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Bad journalism is quite frequent. Might not mean much
I'd suggest you can read that article as the MDAs are now close to being agreed on and signed off ..
'AG Thabo Chakaka Nyirenda said his office cannot sign the agreements without proper consultations.
He said the government would like to benefit from these agreements hence the delays.
“We needed to sit down and reach an agreement with the companies before signing the agreements. Otherwise it could be unwise to regret after the MDAs have already been signed,” Nyirenda said.
'needed' not 'need to'
It wasn't the Ministry of Mining that made the 'middlemen' comment It was a member of Parliament on a commiteea contreversial member of parliament at that...
Well if they're going to try and restrict free trade then they'll neve get anywhere.
You've gotta go along to get along, yes?
I feel for them but they're simply not in a position to play hardball - the likes of MKA/USA will simply go elsewhere if the deal is not agreeable.
Again, you take the dirty IMF/World Bank money and you're done for ...
The MDA and Mining Licence are where Malawi would place any restrictions on sale, partners etc, if there's a genuine concern MKA are "middlemen".
It's a shame that article yesterday was so incoherent.
Presumably MKA would have had to put out an RNS if it meant material delay.
Unfortunately for Malawi, as soon as you take the IMF/World Bank money you're done for ...
There is no viable plan b for this company. after all the time and money spent on songwe they just have to get this over the line. that's it. find a way
Silver did you read the press release from malawi?
They dont trust us, they think we are middlemen and trying to offload it once mda signed
We are asking for 10 years exemption from corporation tax
Alex lemon said in the most recent call, this is the biggest investment into Malawi in over a decade
Maybe it will involve infrastructure too, US seem to be heavily involved now in Malawi.
As much as we would like this to conclude, it is a vital project for Malawi and the new government are playing hard ball because they cannot afford to get this wrong
Malawi is in trouble, their debt has risen to $1bn USD, they are frequently now bailed out by the IMF, in the last 3 years inflation has crushed their economy, rising and currently at 28%+, also they have no FX reserves, no access to fuel / constant shortages.
When you take into account all of the above, and the fact we are clearly playing hardball (and do we know if we are not middlemen, we dont know if we are planning on flogging the 'package') then you can see why this could take up to 2 years perhaps.
I hope it is concluded soon and a deal that benefits both Mkango and Malawi
They have to make progress on the mine in malawi. two thirds of the companies business plan need the mine up and running. recycling alone will not move the share price
£750k cash = 6.9p hard bottom then.
C7.4p hard bottom then - that's not enough to justify profitable churn from printed shares at 8s so perhaps it's just a matter of keeping people bored out of it while it goes sideways.
BTW - Neodymium has broken out of its long-term downtrend to my eye:
https://x.com/bonker_99/status/1712432219053031487?s=20
Spent £1m on HyProMag in August (completion)
£350K was it for the wind turbine project?
2.5m euro of that cash position will be the loan to HyProMag Germany actually
So maybe £750K or thereabouts left?
Should find out end of this month
Think we had £4.5m at the end of June 2023
£1m has gone to HyProMag + £1m stock (1 year lockup)
May be other outstanding funding requirements, the windturbine project, that cost us a few hundred K?
Id love to see £2m in the bank perhaps more
How much cash on hand do you reckon they have right now?
They want (or already know that) it's going to 7p first.
Gobsmacking news IMO but something not right about this lack of volume - someone knows why of course ...
Amazes me this seller, it has to be a Tr1 (some one with at least 5% I would say)
When there are say ~80K in buys, but could be over multiple trades, boom an 80K block sell goes out. Same 100K in small buys 20K 10K 5K 5K etc. etc. get to 100K in total buys, boom another 100K block sell goes out. Been like this for most part of the year. Soon as they are out we can lift off here as the news has been tremendously positive since the placing which was at 12.5p!
WOW
This is brilliant news and shows the scale of the interested parties we are dealing with. Having government backing (and potentially offtake) will resolve all funding challenges.
Good to see HyProMag named and detailed on the US State Department website.
Text is the same as the UK government press release but worth highlighting again in relation to HyProMag having its name in lights:
'the MSP partners confirmed they are working to advance the following projects...and are collaborating with relevant governmental or financial agencies of MSP partners'.
https://www.state.gov/joint-statement-on-the-minerals-security-partnership-announce-support-for-mining-processing-and-recycling-projects/
I think for me it's the silence that is deafening even an update on how negotiations are going would be good for shareholders.
That being said yesterday's announcement was great.
Hope the learn from Burundi and don't over do it. Their new mining laws made RBWs low scale mining unviable.
The requirements for local processing there were impossible, Burundi has zero infrastructure. Ghana introduced a similar scheme for ALL but its much more advanced infrastructure
Internal politicking ,it is frustrating
I noticed Mkango linked in the US embassy again and the US announced $40 million funding for Malawi private sector projects....reckon Songwe fits with US plans and could be one of the 7 rare earth projects....
Well, sometimes the simplest reasons/motives are also the correct ones.
Again - not saying this applies in this country - but in some places....newly created local jobs, recurring tax state revenues, new infrastructure....does not come into consideration. Only personal enrichment.
IMO, the Malawi government will send a clear message as to how investible they are as a country, by how this plays out.
And quite frankly, will dispel (or otherwise) some of the above opinions that some may have, by their actions too.
Having never done any business there myself, I am not in a position to comment.
But I am sure they will eventually reach a deal with our company that shows they are a credible country to do business in. And by doing so, profit immeasurably more than they will otherwise do, should they choose the path of the basket case failed states.
Not sure what Malawi are trying to do, push out investment?? Make mining non-economical?? They could do with someone who has a basic understanding of Maths. Either that or plough a load of their own money in. Part of me would love the recycling to take the share price into orbit and Songwe go to the lions. All that time and money spent getting to this position and now Mka are middlemen??