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Q, they don't have loads of spare cash looking for a home, so one doubts their ability to invest much. They could provide a government guarantee, but how credit worthy is the Ecuadorian state in international markets? And would they commit to funding which would benefit a load of western investors?
I'm not rejecting the notion of government support, I'm simply wondering about the practicality/probability.
Sire, spending on the NHS in 2016/17 was 140.2bn. It will be 180bn in the current year. You happen to have picked the one statistic which suggests it wasn't a lie.
Maybe the Government is standing behind us on this.
After all if any company has the backing of the country, then funding becomes cheaper and easier.
Maybe this is part of the strategic review.
Just a hunch but after seeing recent political events like the recent Lasso/Chinese trade deal tie up and a few other important debt/IMF movements, I think you are beginning to see Lasso asserting some pressure. And who can blame him! SOLG have a responsibility to shareholders but also to the people of Ecuador to get this asset moving forward. Lasso will be in a pre election year when 2024 arrives so he'll want very positive headlines going into Feb 2025.
Certainly feels like the Chinese are in pole position and that Lasso's face to face with BHP last summer was unproductive. That will teach BHP to play hardball.
https://www.news360.es/ireland/2022/12/20/lasso-leaves-the-door-open-to-a-possible-candidacy-for-the-2025-elections-in-ecuador/
Q, sadly, yes.
Quady you’re right, politicians would never lie or indulge in hype. Just imagine if, for example, politicians in the UK rode around on a bus telling everyone that if they voted a certain way in a referendum then the NHS would receive an enormous uplift in funding, only for it never to happen and never to have had any basis in reality.
A totally preposterous suggestion that a politician would ever say anything but the absolute verifiable honest factual truth.
My source for the last post was my response from the company, posted here in December....
. Thanks you for reaching out. You're correct, the timeline consists of 4+4+2: 4 years early exploration, 4 years advanced exploration and 2 years economic evaluation that can extend another 2 years. At Cascabel we currently have an Exploration Investment Protection Agreement (as announced on 23 November 2021) that covers the period through to end-2023. Ahead of that time the Company will be negotiating an exploitation agreement that goes beyond then, so this is the timeline you should be looking at. As announced in the Company Update on 22 November 2022, we will continue to de-risk the Cascabel project.
The government is staking a great deal of its reputation on this and one wonders how much information it has actually been given by the company. If they've been shown concrete evidence that funding exists and a feasible plan has been developed, then why haven't we been given the same info...as the regulations require? Or are they merely indulging in hype in the same way of all governments?
We are applying for an extraction license this year. The application will contain timeline for construction, high level design and environmental impact etc. Should also contain details of how we plan to finance it. Understandable Ecuador believes it’s starting this year. Strange we are in the dark though.
Addicknt do you think the mining minister of Ecuador would have made such a statement without fully understanding the situation and talking to Solgold how construction of a mine was going to be achieved to bring about production.
It's inconceivable.
energy and mines minister Fernando Santos Clearly doesn’t understand Solgolds record when it comes to meeting schedules….
Morning Padmaster, I have been out observing for past two nights but the night sky has not been clear enough where I live.
Certainly one of astronomical events of our lifetime.
Have you had any luck.
With no sign of a DFS/BFS on the horizon, this sounds like wishful thinking.
Of course, it's possible construction will start in 2024, but not with us as owners.
Have you seen the comet Quady?
Zoros it is going to be minimal dilution.
This is what solgold have been saying for some time now.
Hopefully we will get a RNS soon showing greater detail along with the strategic review.
$3,000,000,000 - how much dilution is that then?
Z
Thank you Pad, as usual. It begs the question, if the government expects SOLG to start spending the first chunk of $2.75bln next year, where is that money coming from? Is it even possible that an agreement has been reached and there are no news about it?
https://www.bnamericas.com/en/news/ecuador-expects-us3bn-construction-of-2-mines-to-kick-off-next-year
Ecuador expects pre-construction works to begin at the Cascabel and Curipamba mining projects by the end of the year, and construction to kick off in 2024, energy and mines minister Fernando Santos told BNamericas.
“There's very encouraging news. We're negotiating the move to the production stage of both Cascabel and Curipamba, which will begin construction of their mines next year," Santos said.
The Cascabel copper-gold project is located in the northern province of Imbabura. It belongs to Australia's SolGold and will require an investment of US$2.75bn.
I think the Italian is spot on. A major could have bought this at anytime . Mather even hinted years ago that if the offer was right they would listen.
Just in the same way you get disruptors who are here to course trouble and are referred to as derampers, I often think that Red might actually be here to ramp.
To be that excited by the smallest things and see positives in absolutely everything is truly amazing, if genuine.
Imagine what he would have been like as a kid in the build up to Christmas.
Last I remember Solg were going to production
Who knows whats going to happen here, I'm not in a rush to cash out. Luckily I'm still in my forties and to be honest don't see myself being on these boards for much longer.
That’s what I’ll probably do Ray TBH
I’m confident we’ll all do ok here but times come to put me feet up and collect some more solid dividend paying shares …. Get this merger done, get it sold and move on. I know you see this as a trade but you could actually do very well here in the near term.
I’m younger than some here but can’t wait to follow the sun and leave this ruined country.
I hope when and if red gets his money out of here he honestly gives this game up and just retires..
Not disappointed at all Red. You make me laugh most days! Been keeping up nicely thanks since the Solomon days.
Size of my holding? Your obsessed! None of your business but around two years salary.
You just keep talking your book lad.