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It's been over 5 years since Kenyan Dept.of Mining revoked MMM/ RRR licenses. It is politics. RRR have to pay its MMM partner over £3m If it gets the licences back. AB has been promising the return of these for years...............
But RRR market value is much less now. AB has never revealed how much he has spent to date on court costs.
Steelmin:- AB should have informed market when it went into admin. RRR INTEREST WAS 22%. And it lost a further £1.2m it loaned the company trying to rescue it. But energy costs made it uneconomic.
Melville Bugt; A complete disaster. Wasted $6m of royalty income. And more.
Briarbank what happened to, "I have sold and I am out. I will not hang around"?
None of what you said is relevant to what that bit of Migori is worth in the current market.
You keep stating that RRR had its licences revoked, it did not. That is what the Judicial Review was about. The settlement was that the licences would be reissued under the Kenyan Mining Act 2016.
https://www.proactiveinvestors.co.uk/companies/news/207534/red-rock-resources-clears-away-legal-obstacle-at-12mln-ounce-migori-gold-project-207534.html
Every operator in Kenyan has to have their licences reissued under the Mining Act 2016: Barrick had to do it for instance.
The Mineral Rights Board recommended in September 2019 that the licences be reissued to RRR: it is on the Kenyan Mining Cadastre.
You sold and you made a mistake: move on. I doubt that any deramping will be able to take this SP down now.
DYOR
https://twitter.com/StirlingBridgeR/status/1288119222019608579?s=20
Silver is currently a big thing but wasn't when the work was done at Migori. The McCaulder tailings project has 33 grams/tonne of silver in it as well as the gold.
I don't know but it is likely that we have silver elsewhere at Migori.
DYOR
i thought the indigenous population had significant legal rights over the Migori tailings.
https://onlinelibrary.wiley.com/doi/abs/10.1002/gj.3350220605
Helpful says: "The Mineral Rights Board recommended in September 2019 that the licences be reissued to RRR: it is on the Kenyan Mining Cadastre"
..
Yes but Bell said in his Sept 2019 Proactive interview that the mineral right board recommendation was purely advisory and the Kenyan mining minister could ignore that advice if he so wished. So with a year almost passed, at what time point do we conclude that he has ignored their advice?
Though of course none of us know if Bell has made outlandish promises in his meetings with the Kenyan government. What we do know (from this RNS) https://www.investegate.co.uk/red-rock-resources--rrr-/rns/progress-report---african-exploration-assets/201806150700024789R/ is that if licences are reissued or renewed then RRR will be paying Kansai an initial $2.5 million in cash. So maybe AB has promised the Kenyan government that if licences are renewed then Red Rock will work at lightning breakneck speed to turn Migori into a producing gold mine. So I guess if he's made outlandish promises to them then licences could well be returned.
Of course if outlandish promises were just outlandish lies then licences would be quickly taken away again.
So if licences are returned I wouldn't celebrate too much.
Helpful - "You keep stating that RRR had its licences revoked, it did not. "
It very much did. Reported here:
"Red Rock's local partner in Kenya, Mid Migori Mining Ltd ("MMM"), has today been advised by the Ministry of Mining of the termination of its Special Licenses numbers 122 and 202 ("the SLs")."
https://www.lse.co.uk/rns/RRR/kenya-update-yyd6cs2gs9khgd0.html
Whether the revoking of the licence was lawful or not is somewhat immaterial imo. It happened. They clearly wanted to revoke and did. RRR took legal action because of the way in which the licence had been revoked and won their case. This in no way changes the fact that the Mining ministry and the county government were clearly not at all happy and wanted to revoke the license and that's the more salient point in all this.
This is how the termination of the license was covered in the local news:
"ROW OVER PERMITS ROBS MIGORI GOLD OF ITS GLITTER"
https://www.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/index.html
"the Mining ministry and the county government which complain that 26 years that the firms have held on to the land is a long time and the land needs to be used for development projects that benefit locals."
"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme. "
"Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.” "
"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."
Whether or not the termination of the license was legal or not doesn't change the fact that people were clearly very unhappy with Migori and RRR. That's the backdrop against which this project must imo be viewed.
