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I think Our claim will be backdated to time asset was taken. You could argue when that was. But gold price would be lower. Anyway i think alot of our gold was economic at much much lower prices.
This isn’t bad timing….
https://www.share-talk.com/gold-reaches-new-peak-amidst-rising-tensions-in-the-middle-east/?utm_source=newsletter&utm_medium=email&utm_campaign=Share+Talk+Newsletter
Especially when the counter party have suggested 7.2Moz in the disputed earth…
I will have a look for fun.
The aim admission documents also had info on site which i read
You can look at the area on Google earth..I used the map on pats website to pin point..that was part of my initial research.
Copper is a nice to have. We would need to know it could be economically recovered, so not putting that much on it. Nees a dfs.
The document earlier showing how close we are to infrastructure:Airport, rail and major highway was interesting.
If we can use grid power via a connection rather than humping diesel around that is also huge to reduce costs.
Some of these mines in africa are in really remote locations ( we lucked out with this deposit)
Np.
If i invest i always reach out to the CEO. We are handing over our money so we need to know we can get responses.
The CEO has been great so far.
I think his experience of directly dealing with India in the past is key.
Gallmat..that's great info!..First pints on me!
There has been some discussion that we cannot move to next stage until we have waited 6 months.
I have checked with ceo and this does not apply. Per the email below. So the decision on when to move to the next stage seems to be in our hands!!
Hi Mark,
The provision cited in your email below is Article 13(2) of the Australia-India BIT, which is a requirement that applies when there’s a dispute between the contracting parties, i.e. between Australia and India
This dispute is between an investor (Indo Gold) and a contracting party (India), which means Article 12 applies. Under Article 12, there is no codified minimum period.
Thanks
Mark
Lovely spot, Prof.
*chef's kiss*
"Thus, the underwriting and due diligence process for a litigation funder may often include obtaining a damages expert’s opinion, in addition to legal experts who might be asked to address legal questions regarding the case.
In the Indo Gold example, Indo Gold’s parent company Panthera Resources PLC in its stock exchange announcement on 25 August 2023 described the underwriting and due diligence process as a “detailed examination, supported by advice from multiple legal, mining and valuation experts.” With a litigation funder involved, the chances of success of a claim can only improve by reason of this rigorous assessment by the funder".
PERFECT
https://www.businessnews.com.au/article/The-use-of-disputes-finance-in-international-mining-disputes
Pretty relaxed about today's RNS - it was delivered on schedule when expected, with a resource update at Bhukia and confirmation that the threshold for submitting the notice of arbitration hasn't been met. There's a pretty large elephant in the room regarding why the notice of arbitration hasn't been issued, but given it can only be issued in the absence of meaningful correspondence from the other party, either PAT has received engagement from GoR or they are waiting for the auction to happen.
I suspect the latter, as it would be reasonable to submit the notice of arbitration as soon as Bhukia goes to auction, as that effectively closes down any opportunity for amicable resolution.
At this stage, I see 3 potential next steps:
1. GoR proceeds with auction on 2 May and NoA issued by PAT.
2. RNS issued at some point between now and 2 May with settlement, and auction proceeds without dispute hanging over it on 2 May.
3. GoR delays Bhukia auction to date TBC pending outcome of settlement negotiations with PAT
Personally, I think it's going to be 1 or 2 (and a coin toss as to which), but there is no likely scenario where PAT is rebuffed and no NoA is issued IMHO.
Also, given that LCM are in the driving seat for the NoA, it's unfair to criticise PAT for inaction this quarter. They are playing it by the book.
Bottom line - it's a big month ahead.
I am sure I read somewhere that the Rajasthan mining department said in addition to the gold ( and other minerals) over 173000 recoverable tons of copper in bhukia. Not sure how you would price that in.
Shearclass
Absolutely spot on in your last post.
I forgot to add in my previous post that it's worth noting that some if their large mining companies want to do business in Australia too and its a total embarassment for India in the mining world.
Kitrash.
The RNS is perfectly fine. This is an arbitration play that might take 3yrs to complete unless we settle early. Nobody can do anything until the process formally kicks off.
If the ceo was on a beach having a pint i would be delighted
Kitrash, do yourself a favour and read some of the posts today before making such unnecessary comments. For one thing, the resource size in today's RNS is now 7.2moz vs 6.7moz in prior releases, so that is relevant and highly material new information for a £12m market cap.
I'm glad that the collective view agrees with my first impression at 7.30am, companies that go into these scenarios like a bull in a China shop aren't going to come off well. It needs to be managed in a highly professional manner, which is why you need experts like LCM driving things.
It's all moving in the right direction as far as I'm concerned and we are steadily building a solid community of shareholders who hold a similar opinion. The next key date is 2nd May for the Bhukia auction, between now and then there is a window for a surprise RNS which could be utterly transformational given the market cap. Impossible to say what the likelihood of a deal being reached is, but I'd say it's a fair bit higher than it was last autumn. If no deal is reached, then we'll have the NoA and claim quantum.
This has to be the most useless RNS yet posted by PAT. Stating everything that's happened in the past. What are the BOD doing except sitting on their collective a..holes? For goodness sake, the shareholders are pi..ed of with the lack of useful information. Get a grip BOD and the lawyers who are being paid quillions to get a result.
For me it’s a case of holding tight and patience
They have had a reputation if ending up in international arbitration and would want to avoid that. I think they will bargain hard on any settlement but in the end PAT will have its way as, reputationally, this will indeed be very bad for India
1. We would not sell.
2. How would it look if you buy people suing you to stop process
Why don't the Indian Government just buy PAT?
Would be a bargain even at 5-10 times the current SP!
Ie..xxx millions for share holders & the rest ' confidential' ...if this is possible?
I agree with most posters here.
We are most likely in negotiations.
If not we have/will issued a strict time line to either come to the table or we issue the noa.
Imo I think the GOI would want to keep any early settlement confidential. If this is at all possible I haven't a clue.
.Aslong as we get a special dividend, its fine by me.
Agree with Shearclass that it appears there is at least some dialogue going on between the 2 parties which is positive. If there was zero response and GOI were not even willing to respond after 3 months then LCM would not be waiting a further 3 months to file the arbitration claim. 6 months is just a reasonable amount of time to come to an agreement when you are in dialogue with each other and if you cant agree within that timeframe you never will. If there is zero dialogue it doesn't matter if you wait 1 month or 10 years it isn't going to make a difference.
i agree that we will not delay activating bit based on promises. i only think negotiations can start with this running in parallel.
not making a fuss about our claim while they are auctioning also makes sense.
in general we do not want a big hoo hah in india if poasible.
not ******* off the other side is important. in the end negotiaton is about finding the least worst outcome and agreeing.
so as annoying as goi are we still nees to take the moral high ground and keep negotiation open