George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Thank you Shipright.
May I ask a question.
There are a number of parties active in the data room. Some we are likely to have heard of and some we are less likely to know. The one thing they all have in common is a balance sheet sufficient to become a strategic partner. So potentially deep pockets.
Does this mean we are looking for a partner to bring this to production. As no mention of we are up for sale.
But we are looking for a partner with the available finance.
Hence a JV.
Am I correct in thinking DC was claiming $1m compensation for unfair dismissal?
DM, you're spot-on about the web site.
Morning all.
Thank you Shipright for taking the time and sharing the information, much appreciated.
Pinot
:0)
Many thanks 🙏 Shippy
Thanks, Shippy.
First of all I am grateful that he found the time to call and answer a few questions.
Website. Yes it's well over due and he apologised. There are no underlying or sinister reasons for the delay just that the company doing the work are slow.
Political situation. Both the the remaining candidates are pro development so he is not concerned and stays out of politics. Despite media reports of civil unrest he feels safe living in Ecuador and is happy going about his day to day business.
There are a number of parties active in the data room. Some we are likely to have heard of and some we are less likely to know. The one thing they all have in common is a balance sheet sufficient to become a strategic partner. So potentially deep pockets.
There is still no time constraint or limit for the strategic review which is ongoing. The political situation has, howver slowed things down.
There is "a lot of interest" in Espejo in the north and Cana Brava and El Cisne in the south. Some work is being done to try to decide where would be best to drill and permission will then be sought. ( I'm a little vague on this but there is something happening).
There has been a new company sec appointed. The previous one was standing is after the departure of Karl so little to see here.
The financials should be out on the 26th and will contain some information regarding the departure of Cuzzubbo.
The newest plan of action for Cascabel should be out in Q1 2024. Still block cave. Negotiations are ongoing with the government for permits for tailings sites etc. The plan is likely to be a low cost option and phased approach to develop Cascabel .
As a shareholder Scott is disappointed in the SP but, if he was not in a lock out period due to the impending financials, would see it as an good buying opportunity and buy more (if his wife let him). He said this twice.
We discussed holding another webinar which looks likely but may well be after the release of the financials.
So nothing ground breaking but good to know big companies (plural) are in the data room and that there is interest in the regionals.
SM, had we still been labouring under the previous regimes I would have agreed with them, but life has moved on.
The funding comment is interesting and if indeed their intention is as you suggest, I agree with them.
I was also interested in the observations about political risk which are contained in the section on Lundin.
Morning add, to be fair there have been questions aired over corporate governance from both sides (BHP/NCM and the likes of Berry St) for several years now. I'm surprised that NCM felt comfortable publishing that in an official document though. I guess the missing 4.6m which somehow has become an industry reference point doesn't help our case either.
I also thought the point on funding was an odd one given we are currently fully funded (albeit on the basis we do absolutely nothing). Is this tacit admission from one if our major shareholders that we don't have a hope in hell of raising funds to build a mine?
I wonder what SC makes of the governance comment? They may be straying into libel territory.
Ignore that, I've now found it.
You will note they've made a factual error when they suggest we don't have the mining licence. As for the broader comment about corporate governance, I'd say this is highly unusual. Other companies don't often make such subjective observations in documents of this type, particularly without providing evidence to back-up the claim.
SM, where did you see this?
When comparing Wafi-Golpu to Cascabel:
"At the same time, caution is warranted in directly comparing these parameters in light of differences that
may be weighing on the SolGold share price such as funding challenges and corporate governance
concerns."
Anyone else get the feeling that we are considered as a bit of a joke within the industry these days?
Have produced their Scheme of Arrangement booklet and we are listed as being their second largest investment after Lundin, with a current value of $62m (down from 110m in 2022). Lundin sits at a valuation of circa $1bn.
Personally, I don't see us playing any part in Newmont's future plans, however, I can't see why they'd be in any rush to sell the stake. They may as well hold on and use their 10% as a useful bargaining tool in the event of any future corporate action.
Nice one Shippy
Had a chat with Scott today. I'll post the summary tomorrow
Wrong board Steve
Seem to feel there is alot of experience here so wondered what anyone thinks of Shanta gold as I get the feeling it's a solid investment any replies thank you
Negative & positive at the same time especially when a decent professional outfit are placed in charge...
Corruption and misuse of funds
But even if the investments grow, no one can guarantee they will be used in the right place. Sadly, misappropriation of funds is rife within the mining industry, highlighting the weakness of oversight and institutional structure in many parts of the world.
Recent examples include an audit of SolGold that revealed as much as $4.6 million spent by the Ecuador-focused miner between 2017 and 2021 was "misappropriated", alarming its big shareholders such as BHP and Newcrest. SolGold's Cascabel project is considered one of the world's lowest-cost, lowest-carbon copper mines.
Interesting reminder of the missing 4.6m. I wonder if we've taken any action to recover the money and if we'll ever be graced with an explanation as to why and where it went?
Https://www.pngreport.com/mining/news/1458921/why-mining-is-on-the-decline
Probably because he lives in Australia! ⬆️ 🌍 ⬇️
He’s a nut job.
Tesla, I think you've rather missed the point. The bloke posted two completely contradictory opinions within minutes. I'm afraid he doesn't appear to know which way is up.
Meant to add it does feel like a circus around here.
Clowns to to the left of me jokers to the right of me.
Stuck in the middle with you.
Or what behind the green door(boxes)
Shame it’s a green parrot not a blue parrot. (Monty Python) 🦜
Eloro
Are you saying posters can’t change their mind when the narrative changes.
Perhaps if the dbw’s etc did the same they would not be spouting the same old junk daily.
However I think their financial situation dictates they don’t have a choice but to carry on ……..