Member Info for 5085

Here you are looking at multiple special dividends totalling around £1 a share. I have some and more than happy to wait.

In 1897 and 1945 mining activity was carried out at Chios.

What’s needed now is a full evaluation and strategic exploration drilling to find out what is still in the ground.

No wonder Rockfire were seen on a pre-license document.

The Molaoi acreage will be sold, that or a JV with a major organisation of that I am certain. The what then subject is interesting.

The Keramos Antimony Mines, located near the village of Keramos in northern Chios, Greece is something I keep coming back to and of course a document has already been seen with Rockfires name on it. Historically they were sourcing stibnite (antimony sulfide, Sb₂S₃), which contained approximately 71.4% antimony by weight.

As of December 20, 2024, the price of antimony varies based on purity and regional market conditions. Here are some indicative prices:

Antimony Ingot (99.65% min) EXW China: Approximately $19,346.58 per metric ton.

Antimony Ingot (99.65% min) FOB China: Around $31,358.14 per metric ton.

Antimony Ingot (99.65% min) Port India: About $21.13 per kilogram.

Antimony Ingot (99.65% min) Warehouse Rotterdam: Approximately $36,190.24 per metric ton.

6N High Purity Antimony (≥99.9999%): Approximately $362.85 per kilogram (VAT excluded).

These prices are subject to fluctuations due to factors such as supply constraints, geopolitical developments, and market demand.

Regarding its rarity, antimony is relatively scarce in the Earth's crust, with an average abundance ranging from 0.2 to 0.5 parts per million (ppm).

This makes it less abundant than many other elements, contributing to its classification as a critical mineral due to supply risks and its importance in various industrial applications.

Recent developments have further impacted antimony's market dynamics. In August 2024, China, the world's largest producer of antimony, announced export restrictions on the metal, citing national security concerns. These restrictions, effective from September 15, 2024, have led to significant price increases and heightened concerns over global supply chains.

This situation leads to the search for strategic solutions, such as strengthening the domestic production of raw materials in Europe and developing technological innovations for the recycling of these materials. However, as experience shows, these solutions seem difficult to implement in the near future, given the technical and economic constraints that exist in the field of recycling and the exploitation of new deposits.

Analysts estimate that China's decision to limit the export of gallium and germanium affects not only the US, but also the global technology and industrial market, causing serious impacts on the supply chains and economies of countries that depend on these raw materials.

Germanium production in the United States was limited to one location, the Apex Mine in Washington County, Utah. The Apex Mine produced both gallium and germanium as primary products in the mid-1980s, but has since closed.

The US option is to diversify the primary production of these minerals by investing in a zinc, coal and bauxite processing plant in other, friendly countries, as, for example, only 3-5% of germanium is recovered from the zinc and coal processing process .

Canada's Teck Resources is the largest supplier of germanium in North America, mining the mineral from its Trail mine in British Columbia. An alternative would be to accelerate mining from so-called secondary sources, which mainly means recycling old electronics and other materials that have reached the end of their useful lives.

Escalating trade tensions between China and the US have serious implications for Germany and European industry, with China imposing restrictions on exports of critical raw materials such as gallium and germanium, two minerals vital to the semiconductor industry, technology and renewable energy sources.

Germany, which is heavily dependent on China for the supply of these rare earths, faces huge economic losses, as it is estimated that the damage from the lack of these critical raw materials could reach 115 billion euros. The ban, which affects strategic sectors such as semiconductor manufacturing, electric vehicle manufacturing and solar cell production, follows ongoing trade disputes and restrictive measures imposed between the two world powers.

China's block on gallium and germanium exports directly affects Germany's industry, which is heavily dependent on these raw materials for the production of technology and electronic devices. Chinese supplies cover almost 94% of the German industry's rare earth needs, making finding alternative suppliers or boosting domestic production of the materials extremely difficult.

https://primenews-press.translate.goog/zimia-sok-115-dis-evro-gia-germania-apo-bloko-kinas-stis-exagoges-galliou-kai-germaniou/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Cont.

Cost

Converting a Private Capital Company (IKE) to a Limited Liability Company (EPE) in Greece involves several steps and associated costs:

Legal and Notary Fees: Drafting the new Articles of Association and other legal documents requires the services of a lawyer and a notary. Legal fees can vary, but notary fees are typically calculated as a percentage of the company's capital.

