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From Linkedin MMIH:
"Mines & Geoscience Bureau [MGB] has GRANTED THE MANKAYAN project an E X T E N S I O N
of the EXPLORATION PERIOD under MPSA No 057-96 CAR. The extension period will LAST till 1 1 1 NOVEMBER 2021.
The amended exploration and ENVIRONMENTAL WORK PROGRAM were also APPROVED and MGB requires their FULL IMPLEMENTATION up to the FILING of DECLARATION OF MINING PROJECT FEASIBILITY STUDY within the extension period.
The application for extension of the EP for the Maninit project has likewise BEEN PROCESSED...We are awaiting the FORMAL LETTER OF APPROVAL."
https://sg.linkedin.com/company/mmih-group 7 MONTHS AGO
[See at the bottom of page for the above with a map of the Philippines in yellow]
Mainit is NOT BZT*s project. NOT SURE IF THE LAST SENTENCE: WE ARE AWAITING A FORMAL LETTER OF APPROVAL RELATES TO MAINIT or BOTH MANKAYAN & MAINIT?
After reading MMIH*s Linkedin, these are my observations:
1] Mr Bird said that "promises were made and promises were not kept - EXPENDITURE per contract, our advice." So, one can see all the obligations that MMIH were supposed to have done and which they themselves acknowledged.
2] So Singapore Counsel has advised BZT [28 Apr 2021 RNS] and from Mr Bird*s interview yesterday, we now know the LEGAL POSITION. From what Mr Bird himself stated from legal counsel, my understanding is that it would appear MMIH has NO case. In law, an asset has to be paid for ie consideration.
3] The MMIH Linkedin on the status of the Mankayan licence is insightful. As I said from the lexology, the process is a standard one laid out by the regulations. That is now confirmed by MMIH themselves. One knows now that the Philippines Mining Dept HAS THE MANKAYAN LICENSING in hand ie the requirementS etc.
4] Mr Bird tells us shareholders yesterday that: "MANKAYAN - NO S H O R T A G E OF S U I T O R S." This is based on Mr Bird*s enlightenment that there are " NOT MANY PROJECTS." Glencore*s CEO has told Bloomberg this also today and that only at $15,000/t for copper will projects be developed. CEO of Newcrest tells FT that "NEW PROJECTS ARE HARD TO FIND" yesterday.
When Mr Bird said mentioned SUITORS, one takes it to mean they are pursuing BZT and not BZT pursuing co eg by cold-calling them.
WHAT IS NEEDED?
From all the MMIH posts on Linkedin, it would appear that BZT*s Mankayan [website] also spells out these obligations which MMIH has not upheld. That means that LOGICALLY, Mr Bird may have to STEP IN to where MMIH LEFT OFF?
Herein, one has to think that if there are co*s or SUITORS, then perhaps Mr Bird is discussing the above otherwise what is there to talk about?
Meanwhile, from the days of EDISON*S BROKER REPORT JORC 2004 [1.3Mt copper, 4.3moz gold] with "VALUE-IN-SITU"[EDISON*S METRIC]
of US$12.57 BILLION ,
it is today at US$ 51 BILLION VALUE IN SITU BASED ON THE UPDATED JORC 2012 [9.6 moz gold, 2.8 mt copper and silver 20 moz. I used $1,844/oz gold, silver $27.39/oz [Kitco Hourly Quotes] and US$10,000/t for copper [copper is higher but I merely used the lowest fig] for EXAMPLE using the same EDISON*S METRIC].
So, NOT DIFFICULT TO SEE WHY THERE ARE SUITORS. IC informs that Goldfield contracted their capital expenditure across the board. Goldfields took over FSE first for US$220m for 40% stake and then offered for BZT*s Mankayan at US$70m [Edison metric US$12.57 bn =0.5% or 1/2%].
So, that is real live M & A.
My view only-if Goldfield took over Mankayan, they would be sitting on today*s metrics. FSE does NOT want to sell 100% [Lepanto] so at the most Goldfield can take a further 20% fixed at US$110m.
