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https://www.nyasatimes.com/govt-to-complete-3-mining-agreements-by-jan-31/
Ahh scrap that I get it now :)
'Mkango UK’s role in the Project is to establish a pilot plant in the UK to chemically process recycled HPMS NdFeB powder and magnet swarf (i.e. the powder produced from grinding and finishing magnets) from a range of scrap sources including electronic waste, electric motors and wind turbines, complementing the short loop magnet recycling routes being developed in parallel
HyProMag will work with UoB to develop a new semi continuous version of the HPMS process and to produce short loop recycled sintered magnets at multiple grades to match the requirements for a range of applications'
I get why Hypromag is a part of the SCREAM team I less get why Mkango? interesting and positive all the same
Perceived concern BECAUSE two more law firms are now looking at the MDA?
Plenty of money looking to buy the dip ...
Tweet from MKA:
Securing Critical #RareEarth magnets for the UK supply chain “SCREAM” website live with #MKA
https://twitter.com/MkangoResources/status/1616013675495661570?s=20&t=b0F-YUvE5DqL91lj-hxxFA
https://scream-uk.com/
I'd expected a bit more action with what was revealed earlier in the week! News could drop any day now and it's looking very positive IMO
DAVOS- VON DER LEYEN SAYS EU WILL TEMPORARILY ADAPT ITS STATE AID RULES TO SPEED-UP AND SIMPLIFY HELP TO "GREEN" INDUSTRY WITH TARGETED AID FOR PRODUCTION FACILITIES TO COUNTER RELOCATION RISKS FROM FOREIGN SUBSIDIES
A battle between EU and USA awaits!! Who will be the highest bidder!!
Janet Yellen to visit African countries as US steps up overtures to continent
Washington is seeking to entice nations away from financial and resource ties to China
https://www.ft.com/content/23d66a41-e9ed-44d0-967f-279fee36dba7
I agree with various posters that, reading between the lines, the Gov and the companies have decided to stop mucking about and get these MDAs over the line in the near future. With that attitude, I’m sure there will be no problem and we’ll get definitive news in the next few weeks.
Surprised the SP didn’t react more today - the closing SP is still near long term lows, and lower even than at some points in the past couple of weeks. Should be well primed for a bounce in my view
Sounds that way.....looks like they have a common ground and are just fine tuning. The other article intimated that laws would need to be changed, that is not the case as per below,
"However, there are provisions that the investors pointed out which, we agree, can be amended to remove ambiguities,”
He said once all issues are ironed out, the MDAs will be signed.
“These companies have made a lot of concessions. We cannot change the laws just to suit one company. We cannot be forced to amend laws. However, there are provisions that the investors pointed out which, we agree, can be amended to remove ambiguities,” Nyirenda said.
It might be that all issues are now resolved and the MDA is in agreed form. The royalties and foreign/domestic bank a/cs and forex issues being the last to fall into place late last week, with no requirement for legislative changes. And that it's only now awaiting sign off by independent international lawyers acting for Malawi. Full a.r.se covering job by Malawi. Completion within 2 weeks. Fingers crossed. I agree at the very least it's positive whatever, and generally we should be happy to wait for a deal that sticks, rather than go for one now that falls apart before the ink's dry.
Morning.
It's a 4x for sure from here to my eye but I can wait - it'll come.
Reading that article, there is a lot of subjectivity. It implies that MKA and Globe are close (dotting i's and crossing T's) yet there are some others trying there luck.
I can see both sides, the off shore escrow protect MKA from geographic turmoil along with political, equally Malawi want to reap the benefits immediately.
The article clearly states they MKA are on the same page. The last thing you want is the Burundi scenario. MKA get into revenue generation and the government want to redo the agreement.
These negotiations started in Jan 2022, with expected deadline (set by Malawi) of end Dec 2022 (article). The AG never got involved until Q4. I see this being done and dusted in Q1 easily.
The MCAP is so low its crying out for a takeover approach. I personally want this to come full term as it will be worth so much more.
GLA
Agree both articles are very good, hard to tell which news comes before the other, arguably the 'three MDA will complete by Jan 31st' article is the most recent which does say the comments were made on the 12th, when the other article was written
Both read quite positive, I can understand Malawi's stance, if we are asking for changes to the law and also royalties in the region of 2%, but at the same time I can understand the companies stance as if we are asking for these terms then we must have financing in place otherwise we wouldn't have a leg to stand on so behind the scenes I would imagine we have a lot of firepower to be asking for this and that (outside of the importance of the mine and its minerals itself)
Any changes to the law could be a major sticking point and cause a lengthy and costly delay. Third parties will be reluctant to invest until the position is clarified so the Board must issue a RNS this week to explain what is going on.
I interpret the Nyasa Times article as saying the MDA is agreed and will complete this month. I guess MKA have paid the fees of law firms DWF and Trinity to give independent legal advice to Malawi that the content is fair and reasonable.
Looks like full steam ahead to me.
Yeah the issue is political they need to get the fine balance of satisfying national interests without putting off foreign investment but one thing is for sure they need those mines operating and generating income and they cannot do that without outside investment ...I imagine there is a lot of pressure the minister of mining will being pushing to sign them off .... anyways in both cases, you can say progress to the MDA is being made...
Great news from the Minister of Mining but some very mixed messages are being reported by local Malawian press:
14 January 2023:
Malawi Minister of Mining announces Mkango's MDA to be completed by 31 January 2023.
12 January 2023:
[Malawian Attorney General] said Mkango Resources Limited in particular wanted changes to the law while Globe Metals wanted government to calculate its proceeds using fixed prices, but government challenged that.
“Mkango and Globe Metals have been able to understand government’s position. For Globe Metals, the review process is at 90 while Mkango Resources is at 70 percent,” he said.
Source: https://mwnation.com/govt-guards-against-exploitation-in-mining/
I wonder who has final authority over this matter as comments by the Mining Minister and AG don't seem to be on quite the same page? If it is true that MKA is requesting "changes to the law", and this is not agreed, this seems like it could be quite the sticking point. Hopefully Mkango will do some PR to clarify the situation now that these statements are in the public domain.
Outstanding news
Tremendous news, Personally I reckon we'll be bought out as this is probably the best complete REE facility in the world including the patented hypromag process! Brilliant!
Value ten fold of current market cap, easily!! IMO
MDA opens the door to financing of mine being signed off- massive step forwards
Devil might be in the detail but I like the "win win situation for the Company and the country"
Great spot. Thanks for posting. Anyone care to hazard a guess at what impact this MDA will have on the sp? Still a lot of Infrastructure and permissions to land. Could be a slow climb.
I think that's the first time we've seen a definitive timeframe for completion (by 31 Jan). Promising.
Game on.
Expect a plethora of RNS's once MDA lands