Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The bit that doesn’t add up to me Bozi is CGP …… they have stated time and time again that they wish to monetise their position ….. so if they have “patched things up “ with Solgold it won’t be because we’ve confirmed the path to production….. so what has placated them ?
Bozi, that's exactly what I think happened, and they reached the same agreement with CGP.
Quite possibly Addicknt.
But what is to stop BHP going hostile now /soon at the highest price paid in the last 12 months (c.44p).
Unless there was more to this gentleman's agreement. Nick walks, BHP agree to standstill and in the meantime SOLG patch up with Cornerstone.
But then the plan to JV non priority regionals doesn't really fit, unless BHP have no interest in them and are happy to push on with Cascabel +13/14.
CD, the two announcements were separate. Have a look at the RNS dated 2nd June - it changed everything - although the world doesn't seem to have woken up to the fact.
Bozi, I happen to agree with you as far as an orderly handover is concerned - it would have been far better to find a new CEO before NM was removed. However, it's my view that last year both BHP and NCM were exerting far more pressure on the board than we were aware of. After the agm I think they said: "either NM goes or we go hostile" and it was this which forced the board's hand.
I'm also of the opinion, and I've said this before, that any candidate for the job would be concerned by the review of options announcement. Who wants to join a company if the whole entity is about to go through a complete change? The individual would have no idea of what exactly he was taking on.
CD, the company is already engaged in a review of all options which, to my mind, is the same thing as a strategic review.
CD - don’t engage with the twit
CD anything of any corporate action won't happen until September until bankers are back.. if that is the case. Any further delay of course will see the stock tank. I of course hope it's not the latter and there is an announcement. Explains of course why we are here and not moving in either direction.
It's an interesting point you make SharketMare.
There was no need to make an immediate CEO change. As much as some like to protest to the contrary, Nick won re-election at the EGM, so was able to stay in position from a constitutional point of view.
The whole exercise to move Keith front of house was a bit strange. It was evident he didn't want the job long term and besides, his skill set was needed getting this PFS redone.
So what was the thinking?
Nick should have stayed in role until 30 September via mutual consent with an orderly handover to an appointed replacement ahead of PFS delivery in Q4.
Anything else makes no sense.
As it was, the voices of the minority won out, our Co-founder and the guy who oversaw a transformational tier 1 discovery was kicked aside and we've had 6 months of... whatever you can all this 6 months.
Tensions have been frayed on this board before and I can only see that happening again in the lead up to the PFS. A couple of people are acutely aware of the Crux message and maybe Harbour reservations about a mine plan that allows early exploitation of a shallow resource to help fund the block cave. I acknowledge those concerns but am happy to wait for the company's official line.
It's a bit of a mess and the summer lull adds to perception. Board needs to get it's ducks aligned and execute a strategy that is going to deliver near term growth for those that want/need it.
For what it's worth, I think that at such a pivotal time in the company's development (releasing the updated PFS that HAS to be correct, funding Alpala to production/flogging Alpala/entering into a JV with a major) it is frankly ludicrous that we still do not have a CEO defining our business strategy and steering the ship. It has been 6 months since Nick was ousted - the fact that we are still without a new CEO to me shows how desperate they were to get rid of him. They did so without a successor lined up.
My take on the appointment of a new CEO is that Solg have identified the person they want and most likely have made him or her an offer. It’s therefore now down to said person accepting all the T&C’s associated with the offer which has probably led to a bit of horse play as both parties negotiate on the fine print! For me this would explain the statements coming out of Solg regarding the appointment as nothing can be announced until the new CEO signs on the dotted line!
Ha! That’s a laugh innit! Can’t give a definitive timescale….never stopped them in the past - and missing every deadline they have set.
Thanks Mog
From the company
“ We will look to update on Tandayama drilling results soon as the next batch of assay results come in. Regarding the CEO search, the process is well advanced and we have a strong candidate and we hope that we’re close to making an announcement soon if all moves along. Of course, as you would know, this is not something we can give a definitive timescale on”
At the bottom of this link
https://latam-investor.com/2021/07/interview-juan-carlos-bermeo-ecuadors-minister-energy-non-renewable-natural-resources/
Juan Carlos Bermeo ( Ecuador’s minister of energy & non renewable natural resources)
“ we are clear about one thing – 2020 to 2030 will be the decade of mining in Ecuador. It will be up to history to decide if I have been a successful minister or not. I was proud to serve as a Vice Minister under former minister Carlos Pérez, and now I will try my hardest to leave my stamp on the development of Ecuador’s energy and non-renewable natural resources.
By 2030 we hope that mining will be attracting billions of dollars of investment, generating billions of dollars in annual exports and employing hundreds of thousands of Ecuadorians. We will have the best companies in the world working here because our geology is spectacular. We have the same geology as Peru and Chile and even the little exploration that has happened so far has found some massive deposits. When these are turned into mines they will be among the biggest in the world, which is why we want to attract the largest, most responsible mining companies”