Part 2
-LEPANTO PHILIPPINES FAR SOUTH EAST COPPER & GOLD [JV partner Goldfields @40$ as they have not yet taken up the further 20% at US$110m].
Link: https://www.lepantomining.com/our-company
"Far SouthEast {adjacent to BZT*s Mankayan]
19 . 8 MOZ GOLD
4.45 MT COPPER
Today*s VALUE - IN -SITU [terminology and metric used by Edison for BZT Mankayan] =
19.8moz gold x US$1,831/oz= US$36.25 bn
4.5Mt copper x US$10,000/t= US$44.5bn
TOTAL: US $80.25 BILLION @Fri, 7 May2021.
Nick Holland, CEO of Goldfields in the only 1 video entitled : FSE said FSE was targeting 50 MOZ OF GOLD EQUIVALENT. TO PUT THIS IN PERSPECTIVE, MR HOLLAND SAID THAT GOLDFIELDS GOLD RESERVES [TOTAL] WERE 80 MOZ.
However, out of this 50 moz gold equivalent target, GOLDFIELDS WOULD ONLY EARN 20 MOZ GOLD EQUIVALENT FOR 40% OR 30 MOZ EQUIVALENT. Mr Holland was keen to buy 100% of FSE but he said that Lepanto was happy with their situation %.
Perhaps that was the reason why Mr Holland turned to BZT*s Mankayan.
Here*s the FACT:
===MANAKAYAN 2012 UPDATED JORC VALUE-IN-SITU [Edison metric updated]= US$51 BN [100% BZT]===
===FAR SOUTHEAST VALUE IN SITU: US$80.25 BN [from US$12.57bn at the time Edison calculated it by using the 2004 JORC by Snowden].===
Conclusion: Any wonder why Mankayan is of interest and for Mr Bird to tell us shareholders yesterday that "THERE IS NO SHORTAGE OF SUITORS"- this is Thur, 6 May 2021, not yonks ago when Goldfield offered US$70m [US$12.57bn value-in-situ per Edison] or 0.5% or 1/2%.
So, over to Mr Bird - I am sure that given he said yesterday that he has "BEEN CHASING COPPER FOR 3 YRS" , HERE THE COPPER-GOLD-SILVER PROJECT THAT IS NOW GOT SUITORS.
Cant be bad?
News, Fri, 7 May 2021
Mkt Cap: £12.59 MILLION @0.33p.
Goldfield offer: US$70m = £50million [using today*s exchange rate of £1=US$1.4. I dont have the exchange rate then at the moment.].
Value in Situ has risen from US$12.57 BN [time of Goldfield offer per Edison*s metric] to US$51bn today. THAT IS 4 T I M E S MORE.
So, come rain or shine, those are FACTS.
News, Fri, 7 May 2021
Mr Bird reads forums [his stocks] so he can correct if any errors.
Part 3
Mr Nick Holand was due to retire on 30 Sep 2021 after 13 yrs as CEO. However, he agreed to retire on 16 APRIL, 2021 , 6 months earlier to facilitate the leadership transition. He was on gardening leave until 31 Mar 2021.
Mr Holland was the one who bought FSE [40%] and then offered for BZT Mankayan [100%].
In 2019, Goldfields in their annual report classified FSE [40%] as under "INVESTMENTS."
In 2020, Goldfields took the FSE resource into "MINERAL RESOURCE & R E S ER V ES." So, it is hard to sell reserves but investments can be sold. In 2019, Goldfield wrote down FSE to $83m.
As said, Mr Lawrence Read, CEO of BZT said that due to the Philippines FISCAL REGIME and the price of copper, MMIH deal was the best at the time [2ND SALE].
So, Mr Holland retired officially on 16 Apr 2021.
PHILIPPINES LIFTED THE MINING BAN ON 15 APR 2021. BZT ENDED THE MMIH DEAL ON 8 APR 2021. MANKAYAN IS NOW BACK INTO THE BZT PORTFOLIO FOR THE 3RD TIME BUT THE CO BANKED SOME US$7m from Goldfield as it was a non-returnable deposit.
