Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Let's hope the yanks invoke the Magnitsky act and cut Ivanishvili's b*lls off.
--Since 2016 the bill, which applies globally, authorizes the US government to sanction those who it sees as human rights offenders, freeze their assets, and ban them from entering the U.S.
------------------
Zaza - They try to present it as 99%, but it is unclear how they report it or where it comes from. Anyway, all the areas where we are not doing this work, about 1 month ago, maybe more, 1.5 months ago, we have already returned to the state.
------------------
There are only two claims that went against FRR. One is the above, which has been addressed and well in good time. We have to remember, the Arbi judgement is final. I do not think for a second that there is sufficient ambiguity as to leave the context of that 99% (i.e. 99% of what and where??) in doubt in the execution of the instructions handed out to the Parties.
FRR, with the support of the US and the domestic media, has shifted the discussion/ argument along materially. We have made progress. But GG are still trying it on. If they had been right firm the beginning, they would not have budged - but they have and are trying to save face, continually, especially with elections fast approaching.
Is worth adding, FRR cannot meet GG until the spectre of those as-yet-to-be-determined conditions has been removed. They need to arrive to that meeting an established, definitive agenda, and, if all goes well, then release Joint Statement settling the matter.
Re the “ two claims that went against us “ ....one is the 99% ish hand back, do we know what the other one was ?
Paying 200,000 gel ???mineral tax, of something.
Didn't Zaza mention in much earlier interview, that it was a trivial matter....they pay every year ?
"Paying 200,000 gel ???mineral tax, of something."
------------------------------------
Could easily be as feeble as that. GGs claims have been flimsy. They wanted to misappropriate this asset. Really do believe that when ZM talked about 'the truth', he meant it. The case we have was so clear cut that when the plain facts were presented to those US politicians, it was too easy for them to step forward in support.
Can imagine that FRR presented the findings of the Arbi to US politicians. That would have been the final straw for the US establishment.
Cf , Not being funny but the usa have killed untold ammounts of people and wrecked Iraq on the back of feeble information . Get real . The us just want a compliant gvnt that likes a tummy rub .The georgian people should be careful what they wish for . Georgia has numerous parties to choose from and are having their democracy arranged by a country that has a two party system where last time out the winner had less votes than the loser .currently they have the choice of two geriatric characters that should both be barred on mental grounds .
Seingred, have ticked up your post as in principle I agree with what you say.
While it seems easy for the US to enter into these things at the drop of a hat, it is more to do who and where. Iraq, Libya, Venezuela etc are far more easily interfered with than Gerogia. Gerogia history and geopolitics makes intervening much harder for the US.
I say this as someone generally not at all pleased with US foreign policy, and as someone who is a one-time international relations student. Have said previously, if I knew geopolitics were going to come into this, to this degree, including relying on the US political establishment, I wouldn't have touched this. But am confident, that for once, through FRR, we are on the right side.
MadP - Sorry the sloppy editing as it was late night for me and wanted to post before bed
Past part of Pt.5 should read "last few years"
Cf , as often is the case there is no right side imo . One corrupt bunch will be replaced with a different bunch of corrupt characters .just with a different master . As far as zm is concerned ,he looked people in the eye knowing all this was unfolding and encouraged people to buy shares .
Off topic ,I saw the Rustavi state choir at the Barbican 4 or 5 years ago and recommend highly .
Hi StarRage, if I recall correctly, Zaza and the DM had some behind closed doors chat, the DM then went public as Zaza mentions in this latest translation. After this interview the Minister - either during a meeting with the US Ambassador or directly after that meeting - made the same offer to meet and discuss. If this is a ruse then they have now roped in the US Executive branch which won't sit well.