Registration Fees: The conversion must be registered with the General Commercial Registry (GEMI), which charges a fee based on the company's capital and other factors.

Tax Implications: There may be tax obligations arising from the conversion, such as capital concentration tax or other duties, depending on the specifics of the transaction.

Administrative Costs: Additional expenses may include publication fees and other administrative charges required to complete the conversion process.

The total cost can vary significantly based on factors such as the company's size, capital, and the professionals engaged. It's advisable to consult with a legal or financial advisor in Greece to obtain an accurate estimate tailored to your company's specific circumstances.

Tiger the process of changing legal status is not straightforward, simple or cheap. It will have been carried out for good reason (hence the placing) the most obvious being an asset sale, where a bid or multiple bids have already been received.

The rough in-situ value is around $80 billion, if the strike is open at length and depth (500 – 1000m).

In terms of germanium and gallium the asset is (taking the known data into account) the best in the world. The best for zinc is the Kipushi mine in the Democratic Republic of Congo.

Taking everything into account, with the strong possibility of multiple entities, especially in the US and China interested in the acreage my own estimation on a sales price, per market cap is £600m - £2 bn and even at that it would be very cheap.

Changing legal status.

Converting a Private Capital Company (IKE) to a Limited Liability Company (EPE) in Greece involves several legal and administrative steps. While the specific procedures can vary based on individual circumstances, the general process includes:

Shareholder Resolution: Obtain approval from the shareholders of the IKE to proceed with the conversion. This typically requires a formal meeting and a majority vote as stipulated in the company's articles of association.

Drafting New Articles of Association: Prepare the articles of association for the new EPE, ensuring compliance with Greek corporate laws governing limited liability companies.

Valuation of Company Assets: Conduct a comprehensive valuation of the company's assets and liabilities. This assessment is crucial for determining the capital structure of the EPE.

Submission to Authorities: File the necessary documents, including the shareholder resolution, new articles of association, and valuation reports, with the General Commercial Registry (GEMI) and other relevant authorities.

Publication: Announce the conversion in the Government Gazette and other required platforms to inform creditors and the public.

Tax and Social Security Compliance: Update the company's tax and social security registrations to reflect the new corporate form.

Transfer of Licenses and Permits: In the mining sector, ensure that all operational licenses and permits are transferred or reissued in the name of the new EPE, complying with sector-specific regulations.

It's important to note that the mining sector in Greece is heavily regulated, and companies may face bureaucratic challenges during such transformations. Engaging with legal and financial advisors experienced in Greek corporate and mining law is essential to navigate this process effectively.

They obviously changed their legal status for a reason. This is the best I could find

Hellenic Minerals SA, a subsidiary of Rockfire Resources, transitioned from a Private Capital Company (IKE) to a Limited Liability Company (EPE). This change was officially approved on December 19, 2024, by the Greek government, facilitating the transfer of leasehold rights and obligations related to the Molaoi mine.

LSE

In Greece, such a transformation is often undertaken for several reasons:

Regulatory Compliance: Mining activities in Greece are heavily regulated. An EPE structure may align more closely with legal requirements for holding and transferring mining rights, ensuring smoother regulatory approval processes.

Asset Transfer Facilitation: EPEs may offer a clearer legal framework for asset sales, particularly in high-value or regulated industries like mining, making transactions more straightforward.

Liability and Governance: An EPE provides a well-defined liability and governance structure, which can be advantageous for operational management and in dealings with partners or investors.

These factors likely influenced Hellenic Minerals SA's decision to change its legal status, aiming to enhance operational efficiency and align with industry standards.

It's important to note that the IKE structure has been popular among small and medium-sized enterprises in Greece due to its flexibility and minimal capital requirements. However, specific business objectives, industry standards, or strategic considerations might lead a company like Hellenic Minerals SA to opt for the EPE form

In Greece, the transformation of a Private Capital Company (IKE) to a Limited Liability Company (EPE) in sectors like mining is often performed before an asset sale due to regulatory, financial, or structural reasons. Here’s why this might be the case:

1. Regulatory Compliance

Mining licenses and permits: In Greece, mining activities are heavily regulated. Transferring ownership of mining rights or assets might require a company structure that aligns more closely with the requirements set by Greek law. An EPE is often perceived as a more traditional and stable entity for handling such significant transactions.

