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Mexican President Andres Manuel Lopez Obrador plans to declare lithium a “strategic mineral” and take state control of mining and processing it.
Mr Lopez Obrador said on Wednesday that a new state company would be created to mine and process lithium, and existing permits for private firms to mine it would be cancelled.
Mexico’s only private lithium mine, Bacanora Lithium, is owned by Chinese firm Ganfeng International, but the Mexican leader said they would not be allowed to start operations. “What they want to do is to continue looting and that is over,” he declared. “Lithium is going to be mined by the government.”
https://morningstaronline.co.uk/article/w/state-to-take-control-of-mexico-lithium-mining
Bob
If that turns out to be true we dodged a bullet
Be interesting to see if GFs SP drops when the Chinses market reopens.
Oh sweet poetic justice.
That's pure speculation.
We don't know whether the fact that a sovereign nation taking sole control over a strategic asset is what precipitated this particular action. It seems everyone is catching on pretty late to Sonora, and even AMLO stated previously that they only wanted to nationalise projects NOT in development.
That's what he might have stated, however, the current reported position is different.
Seems like Sonora is project full of broken promises.
Oh here we go again -- he did us a favour !!!!
"Vodafone Rejects $13 Billion Italy Bid From Iliad, Apax"
Hello secker this is how to deal with an inadequate bid !!!!!!!
https://www.reuters.com/world/americas/mexico-lower-house-backs-mining-law-change-nationalize-lithium-2022-04-18/
"The proposed bill would prohibit all private participation in the lithium market."
https://www.reuters.com/world/americas/changes-mexico-mining-law-set-nationalize-lithium-resources-2022-04-18/
Passed
Wonder what history would have said if REM plc took over BCN at £1.
Observer942 posted that had REM take over Sonora, they would have had the MINE UP AND RUNNING BY NOW. My Comment: Then, there would be no excuse to take it over.
If Sonora was a mine and got taken over, then it could be it would head to International Arbitration as norm. I also read that lithium is NOW CHANGED TO "STRATEGIC ASSET" and there was comment that it was NOT SO IN THE FINE PRINT earlier.
So, whether one can agree and then change to Strategic Asset, I am not sure so one has t[o wait for the legal eagles.
Suffice to say, Sonora is at early stage and nothing has been done yet as far as I am aware except to clear the jungle or vegetation etc.
History now so have to see what transpires.
Wed, 20 Apr 2022.
Just posted on KDNC.pl forum , Sat, 23 Apr 2022.
If interested , then ....
This is about Sonora [JV KDNC/BCN].