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sire, I don't know and am confused.
Oops pressedit too early.
So the SR says "we are up for sale" the merger gives you time to ready your bids and you will be buying the whole of Cascabel.
For Sangha to be so unprofessional, he would have to be certain there were bidder(s) waiting in the wings. Jiangxi didn't buy their initial stake through Valustone just as a bauble.
So I believe they are a 'stalking horse' and we know Mitsui ( Sumitomo ) are very interested as well ( look at what they're doing with a significant stake in Atlantic Lithium, another in the DGR stable).
So Nick and Bob have at least two bidders/ counterbidders lined up.
Meanwhile there is no way BHP will walk away without a fight. Ingo told me 2 years ago that BHP had all their best mining engineers in Ecuador looking at the whole of SOLG.
So....all the key personnel are gone...we have an Interim CEO...Elodie and Kevin are going..its only a matter of time before the starters gun fires in a bidding war.
Buckle up...
Oh and sorry Stack...you're wrong...not a BHP apologist are you...?
No, they're not. While the West has been asleep at the wheel for the past decade, China had been working hard putting its reserves to use on the BRI and buying up copper assets everywhere it could because a government that expects to be around for 50 years, looks 50 years ahead. Ask Robert Friedland who he'd rather be in bed with, the Rio Tintos and BHPs, or the Chinese? And many of you in the West may be very shocked to hear this, but the answer is exactly the same if the question was posed to heads of states in Africa. I am a bit uncertain about South America (because it is an ocean away from China), but when the Chinese sniff a bargain, they don't wait at all.
addicknt what are the 155m "investment shares" if not CGP's? Another exact 155m from somewhere?
Frotissimo how did you calculate 6% dilution?
I think Mitsui comes next once they get all those resolutions through at the AGM. Then they can reward all us shareholders with another 200m share dilution and a placing at 12p.
Seriously... if this is how 'good' Maxit are then it doe snot bode well. Yes, 6% is minor dilution and the royalty took the brunt of it. But 17p placing price for a 6% stake is shameful. 19p would have been just about palatable - 20p ok and 21p par for the course based on previous levels. 26p much more ideal.
There is no indication what the money is for... whether it's for cascabel or for some regional exploration. But assuming it's for a bit of both, then Porvenir could be the play here with Valuestoen previously investing $5m in that via placing at 32p (yes 32p!!). We know that they want to open up possible extension play near warintza, so Chinese might be interested in the South more than the north imho.
Anyway... it's done but as far as Maxit are concerned... I'm not that impressed at all.
The AGM is not going to be a shoe-in unless they pull a rabbit out of the hat, as we've had delays to the two promised updates, share dilution via. a weak placing price and if that was under the old guard, then they would be out on the butts.
Not impressed at all.
Am I reading the agm resolutions correctly. They laughed at the special resolutions last year but this year they are asking for permission to be able to issue another 1.6 billion extra shares. How things change.
smick, yes, it's certainly likely to put the cat amongst the pigeons.
Given that CGP did not make an announcement yesterday, I'm assuming these are not their shares. As RK says, perhaps they are no longer planning to sell them, although if the company wanted to avoid dilution surely it would have made sense to do so? That's why I thoght the plan was so neat.
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.