Easier transfer of assets: EPEs may offer a clearer legal framework for asset sales compared to IKEs, particularly for high-value or regulated industries like mining.

2. Asset Sale and Liability

Limited liability framework: Buyers in an asset sale often prefer dealing with an EPE due to its stricter liability and governance structures compared to an IKE. This minimizes the risk of undisclosed liabilities post-sale.

Perception of reliability: EPEs are often viewed as more formal and robust entities, providing confidence to potential buyers or investors in industries like mining.

3. Tax Considerations

Tax treatment: Restructuring from an IKE to an EPE might be favorable for tax purposes, depending on the specific details of the transaction, such as capital gains, asset valuation, or ongoing operational income.

Simplification for accounting: An EPE structure may provide simplified accounting practices or better alignment with the buyer's financial framework.

4. Ease of Asset Transfer

The legal framework for EPEs often allows for more straightforward asset transfers compared to IKEs, especially in complex transactions like mining asset sales where multiple rights, equipment, and obligations may be involved.

5. Market Considerations

Investor preferences: Buyers, especially international entities, might prefer acquiring assets from an EPE because of its familiarity and compliance with international norms.

Valuation and financing: An EPE might enhance the company's valuation, making it more attractive to buyers, as it demonstrates a readiness to comply with stricter corporate governance standards.

Summary

Transforming an IKE into an EPE in the mining sector before an asset sale in Greece aligns with legal, financial, and market-driven considerations. This process ensures smoother compliance, better liability protection, and enhances attractiveness to buyers, particularly in high-value, regulated transactions. Legal and financial advisors with expertise in Greek corporate and mining law are essential for navigating this process effectively.

This was posted on the Greek government website on the 19th Dec.

The file translates as

WE DECIDE

We approve the transfer of the company's leasehold rights and obligations under the name MONOPROSOPI PRIVATE CAPITAL COMPANY HELLENIC MINERALS (and distinctive title MONOPROSOPI IKE HELLENIC MINERALS), which derive from the no. 5193/23.06.2022 lease contract of part of of public mine Molaon Lakonia, to the company with the name HELLENIC MINERALS LIMITED LIABILITY COMPANY (and distinctive title MONOPROSSOPI AE HELLENIC MINERALS), which is done with a contribution to it of the entire corporate property (total rights and obligations), which and takes the place of the former in all rights and obligations arising from the public mine lease contract in question.

This approval is provided with the condition, as stated in the sub-point 11 of the reasoning of this document of the General Staff of the Army, the approval for each new route opening-maintenance, as well as any extension thereof mine, by the competent Military Service (KEEM – KEN SPARTIS). The authorization granted hereby to transfer the leasehold rights refers exclusively to the rights and obligations arising from the referring to point 3 of the rationale of this lease agreement and no covers any legal or other defect in said transfer.

The no. 8002047665/25.02.2022 guarantee letter of EUROBANK SA which had been filed in the name of the company MONOPROSOPI PRIVATE CAPITAL HELLENIC MINERALS COMPANY remains in force in the name of the company GREEK MINERALS LIMITED LIABILITY COMPANY, without any change or modification of its terms.

Https://www-businessdaily-gr.translate.goog/oikonomia/130452_spania-metalla-pros-exoryxi-stin-ellada-ti-symbainei-se-molaoys-kai-hio?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

The Greek mining tycoon is on the lookout for prime gallium and germanium acreage, also hooking into a 350m euro fund.

The CEO of the Group, Evangelos Mytilineos, emphasized that the main condition is the support of the group's core aluminum activity, where, as he notes in Europe, it is burdened by high energy prices and contributions for carbon emissions.

