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No problem at all. I quite like the detective work so it's no bother.
It would be good to know if this is whats going on or if it's a red herring. If it IS what's happening in the background I've got to say I 'm not that surprised that rbw have kept it quiet.Here's my take having thought about this for a few weeks.
On face value it looks like a formality. The document states that this process is being paid for by PRCIEG (local gov). Reading the full document translation again it does appear to be a fair process, justified on transparency grounds and being carried out in good faith. Burundi gov just want to check that what is being exported is being taxed correctly imo.....And importantly HAS been taxed correctly (historically).
Meanwhile we keep scooping up the nuggets, processing concentrate and stockpiling. Nothing stopping that. Once the investigation is completed, assuming its a positive outcome , then rns that everything is back to normal and sprinkle in some data on just how much juice is ready to ship. Big positive.
Reminding the market now that there's a problem that's going to take a couple of months to sort could do more damage than good.
Tk will be pushing from their side for a resolution and actually I suspect so will the Burundians. It's in no ones interests for exports to remain suspended for longer than necessary. Everyone looses out. I suspect all parties are cooperating.
Just my take. Feeling quite chilled about it. ATB LB
PS Remember peeps - rbw owns the license. Technically through a 90% subsidiary. That's a strong hand in the negotiations.
Yes, a timely reminder, thanks for translating and reposting Lovely Boy. It was a great find by Mr Tomato, but in all honestly, it shouldn't really be up to board members to go out unearthing Burundian government documents to shed light.
Surely Flagstaff and our BOD would be aware that it would steady jitters by reassuring the market that this was a review of Burundian mining royalties across the piste and not focussed just on RBW and Tyssenkrupp.
@lovelyboy. Thanks for bringing this to people's attention. I personally hadn't forgotten that this had 60 days, plus government officials, processing time to run. We might have a long way to fall yet as those who came here to make a fast buck might well lose their bottle. I topped-up today and intend to top-up again in a few weeks time. If the outcome is good I'll make a killing, if not, then ........... GLA
RE: Phalaborwa Positive Assay Results28 Apr 2021 14:25 Another good find MR St. I've translated the whole article in google and these paragraphs stood out.
Section 2 The objective of the expertise is to determine the value of the Rare Earth concentrate exported by RAINBOW MINING BURUNDI sm, after the separation of the various elements and the determination of the value of the tax ad valorem to be paid in accordance with the arrangements provided for in the Burundi Mining Code and in the Regulations Burundi mining company in this area.
Section 3 At the end of the mission, the firm is expected to provide: - A calculation document specifying the value of the concentrate of the exported Rare Earths, after separation the various elements and the ad valorem tax to be paid specifying the nature and costs of deductions according to law. - A document of the calculations of the necessary adjustments relating to the values ??of ad valorem taxes already paid. - An expert report
section 5. 'The mission will be carried out over a maximum period of 45 expert-days for 60 successive days from the contract implementation date'
Section6 'The Consultant must produce a provisional report ten (10) days before the end of the mission and this will be subject to a presentation by the consultant during a validation workshop to be organized for this purpose. A final report will be produced no later than five (5) days after the official receipt of observations on the interim report. The various reports cited above must be written in French, and submitted in two printed copies. accompanied by an editable electronic version (editable version) on USB key and DVD. Said reports will be sent to PRCIEG with a copy sent to the Ministry of Hydraulics, Energy and Mines. The costs related to the organization of the workshop and the supervision mission will be borne by the Ministry of Hydraulics, Energy and Mines via the PRCIEG'
I read this as a one off expert assessment to determine the correct and fair duty? Then possibly a review of backdated exports to make sure TK's offtake has been correctly taxed.
Let's remember the Burundi government hasn't singled us out, can't remember who, but one of our posters foundation government document in French that was reviewing all foreign.mining interests and payments.
I'm sure neither we or TK haven't been trying to short change Burundi. It's not like pulling a fast on on Wall Street or fiddling the books in Leichenstein and I'm sure a number of investors are in here for ESG reasons as well it being a great opportunity to wealthify ourselves.
I agree PoD. I'm not so concerned about a single trade, it's more to do with a lack of of a market update. It would help to understand whether this is a renegotiation of rates or something else. There was even mention of RBW short-changing the B. government. This specific accusation should have been addressed by now.
With all respect, I think there's little to be gained from trying to micro-analyse the trade data - the fact that it's there doesn't mean that it's necessarily very useful (e.g. trying to interpret the meaning or effect of individual trades is fraught with difficulties).
In general, a rising price indicates more buyers than sellers, and vice versa for a falling price....
Bardo I don’t think it was a big trade in comparison to daily vol and I’ve seen bigger trades go through since being a holder of rainbow. That being said I completely agree with everything else you have said. People on here say the company can’t update because of negotiations but they’ve been supposedly been going on for weeks and they surely can’t take that long to agree on terms. Even if they haven’t we should have had an update by now. I’m beginning to think this will just sell off more because the stock markets overall are beginning to show weakness which won’t help the e cause. Holding for now though
I beg to differ TB. That was a relatively large trade. We are now in the 13p range. The communication with shareholders has been poor. In a market that is making headline news on almost a daily basis, this radio silence is doing nothing to attract new investors or generate confidence in existing ones. I fully understand the need for time to renegotiate etc but the longer it goes on without the simplest of updates the more consideration is given to darker outcomes. If it was a negotiation for new rates based on concentrate percentages, surely a simple statement could be released to that effect, without interfering with ongoing negotiations and sensitivities.