The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Red, good spot by you earlier. I think with your later intepretation of NM at Noosa, it explains why Ingo was dispensenced with, — sale ( or small % of joint Venture) of Casabel, fund raising for others not required (or not to the same extent). In reply to other posts, if he resigned, I think he would have said so, he may have sticking plaster attached re any statement that he was pushed, however if happy in London I can see why he didn't want to go to Brisbane. Why stay until Sept 5th? maybe his options have clause?
addicknt, it's a fair point, the only real reason I can think of is the fact that SOLG appear to be held in good standing by the Ecuadorian govt and its people, to the extent where it might be beneficial for BHP to partner with them rather than take the whole lot. That is tenuous though, admittedly.
SM, I'm not at all convinced that a jv will happen at Cascabel. Since BHP are the most obvious candidates - by some margin, I don't understand why they would be willing to provide funds to develop a mine which would ultimately benefit another company's shareholders. Why would they?
Just watched the Noosa presentation for the first time.
My interpretation from his statement on Solgold is a sale of Cascabel to a major, not the whole company...
Hi LunchMoney, thanks, that clarification makes sense to me. So Hueca and Blanca being offered to third parties. Might explain why we didn't hear much back on assays.
I think increasingly the signs are pointing toward Cascabel either being sold off or JV'd, with SOLG retaining a small interest - maybe along the lines of the 75/25 split that NCM and GGP have at Havieron. With funds in the bank we move on to repeat the process at Porvenir etc.
Do have to wonder where this leaves CGP though...
My interpretation of the 'third party interest group' is the group of prospective J/V parties when the offer was opened up about 18 months ago...
Aye Wine Gum and that would explain no apparent hint of fundraising and a pause on drilling...
Still got till September to exercise them Lunch...fingers crossed for all of us...
Wow! Thats a big leap in assumptions wine gum
I agree Shark
But remember Nick said the intention was to sell Solgold to a major …….. your guess is as good as mine
Interesting posts and information over the last few days. How much longer can Solgold acquiesce with such important developments dripping into the public domain without providing a formal explanation of what is going on?
DBW, the Andrew Taunton interview in BN Americas implied that Porvenir & Helipuertos are being shopped to a potential partner for a JV (at least that was my understanding of it).
"Taunton: There are a number of companies in talks with us right now. We’ve presented a series of concessions to see if any of these companies are interested in linking up with us in developing the other areas that we have.
We have selected two. One is Porvenir, which is far to the south, in Zamora Chinchipe, and the other is Helipuertos, very close to Solaris, in Morona Santiago."
I was then confused by him saying this about Hueca and Blanca:
"BNamericas: What happened to La Hueca and Blanca, where you started drilling?
Taunton: La Hueca is part of the third-party interest group. We have also offered Blanca to the same group."
Is 'the third-party interest group' the same group interested in Porvenir & Helipuertos?
Does anyone have a better grasp of what exactly is being said here? Again, frustrated that we are having to sleuth our way though online articles to learn about this (important) news.
Full article in English here for those who missed it:
https://www.bnamericas.com/en/interviews/solgold-ecuador-can-be-one-of-the-new-major-copper-producers
He did say selling Solgold, I’m hoping it’s Cascabel and Porvenir is “ the next cab off the rank”
WineGum, the key question is, what was the strategy which has been changed?
Was it to fund Alpala and head for production or, was it as Mather revealed last week, to head for a different outcome? Do we believe the company's most recent statements, or do we believe the most significant NED?
Confusing, ain't it?
Be careful what is implied Lunch...
If there was any question of impropriety would the said person still be with the Company?
So I favour the positive view in your second line...
Cheers
Ingo doesn't finish at SolGold for another 6 weeks.
He hasn't left...gardening leave...so could already have his next role...
what is this change in strategy he is alluding to ? a potential sale, if it ever happens, was always a possibility!!
addicknt, pure speculation, but my hunch is the last of the three. New CFO on board.. shift in strategy.. maybe he just thought he'd done as much as he could. Alternatively, a lot of the work he's done over the last 2 years or so might no longer be relevant due to a change of strategy.. which would might also irk someone to the point of throwing in the towel.
It's interesting that he left without first having found another job. Was he given a pay-off as part of a redundancy package; was it involuntary (doesn't sound like it), or had he simply had enough?
SP down 3% since Ingo's announcement hit LinkedIn...
Could this be Ingo's next move...? CFO?
https://www.agnicoeagle.com/English/about-agnico/default.aspx
rcgl, your final paragraph would fit neatly with Mather's recent statements.
BHP moved their primary listing to ASX and consolidated the two topcos. The shares are still listed on London, and you can still hold them in an ISA. Basically same situation as Solg having its primary listing on London and a secondary listing on TSX.
Agree we wouldn't want a cancellation of the UK listing but an ASX listing whilst maintaining the UK listing shouldn't prevent us continuing to hold in an ISA.
Interesting line from Ingo "the strategy has evolved"... What does he mean by that? The strategy is no longer to finance and build Alpala by themselves?
Sound thinking addickt...
1 More than likely as he is mainly Europe based. Keith and Elodie are London based, Maria is Ecuador and Kevin is Canada based. The 'corporate HQ' in Brisbane gives Nick even more influence...
2 Probably not the reason as his primary role was to fund Cascabel
3 Unlikely reason. They'll need a fund raise soon...looks like that might be Brisbane based...?
4 As I've always said...City/Institutional Investor management should be the primary role of a PLC CFO/GFD
5 Consequential rather than intended.
Conclusion...this company is very definitely being driven by Darryl now...but what's the end play...
PS Might explain why DC's appointment took so long...NM vetoed anything except a Brisbane based appointment...a 'coffee' relationship in one of Australasia' fastest growing business districts...