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RK1 we are selling the CGP shares, the RNS specifically metions 155m investment shares.
So here is my take...
The Board, aided by Sangha, are doing as much as they can to annoy BHP...first Oanother streaming deal and now a placing, both of which exclude ZBHP and dilute them.
So the Strategic Review is an invitation to interested players to 'sharpen your oencils'
Correct. We sold the 155M shares as promised. People are saying things like "what do we need the money for" etc, but i think that's the besides the point. It's to force someones hand and improve our own negotiating stance. We don't need to raise cash just to keep things ticking over. The interim CEO has already talked about reducing burn.
Possibilities with the additional ~30m shares -
1. Chinese wanted more
2. It further dilutes BHP et al. - would they be below 10% now? That further closes the gap between chinese and BHP/newcrest, further increasing the tension on those 2
3. It's only like 1.3% dilution? Not a huge amount to most other folks.
Nothing necessarily about us needing to / wanting the extra $6m or whatever it is.
Add, a showdown between Bhp and Chinese is about the best thing that could happen here considering the recent bad blood between Aus and China?
Morning MM, yes they do. Valuestone is the investment arm of Jiangxi.
Worth noting that the Chinese through ExplorCobres, owned by Tongguan, lost out in court the other day on the San Carlos Panantza project in another part of the country, after the indigenous people voted against mining on their land.
A few days later, we have another Chinese firm increase their stake substantially in a Tier 1 elsewhere in Ecuador that is not at risk from the indigenous community.
Whilst the two firms are separate, they are ultimately all controlled by the CCP, who are not messing about when it comes to securing copper supply.
I wonder how much Lasso cares about who builds the mine? The West or the Chinese?
Jiangsu own Valuestone...this is not entirely unexpected.....
My take is that they dont want to sell the CGP stake pre merger, so they have issued these shares and the CGP shares will be taken into Treasury and then cancelled.
Otherwise they could not be voted. And of course Jiangxi will vote for the Directors who wish to remain because they are favourable to a Jiangxi bid.
But...the Chinese wont get the prize...neither the Ecuador government nor the other major players will want a major Chinese player with a foothold in Ecuador (look at the armlock they've had on the oil industry there) nerve significant increase in the global supply of copper.
Next...
As someone who openly admits to having no idea what's going on with Solgold (though I hold a decent amount of shares). Where does Mitsui fit in to all this please?
Bubble for many decades I have watched oil and gas discoveries financed.
Guess what they require many multiples of the market capitalisation to fund them.
However when you have a proven up good resource.
It's not a problem.
With a JV partner it makes it even easier.
Not sure you understand how the finance side works.
We get many on here that state it cannot be done.
Let's wait and see.
missed out "vote"
No permanent CEO.
No permanent CFO.
No head of personnel (I can't bring myself to call it "Head of People")
Board slimmed down.
More Chinese investment.
CCG and co assume total control.
This is heading for a straightforward showdown between the Chinese and BHP and the exhortation to make sure we private investors tells us the company knows it's in a fight.
Interesting times!
Do they not have some shares via Valuestone (their investment company)? Assume the two are linked
Ok so what's the money for ?,keep lights on?
If you think theses loan facilities are enough you really need to dyor ,this is going one way imho
On last PFS with the cut down area.
From memory it was around 2.5 billion dollars.
Bubble you say next morning nearly every day.
Quady how much does it cost to build a mine at cascabel?
I do but read it quickly.
Thanks for the correction.
Does that mean we now get a loan of 36 million as opposed to 30 million.
Chinese interest hey ,well thought it would be Japanese but hey ho more money ,more shares taken up ,more board members gone and HR what next do you think?,by the way I did say this morning dyor
Quady the RNS states:
Jiangxi has agreed to purchase 155,000,000 of the Investment Shares. The Investment Shares are expected to raise gross proceeds of US$36,000,000.
155M is the same number from CGP. Is the "investment shares" something different? Total number of shares is 180M?
I thought you read everything the company says?
This is not the CGP shares.
As RNS says issue of shares.
BHP and NCM just got diluted further.
Another Swipe at Bhp and Ncm.
"I am very pleased to have Jiangxi become an investor in SolGold. They are a highly accomplished mining company and more importantly, 100% aligned with SolGold in ensuring all stakeholders are treated respectfully and fairly.
Correct senderos. Shots fired with this line from the RNS:
They are a highly accomplished mining company and more importantly, 100% aligned with SolGold in ensuring all stakeholders are treated respectfully and fairly.
Morning Bozi I will try to make sense of it with what we know.
The 50 million royalty can only be spent on Cascabel.
As it's ring fenced.
We have this new issue for 36 million which is not ring fenced.
The 36 million can be used to advance drilling in priority areas.
I suspect we will also take the 30 million loan when CGP'S Solgold shares are sold
So what do we do with the ring fenced 50 million.
My feeling is we are looking at a joint venture to bring this to production.
It's what the company has said and I cannot think what we have in mind for the ring fenced money, as it is for Cascabel only.
The one thing it doesn't indicate is Solgold is for sale.
That is how you annoy the 2 big bullies. Now get to table, sit down and start negotiating.
*Head of HR