Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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I think it is a sensible approach. At least the company is producing. Sure it means placings but needs must and it isnt as a result of incompetence.
Lets just have faith in the BoD to sort this out to our advantage. Remember the railway compensation won a few years back...
The first 5 tons were 75% copper where as most copper cement is only around 25%
I agree dotcom. The best way forward is more Cobre clients. We're due a Cobre RNS in about 4 weeks, let's hope it brings good news. The decision of the arbitration commity IS legally binding, even a US court has no powers to intervene in their decision at the end of the hearing. We told the major client we wouldn't be letting things go regarding the contract with them. They clearly didn't listened. Now we've shown clear intent to get payment. They will talk to their legal team to try and established where they stand (not in a good position), there is nothing stopping them getting back in touch with us and reaching a quick agreement, especially when they know they're not in a good position and could end up paying far more at the end of the hearing. They may now be more co-operative with us knowing how things will probably go.
I think this has been overdone, lets see how profitable Cobre is without the big client, 3 weeks away for that news at latest.
With regards to LC I think, JP will wait until the cement grades are fully checked before making any reference to LC production, quite rightly, as imagine if he said LC produced 150 tonnes and then later chemical analysis showed it to be only 25% copper.
I agree Slurm, today's RNS is potentially good news for sml in the medium/long term. The key to getting this share price back above 1p is a positive update from LCCM. Full production next year, as planned, the sp rises to 2p (imo). Delays might see us trading at 0.6p or lower given that cash is so tight. Just not sure which way it is going to go....
Arbitration isn't legally binding no appeals and such.
It can be hugely beneficial and it can be almost worthless, depends on the parties involved. What it does do is get the parties together talking and can provide a guide at how any legal proceeding might progress should this arbitration fail to close this matter.
This is a smart, cheap move.
Hi Redmoor
It needs to be addressed, it is a massive drain on our resources to be paying that amount every month for a BOD that have not been at the top of their game lately.
Dotcom. Don't mention sensible things like pay cuts. I got shot down big time for that. Their wages appear to be increasing not going down.
When you think that all the bad news is already in the sp,bang down another 20%. BOD could offer to take a pay cut as we are unsure of LC status,Redmoor needs paying for and court costs???????
I don't know how long arbitration takes but it will be considerable time. Then the major client has a year to pay after the decision is made, if they don't appeal the decision which they probably will. This is where not "naming and shaming" the major client works to our advantage. We've shown ourselves to be calm and reasonable at all times and the major client have shown they haven't. I can't see an arbitration hearing ruling in their favour but it is a risk and now we're going down that road we can no longer take them to court.
This is very good news finally. I expect this won't go to court and we'll settle for half. The client wants their name out of the limelight. Payment before the year is out could be possible.
and that's from what? the fact nothing has been said about it?
So what are they spending the money on?
From what I can fathom LCCM is on hold. We should have had production figures before now, if they were producing. Our bod and the Manners family raised as much cash as possible (not nearly enough) to keep shares in their hands and not dilute their own shares by issuing directly to the market.They would suffer most if shares were issued to the market. NAE need paying which is what I think they're concentrating on or they will end up having to issue at least 270m new shares (at current SP) so they're paying off as much as possible before end of May need year.
Huge! Imagine the sp IF we win...
Sorry I missed the number of zeros in point 2.. That is a lot.
The claim consists of three elements, namely:
1) in excess of $2,300,000 in relation to payments outstanding to date;
2) in excess of $19,000,000 in relation to lost profits for the balance of the contract; and
3) punitive damages as permitted by law
Yeah, but not $21.3 million.
damages on top are the norm in US, I have seen group share holder actions win loads in the US for loss of SP value.
I agree blacksheep, although in my own mind I've written off all payments from the cobre client (and so has the market!). Lets just focus on LCCM, first and foremost, and then Redmoor. Would be good to know what we have at Hanns Camp even if we don't have the funds to progress it at this time (JP 'promised' an update in September). Happier today even though the share price is currently down nearly 8%
this is a great move imo, baby steps should ensure best deal possible.
$2.3 million surely?
excellent news for me, $21.3m claim should focus their mind!!! We aren't naming them as that's the legal advice, when it comes to arbitration we will have done everything by the book and that's got to be good for us! Punitive damages is an interesting one.
no one wants to go down this route but the legal advice to do it should indicate we have a positive chance of success.
Van, if you read the RNS we still can't name the major client, it's arbitration which isn't the same as taking them to court, more like a company and union in Britain discussing things and trying to reach a deal without a court being involved.
Long overdue. Now let’s name & shame. Why are we still protecting this k.heads