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'MINING
In Mining, we recognized early in my Administration that there
can be no wealth creation from our bounty of minerals without
organizing the sector to end decades of exploitation and
negligence. Ever since I announced the reforms I was going to
effect in this sector three years ago, we have faced resistance,
roadblocks, and rebellion. But we have prevailed. I am therefore
happy to report, Madam Speaker, that during the year gone by,
we have set up the institutional framework for bringing sanity to
and creating wealth from our Mining sector. First, we repealed
the Mines and Minerals Act and replaced it with a new one so
that the law protects the interests of Malawians in all mining
activities. Second, we have developed the organizational
structure for a Mining Regulatory Authority that we will begin
building once the new Act has been duly gazetted. Third, we
established a National Mining Company that belongs to the
Malawian people, with a mandate to catalyse private sector
development, encourage joint ventures, act as a state equity
partner, undertake in-depth exploration, and most importantly,
maximize revenue generation and social benefits to Malawians.
Fourth, we have created the Malawi Development Cooperation
Holdings Limited, through which Malawi will safeguard its
interests in its national treasures, and the new Mining Company
has been incorporated as a subsidiary of this larger
conglomerate.
Madam Speaker, at the same time that we have been
reorganizing the Mining sector, we have been reviewing the
existing mining agreements themselves, because some of the
deals that have been negotiated in the past show a lack of
seriousness. As a result of this effort, my Administration has
successfully negotiated and signed a Mining Development
Agreement for the mining of niobium at Kanyika in Mzimba
district, and we are in the course of renegotiating other MDAs,
including those with Lotus Resources Limited for the Kayerekera
Mine, and Mkango Resources Limited for Rare Earth Project at
Songwe Hill in Phalombe. Malawians may also wish to know that
an investor is all set to start mining works at Kangankunde Hill,
which is estimated to have 261 million Tonnes of rare earth worth
billions and billions of Dollars.
Madam Speaker, my progress report on wealth creation efforts
in mining would not be complete if I omitted the progress on the
Kasiya Rutile Project. As I speak, Sovereign Metals Limited and
Rio Tinto have entered into a partnership, and now the project is
undergoing a Definitive Feasibility Study and an Environmental
and Social Impact Assessment, which mark a crucial step in
advancing the Kasiya Rutile-Graphite Project in Malawi. When
all these operations begin to yield a harvest, it will be a game
changer for Malawi not only economically, but also geopolitically,
for we have every reason to expect that we will become less
dependent on outsiders
Good deed for the day :
https://x.com/bonker_99/status/1755589334315495795?s=20
Big spreads = please stop buying.
Think we deserve some sort of presentation or update to bring us out of the dark. Over a year since the last Songwe RNS that said "in the coming weeks". I don't blame the BoD for holding out, but give us something!
Over 10% spread GREEDY BARSTEWARDS…..
Not always, but sometimes it is because a large overhang has finally been cleared.
No idea if that applies in this case. We will know soon enough if it is that scenario. GLA.
How does that quantity come into the market and the price go up?
A million shares dumped at 7p. the only thing we seem close to is a total freaking disaster. complete silence from the ceo while the market cap of this company crumbles
MDA news must surely be close?
Eyes down peeps.
Https://www.proactiveinvestors.co.uk/companies/news/1040094/globe-metals-and-mining-closer-to-opening-first-globally-significant-niobium-mine-in-50-years-after-positive-study-1040094.html?rel=scroll
Impressive update from Globe. Mka are further advanced so should hit the ground running once the MDA lands.
Thanks Leister
Mixed signals. Deadlock doesn't sound good but "only" taxes on profits and a (surely) trivial issue about sourcing chemicals/reagents mentioned specifically. Lotus nearly there? MKA not far behind?
Songwe is worth 5x the current SP/mcap with Neodymium back at its prior high so a bit of M&A vibe is inevitable while everything is suppressed - it can't go on forever.
That's why buy cheap and hold nearly always works - it's the holding bit that's difficult though :)
it’s disappointing to me that there’s no update whatsoever from either malawi gov or mkango in the progress of the mda. given monica’s statement last year about signing before end of 23, and that fact we are now feb 24 is pretty shocking tbh. these people expect to be seen as serious politicians, they are just inept council workers. of the worst kind. couldn’t fill a fx@cling pot hole these ****s.
I see Malawi Gov still giving Lotus mixed signals on signing MDA! How accurate is the journalism over there?
https://mwnation.com/govt-investor-in-stalemate-on-kayelekera/
I meant #CRMA complete package :)
Might be a little left field but Lynas seem to be on the hunt for acquisitions... Mkango is the perfect complete CTMA reafy package so now MP merger is off maybe just maybe a possibility?
'Lynas Rare Earths and MP Materials: Exploring Potential Transactions Amid Strategic Growth Plans
Lynas Rare Earths Limited (ASX: LYC; OTC:LYSDY), a leading Australian producer of separated rare earth materials, has recently been the subject of media speculation concerning a potential transaction with MP Materials Corp (NYSE: MP), the largest producer of rare earth materials in the Western Hemisphere. While confirming past discussions with MP Materials, Lynas clarifies that these talks are not currently ongoing, emphasizing its focus on organic growth and strategic opportunities.
'While discussions between Lynas Rare Earths and MP Materials may have paused, the strategic considerations behind such talks highlight the dynamic nature of the rare earth sector and the ongoing efforts by leading companies to secure a sustainable and competitive future. As Lynas continues to pursue its growth strategy, the industry watches closely for new developments that could signal shifts in the global supply chain and market dynamics.
Well known China are their friends.
Agree and its not like they can blame it on the carpet as it was successfully found
...what's going on behind the scenes.
Is it individual politicians holding out for bribes or a cheap entry point or is the Malawian ministry insisting on such onerous terms that Mkango cannot possibly consent?
In an earlier interview, Director of Mining Samuel Sakhuta said there are a number of projects expected to commence soon, which will contribute to the growth.
https://www.businessmalawi.com/mining-sector-to-grow-by-5-8-the-times-group/