Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Hooray - confirmed via the horse mouth
"But Mr Biswas said SolGold had again sought to raise funds through methods other than share issuance over the past month.
’They chose not to do that, they went back to what happened last year and we...did not support that proposal,” he said.
Well sorry NCM... if the majority of shareholders prefer the boliden deal, then you'll have to stick it up your jumper won't you!!!
Absolute joke that we are being bossed around by these two majors. They only hold 27% between! Anyone would think they hold 51%!
BBG I think they may be referring to the cash box as that’s what we did last year. ….. streaming (Franco) was 2020
Our board also need to clearly explain…. It is simply unacceptable for us shareholders to be getting a better understanding of what happened, from third parties ad journalists… Appealing shareholder communication again by our board
So yes its exactly what i said earlier, they wanted to push through another stream deal but it got rejected...
BHP/NCM either have to make an offer or sell... I know what is coming next...
---End of article---
Newcrest is the second-biggest shareholder in London listed SolGold, which is developing a prospective copper and gold project in Ecuador.
SolGold aborted an attempt to raise funds over the past month leading to the exit of chief financial officer Ayten Saridas after just 45 days in the job.
Newcrest and SolGold’s biggest shareholder, BHP, have traditionally wanted the pre-revenue company to raise cash through share issuance, but the previous management of SolGold defied their requests and instead opted for high-cost debt.
Mr Biswas reiterated on Friday that he was disappointed by that decision and expected it would not happen again.
“At that time there was also a public announcement by the company that that was a one-off and that future raisings would be more along the lines of allowing existing shareholders to be part of the fundraising activity in relation to an equity raise,” he said.
But Mr Biswas said SolGold had again sought to raise funds through methods other than share issuance over the past month.
’They chose not to do that, they went back to what happened last year and we...did not support that proposal,” he said.
Mr Biswas said he was also keen for the Papua New Guinea government to help Newcrest and Harmony Gold push ahead with the long-stalled Wafi-Golpu project.
Newcrest shareholders will receive a US20¢ final dividend, taking total dividends for the year to US27.5¢.
Barrenjoey analyst Dan Morgan predicted that Newcrest shares could rise during Friday’s trading session based on the better-than-expected profit, the solid production guidance for the year ahead and clarification from Newcrest that the Cadia mine had resumed after a recent disruption.
“Newcrest share price has underperformed peers on Cadia outage risk and a lack of FY23 [financial year 2023] guidance. We think this result could spark a relief rally,” he said in a note published shortly before Friday’s trading session.
Newcrest said on Friday that Mr Biswas’ total remuneration for the past year was $US6.22 million including bonuses, with $US1.74 million of that being fixed remuneration.
Newcrest said Mr Biswas’ fixed remuneration would rise by 2.9 per cent after October 1 as a result of a “benchmarking” process.
While Newcrest said the decision was based on price, it may also be an important tactical move designed to avoid a price discovery event for Greatland Gold, which many observers believe is a logical takeover target for Newcrest.
Had Newcrest agreed to pay $US60 million for the extra 5 per cent stake in Havieron, it would have put an implied $US300 million value on Greatland’s 25 per cent stake in Havieron.
Greatland’s market capitalisation was as low as $US466 million in early July before the independent valuer handed down its verdict; aside from Havieron, Greatland has several other copper and gold targets in the province around the Telfer mine.
Newcrest has acquired stakes in some of Greatland’s other projects around Telfer and Havieron, suggesting Australia’s biggest gold miner sees value in Greatland above and beyond its stake in Havieron.
Greatland’s market capitalisation rose after the independent valuer’s verdict was published and was $US549 million at the close of Thursday’s trading session in London.
Newcrest’s decision not to take up the option to buy the extra 5 per cent effectively undermines the valuation boost Greatland received after the independent valuer put the implied $US1.2 billion price tag on the Havieron project.
Mr Biswas said on Friday that Havieron was not the only option to extend Telfer’s life; Newcrest was also studying options to extend the life of the existing open pit at Telfer.
Paywall: Cagey Newcrest Baulks at Havieron Gold Price Tag
https://www.afr.com/companies/mining/cagey-newcrest-baulks-at-havieron-gold-price-tag-20220819-p5bb5b
Extract Australia’s biggest gold miner will snap a three-year streak of declining gold production and has surprised expectations by declining an option to buy more of Western Australia’s Havieron gold project.
Newcrest Mining vowed to raise gold production by at least 8 per cent to between 2.1 million and 2.4 million ounces of gold in the year ahead after announcing a $US872 million full-year profit.
The profit was better than the $US845 million analyst consensus published by Bloomberg but 25 per cent lower than last year on the back of lower gold production.
Newcrest has been spending heavily on growth options over the past four years to offset the fact its flagship Cadia mine in NSW has passed its peak in terms of gold production volumes.
The increased guidance for the year ahead is largely because of the recent $US2.8 billion acquisition of Canada’s Brucejack mine.
Although Brucejack has given Newcrest an immediate injection of extra gold production, the Havieron gold project in WA looms as a crucial medium-term growth project because without it Newcrest’s nearby Telfer mine would likely need to shut.
Havieron was discovered by London-listed Greatland Gold and Newcrest has acquired a 70 per cent stake in Havieron over recent years by spending $US65 million and completing a detailed feasibility study on the project.
The agreement between Greatland and Newcrest gave the latter the right to buy an extra 5 per cent of the Havieron project last month at a price to be determined by an independent valuer.
