Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It would seem that due to the information he is privy of, he is not willing to do any interviews or media.
News yday was company changing IMO
You have to admit SC ‘s communication skills to shareholders is pretty poor.
Don't worry, Eloro, once everything falls into place you'll be on here saying what a hero SC is and how he's always had your support. And I promise, I won't rub you nose in it...much.
The CEO has given details of why they chose the six projects they're going to get rid of. The key criterium is that those they wish to keep are Tier 1 - GGP doesn't currently meet that hurdle, hence it's up for sale. We however, do.
I think it's exactly the way addicknt describes, the Government puts no money but guarantees the framework to attract the actual money from third parties. Which form financing takes and how Solgold benefits is the part that has to be clarified.
GLA
Scott delivering Add!? The only thing he has consistently delivered is destruction of our SP. Look at the excitement the rise in the SP caused yesterday. It is clearly at the root of investors sentiments. Equally, when the SP falls, doom and gloom pervades the BB.
We have confusion. We have had delays. I think Scott's new name is the Fat Controller 😆
Yesterdays RNS says there is a commitment to fund $3,2B Cascabel. Solgold now has to confirm at what cost.
Look at the words used...
- the signing of a joint declaration
- in preparation for the execution of the Complementary Investment Protection Agreement in Ecuador
- a significant advancement in the Company's commitment to the Project and its partnership with the Ecuadorian government.
- 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
- the IPA embodies the largest mining investment in Ecuadorian history, highlighting the scale and importance of the Project,
Guess what major miners don't like? They don't like direct investments or funding from Governments in their mining projects.
This is a tactic to force hands of a major whilst there is still a window open to do so.
No its not clear at all, because its not true, if it was it would be announced to the market in an RNS.
What's clear is more time has been secured to obtain funding which is great.
I think we can put this discussion to bed. The government will not be investing, nor providing loans, for Cascabel. They will however, be providing certain assurances and protections, which is excellent news and is a critical catalyst for the company as well as making us all the more attractive to the various interested parties. Yesterday was a very important day for the company and signals the government's absolute commitment to the project, and it is to be hoped they will. now get on with granting us the various outstanding licences etc.
I'd wait for events, I suspect as yet undisclosed, to be reported. It is obvious the train is now in motion.
Let's see how the majors act in response to yesterday's agreement..Im sure news will slowly filter out into the public arena without warning
What is clear is that funding has been secured.
The cost of the funding and its source/s will be revealed very soon
Seems to be the same story as articles linked.
Just further to my previous post keep in mind that the total revenue of Ecuador in 2023 was 23.6 billion USD.
On what planet can it be they would commit to spending 3.2 billion to help a private company build a mine? At the same time committing to the IMF to cut state spending to get a bail out, and fighting a war on drug cartels.
This is the article from yesterday, also Northern Miner has the story, but I cannot read that as behind a paywall.
https://www.mining.com/subscribe-login/?id=1141168
Thanks, Pbow. This confirms my view and it's simply the case that some elements of the press completely misunderstood the announcement.
Https://www.mining.com/solgold-soars-after-securing-3-2bn-investment-largest-in-ecuador-history/
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