The license termination occurred in 2015. 5 years later and RRR still have not managed to secure another license. I'm personally not at all surprised.
I appreciate that Migori is probably your last remaining snippet of anything to try and ramp here but your fervour in trying to get the SP over 0.6p so that the convertible loan notes you hold can be converted is just desperate now.
DYOR
Another reporting of the situation at the time here:
"Balala explains why Migori gold miner’s permit was revoked"
https://www.businessdailyafrica.com/Balala-explains-why-Migori-gold-miner-s-permit-was-revoked/539546-2731766-item-1-l8eblo/index.html
Why is it that you understand absolutely nothing about nothing?
Do you know what a Judicial Review is? Do you know how a calendar works?
What happened in 2015 was made out of date by the court settlement in October 2018: ie., the court settlement superceded the attempt to cancel the licences. The settlement was that RRR would reapply on a priority basis without prejudice under the Kenyan Mining Act 2016. RRR did so and the body that has the legal responsibility for making the recommendation re awards (The Mineral Rights Board) recommended that the licenses be reissued to RRR in September 2019.
EVERYBODY who had a license issued before 2016 has to reapply for their licences to be reissued.
All of that is in the public domain and you can go check it out for yourself. I have posted on here the link to the Kenyan Mining Cadastre: it is free to use it and you can search re licences.
So regardless of what your opinion is, the facts are that in September 2019 the body with the relevant powers made the recommendation that licences be reissued.
After that it is a process. The license is deemed to be issued when an offer letter has been made, any terms in the offer letter met, the Ministry of Mines confirms the same that the terms have been met and asks the applicant to pay various fees at different Government offices, the ministry has confirmation of the same being paid and then the Minister and Director of Mines sign the license and it is then despatched by the relevant civil servant to the applicant.
Until it leaves the civil servant's desk it is not issued: once it has left the civil servant's desk it is issued.
So there is a lot of toing and froing and it is intensely bureaucratic. All of this in the public domain and I have posted the relevant links on here but of course you know better because, well.... Andrew Bell.
Anyway, just a bit longer. I am very happy with where we are up and hopefully we will have seen the last of you by the end of next week.
DYOR
Also worth researching the new Mining Act that came into force in 2016
https://www.dlapiper.com/en/uk/insights/publications/2017/02/new-kenyan-mining-act-a-big-step-forward/
"Government participation
The newly introduced "free carry" provision has perhaps attracted the most industry attention. It will entitle the State to a free ten per cent interest in large scale mining projects. . . Kenya has gone further and introduced a new concept which requires investors, involved in mining projects with capital expenditures over a certain threshold, to offer a minimum of 20 per cent of their shares to the public on a local stock exchange (likely to be the Nairobi Securities Exchange)."
"Environment and social protections
Applicants for mining licences must provide an environmental protection bond or similar security, sufficient to cover the costs associated with the implementation of their environmental and rehabilitation obligations.
The Act also requires miners to invest in and facilitate social responsibility activities with local communities, which includes capacity building, skills transfer, and giving priority to Kenyans when employing staff for mining projects."
"Transparency
As part of a strong commitment to transparency, the Act requires a range of mining industry information to be made available online which includes mining revenues paid to Government, production volumes of mining operations and copies of signed mineral agreements"
Mining Royalties
Alongside the introduction of the Act, Kenya may also make changes to the fiscal framework of its mining sector. This is provided for under section 183 of the Act which states that the Cabinet Secretary "shall prescribe" the royalty rates payable by holders of mineral rights. In the meantime, the royalty rates set out in the Mining (Prescription of Royalties on Minerals) Regulations of 2013 will apply which include rates on extraction of 5% for gold and silver").
Further royalties may apply, including the current 'exportation royalty' on gold at 2% of the gross value to be exported"
"The Act itself requires that the mining royalties will be split as follows: 70 per cent to the National Government, 20 per cent to the County Governments and 10 per cent to the community where the mining operations occur."
Again, why do you read nothing?
The MRB has recommended that the licenses are reissued to RRR: end of story.