Just imagine - Mr Holland likened FSE to WAFU GOLPU, RANKED NO 8 IN THE WORLD FOR COPPER DEPOSITS AND MANKAYAN IS CLOSE TO THE NO 10 RANKED GALENO IN CHILE.
NO 8 + NO 10 CLOSE RUNNER UP -===JOINED TOGETHER WOULD REALLY BE WORLD CLASS AND COULD BE SLOTTED HIGHER UP IN THE RANKING TOGETHER===========
Mirabeau broker said that BOTH DEPOSITS IE FSE AND MANKAYAN COULD CUT COSTS BY SHARING A VERTICAL SHAFT.
I am sure Mr Bird is cognisant of this and that both FSE per Mr Holland and Mankayan*s metrics, both have FURTHER POTENTIAL given they are OPEN at STRIKE AND AT DEPTH.
Let*s see what transpires and what Mr Bird will spring up?
News, Fri 7 May 2021.
---------STORY OF MANKAYAN & FSE-----------------end.
Many thanks news
News. Thanks a million.
"ALASTAIR FORD, MINING CAPITAL ANALYST ON MMIH-BEZANT MANKAYAN DEA."- Proactive Investors, 11 Oct 2019.
https://www.proactiveinvestors.co.uk/companies/news/904651/mining-capital-s-alastair-ford-on-bezant-resources--makayan-copper-project-financing-904651.html
Alastair Ford:
"BZT retained 20%. BIG PROJECT.
Not 1/2 million ounces of gold or small copper project.
Taken over by largest gold co.
Major geological change in FOCUS [he means the reason why they Goldfields did not complete]
BIG OPPORTUNITY
BALANCE SHEET ORDER OF MAGNITUDE SEVERAL TIMES OVER [he means re: the sale]
Andrew Scott asked about copper ie 2019 copper not a stand out?
---
The situation with copper in 2019 is well known - Laurence Read, CEO of Bezant said he anticipated the copper price to be good due to green energy etc also in a 2019 interview.
HISTORY TELLS US TODAY, MR READ WAS RIGHT BUT EARLY.
ONE KNOWS THAT TODAY, FRI, 7 MAY 2021 COPPER HIT NOT ONLY US$10,000 BUT WENT FURTHER TO SOME US$10,400 quoted on ADVFN BZT.
Always good to listen to an outside view. Mr Ford is well known and generally covers co*s like Greatland Gold*s Havieron and the bigger Tier 1 deposits or near Tier 1*s.
Gerry Nealon , Executive Chairman of BZT quoted in an RNS in the past that Mankayan was "TIER 1" whilst Laurence Read, CEO of Bezant later called it "Low Tier 1" in 2019.
MMIH has updated the Mankayan resource to 2012 JORC standards and it has increased in size as said.
Edison said that prior to the Goldfield offer, BZT was trading at "DISTRESSED prices." [share price that is].
Value will out as it did then: Edison*s Value-In-Situ came to US$12.57 Billion for copper and gold at Mankayan and this was what Goldfield offered for at US$70m [0.5%].
Today, Mankayan even at the 2004 JORC is NO longer at $12.57 bn Value in Situ but it is now US$20bn+.
What really bowled me over was the MANKAYAN MMIH 2012 UPDATE JORC with increased the resource Value -in-Situ by 4 times at US$50 billion as an example done at today*s prices.
This JORC was done by De-risk of Queensland, Australia.
No doubt BZT may either commissioned another 2012 JORC or CHECK IT as is norm.
PERSPECTIVE:
Alpala has a Value-In-Situ of US$130bn which is quoted by the co in their latest Apr 2021 Presentation on their website. It is shown RANKED among the world*s largest copper projects.
Alpala is well known and only has an MRE , NO PFS YET.
