DAVID LENIGAS, FORMER CHAIRMAN OF REM PLC:
"Amazing for Cadence Minerals. Bacanora being potential cash bid by Ganfeng at 67.5p a share. I started this whole venture at SONORA. So chuffed, Cadence owns about 30% of about 70% of the MASSIVE SONORA lithium project. Now 800lb gorilla partner."
16 mins ago, Thur, 6 May 2021
https://twitter.com/DavidLenigas/status/1390271878701749760
P.S.
Yes, there was a tell-tale. Ganfeng is about to take a 29% approx stake in BCN.
I have to re-check the exact amount later.
Just as REM took at 20% stake [direct] in BCN on the Canadian exchange and per DL, our Founder of REM plc then [historic], he said over in Canada the T/O rules are different in that it only needs 20% to make an offer.
Thur, 6 May 2021 @12:55 noon
News just out that Ganfeng is offering a possible 67.5p in cash for Bacanora Lithium plc.
LoL - Bacanora Lithium = SONORA LITHIUM, MEXICO
HL is showing 55p/57p advertised price +25% , MKT CAP £201.8MILLION.
REM offered BCN years ago £1 for their co/
Interesting.
Thur, 6 May 2021.
DYOR
Not surprised as it makes corporate sense given Sonora is No 1 ranked as discussed and what I was interested in posting on this forum and on REM.
CADENCE MINERALS PLC - AMAPA IRON ORE PROJECT
FOR THE AVOIDANCE OF DOUBT - Alan Green in his Xmas 2020 mention of Cadence Minerals, he said that Cadence had taken a RECENT VALUATION OF AMAPA iron ore project. Later, Kiran Mozaria , CEO of Cadence stated in his more recent interviews [put up on Cadence Twitter] that Amapa US$600 MILLION.
I quoted EXACTLY what Mr Mozaria said and again IT WAS NOT AGREED- on the main Cadence chat forum, it was said that it is US$1.2 BILLION or rather appears that it should be US$1.2bn.
Mr Mozaria took AN OFFICIAL VALUATION of Amapa and he said US$600m which is 100% of the project. It is norm that such an official valuation can only be done by a Tier 1 investment bank within a top ranking. This is norm as it would have to be included into the CADENCE ASSETS listing although Cadence has NOT yet earned the 1st 20% stake in Amapa subject to the creditor banks agreement. So, as and when the said agreement is signed, no doubt this valuation will go into the books [balance sheet note] of Cadence.
VALUING CADENCE MINERALS
In order to get a picture of the value of Cadence, it is helpful to look at the OFFICIAL FIGURES given by the co etc. The MARKET, no doubt will also be doing a valuation of Cadence.
To be fair, I tweeted OPENLY to CADENCE at the time of the Q & A and said that the forum had put a share price of £5-10 when the share price was some 24-25p approximately. Kiran Mozaria, CEO of Cadence via Vox Podcast NEVER confirmed the £5-10 share price forecast.
If one upgrades the figures to what one thinks it should be, then of course, the share price forecasts on the back of the envelope could go to some big ££.
FOR THE AVOIDANCE OF DOUBT ------I INNOCENTLY QUOTED THE OFFICIAL FIGURES AND "NONE" [universally meant to be the ones of importance eg BANK VALUATION OF AMAPA etc] OF THEM HAVE BEEN AGREED ON THIS FORUM.
-------SO, NOTHING TO DO WITH ME. I TEND TO BE CAREFUL TO QUOTE ONLY WHAT IS
OFFICIAL FIGURES or links to articles and preferably 2-3 if I can find them.---------------
-------SO, I TAKE MY LEAVE WITH THANKS. ON MY PART, I AM TRYING TO PUT THE OFFICIAL FIGURES ETC TO GAIN A PICTURE OF CADENCE NOW AS OPPOSED TO REM THEN. So, I posted the figures here so that there can be discussion but it has turned out otherwise.--------
News, Thur, 22 Apr 2021.
I have not looked at this forum for some time as I do not think it is helpful to go to and fro.
However, I am glad I did look in and posted for AVOIDANCE OF DOUBT AS BELOW.
DYOR.
"DAVID LENGIAS"
"Lenigas was educated at Brisbane*s Boy College &
KALGOORIE SCHOOL OF MINES graduating with a Bachelor of Science [Mining Engineering] with Distinction from CURTIN UNIVERSITY School of Mines, Western Australia."
