Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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September 25, 2023
The Lusaka High Court has ordered Moxico Resources Zambia Limited and Euroafrica Kalengwa Mines Limited to pay US$ 21 million damages to Kalengwa Mineral Processing, the rightful owners of Kalengwa Mines in Mufumbwe district, North-Western Province.
This follows a judgment dated September 22, 2023, in which Judge Edward Musona declared Kalengwa Mineral Processing as the rightful owners of Kelengwa Mines and should, therefore, continue their operations.
He also ordered for Moxico Resources Zambia Limited and Euroafrica Kalengwa Mines Limited to pay damages to be quantified by the deputy registrar for the theft and pilfering of the plaintiff’s plant and equipment.
I suspect Moxico will time their listing to coincide with the strengthening price of Copper.
From the annual report
Additional projects in Zambia and in other jurisdictions are continuously considered, with the aim to generate further long-term shareholder value. Concurrent to that, the Company is pursuing its plan to list on the London Stock Exchange, which is still expected to occur in 2022.
Obviously the listing has been delayed.
Copper prices expected to boom next year.
From the annual report.
‘ …..the Company is pursuing its plan to list on the London Stock Exchange, which is still expected to occur in 2022.’
Current price 4.6255 USD/lbs
https://tradingeconomics.com/commodity/copper
Copper futures traded close to the $4.7-per-pound level, not far from an all-time high of $5 hit on March 7th amid a tight market as investors weigh lower supply from top producer Chile, disruptions caused by the war in Ukraine, and assess the impact of the latest Covid outbreak in China in both demand and supply. Copper output in Chile, the world's largest producer, fell 7% from a year earlier to 394,700 tonnes in February, following a 7.5% fall in January and a 1.9% decline in 2021 production. Meanwhile, Chinese authorities extended a lockdown in Shanghai, an industrial powerhouse and major port, further threatening global supply chains. Logistics operators report that restrictions are already making it harder to move goods around and keep factories operating at full capacity. Elsewhere, Peru's ministry of economy and finance said that the world’s second-largest copper supplier will target the excess profits that mining companies earned from rising metal prices around the world.
Goehring & Rozencwajg
2021 Q4 Market Commentary
Copper Inventories Draw
Favorable fundamental trends continued into the end of 2021. After surging almost 15% in 2000, China’s copper demand has fallen about 7% for the nine months of 2021, according to World Bureau of Metal Statistics (WBMS), however, most of this decline has been offset by growth in global copper demand outside of China. On the supply side, global copper supply has rebounded somewhat from 2020 COVID impacted declines, but copper mine supply continues to stagnate. Copper mine production today is only up slightly from where it was in 2016. Over the last six years, copper mine supply has shown minimal growth. Resil- ient demand and sluggish supply growth is now being reflected in global copper inventories.
Combined warehouse inventories of the Shanghai, London Metals exchange, and the COMEX peaked back in the summer of 2018 at almost 900,000 tonnes and declined steadily since. Today they stand at only 190,000 tonnes, a fall of almost 80%.
Back in the summer of 2005 combined copper inventories of all three exchanges covered daily global consumption by only 2 days-a dangerously tight situation, and it’s was no coinci- dence that copper prices surged 2.5 times in the next six months. Today, copper inventories cover daily consumption by only 3 days, and we are again approaching the dangerously low levels seen back in 2005.
Confirming the tightness in today’s copper market are the future market’s backwardation, defined as when commodity markets are tight and inventories are low, future prices will trade at big discounts to spot prices. Conversely, when inventories are sufficient, future commodity prices will trade higher than the spot prices-- a condition known as “contango.” In today’s COMEX copper future market, the July 2024 contract trades at $4.26 per lb. versus today’s copper spot price of $4.40—a discount of 14 cents to the spot market—which amply displays the tightness that crept into today’s physical copper market.
Copper prices have traded in a tight band over the last 12 months oscillating between $4.00 and $4.80 per pound. We believe we are setting up for the next big price spike. Investors should maintain significant exposure to copper related equities.
Q3 2021 Market Commentary.
We remain very bullish on global copper. Demand remains strong while supply growth continues to be challenged. Reflecting the ongoing tightness, global inventories continue to fall. Copper inventories at the London Metal Exchange, the Shanghai Metal Exchange, and COMEX continue to draw. After peaking at over 600,000 combined tonnes in the first quarter of 2020, inventories now sit at only 270,000 tonnes, having fallen another 100,000 tonnes in the last quarter.
Although inventories are not at critically low levels, last seen in 2005-2006 immediately preceding copper’s 150% price surge, they are getting close. Copper exchange inventories stand at less than four days of global consumption -- the third lowest reading in 30 years.
Copper markets are tight and likely getting tighter. Investors realize that copper is critical in electrifying large parts of the world, and analysts are beginning to realize the massive challenges of ongoing mine depletion. We believe the current weakness will prove tempo- rary and continue to hold our copper investments.