---MKT CAP OF THE CO: £708.9 MILLION OR US$ 9 92. 46 million.---
ONE CAN SEE THAT ALPALA [ONLY 1 TIER 1 PROJECT CURRENTLY] , THE CO IS TRADING AT 992.46M DIVIDE BY US$130BN VALUE-IN-SITU [provided by co]. It is situated in Ecuador and is also a porphyry like Mankayan.
********************MKT CAP = 7. 6 % OF VALUE IN SITU.***********
There has been no TAKEOVER OFFER OFFICIALLY for Alpala. However, the CEO said in their presentation by way of 2 other co*s that Tier 1*s get re-rated to a US$1 billion mkt cap.
The CEO retired recently and the write up was
Had more time to listen again to the Colin Bird interview with Zaks Trader Cafe, 7 May 2021:
Mr Bird, Executive Chairman:
1] 2020 -copper double [think he is talking about demand]
2] 2022, 2023 THE YEAR OF THE SMALL MINER
3] In 2028 and 2032, people will ask Chairman where is the copper ?
4]MANKAYAN
Enough is Enough - TERMINATED CONTRACT {our advice}.
TAKE IT BACK TO BEZANT.
NO SHORTAGE OF SUITORS.
GET VALUE.
Since taking it over, copper price DOUBLED.
Attraction to Mankayan, now DOUBLE ATTRACTION.
Things needed there.
Philippines realistic, sensible approach ? "
https://twitter.com/Roostoshi/status/1390361463903166478 [#GLR]
=
Observation:
So, APPEARS THAT MANKAYAN MMIH CONTRACT HAS BEEN TERMINATED PER COUNSEL*S ADVICE AND TAKEN BACK INTO BEZANT!?
BEZANT NOW OWNS 100% OF MANKAYAN IF I HEARD MR BIRD CORRECTLY?
From MMIH*s Linkedin, one is aware of the work-in-progress there per the heading.
Please check as I can provide NO WARRANTY.
So, kindly listen and check again but it now sounds like THE MANKAYAN ASSET IS BACK and that due to the copper price DOUBLING from when Mr Bird took it over, it has now DOUBLE ATTRACTION FOR HIM as he said. The Value-in-Situ PROVES what he said.
So, there*s ONLY the LICENCE RENEWAL NOW on 11 Nov 2021 and given Phils lifting of the mining ban on 15 Apr 2021, Mining Journal wrote on it as "MINERS TOAST PHILIPPINES LIFTING OF MINING BAN." and that Aussie miners keen to get in to Philippines for mining as posted on Twitter under #bzt.
Yesterday, Goldman Sachs said "The COPPER MKT AS IT STANDS IS NOT PREPARED FOR THIS DEMAND environment - FEW MAJOR MINES in development & NONE ON THE SCALE TO MEET FORECASTS..." [Source: "Copper price hits new record high as Chile gives bulls another reason to cheer."-Mining.com 7.5.21
Also, in the article, it said that Trafigua, Goldman and B of A thinks the copper price will extend whilst Glencore*s CEO said new mines need $15,000 copper. I note that the copper price is US$10,500 from reading Mr Bird*s other co*s.
Sat, 8 May 2021.
Good posts and undoubtedly the future is bright for BZT. Can all the 'Chartists forecasting 2-4p be wrong?! lol
Thanks need and SoS very helpful
Thanks news and SoS very helpful
News just out from Philippines:
"Govt finalises FTAA RENEWAL for OCEANA GOLD."-The Manila Times, 8.5.21
Link: https://twitter.com/more_whit/status/1390964873886194944
"Oceana Gold Philippines [OGPI] 2 5 year FTAA became effective June 20, 1994 and its intial term EXPIRED on 29 June 2019, a yr AFTER it lodged its renewal application."
"An FTAA is a PERMIT....explore and extract minerals in the Philippines."
"The Mines GeoScience Bureau ...has concluded its discussions on Oceana*s renewal licence and that the new FTAA awaits the SIGNATURE of Secretary Roy Cimatu, Dept of Envirn & Natural Resources. After Cimatu*s signature, it will be forwarded to President Rodrigo Duterte for SIGNATURE."
