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I am going to try and switch off a bit.
This situation has so many permutations that it is so interesting to think about, but ultimately i am not sure digging gets us too far. All up to the lawyers now
Agree sit back for a while. Looks like the early settlement is out the window using current available info.
From a personal point I could do with this ticking up some what by the end of June.
I noticed it looks like 4 weeks from end of auction before first payment.
Lots of ifs & buts in that doc that Matt linked us too. I have no experience with analysing this type of auction but seemed a bit 'shabby & lacking in detail for somebody to spend a billion plus dollars on...
Agree on some great digging. I do need to lengthen my time horizon.
*sliver
Thank you for all the digging and information shared on the board today. I am trying to stay leant back in my seat till there is a piece of real news, but I can only think that the PAT team dont want to file the claim till after the auction so there is no claim in the paperwork to deter bidders - presumably with an eye to gaining a quantum of the Bhukia worth via the bidding process prioir to submitting the claim.
Not quite as long here as you Edhellas, but around 3 years and a sliver lower average buy price.
I have been hear 12 months never seen a TR1 sell...though I would blame any of the BOD if they did considering reduced salary.
My thoughts are West Africa pretty much cover my stake ( there or there abouts).
You need to chill, why not just invest with a 3 year view and see where it goes? The story hasn't changed in the last 9 months, in fact it's got significantly better with the auction development.
Without the auction I'm almost certain the NOA would have been filed, but I can completely understand why you'd wait for clarity before kicking off the process.
I strongly believe that anyone selling at this level will look back with huge regret down the line, and with markets improving there is plenty of hot money to chase this higher a la FCH and many others than have doubled or better this year.
I've been in for 3.5 years now I think, bought at 33p. Averaging 10p currently.
At this point I'm completely indifferent to the court case. I know we have a very strong case and some good backers. And PAT are always behind schedule. Learned to sit back and be patient
Is anybody else feeling strange. I wake up at 6am and my first thought is "i wonder what is happening in India"
Not sure this is good for my health :) how is everyone else enjoying this?
Did you notice hindustan mining has bought adjacent land to the mine area...
Thanks @ matt.
I agree it is interesting they have rejected us and we have not moved on.
Quite the saga this.
The one Matt posted is from
Reply of Pre-Bid Queries Pursuant to NIT dated 06-03-2024 (Gold Blocks)
https://mines.rajasthan.gov.in/dmgcms/page?menuName=QdpQ6vUZUuo;455611;O16ylVRa4Q==
Well thanks again I wasn't expecting all that !
Only date I see on a quick scan is 6th of March( referred too). & reserve price 4% of spot ( I think)...
Not that I can see with a quick scan, I’ll have a better look later. If I can find the webpage that the pdf link is on, it may be on there. That link on Google images goes straight to the pdf itself
Thanks Matt!..is it dated?
There’s plenty more to read, I find number 3 interesting though, this means Pat has received the rejection already? So the NOA should be here any time?
Reply;
1. No further appeal has been filed by MMIPL in higher bench
2. The department has no information in this regard. However, a caveat has been already filed in Honourable Supreme Court and Double Bench of Honourable High court
3. Indo Gold, an Australian Company the joint venture partner of MMIPL has sent a notice against breaching the Indo-Australian treaty. The reply of notice has been sent and said claim of the company has been rejected by Government of India.
4. Beyond the scope of Tender Document.
It’s a document with bidders queries, there’s a fair few questions in total. On the first section after a few facts are stated, the first 4 questions and answers goes like this ;
1. What is the present Status of the matter after case of MMIPL was dismissed by Rajasthan High Court?
2. Whether MMIPL has challenged the Order of Rajasthan High Court dated 27.09.2023 in Hon'ble Supreme Court? If yes, what is present status?
3. Whether MMIPL has moved to any international Arbitration/Court after pronouncement of Judgement by Rajasthan
High Court dated 27.09.2023?
4. Please provide more information on 'treaty' between the Company (IGPL/MMIPL) and Government?
What is the possible implication of outcome of any Court settlement or Arbitration award/settlement on
process auction and later on Preferred/Successful bidder with mining lease?
This clarification will help bidders to know about any litigation annexed to the Bhukia Gold Blocks and about its implications in future.
Don't know if anyone can help with this one
Google ' bhukia mining auction preferred bidder'..then go to images there is a document which I carnt seem to open link to or focus in on to either read or translate
This asset seems to be so good, sure the big boys will not care. Most likely they are cosy with all the key officials so they probably are not scared
Personally i want the auction to happen.
1. The act of taking bhukia is complete
2. The gov has a valuable royalty stream.
Maybe a new voice of the bidder can help get a settlement. Offer to give GOI money to settle with us for a reduction in the royalty.
Everyone wins. If you win this auction and gov looses the case they could do strange things in the future so you might want to assist in resolving it.
It would be really good if it meant..nobody would bid until the small arbitration problem was solved!...doubt it though.
It just means it’s not the purpose of the tech data docs they’ve had to cover the arbitration that’s likely.
I suspect they have covered it with bidders in other conversations.
What does "beyond the scope" actually mean though? Are they still in denial about our legal case or simply fobbing off bidders over the merits of our claim? Many thanks.