Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Ecuador-focused SolGold (LSE: SOLG) is considering a phased approach to the development of its flagship Cascabel copper-gold project in the Andean country as a way to reduce upfront capital and construction time.
The company, which merged last year with Cornerstone Capital Resources to consolidate 100% ownership of Cascabel, also said it had deferred the definitive feasibility study for the project and Porvenir’s preliminary economic assessment.
Porvenir is a copper-gold deposit located about 100 km north of the Ecuador-Peru border and 100 km south of the Fruta Del Norte deposit held by Lundin Gold (TSX: LUG).
The announcement, included in SolGold’s March quarter results, also said the company was negotiating access rights and ownership for the mine’s proposed tailings. All other project work will focus on obtaining permits and agreements to allow for development.
“SolGold plans to provide an update as the various value-adding options are evaluated and a clearer picture of the future direction of the studies and timeframes emerges,” the miner said.
SolGold approached Ecuador’s Ministry of Energy and Mines in August 2022 to begin negotiations for an exploitation agreement for Cascabel.
The company says it expects the contract to be finalized before year-end.
SolGold noted that as part of the announced project evaluation, it is looking into a range of financing and strategic options to secure additional funding, including selling a direct or indirect stake in Cascabel, divesting other assets or other transactions.
The miner ended the quarter with a cash balance of $48.1 million plus $25.4 million of shares held. It said management expects current cash balances to last beyond June 2024.
Losing Newcrest
SolGold faces the possibility of losing Newcrest Mining (ASX: NCM), one of its top investors, within the next couple of years if Newmont (TSX: NGT; NYSE: NEM) succeeds in its takeover of the Australian miner and brings those assets into the fold.
Newmont said on Monday it would seek to generate $2 billion cash in portfolio savings, including selling non-core assets, with the transaction.
Newcrest’s 10.3% stake in SolGold could be one of the positions the U.S. gold giant may seek to divest.
The Cascabel project, located in the Imbabura province of northwest Ecuador, is one of the most ambitious mining projects in a country that is keen to develop mineral resources to spur its sluggish economy.
According to the pre-feasibility study published in April last year, annual production will average 132,000 tonnes of copper, 358,000 oz. of gold and 1 million oz. of silver during Cascabel’s 55-year mine life.
This means the asset has the potential to become one of the 20 largest copper-gold mines in South America.
It’s estimated that the global copper industry needs to spend more than $100 billion to build mines able to close what could be an annual supply deficit of 4.7 million tonnes by 2030.
Someone circulating rumours of a take over bid on it's way.
A ramper might use a BB to constantly espouse the future potential revenue of the company even if unfounded, put ridiculous valuations on a company for possible take over bids and post so often as to drown out other peoples opinions. They might also pick on other posters and mis-represent what they are saying if they take a even a slightly different view to them or an obvious opposing position. This can even go so far as to go offline and become a personal attack if they have access to your email address.
Ramper might use a BB to constantly espouse the future potential revenue of the company even if unfounded, put ridiculous valuations on a company for possible take over bids and post so often as to drown out other peoples opinions. They might also pick on other posters and mis-represent what they are saying if they take a even a slightly different view to them or an obvious opposing position. This can even go so far as to go offline and become a personal
Wow. It’s a big one. It’s heading straight for the reeds!
Speaking of rampers guess who posted this amongst many posts
‘I don't have an agenda...I am just totally convinced by everything that has happened in the last few months that we are now only days away from a bid...’
Pads - All I’m seeing is a sea of green so guessing your big one heading for the reeds is a “ floater” which doesn’t surprise me in the slightest as all of the 70 or so posters in my trusty bin only post sh£te