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Firstly, it’s in the RNS that Goulamina will be moved to the 2023 code.
Secondly, I completely agree with your points - Firefinch and Morila, Firefinch and Leo are very closely connected, and Leo pushed their luck more than once - and the Malian govt are right to feel aggrieved here, and to try to remedy the situation.
But, I’d like to know what the government demands are. That will give us some insight into the govt’s motivations.
Rory, no I think the fine keeps them under the old code. But effectively it is the duty benefits repaid (they got massive tax breaks under the old code)and a further 12m dollar fine. So in some ways - yes.
It is worth stepping back and looking to see what FFX did with the Morila mine. Then:
The escrow account and 15.9% of Leo lithium shares this year 2024. So there is a connection - is anything to do with those share conditions connected to the Morila mine? You would have to go through historic detail. But the two companies are connected.
Look back prior to Leo doing DSO ore sales and see the lack of submissions, approvals or permits. Nothing formal on record in RNS form from the government for direct ore selling.
In contrast look at the time and effort our team put into ensuring everything was perfect just to add a DMS plant on site.
After all of this has been through the wash I think you will find a catalogue of errors - the dangers of using some consultancy services.
It is the same here, some unproven systems being used that one day will be tested either in an event or court of law and they will either stand up or they won't.
The rule is when you have a lot to lose don't push your luck/the envelope.
Utterly stupid?> DYOR
https:// www.fpri.org/article/2022/03/the-wagner-groups-playbook-in-africa-mali/
I take from this is that the license transfer will likely see it brought under the conditions of the 2023 mining code.
One thing I’d be particularly interested to hear about is the ‘Government’s demands’. I suspect Leo will release further details on this in the fullness of time.
RNS From Firefinch:
Settlement with Government of Mali and Agreement with Leo Lithium and Ganfeng
https://www.investi.com.au/api/announcements/lll/c0288d09-a3c.pdf
The Government also raised concerns regarding the transfer of the Torakora exploitation permit
underpinning Goulamina (the Exploitation Permit) from Timbuktu Ressources SARL (TRSL) to LMSA
(a subsidiary of MLBV which is jointly owned by Leo and Ganfeng) and established a Negotiation and
Renegotiation Commission between the Government, Firefinch, Leo and Ganfeng in relation to
issues relating to Morila and the alleged irregularities in the transfer of the Exploitation Permit,
among other things (the Commission). Leo has denied the alleged invalidity with the Exploitation
Permit.
Notwithstanding that each of Firefinch, Leo and Ganfeng have presented information to the
Commission that Firefinch and Leo are not connected (other than Firefinch’s 17.6% shareholding in
Leo), the Government has insisted on conflating its concerns with Morila and Goulamina, proceeded
on the mistaken view that Firefinch and Leo were one and the same company and has insisted that
its concerns are resolved on a global basis.
The Government has become frustrated with Firefinch and Leo not agreeing to the Government’s
demands. As the dispute has become increasingly acrimonious, Ganfeng has become involved in
attempting to resolve the dispute and has become the primary channel of communication between
the Government, Leo and Firefinch
Firefinch has become aware that the Government was poised to find the permits and licences of
Goulamina (including the Exploitation Permit) as invalid or irregular such that LMSA would lose title
to Goulamina and be prevented from commencing production unless, by no later than 7 May 2024:
More in the RNS
DYOR
GLA
Bridgedogg1……..utterly stupid comment.
Not good. The Mali gov, hand in hand with Wagner group are ousting Western companies for resource projects across the board.
So open down and the shareholders may get less than 0.43 how how does that work with the deal?
- it will remain suspended until dela is done.
or
- open down.
Anyone have an answer to this?
Onlyking, ours may take a leap up before he gets a chance but if they get a chance I think a lot will come here.
Reading their chat board over the last 8 months I reckon at least 75% acknowledge it was their boards error if not more.
Only a small number, same as in the UK, blame the government for everything.
So if they get the chance we may see a good few of them.
What happens now with their shares. Say asx lifts the suspension does everyone dump them as quickly as possible and could be worth a lot less or is their a guaranteed 0.43 per share?
I wonder if gazzaliam will put his 0.43 Leo shares into Kodal now...
Sounds like a good result for Kodal
We just need Hainan to buy us out now at 1.5p or we go to production
"Mali Government to attend to attend to all outstanding permit approvals".
From the Leo RNS, it looks like they have support from the Mali GOV with Permit exchanges inline with 2023 code..... hopefully KOD are offered the same support as part of W.Bougouni Exchange.
George, West Bougouni? I think so.
Gangeng will want that cleared up fast as they need government permissions to continue, I am not sure how much longer they can work under their existing permissions. Just normal processes no drama.
Daz what concerns me if I had been a leo lithium investor is even when they have managed to salvage money for shareholders is the tone of the way that is written. In my opinion it was all board incompetence and had it been a democracy I don't think they could have negotiated such a settlement.
Around early 2023 I posted on this board asking about their updates regarding direct sale of ore to see what the process was in case we did the same, I could find no asx announcements and nothing in the presentations. For a board to think permissions for storing ore to put into a plant is the same as storing ore then transporting directly out of the mine site is unbelievable in my opinion. Anyone who has worked in this space will be aware of all permissions needed to do anything, it is a headache.
Plus the Morila mine payment trail was simply pushing their luck to the absolute limit.
In the end they have got off very light, the 60m payment is only 12m above the tax breaks they got under the old code which they were about to break, shipping ore
The Morila gold mine shares are not worth much.
The shareholders have got out with a much higher percentage of their money than I expected. But so sad that a greedy board tried to push the limits that far. The old days of using slick consultants and exploiting loopholes have long gone.
I will be amazed if that CEO continues as a CEO.
What a mess.
From our point of view our deal will progress. It also shows the mining office is working.
Would it be reasonable to think that the sale of BW will be completed this year?
Yeah that's what happens when you leave a mine in bits, morilla, relationship falls apart so gangfeng wanting progress have decided to take the lot.
Leo Lithium 60m dollars settlement and sell out to Ganfeng, that was a good result out of a terrible position they put themselves in. But our sale will complete with Ganfeng it appears.
https://www.leolithium.com/investor-centre/asx-announcements/
Thanks for the info Laverda 👍
Panthera increases holdings in Mali and decreases in Nigeria.
https://m.miningweekly.com/article/panthera-restructures-ownership-of-mali-nigeria-projects-2024-05-07
Cambo- https://themaskedstocktrader.blogspot.com/2015/01/why-are-buys-showing-as-sellsthere-are.html?m=1
I know its been asked before at some point but anyone shed any light on why on here and on ADVFN my buys are showing as sells?
Onlyking, and they continue drilling.....