Ziggy / Freelast / CF73 - this is what the GOGC have said about the findings in the Award, all taken from their statements on gogc.ge. They always talk about the vast majority of claims being met in their favour but, once you wade through the bluster -of which there is a lot - it all seems to come down to this -
"The Arbitration Tribunal ruled that “Frontera Resources Georgia Corporation” committed material breach of the contract by refusing to return the exploration area (99% of the entire licensed area) to the State, which gives the State right to terminate the contract. According to the decision,”Frontera Resources Georgia Corporation” and “Frontera Resources US LLC” are obligated to reimburse the amount of the mineral usage tax paid by JSC “Georgian Oil and Gas Corporation”
Those two wins seem to be agreed by both parties - The land has already gone back (by the way, surely Zaza now knows the % involved if those lands have already been returned ?) and the issue with the mineral tax doesn't seem to be about the amount, rather, how its paid or offset against other amounts due.
The other claims made in various gogc.ge statements include US$6m in costs, and a 1 time mention that the asset move was illegal.
Looed, thanks for that. That's extremely helpful. Keep up the great work!
Seingred, very possible that ZM didn't feel it would evolve into this. He did say (and I paraphrase someone else's paraphrasing), that GG were using a sledgehammer to crack a nut. We got to member what's been coming at FRR: one side, GG, with state attempts to misappropriate; at other end, Hope, TW, YA and dirty naked shorting, and even StarRage wading in. Perhaps not a excuse (or at least a good enough one), but we seem to still be in the fight and by now holding our own.
Cf , hopefully when this time next month we will have a clearer idea of where this is heading .
"The Arbitration Tribunal ruled that “Frontera Resources Georgia Corporation” committed material breach of the contract by refusing to return the exploration area (99% of the entire licensed area) to the State, which gives the State right to terminate the contract*. According to the decision,”Frontera Resources Georgia Corporation” and “Frontera Resources US LLC” are obligated to reimburse the amount of the mineral usage tax paid by JSC “Georgian Oil and Gas Corporation”
*if the unused license area is not returned in x days/weeks of this judgement
Why do I feel like something along these lines is being purposefully missed out by GG.
Why inexplicably change your position to reconciliation, if you had such a cast iron position which they claimed to have.
Frontera should get a boy from uncle Sam to attend the negotiation meetings to report directly back on whether or not it is an untenable farce.
Goit: the arbitration ruling is clear on this point (actually it is clear on all points). It said that it was a material breach irrespective of subsequent compliance with returning the 99%. It also recognised the implications of that breach. So what the GG have done is completely in line with the ruling and as such we have 26 days to go.
However their (verbal) position softening is presumably down to politics. We just need then to follow it up with action and not take the remaining 1.58% back.
ODR - that’s assuming the arb doc was legitimate. Zaza keeps mentioning 14 items raised in the arb with only two being awarded to the GG. I couldn’t see 14 items in the leaked doc which makes me believe it had been altered. As previously mentioned, the Georgian media would also have used this in the interviewing of both the GG and Zaza if it was legit.
Everer the expert on material breach versus repudiatory.... I am glad Rodney is not my QC.... Perhaps head back to the nags head and finish your game of drafts with trigger!
Jnjnr are we still on track for the green jacket
Sorry JRjnr
Rods is very sure of the contents of the leaked arb doc these days.
I think so... another Woods miracle on the cards
R8: I think anyone in Georgia is scared of publishing or direct quoting from the Arbitration Ruling for fear of legal action. The arbitration ruling does look genuine, as I have stated before; to forge something so convincingly would be an incredible achievement. I appreciate that most on here disagree with me but then most haven't read it. I'm just stating what I believe, which is what these boards are for.
So I don't believe Zaza, and he has plenty of 'previous' with mis-statements, but I am delighted that he has adopted the approach he has as we need him to win. After all, the alternative is to accept the ruling and hand over our asset; so he has little choice but to do what he has. He is, however, doing a fabulous job of it thankfully.
JRjnr: would love to be back down the Nags Head!
Is 'drafts' a cross between draughts and darts ;)?