2021 Q4 Market Commentary.
‘ Copper Inventories Draw
Favorable fundamental trends continued into the end of 2021. After surging almost 15% in 2000, China’s copper demand has fallen about 7% for the nine months of 2021, according to World Bureau of Metal Statistics (WBMS), however, most of this decline has been offset by growth in global copper demand outside of China. On the supply side, global copper supply has rebounded somewhat from 2020 COVID impacted declines, but copper mine supply continues to stagnate. Copper mine production today is only up slightly from where it was in 2016. Over the last six years, copper mine supply has shown minimal growth. Resil- ient demand and sluggish supply growth is now being reflected in global Copper inventories. Combined warehouse inventories of the Shanghai, London Metals exchange, and the COMEX peaked back in the summer of 2018 at almost 900,000 tonnes and declined steadily since. Today they stand at only 190,000 tonnes, a fall of almost 80%.
Back in the summer of 2005 combined copper inventories of all three exchanges covered daily global consumption by only 2 days-a dangerously tight situation, and it’s was no coinci- dence that copper prices surged 2.5 times in the next six months. Today, copper inventories cover daily consumption by only 3 days, and we are again approaching the dangerously low levels seen back in 2005.
Confirming the tightness in today’s copper market are the future market’s backwardation, defined as when commodity markets are tight and inventories are low, future prices will trade at big discounts to spot prices. Conversely, when inventories are sufficient, future commodity prices will trade higher than the spot prices-- a condition known as “contango.” In today’s COMEX copper future market, the July 2024 contract trades at $4.26 per lb. versus today’s copper spot price of $4.40—a discount of 14 cents to the spot market—which amply displays the tightness that crept into today’s physical copper market.
Copper prices have traded in a tight band over the last 12 months oscillating between $4.00 and $4.80 per pound. We believe we are setting up for the next big price spike. Investors should maintain significant exposure to copper related equities.’
https://tradingeconomics.com/commodity/copper
Copper futures surged above the $5-per-pound level for the first time on record amid lingering worries of supply disruptions due to war in Ukraine and historically low inventories. Copper stocks held by LME were at 68,825 tonnes, the lowest level since 2005. In February, those in the Shanghai Futures Exchange and Comex were below 200,000 tonnes. Suppliers are especially low in Europe and although Russia accounts only for 4% of global production Europe is the primary export market. Adding to woes, the world's biggest producer Chile, recorded its lowest January output since 2011, with production sinking 15% compared to December and 7.5% from January 2021. On the other side, copper usage is surging, especially in developed countries, with increasing demand for electric vehicles, wind farms, solar panels, and power grids.
…… nothing new from Moxico yet.
Hi dj,
Sorry for my slow reply.
My letter dated 27th January 2022 includes the following;
‘The rate of the distribution was £0.003852172 per share…. A cheque in this sum is enclosed’
Lancygeo
From ii today today:
Liquidation
Terms: GBP0. 003852172 in cash for each share held
Pay date: upon receipt
The Liquidators of Zincox Resources Limited have announced a final payment for shareholders of GBP0. 003852172 in cash for each share held.
The payment will be issued to entitled shareholders upon receipt from the liquidators.
Hi Lancygeo, still nothing in my online account. What was the final payment per share? I still need to chase IG also as I once had CFD's for Zincox. That was painful!
GL DJF
My cheque came through last week
From the website: "The final cash distribution was posted to shareholders on 27 January 2022. If you have not received your cheque please email recoverysolutions@crowe.co.uk ".
No cash has arrived in my account yet.
No physical certificate but showing with zero SP in interactiveinvestor. Don't see any way to see current value. If all goes to plan, we should see the final money coming in this month. As per the Zincox website: "The final cash distribution will be issued in January 2022"
Hi all, I can’t remember when but I did receive a share certificate from Moxico. I assume everyone else has too.
Hopefully, Moxico will float very shortly but until then, is it possible to monitor the sp ? (£1 per share would be good)
Looks like a bit of a waiting game here then, would be nice to see if Moxico did reach the £1 a share mark again,
if thats what they were before, would cushion the blow for many of us in here i believe.
Well have a Happy Christmas & a prosperous new year then.
Longtrek, I also pop in from time to time. The second payment will likely be very low, just sharing out what little remains. That's been delayed and now not expected before Jan '22. I need that to be finalised as I had unfortunately some ZOX in a CFD account and need the final number to agree a settlement with IG. They've not been able to provide MOXICO shares either so it's quite a complicated discussion especially as the value of the MOXICO share portion is difficult to know. There was talk of an IPO this year but that seems to have gone quiet.
Hi all, just thought id drop in to see if theres any life left on this bill board.
Ive been searching for Moxico share price but cant find it anywhere, anyone know what it is right now?
they're annual turnover is $6.64million so they seem to be ticking over nicely.
djframboise, i hope we do get a second lump, the first lump wasnt too exciting, so fingers crossed if we do get
another payment.