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So looks like we have 3 big companies including Hirukund Natural Resources
The other 2 are small i comparison. Hopefully enough for a bit of a bidding war
Thanks for the correction :)
I did a very loose search then!!, i am very happy to be wrong :)
Keep your eyes peeled for bids from
Deck Mining Pty Ltd.
Excellent sleuthing @sheer. Thx for sharing.
To register their interest was 18k $ from memory.... means they're serious, and there are FIVE!
Was hoping @deck was gonna take one for the team and buy one 😂
@Gallmat
Hirukund Natural Resources are a wholly owned subsidiary of Adani Enterprises, market cap IND 3.5t / £35b
https://www.constructionworld.in/energy-infrastructure/coal-and-mining/adani-enterprises-establishes-two-wholly-owned-coal-mining-subsidiaries/36116
Ramgad Minerals are part of the Baldota Group, who are a large mining conglomerate
https://baldota.co.in/uploads/csr/csrReport521505.pdf
Mr Saiyyed Owais Ali is the CEO of Owais Metal and Mineral Processing Limited, who IPO'd a couple of months ago
Looks highly competitive to me
Jindal power are also large, so there are in my view 2 sensible companies. The others just get us over the minimum no bidders for an auction.
I cannot see any reason to comment while the auction is ongoing. This would only annoy the GOI and ultimately one day we may need to settle with them.
Https://mines.rajasthan.gov.in/dmgcms/Static/files/Letter%20to%20MSTC%20reg%20TQB%20of%20Gold%20blocks.pdf
On the official government doc it states that 'the IPO of the technically qualified bidders will be opened on the due date i.e. 14/05/24
Oh and there are 5 bidders, not 4.
Very exciting news. It certainly makes no sense to me for PAT to be making any comments whatsoever during the auction process, never mind submitting the formal NOA.
We're on the cusp though, of that there is no doubt.
None of us on here expected an auction to take place this year, however it's undoubtedly good news
Thanks for the posting
It lools like Hindustan Zinc is the sensible winner.
Given the lack of competition i wonder how competative it will be.
Anyway at least they are moving on
The next RNS will (IMO) just be us moving to the next stage, damages i think are coming after that.
this is now a trade on time, frustrating but we signed up for it.
I think we will all be relieved when we see our claim size
Having 4 technically qualified bidders is excellent news in my view, if you'd told me 6 months ago that there would be an auction process for a mine valued at ~$1b & we'd still be sitting at £12m market cap I'd never have believed it. Nothing tedious about having money invested here, I don't know of any other LSE listed stocks with such latent potential.
Here is some news;
https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/hindustan-zinc-jindal-power-jk-cement-in-race-with-others-for-two-gold-mines-in-rajasthan/articleshow/110113103.cms?from=mdr
"Ramgad Minerals and Mining Ltd, Hirakund Natural Resources Ltd, Jindal Power, Hindustan Zinc and Saiyyed Owais Ali have emerged as technically qualified bidders for Bhukia-Jagpura gold block in the desert state."
"According to the website, the auction of both the gold blocks will be held this week."
More than happy to have my money invested here :)
Yes this is tedious David versus Goliath PAT need to take control I understand all the legal protocols but Pat should be applying more pressure at the very least they should announce the claim value in the next update
I am not expecting much in the short term. The last communication from CEO indicated we will move to next stage probably before we release our claim amount. the only thing that feels good is our claim is increasing at maybe 0.8% per month, but TBH do we care if it is $1.Bn or $1.08Bn (not really)
anyway, we chose this so we just need to be patient. annoying because capital is tied up
An update would definitely be welcome - feels like it has been a long time since the last one.
Unless we get a nice surprise before..( looking at the last rns list they pretty much all came first week of the month since Oct) ..3rd of June might be next one.
Interesting angle here.
3 companies were impacted by the Gov. One claim is backed by burford.
It sounds like the goverment screwed 3 companies at the same time.
So maybe there is an argument their cases are quite correlated, and indirectly validated :)
I opened a punt position on equatorial resources on asx.
Around 10m usd. With roughly the same in cash.
They are using the cash toself fund a case vs
congo.
The are far more advanced with the hearing next year and going for 400m usd to 1bn. So 40x current.
Very illiquid, but could be a nice way to make some cash on a similar theme.
The congo gave away their license. I can see why the gov did it as they needed someone to build a huge railway to get the coal to port.
Practical on the side of the government. However they may have still done something naughty.
At 40:1 worth a punt.
They also messed with 3 other companies who are also taking them to court.
Thanks @sheer
The whole thing seems like a monty python play!
That case and ours
It would be great to have a new presentation where it mapped these key items out vs a timeline.
I know we can trust lawyers, but this also.makes for a good read
I remember this one.
If you add it to the situation where they said we can have the permit if we drop our local litigation ( which we did) then it is even more bizzare.
There must be a document trail where they say we can do it if we follow certain actions ( which i assume we did)
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RNS Number : 0389T
Panthera Resources PLC
12 November 2019
Panthera Resources Plc
("Panthera" or "the Company")
Rajasthan Writ Reply Filed and RIM Financing Complete
Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that the Government of Rajasthan (GoR) has finally filed its reply to the Writ petition filed by Metal Mines India Pvt. Ltd (MMI) on behalf of the Bhukia Joint Venture (Bhukia JV). Additionally, Panthera has received the final tranche of its recently announced £500,000 financing from Republic Investment Management (RIM).
