Firering Strategic Minerals: From explorer to producer. Watch the video here.
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It is not the Ecuadorian government funding. The concept it is, is nonsense. They are currently in discussions trying to get a bail out from the IMF they dont have the money to fund a mine. There bonds which mature in 2030 are trading at 64 cents to the dollar.
The announcement in the Ecuadorian press (example https://www.primicias.ec/noticias/economia/noboa-mineria-canada-feria-catastro-inversion/) stated
"Los acuerdos suman un valor de más de USD 4.800 millones y no implican una erogación de recursos por parte del Estado ecuatoriano."
That translates into English as "The agreements add up to a value of more than USD 4,800 million and do not imply an expenditure of resources by the Ecuadorian State."
Here is the official announcement by the ministry of Production.
https://www.produccion.gob.ec/ecuador-proyecta-la-concrecion-de-mas-de-usd-4-800-millones-en-nuevas-inversiones-mineras-sostenibles/
If Ecuador was going to fund the mine they would nationalise it.
Https://solgold.com.au/solgold-plc-announces-cascabel-investment-protection-agreement/
What confuses me is the $311m figure quoted in yesterday's RNS. The original IPA (shared above) was for $430m and the various calcs done on here had put both our spend and the 'balance due' at different figures to the $311m.
If the Ecuadorian government had agreed to lend us $3.2bn I think we would have risen more than 17% yesterday. This is the figure we or whoever builds Cascabel will be spending. What the RNS yesterday was light on was detail, I.e. timeframes. But we'll get that when the actual CIPA is signed, I imagine.
BBG, I was just re-reading the RNS and the third paragraph seems to make it clear that it's us who are committing to invest 3.2bn, not the government. By way of comfort they are providing us with various protections which will be an extension of those currently contained in the existing IPA.
Yes agree.
So yesterday we confirm that there has been a commitment confirmed from the government.
We have confirmed that the signing of the agreement will be in the near future in Ecuador.
The cost of the funding has not been confirmed yet.
So, what message are we sending to those wishing to control/dictate Solgold or Cascabel?
"Your window to acquire us is closing and closing fast"
Me thinks our share price will do 4x this month
BBG, perhaps we'll get more detail once the full and final agreement has been signed.
BBG, the article will be lurking somewhere in the multiple posts which appeared yesterday. Perhaps the person who posted it can re-post?
Eloro, good try! It must be galling for you to now realise SC is working flat out and is delivering on his promises.
If funding is secured, Solgold needs to confirm at what cost to the company or project.
This may seem the next bit of news which is imminent
DGR motoring
What is going on Add? Your boy can't tie his shoe lace without causing confusion?
"In addition to the US$311 million investment addressed by the current IPA, under the Complementary IPA, there is a commitment to invest a total of US $3.2 billion over the subsequent years in activities related to the Cascabel mining concession."
Commitment to invest by whom? The RNS didn't actually state that solg would be making the investment. Folks just inferred that it would be Solg. I agree with you that clarity is required.
Please share.
if you re-read the rns from yesterday using mining.com glasses, it makes sense what they are saying.
It appeared in one of the press articles which someone posted on here yesterday.
Where does it say they wont be committing addicknt
By demanding state support private investors and banks seek special protection for their investment. Everyone's a winner.
But how does that square with the statement that the government will not be committing to any direct expenditure? Protection, yes, but direct funding?
Before you accuse me of deramping, I'm not. It's just that I think we'd all like a better understanding of what the announcement really means and the implications for us.
The article is very clear:
'the government is providing protection + funding which is to be signed off in Ecuador in the near future.'
Chinese copper smelters really need copper
https://www.bloomberg.com/news/articles/2024-03-07/china-s-copper-smelters-to-discuss-production-cut-as-fees-slump?srnd=homepage-uk
Does anyone actually believe that this article is accurate?
Q, may be right in as much as the government may be guaranteeing the sum, but again we don't know that as fact.
My own view is that they've agreed to offer investment protection in the same way as the previous IPA, but they will not be investing directly, nor will they be guaranteeing any loans. However, it's obviously a great demonstration of confidence which I imagine was bolstered by whatever it is we have told the government and which is, as yet, undisclosed to shareholders.
Further clarity is required.
Ignore him he’s a bingo player he’s trying to pin the tail on the donkey and he might just get lucky
Biggest Moron on the forum after stacked low and quadswallop
Yes Redknight the mining.com article got it the wrong way round. I mean who on earth could think that threEcuadorian government would fund a mine...... whilst stating that its not costing the Ecuadorian government any money. Oops you did.
Same the world over, young unemployed basically waiting to be TikTok stars or handed a living on a plate by governments. Reality will bite
Noboa seems willing to advance business which will of course benefit his own family’s affairs
Ned a shyte greetings from the U.K. if you hold you’re in a great position.
Hfh . when I say you appear to have your feet more on the ground ref the news.
l was referring to your earlier post today.
" I may be wrong but I'm not expecting major developments on this as soon as others are expecting it"
not to sure what I miss interperated.
sorry about the spelling 1984. at least I can spell hysterical and wishful thinking. I think
also I don't tell lies to impress
A few comments from Noboa's presentation that I thought may be of interest:
*less than 6% of Ecuadorians are retirement age
* the largest demographic is 14-35 year olds
* the unemployment rate of this demographic is 50%
Noboa sees mining as a primary solution to this problem.
* protection of the environment is key
* he wants to streamline all of the interdepartmental delays in mining applications/permits etc into one single group giving rapid decisions
All in all seems really calm and balanced guy, and as pro mining as you could wish for. Let's hope he can drive through the constitutional changes that are required
I tried googling it and all that comes up is the solg announcement! Does it mean the governments are going to put in 3bill?