Source: Wikipedia [Put the title into the search engine to read]
----
BARKSY1
On the main KDNC forum, I think I recall it was Barksy1 who posted a link to a Proactive Investors article on M & A or another person? I did see Barksy1 post a link.
I read the article and it was ABOUT LITHIUM M & A re: the recent Ocb-Galaxy deal.
It was also mentioned that on the LONDON MKT, there is ONLY Savannah , Bacanora Lithium of Sonora & European Metals of Cinovec fame. As I pointed out much earlier and it is obvious to the market that BOTH these co*s NO LONGER OWN 100% of Sonora or Cinovec but some 50% only. So, Alistair Ford, Mining Analyst who wrote the article said there is ALSO KDNC who own stakes in BACANORA AND EUROPEAN METALS.
At this time, with the prices of lithium going up, the market IS INTERESTED IN LITHIUM.
This I stated much earlier.
That is my interest and always has been.
So, I cannot be blamed if I take David Lenigas & BCN*s Feasibility Study given that D.Lenigas is well qualified as can be seen from above. How could he have financed the drilling at Sonora via REM plc if he didnt know the difference in X or Y?
News,
Thur 22 Apr 2021.
"BACANORA - BUILDING A WORLD CLASS LITHIUM PRODUCER."
"Page 2: FEASIBILITY STUDY ESTIMATED SONORA CONTAINS
8 . 8 MT OF LITHIUM CARBONATE RESOURCES."
https://www.bacanora.com/cms/wp-content/uploads/2020/04/bcn-handouts-april-2020.pdf
------------FROM BACANORA LITHIUM [BCN] THEMSELVES VERBATIM of 8.8MT LITHIUM CARBBONATE.------------This is what BCN told Mexican press as I quoted from E & T as well---
===
DAVID LENIGAS, FOUNDER & CHAIRMAN OF REM PLC
Now named Cadence Minerals plc
With Mr Lenigas*s retirement from AIM, Kiran Mozaria is the CEO now.
8.8Mt x $12,000/t = $105 BILLION [Tomcat-14 on 14 Apr 2021 via this thread] has shown where David Lenigas got his $105 Billion from.
----FOR THE AVOIDANCE OF DOUBT: AS I STATED THE 8.8MT LITHIUM CARBONATE COMES FROM BCN THEMSELVES VIA A FEASIBILITY STUDY. -----NOT FROM ME-------
----FOR THE AVOIDANCE OF DOUBT: AS I STATED DAVID LENIGAS TWEETED ABOUT SONORA AND $100BN approximate [link given]. Tomcat-14 has multiplied 8.8Mt x $12,000 = $105 billion to show how David Lenigas got his $100bn+.
--------AGAIN NOT FROM ME - QUOTED FROM DAVID LENIGAS, MINING ENGINEER AND FORMER CHAIRMAN & FOUNDER OF REM PLC, NOW KDNC.-----------------
----SO, NOTHING TO DO WITH ME-------IF NOT SATISFIED, TAKE IT WITH THE CO/DL--------
Hope that clarifies.
News,
Thur, 22 Apr 2021.
i was just pointing out where dl got his $100bn from... ;)
Replace with:
Indeed @tomcat. $105B in ground value of Sonora RESOURCES @$12,000/t. Which of course should be taken with a huge pinch of salt in case there are any newbies reading! For reference the in ground value of the Atacama brine deposit RESERVES in Chili using the same measure is 48.5Mt * $12,000/t = $580B
Indeed @tomcat. $105B in ground value of Sonora reserves @$12,000/t. Which of course should be taken with a huge pinch of salt in case there are any newbies reading! For reference the in ground value of the Atacama brine deposit in Chili using the same measure is 48.5Mt * $12,000/t = $580B
8.8mt lce @$12,000/t = $105bn...
Indeed @tomcat. Here's a baton, hopefully you'll do a better job of explaining to @news than me! Though I suspect your patience is slightly less than mine. LoL! What we need is @Cause on the job. The best LSE diplomat if I ever saw one! ;-)
*1.650mt li... (. not ,)...
https://www.bacanoralithium.com/pdfs/Bacanora-FS-Technical-Report-25-01-2018.pdf ...
it’s on page 3...
table 1.5.1 mineral reserve...
total 243mt ore @3,480ppm li containing 4.515mt lce...
table 1.4.1 mineral resource...
total 291 + 268 = 559mt ore @3,250/2,650ppm li containing 0.947 + 0.710 = 1,650mt li... or 5.038 + 3.779 = 8.817mt lce...
you can probably see now... where the quotes you’ve used have come from... this is the drilled out reserves / resource...