Highlights
· The GoR has finally filed its reply to the Bhukia JV's Writ Petition that was lodged in September 2018 bringing another government delay to an end.
· The GoR's reply raised no new matters and again relies on three weak arguments that have been repeatedly raised and previously rebuffed by multiple tribunals, committees and courts of India.
· Panthera will now prepare a rejoinder to the reply, which we anticipate will be lodged later this week, following which the matter will be up for final hearing and issuance of a judgement.
· While we are optimistic of a near term date for a final hearing, the current overloaded state of the Rajasthan High Court (Court) necessitates caution in setting expectations regarding a final resolution date.
· In other positive news, Panthera has received the final £100,000 of the recently announced £500,000 financing which was negotiated with Republic Investment Management (RIM) and priced at £0.10 per share.
Geoff Stanley, Managing Director said "We welcome the response from the GoR even though they are putting forward redundant, previously rebuffed arguments, as it finally allows the Company to file for a final hearing and bring this matter to a conclusion. With the way now clear for a final resolution to the permitting of the Bhukia project we are optimistic that exploration will soon recommence, and the 6.7 million ounces gold resource calculated by the Geological Survey of India (GSI) can be drill-confirmed and brought into alignment with the requirements for JORC and 43-101 compliance. The completion of the RIM financing will assist in maintaining a prudent balance sheet. "
Writ Petition Reply
The GoR has filed its long overdue reply to the Writ Petition filed with the Court by our JV partner, MMI. It is a disturbing fact that the reply took over a year from the filing of the writ petition and almost six months after the Court ordered the response to be submitted within four weeks. The GoR has now also filed an application to vacate the prevailing Stay Order, passed in the JV's favour, preventing the GoR from dealing with the area covered by our Prospecting License (PL) application.
2/3
This Stay Order was granted by the Court to specifically protect the JV's rights until the matter was resolved, and the Company following legal advice see no reason why it would not remain until such time.
Not surprisingly, after 11 years of ongoing delays, no fresh arguments have been introduced by the GoR in its reply. It simply reiterates the same three points made many times previously. These are:
1. Metal Mining India Pvt Ltd (MMI) did not qualify under Section 10A(2)(b) of the Mining Act amended in January 2015.
Panthera Comment: Section 10A(2)(b) provided an exception to the rule requiring all resources to be granted via an auction process and protected the rights of those who had carried out reconnaissance work prior to the 2015 amendment. This argument by the GoR has absolutely no basis, as the Directorate of Mines and Geology, Rajasthan, (DMG); Mines Department, Government of India; and the Joint Committee comprising of the DMG, Indian Bureau of Mines (IBM) and the GSI have all found that our PL application satisfied all conditions necessary to be saved under Section 10A(2)(b).
2. The PL area was not free at the time of the grant of the initial Reconnaissance Permit (RP) in 2004, thus MMI doesn't have preferential rights for the grant of the PL.
Panthera Comment: This argument is again baseless as the area in question was declared free by the GoR's own notifications prior to the execution of the RP in favour of MMI.
3. The RP was granted in favour of Metal Mining India Limited and the PL was applied for in the name of Metal Mining India Private Limited Limited and the change of name represents a change of entity and hence an illegal transfer of ownership occurred.
Panthera Comment: This argument is again baseless, as is laid out with absolute clarity in the Indian Companies Act of 2013, by simply changing the name of a company or the structure of a company, the identity of a company does not change. The GoR was informed of the change in the name of MMI and there is long history of communication from the GoR acknowledging this change. Thus, this argument too lacks substance.
Panthera is now in the process of preparing a detailed rejoinder to the reply, which will again counter the points raised by the GoR. Once the rejoinder is filed in court, all pleadings will be complete and on record. The Writ Petition can then be put up for final hearing and issuance of judgement.
3/3
RIM Funding
Further to the announcement of 23 October 2019, the final £100,000 tranche of the recently announced £500,000 financing has been received. Application will be made to the London Stock Exchange for 1,300,000 new Ordinary Shares to be admitted to trading on the AIM market with admission expected to occur on or around 18 November 2019 (Admission). This includes the settlement of £30,000 (300,000 new Ordinary Shares) previously received from RIM which the Company were waiting to settle pending receipt of the full £130,000 split tranche amount.
The £500,000 financing was priced at £0.10 per share and was made possible by the renegotiation of Tranche 3 of the 3-stage financing agreement between RIM and Panthera.
The remaining £1,000,000 of the Tranche 3 RIM financing, combined with the US$750,000 committed through the Galaxy Gold transaction, will provide approximately A$2.6m (US$1.8m) at the appropriate time to begin drilling out Bhukia's 6.7Moz exploration target as defined by the GSI.
For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued Ordinary Share capital of Panthera following Admission will consist of 75,210,751 Ordinary Shares with voting rights attached (one vote per share).
working link
https://blogs.lse.ac.uk/southasia/2019/08/14/long-read-the-reko-diq-fiasco-in-perspective-****stans-experience-of-international-investment-arbitration/#:~:text=on%2012th%20july%202019%2c%20an,for%20the%20reko%20diq%20project.