"Once signed by Duterte the new FTAA will allow OCEANA to RE-OPEN DIDIPIO operations WHICH IS ONE OF THE LARGEST GOLD AND COPPER MINES IN THE COUNTRY."
Even tho it was closed Oceana helped the people and they are looking forward to getting their jobs back. 80% of the workforce ie 620 people were laid off - exludes thousands of workers in different businesses and service sectors indirectly created by the advent of LARGE-SCALE MINING.
Oceana is a AUSTRALIAN-CANADIAN CO.
----Industry news SINCE LIFTING OF THE MINING BAN IN PHILS , 15 APR 2021.----
Oceana Gold Corp-Seeking Alpha, 3 May 2021
"Oceana Gold Corp: Worth a Bet on Didipio RE-OPENING."
"CEO Michael Holmes said in a conference call:
...restarting Didipio is a key catalyst for us. We expect that once FTAA renewal is finalized, the operation can contribute 120,000 ounces of GOLD and approximately 12,000 tons of COPPER
annually. At 1st quarile all sustaining-costs, DIDIPIO WILL BE A SIGNIFICANT SOURCE OF FREE CASH FLOW MOVING FORWARD."
https://seekingalpha.com/article/4423694/-oceanagold-corp-worth-bet-on-didipio-re-opening
---
Observation:
As Mr Colin Bird, Executive Chairman, BZT said the Philippines govt is going the sensible and realistic way kinda of thing. Well, this article was a few days ago and my post from the Manila Times is today, Sat 8 May 2021.
So, appears that Philippines is indeed moving on with mining etc since the lifting of the mining ban on 15 Apr 2021.
"COMPLETE TURNAROUND: PHILIPPINES DUTERTE LIFTS BAN ON NEW MINING PERMITS."-
Mongabay, 15 Apr 2021
https://news.mongabay.com/2021/04/complete-turnaround-philippines-duterte-lifts-ban-on-new-mining-permits/
"The ORDER is expected to EASE the entry of AT LEAST 291 EXISTING MINING APPLICATIONS."
Observation:
This is a lifting of a 9 year mortarium ie mining ban in the past , PRIOR to 15.4.21 when it was lifted. The Oceana case was one of the more high profile ones and the permit expired but today, it appears it is going to be RENEWED despite the mine permit had expired.
Anti-mining ...even set up blockages in the past. So, the FIRST DEVELOPMENT since the lifting via the Manila Times news today about the OCEANA PERMIT now discussed and going for signature /s to approve and the RE-OPENING of the big mine.
OCEANA [Listed in Canada & Australia]
Fri, 7 May 2021
Share price: C$2.53
Mkt Cap: C$ 1. 7 8 BILLION
Source: Google Finance
====
"B2Gold reports strong Q1 2021 results."-Seeking Alpha, 4 May 2021
"The MASBATE MINES in the Philippines also had a strong start to the year with 1st Qtr 2021 gold production at 57,513 was above budget by 14%."
[3 operating mines]
https://www.seekingalpha.com/pr/18301844-b2gold-reports-strong-q-1-2021-results-quarterly-total-gold-production-of-2020644-oz-revenue-in-line-9-above
B2B Gold
Share price: C6.25
Listed in Canada & NYSE, USA
MKT CAP: $ 6. 5 4 BILLION
Source: Google Finance
---
Observation:
Both the above market caps show that when Mr Bird said in his latest inteview with Zak [GLR]
that "MANKAYAN: NO SHORTAGE OF SUITORS", the 2 co*s above does illustrate that there are
sizeable co*s in the Philippines. B2B Gold*s mkt cap at $6.54 BILLION does NOT appear to be a small co nor Oceana.
Typo: Mr Bird*s interview:
Should read 2030 [not 2020] wherein demand for copper will double.
2020 /2023 is the YEAR OF THE SMALL MINER.
2028/2032 Chairman where is the copper ie people will be asking of co chairman*s?