Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Have issued their puppet mining company Shalateen some prime gold exploration land directly south and north of Sukari.
Questions:
1) Shalateen has done nothing for decades - what has changed that they should be given concessions without a bidding process?
2) Is this in anticipation of co-working with Centamin due to the fact any gold on Shalateen's land could bypass the new tax & royalty scheme in favor of the old 50/50 profit split as long as the Sukari plant is doing the processing?
I did a quick map here
https://twitter.com/DonLawson_/status/1455566219608657922
Thoughts??
Don, point 1.
Shalateens interests are in keeping the militaries Pension Fund healthy.
When they tried to sell with an ,shall we say over optimistic 1.8 million ounce supposed new find last year, Sawaris was the only bidder. He quickly lost interest.
Point 2.
Makes sense for EMRA, and Centamin.
Saves million as well as time.
Its possible they both already know of hot spots.
EMRA can do what they choose, and Centamin they know well.
EMRA make the rules in Egypt. Who would dare quetion their authority ?
No one with sense,IMO.
Edit.
Saves millions in new plant and valuable time.
But of course I could be completly wrong,time will tell.
In February 2020, Naguib Sawiris announced his interest in acquiring 51% of the Shalateen Mineral Resources Company, which is 35% owned by the Egyptian General Mineral Resources Authority; 34% owned by the Ministry of Defense’s National Service Projects Organisation; 24% owned by the National Investment Bank; and 7% owned by the Egyptian Company for Mineral Resources.
Strong odours here ... Hope it is not the odours of "who you know"...
https://www.mining-technology.com/features/stay-gold-egyptian-ambition-and-investment/
best
the gnome
Who you know indeed Goldgnome!
I suppose the EMRA orchestrating Shalateen to basically set up camp outside Sukari's front and back door could also be a strategic line of defense?
But either way it does reek of an insider deal - and I do hope it's in Centamin's favor for once.
What good is being the first mover in Egypt if it counts for nothing?!
https://www.linkedin.com/posts/don-lawson-98619370_gold-mining-mena-activity-6861428239311650816-_1WY
If the industry gets a whiff of corruption, then there are various laws around in UK, USA, Canada that means they will have tohead for the door. Very serious penaties.
Lot going on in the corruption space and there is a jail penalty for Directors. Personally I think it is well overdie that the Mining Industry got cleaned out in regard to Corruption (robbing the poor to pay the rich -more) - love to see some serious fines and jail terms for Directors (ignorance not a defense)
https://www.abc.net.au/news/2021-10-04/rio-tinto-continued-to-trade-with-briber-du-shuanghua/100513014
https://www.ft.com/content/66aeb1b9-7f7a-4713-866c-c756d82bf3c5
http://www.businessinsider.com/rio-tinto-guinea-leaked-executive-emails-corruption-investigation-2017-7
https://www.transparency.org/en/publications/combatting-corruption-in-mining-approvals
A board that sends an exploration group into a company with endemic corruption, is setting itself up for a very rough time
bet
the gnome
Goldgnome, don't take your vacation in Egypt, ;-)
Cowichan, I love the views and thoughts...
here's hoping for some positive skulduggery
Thanks Mr Bond
No, I was actually looking at sun baking in Khartoum.
I dont think the investment world has worked out, that with the Panama Papers (and alike and threat of more) and the anticorruption legislation, that doing business in a lot of prospective countries is not going to happen. Back in Oz land access, is a joke (drill programs delayed for 2.5 years and waiting), and the politicians dont get it, as they dont have to do it...and are generally of such limited intellect
Love the way the economic modellers have got it so far wrong. Predicted the pandemic was going to decrease house prices by 20 %, but we got increases of 30 %. Their inflation modelling by the econmists is a joke (dont know fuel and house prices through the roof, council rates, food, alcohol etc), and now going to up the interest rates...and lets spare a thought for the inspirde round of tax increases to pay for the bail outs....
I think gold is going to up.
the gnome