Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Post period end, the Company has entered into a full and final settlement of its tax disputes with the Moroccan tax authorities, subject to the Court agreeing that all cases be withdrawn
We are pleased to have settled our outstanding tax matters such that we can optimise our resources on field development.
Even better??
"Post period end, the Company entered into a settlement agreement with Morocco tax authority on a phased payment schedule back ended over 6 years of approximately US$2.5 million as a full and final settlement against a claim of approximately US$23.95 million."
If i'm interpreting this correctly it is a tremendous outcome. I suspect this has been "buried" in the notes of the final year end accounts without fanfare because the company didn't want to upset the Moroccan authorities
Graham is slowly turning this ship around after JP left it floundering on a rocky shoreline…. Can’t see the SP staying at this level much longer the future is finally looking good for SOU again.
Another positive, is with a 10% bill, instead of close to 25 million which has been having over our heads since the car salesman days, so let's get the financing out of the way and prove to all the negative posters we still have a product that`s well and truly in demand. GLA
The tax situation is a massively important step and cannot be underestimated…it’s been holding SOU back ….this will improve relations no end.
5p anyone?? We are also waiting upon the bank deal being signed which could happen any day now without warning. It is all falling into place at lo g last ;>)
Long*
We are definitely undervalued now!
great news!!!!
I would think the optimum time to buy these shares now given the current SP, latest tax agreement update, and imminent Phase 2 funding decision likely to happen in the next month or so, and of course Phase 1 revenue being generated from 2024. LOTS TO LIKE! HERE!
It’s a joke we are still below 2p …
Target 7.5p by the end of the year…
GL
Great news on the tax issue resolution. Hopefully this will be the catalyst for Attijariwafa Bank to sign on the dotted line……………the onwards and upwards!
7.5p by end of year could well be on the conservative side hasiba if all goes to plan.
This does look good.
The removal of one of the drags on this share is a major plus.
However the really good news is imminent, now that this tax uncertainty has been removed.
When we receive Attijariwafa' s conditioned financing offer, we will see this share rise. That is what I am looking forward to, but todays news is a great sweetener.
Of course the Farm Out partner announcement will add spice as well
bigbench….
Agree and could really reach multiples of 7.5p by the end of the year if all goes into plans..
GL holders
nice rise today....VRCI worth a look too...here hoping both to rally today
Very impressed by that report. I like the optimism of going deeper into Sidi as they say that target pre-sale depth has been ignored due to poor siesmic interpretation...techniques having improved sufficiently to reevaluate.
The tax settlement was a welcome shot in the arm even if we still believe no e was due in the first place.
Now we await farm-in partnersbut the general feeling g is of real, tangible progress on both phases. This is a big project for a time y AIM O&G company but it looks like we can achieve it!
Cheers all...Crude