The valuer put a $US60 million price tag on that extra 5 per cent stake, giving Havieron a notional value of $US1.2 billion.
Newcrest is rapidly developing growth options to avoid a decline in its gold output by the middle of this decade.
Despite Newcrest’s strong balance sheet – it has a gearing ratio below 11 per cent and an investment grade credit rating – the company said on Friday it would not buy the 5 per cent stake at the price determined by the independent valuer.
“We’re happy with our 70 per cent stake,” said Newcrest chief executive Sandeep Biswas on Friday.
Mr Biswas said the price published by the valuer did not meet Newcrest’s investment hurdles.
“We didn’t think it would deliver the sort of returns and the sort of thinking our shareholders would expect from an owners’ mindset,” he said.
“We have got a lot of projects to allocate capital to and we have got our shareholders to think about too.”
Quady, I will obviously have to spell it out to you.
You said that NC said they were not sellers and comfortable with their holding in Solgold, in the last year. RK proved to you that it was said in August 2020, so two years ago. Presumably you still believe what was said two years ago, holds good.
You also don't understand the difference between renumerate (essentially re-counting, but not really a proper word at all) and remunerate (payment for work done). You can hide behind mild dyslexia if you choose, but most dyslexics would choose spell and grammar check if only to reduce the ridicule.
NC are sellers of Solgold at the first sign of a corporate buyer. IMO.
If the major shareholder disagreement is as simple as... we want an equity raise and we don't want royalty deals in the mix at all then surely the Lower the share price goes the stronger SOLG's argument becomes to go down the royalty route as equity raises at 20p or 21p are far too dilutive.
I know the market gets it wrong constantly and over corrects in both directions but it's almost as if the 'market' is forcing SOLG to go down the royalty route or alternative to equity raise. Sometimes trying to be greedy and push the sp down to get a cheap equity slice can in fact work the wrong way for you. If the sp was bouncing all the way back to 30p levels (remember, black rock were happily buying back their instruments at 33p/35p ranges not long ago), then most would suspect a bid coming when potential the opposite could be tabled, eg a equity raise with the big two but at 35p in exchange for what though!? Mather to retain seat at AGM or BHP to agree to lock in deal until end of 2023?
God help us!!
I won't be putting anymore in, this company is duller than a Beer Starmer speech.
Get it sold solg
redknight was deramping this company so hard last week. All of a sudden he is bullish again. What a twit
For those articles RK
R's
BN.c
Unfortunately, even at this price I won’t put any more money back in…
Anyway lads, why don't we stop this bickering and change the subject. Who is going to join me in a trade with solg? Has anyone noticed the SP loves to bounce of this level over the last 5 years?
The way you lot go on about Quady and let Redknight get away with using words like moron and mentioning Oh I have friends on here unlike you( ok he may be joking but i don't think so), I don't know anyone on this board but have I have been reading it for over a year now and I think poor Quady is unfairly treated. Redknight come across as a pompous pr... , horrible horrible person and the kind of human I would hate to ever have any contact with.
As much as I hope Quady is wrong (and we get a bid ASAP) he sticks to his guns and he gives a better argument then some of the made up stories from CD( Fortissimo) and others.
As for Newcrest likely to sell, surely they won't want to take a loss on their investment? They might not add but I can't see them just giving their shares away cheaply to BHP.
I agree with nearly everything Matherfngers says just wait for a RNS for factual news rather than trying to spin every little bit of news into a bid scenario.
I had to laugh at 2 days ago the TSX was down and people rightly said it doesn't matter and won't affect the opening the next day but then yesterday when it was up 25% people started posting it was positive and we could see a boost in the share price today or some news.
Anyway good luck to all who is invested ( i'm not sure who actually is) and have a great weekend, I'm going to try and stop reading this message board as it's just a pure waste of my time. If anything in the past it's cost me money and when I was thinking of selling i didn't because of FOMO after reading the drivel here :)
p.s. all we need down are some 1 trades for bubble to wet himself again :)
Well said Fortissimo - a directors duty is to all shareholders not just the biggest
Green boxes !
Massive Quay must about getting folk's backs up.
You can tell it's Friday.............
Lot of green stripes...the moron has been removed, so let me guess who it is and what his favourite subject is...?
Does he understand the filter button...?
"by bringing in select JV partners."
Yes but Darryl... you've been saying this (or SOLG has) for the last 2 years and you've delivered zero partner deals. Either they don't want a slice of the most sought after region in South America or it's you guys failing to follow through with the deals presented to you??
I believe there's bags of interest but for some reason you guys are dragging your feet... the question is why?? Could it be because there's a big shareholder (or two) that doesn't want to see these concessions going to other companies??
About time the majority of shareholders were looked after the obstructive and destructive pair be shown the door.
Redknight sorry when I named you Bobo the clown. I got it so right.
You haven't got me on filter. Everyone knows that.
Also you take the Mickey because I am mildly dyslexic.
What a nice chap you must be apart from a fantasist.
That was fast. Many thanks to admin.
I see our woman hating rac.ist is back.
Could you chaps in admin please remove the most unintelligent poster on here.
Many thanks.
Early start to the weekend, don't know why you bother, everyone just puts you straight on filter and you talk to yourself.
Okay remember everyone, Redknight has changed tactics again. He says bid by Christmas and Solgold will not go to production.
I am a patient type of fella. I guess I will get my apology after Christmas.