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Strategic Review
The Board is focused on maximising value for all shareholders. A Strategy Sub-Committee led by Non-Executive Director, Dan Vujcic, will continue to advance the previously announced Strategic Review as a top priority.
As previously disclosed, the Strategic Review includes, among other things, evaluating and pursuing value enhancing opportunities for the Company such as:
· evaluating financing alternatives for the Company that endorse project value;
· a spin-out of assets, other than the Cascabel project, to all shareholders;
· the direct or indirect sale of an interest in the Cascabel project at prices that endorse project value howsoever effected; or
The strategic review is key to derisking Cascabel to advance it in the best possible way.
Hence the 3km decline and looking for a partner.
A reduced PFS that means a fraction of the capital required, so that we can mine the ore to raise more capital to continue construction.
I feel that was the unambiguous message.
'We're mine finders not mine builders'.
Scott has only said that about 300 times now Quady. This is getting sold, end of. C
Highflyingman you are only picking the parts of conversation that suits your world view.
Solgold are mine finders.
However a JV would be the mine builder.
That's the message which is constantly reported by the company.
It is unambiguous.
Quady, everyone posting here is cherry picking the information available to suit their world view.
And that includes me and you ole partner.
Jezzoo I don't cherry pick information.
I make sure what the company says is understood.
I lately agree with addicknt on we require more clarity.
Not sure the market has heard how transformative this website update is going to be
Not sure they've heard forts claim that Lasso is going to announce the multi million dollar deal with solg just before the election.
Funny that.
Or it could be the infesters have a point.
And solg are up sh**t creek.
I'd be careful of getting into numbers, slug. Remember you couldn't find a number in the 40s a few days ago, and then had to run to teacher to spare your blushes when I did... People in glass houses shouldn't be morons.
Kat embarrassed himself posting similar nonsense to you poppet. Claimed temperatures measured at weather stations weren't true 🤷♂️ As if they were part of some kind of conspiracy 🤣. Absolute madness, but that's what you conspiracy theorists enjoy. Meanwhile, in the real world...
Every journalist has a bias, so no one should read a single news source. There are lots of weather stations though, and ones placed next to each other tend to agree. That's called consensus, sluggy 👍
You're famously good at sticking to solg, so we will see how long it lasts before you're posting demonstrable nonsense on a new topic you don't understand 🤣
Https://twitter.com/marketplunger1/status/1683544944537903132?s=46&t=XX3-iZapJ1HaXMFlnE7nKQ
Minera SolGold secures a 33-year contract, sealed by international arbitration Author: Evelyn Tapia Updated: 1 Aug 2023 - 5:57 The Australian miner SolGold will pay, from 2025, some USD 75 million in anticipated royalties for the exploitation of copper in the Cascabel project , out of a total of USD 968 million. Solgold technical staff carry out exploration work. - Photo: Courtesy Solgold. The Australian company SolGold will invest between USD 2,700 and USD 3,000 million to build the Cascabel copper mine in Imbabura, which is projected to be the largest in Ecuador, the president and CEO of the company, Scott Caldwell, told PRIMICIAS. According to Caldwell, with the copper and gold reserves that have been found in the area, Cascabel could even be one of the 10 largest mines in the world. The investment projected by SolGold is almost four times the amount of Foreign Direct Investment that Ecuador received in all of 2022: USD 788 million. Also read: Foreign investment increases 22%, but does not reach 2020 levels The Ministry of Energy and Mines expects that these resources will arrive from 2025, when the Australian company begins to build the mine; a process that will take five years and will require 3,700 direct jobs.
Thus, Cascabel, which will be located in the Ibarra canton, would start production in 2030 and would be the third large-scale mine in Ecuador, along with Fruta del Norte (gold) and Mirador (copper), both located in Zamora Chinchipe, in the Amazon. In Cascabel, the main material is copper: reserves of 9.9 million tons are estimated. But, it also has gold and silver reserves. The technology that SolGold will bring to Cascabel is not new in the mining industry on a global scale, but it will be new for a market like Ecuador, which started large-scale mining in 2019.
During the operation of the mine, SolGold estimates that some 1,000 jobs would be generated. The agreements between SolGold and the Government On July 19, 2023, after almost seven months of negotiations, the Ecuadorian State and the SolGold mining company reached an agreement on the terms and conditions for exploitation in this deposit. The first agreement was that the exploitation contract in Cascabel will last 33 years and may be renewed. SolGold agreed to pay some USD 75 million in anticipated mining royalties to the State, out of a total of USD 968 million expected. The first USD 25 million will be paid when construction of the mine begins. The other USD 50 million will be paid in two parts, over the next two years. It was also agreed that the company pay royalties of between 3% and 8%, depending on the price at which the refined metal is sold, be it copper, gold or silver.
Cont …..
Another benefit that the company achieved during the negotiation was to pay an Income Tax rate of 20%. Before the agreement, the rate was going to be 25%. The next steps With the agreement of the exploitation terms signed, the next step will be to sign an exploitation contract. That is expected to happen in a couple of months, SolGold president Scott Caldwell said. But for Ecuador's largest copper mine to go into production, SolGold must first have the environmental license granted by the environment ministry, after carrying out an environmental consultation in the communities living in the project area. Also read: Investments for USD 392 million for two mines are delayed This consultation should be carried out in the Lita and La Carolina parishes, in the Ibarra canton, which is where the concession is. Caldwell explained that there is still no scheduled date to start this process. In Cascabel, it will not be necessary to carry out a prior, free and informed consultation in the communities -a mechanism provided in the Constitution for activities of extraction of non-renewable natural resources-, because there are no indigenous or ancestral communities in the area, Caldwell said. However, the president of SolGold assures that, due to the magnitude of this project in Ibarra, the most important thing has been to start, from now on, the processes of rapprochement and connection with the communities in advance of the construction of the mine. Uncertainty in the mining sector Caldwell says that the political uncertainty ahead of the anticipated presidential elections, as well as the problems of illegal mining, have not discouraged the company from continuing with its investments in Cascabel. "Regardless of the party that governs, I believe that we will be able to continue with the project. Ecuador has not stopped being attractive for investments." Scott Caldwell And added that "the company has around 90 concessions in the country, but now we are focused mainly on Cascabel." However, the company also secured a mechanism to protect its investments. In the agreement signed with the State, the company managed to establish a "mechanism to correct any economic imbalance for the mining concessionaire", resulting from changes in taxes, laws and regulations in force when the parties signed the agreement. "The provision removes a significant amount of uncertainty about the economic regime that will govern the project in the future," SolGold reported. In addition, the agreement establishes other investor protection rights, such as a dispute resolution mechanism through international arbitration.
To make use of this content, cite the source and link to the original article in Primicias.ec: https://www.primicias.ec/noticias/economia/mineria-solgold-cascabel-contrato-arbitraje/