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Solgold has the resource and concessions to replicate Fortescue's journey - even supersede it!
I truly believe that Mike Henry and Tom Palmer's position as CEO's will become untenable if they do not secure control of Solgold.
Newcrest had a couple of nice assets but Tier 1 copper is what Newmont wanted, and I am certain that one of the MAIN reasons they acquired Newcrest was for their interest in Solgold. Like BHP, they've watered down any discussions about Solgold and Ecuador - you won't see either group mention the words.
Tom seems like a smart guy however Mike Henry on the other hand is a muppet in a suit. He is more an administrator than a visionary.
Will the West sit back and watch the East pick up an entire mining jurisdiction that will offer so much prosperity and wealth.
We have played a blinder and last week Solgold confirmed that more news is on the way.
Exciting weeks ahead
You make some good points.
Lots of people make a big thing about the lack of any solg mentions from the big shareholders, but I would have thought if you are interested in buying something, the last thing you would want to do is tell everyone and talk about it before you actually attempt to buy in.
Too much talking, and guessing. High time we have a profitable outcome while we are still young enough to enjoy it. Mind you, age doesn't appear to be slowing Rupert Murdoch down!
The longer it takes to announce funding, the more I am inclined to think that something is going on which could end this endless sojourn.
Fernando Benalcázar, a board member of Latin American mining agency Olami and former Ecuadoran deputy minister of mines in July 2023 -
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BNamericas: 'In May Newmont announced the acquisition of Newcrest to its shareholders. What could that mean for Ecuador?'
Benalcazar: 'The decision it makes on whether or not to stay in Ecuador will be a test of the country's attractiveness. It will be a thermometer to determine how one of the largest and most important mining companies in the world sees Ecuador.'
'If Newmont decides to stay in Ecuador, it will seek to acquire 100% of the Fruta del Norte mine and expand its interest in the Cascabel prospect.
I believe that Newmont will stay in Ecuador and use the path opened by Newcrest in its strategy to fully enter Fruta del Norte and expand its stake in Cascabel.'
https://www.bnamericas.com/en/interviews/investor-confidence-at-stake-ecuador-prepares-for-referendum-on-mining-in-biosphere
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I bet Newmont intend to sell the Telfer-Havieron asset back to GGP-Forrest consortium. Let's they use the cash to buy out SOLG's stake in Cascabel or even take out SOLG in its entirety
Newcrest was trying to sell Telfer for years. Its a dud asset - no one wants it. Tom will need to accept a write down if they sell it.
Eloro - I actually agree with you.
Last week we announced a funding commitment for ENSA's Cascabel.
If this 'package' (to be announced shortly) doesn't involve BHP/Newmont, they will be moving their backsides into M&A mode as we speak.
BHP has wanted us to drown in dilutive financing since they arrive however that has blown up in their face.
Henry = Muppet
Mather = King
Cheers BBG,
Irrespective of our differing opinions, we all want a profitable outcome here. hHopefully, real soon.
According to a World Gold Council report central banks bought well over 800 tonnes of gold last year, up over 14% year on year. That demand alone boosted the value of Gold by 10%. This trend will continue in 2024 meaning the level of reserves moves towards an average of 40% which equates to an additional $3.2 trillion in the asset corresponding to a price of $2,500 an ounce.
With Cascabel having 9.4 Moz only costed at only $1,750oz in the PFS, the economic case is so compelling, with so many majors after it, the only logic outcome with the vast sums involved in acquiring Cascabel is a takeover of SOLG itself.
Imo, Newmont will not be interested in Solgold, despite the attractiveness of the copper. NM are not really developers, but more miners of developed projects. They also seem to be focusing on US, Canada and Australia. Plus they appear to have a desire to improve their balance sheet with asset sales, not purchases.
Barrick have a much greater desire for investments in third world countries. So maybe.
Does Gina really want to make a huge pivot to Ecuador?
For me it’s the Chinese, and everyone else’s involvement will merely (hopefully) get the price higher.
I added a lot last week as r/r seems pretty interesting now.
There is too much speculation, but the truth is in the pudding, but there is a problem: there is no "Custard" on the side.
According to the first slide in the March presentation to PDAC we have 31.3 million ounces...
Thats $68 BILLION dollars
https://wp-solgold-2023.s3.ca-central-1.amazonaws.com/media/2024/03/March-2024-SolGold-Presentation.pdf
And that’s just CASCABEL mine.
3 weeks left for the Technical report deadline, next few weeks will be very interesting.
Gl all