Hello @news. You really need to ask for a second opinion on this if you don't trust me. It appears to me that you haven't fully grasped what "LCE" is and how it differs from the Lithium element... In summary: Salars are not mines, so don't appear in top 10 lists of mines. Some deposits are reported as Lithium weight not LCE. USGS is the definitive source IMHO and reports in Lithium.
It feels to me that you might be reading what I'm saying, but you aren't realising what it means. All I can suggest is take another read with an open mind - I certainly did that with your posts yesterday, which made me double check with the SQM source to be certain rather than trust USGS. LoL.
This link was shared with me when I asked for help reaffirming my understanding on KDNC. Please take a careful read:
https://www.savannahresources.com/lithium/lithium-overview/
I really hope it suddenly "clicks" with you, but if not, then as you say, best we leave it...
Ob
"The biggest lithium projects in the world -TOP 10."-Mining-Technology
https://www.mining-technology.com/features/top-ten-biggest-lithium-mines/
Quote:
"SONORA lithium project is the BIGGEST LITHIUM DEPOSIT IN THE WORLD." [pic caption]
"The mine is estimated to hold proven and probable RESERVES OF 2 4 3 . 8 MT
C O N T A I N I N G 4. 5 MT OF LITHIUM CARBONATE EQUIVALENT [LCE]."
"Initial mine life 19 years."
[BCN & Ganfeng mentioned as JV partners and La Ventana]
---
My Comment:
Kindly note that Sonora BCN-GANFENG*s deposit is 2 4 3 . 8 MT.
Then, C O N T A I N E D LITHIUM CARBONATE EQ [LCE] IS 4 . 3 MT.
It has ALREADY BEEN REDUCED TO ACTUAL LITHIUM, HENCE THE WORD "CONTAINED."
------
2] REM*s 2015 RNS [post below via this forum this Sun] stated " 8 . 8 MT." [Ind & Inf]
3] David Lenigas*s tweet: 1 3 MT SONORA AND CINOVEC IS 100 BILLION BUCKS.
If one minuses 13Mt from 8.8Mt = 4.2 Mt for Cinovec approx. Not sure whether DL used 8 or 8.8Mt as a rounding figure.
4] Mexican article from E & T from BCN: "OVER 8MT @250 years"
This would be the WHOLE OF SONORA INCLUDING REM 30% GREATER SONORA LANDS VIA SONORA LITHIUM LTD [LLC].
5] The Mining Technology 10 biggest lithium reserves for Bacanora at 4.5Mt [Gan JV] is only for their MINE [proposed] @ 19 years mine life.
6] TOTAL SONORA = 8.8Mt
A L L D E D U C T E D ALREADY as its a "CONTAINED" figure.
---
Your reduction of 8.8Mt to 1.66Mt has REDUCED SONORA further which NO OFFICIAL FIGURES SHOWS AS ABOVE. It says CONTAINED = LITHIUM CARBONATE EQ.
BIG DIFFERENCE?
EXHIBIT 5 OR 6
EVIDENCE
PROOF
Observer842 -- David Lenigas never gave your figure of 1.66Mt for the whole of Sonora and this is NOT in the REM RNS of 2015 nor his tweets which I posted yesterday, Sun, 11 Apr 2021.
I gave the links to his 13Mt for Sonora & Cinovec which he said 100 billion bucks.
LET*S JUST LET THIS TOPIC END.
IT MAKES NO DIFFERENCE - IF YOU THINK IT IS 1.66MT WHICH YOU REDUCED FURTHER FROM 8.8MT WHICH BOTH REM AND BCN QUOTED, THAT IS UP TO YOU.
FOR THE AVOIDANCE OF DOUBT - I Q U O T E SO MANY SOURCES & THEY ARE VERBATIM.
I HAVE PROVIDED EVIDENCE AND EXHIBITS AS SAID ON SUN, 11 APR 2021.
So, its time to call an end to this topic.
News, 13 Apr 2021.
Wanted to get a cup of tea.
Try multipling your figure of 1.66Mt of Lithium by US$13,000 mid-price for Lithium Carbonate and see what you get. It will not come to the THEN US$50bn per D.Lenigas then [REM AGM] or from the tweet wherein he said Sonora & Cinovec 13Mt is $100 billion bucks. See my post below for the links to his tweets.
??