Belgian zinc producer Nyrstar said it is looking at potential gallium and germanium recovery projects in Europe, although it has made more progress on similar projects in the US, where it is considering a $150m project

Tiger you may like this

MYTILINEOS continues to invest in Europe, support jobs in Europe and support the European edifice in practice. "We will do everything we have to", he noted characteristically, to add that European support is also required. Especially today that MYTILINEOS is planning a large investment for the production of gallium, which will meet the needs of the EU. He even revealed that the company has already submitted an application to the Innovation Fund for 350 million. euros for 3 critical materials (gallium, bauxite, aluminum).

https://www-euro2day-gr.translate.goog/news/enterprises/article/2241418/mytilhnaios-etoimazo-megalh-ependysh-gia-paragogh.html?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Https://www-naftemporiki-gr.translate.goog/finance/economy/1690904/sta-70-ekatommyria-tonoys-etisios-i-elliniki-paragogi-orykton-proton-ylon-poies-protovoylies-vazei-se-efarmogi-to-ypen/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Monfor, I would strongly advise you start adding the line 'in my opinion' on your posts, especially when dealing with a litigation happy company ha-ha, especially on account nearly everything you post is incorrect, but you know that anyway.

Even someone with limited knowledge of this company realises they report in Canadian dollars not Pound sterling, and their loss for the year was actually £23,379,000 a tiny fraction of the £510m they will now surely win.

I do hope the company make an example of you and others, it wouldn't be the first time, nor the last.

1 gram = 1,000,000 ppm in 1 metric tonne (1,000,000 grams).

Cont.

Other Regions

Gallium:

European Union: Gallium is produced in smaller quantities as a by-product of bauxite processing, with grades similar to China's bauxite deposits (50–60 ppm). However, the EU has limited gallium output due to economic and technical factors.

Australia and India: Bauxite mining regions here also contain gallium at comparable grades (50 ppm), but extraction for gallium is not as widely practiced.

Germanium:

Canada: Sphalerite and coal ash are common sources of germanium, with grades in the range of 50–200 ppm.

United States: Germanium recovery occurs in zinc mining operations, with grades generally at the lower end of the spectrum (50–100 ppm).

Africa: Some regions, such as Namibia, recover germanium as a by-product of zinc mining, with grades similar to those in North America.

Comparison with Molaoi in Greece

At the Molaoi project in Greece, reported grades are significantly higher:

Gallium: Grades range from 9.7 to 19 g/t, averaging 15.3 g/t over drill intersections—substantially higher than the typical 50 ppm (0.05 g/t) in bauxite sources.

Germanium: Grades range from 9 to 40 g/t, averaging 23.7 g/t, with peaks of up to 73.8 g/t—far exceeding the usual 50–300 ppm (0.05–0.3 g/t) found in zinc or coal-related deposits.

These elevated grades make Molaoi an exceptional deposit compared to typical by-product sources, suggesting that it could play a strategic role in diversifying supply chains for these critical materials.

Challenges with Low Grades

Low grades in traditional deposits, such as those in China and Russia, make production heavily dependent on:

By-product Economics: The primary metal (e.g., aluminum or zinc) must remain economically viable to sustain the recovery of gallium and germanium.

Advanced Refining: Efficient technologies are essential to extract these metals cost-effectively from low concentrations.

Supply Chain Vulnerability: Concentration of production in a few regions, particularly China, raises concerns about supply disruptions and price volatility.

Molaoi’s higher grades could mitigate some of these challenges, making it a potentially valuable addition to the global supply.

I find this subject totally fascinating, please excuses the size of this report.

Germanium and gallium are typically recovered as by-products during the processing of other ores, such as zinc for germanium and bauxite or zinc for gallium. Because of this, their concentrations in these ores are often low, measured in parts per million (ppm) or grams per tonne (g/t). Here’s an expanded look at their grades in China, Russia, and other regions:

China

Gallium:

China dominates gallium production globally, primarily through its aluminium industry, where gallium is extracted as a by-product of bauxite ore processing.

The typical gallium concentration in bauxite is around 50 ppm (0.05 g/t), with high-efficiency extraction technologies allowing China to recover significant quantities economically.

China's innovation in refining and processing gallium from such low-grade sources gives it a competitive edge despite the modest concentrations.

Germanium:

Germanium is often associated with zinc ores, such as sphalerite, which are widespread in China.

Concentrations of germanium in these ores range from 50 to 300 ppm (0.05–0.3 g/t), with some localized areas potentially reaching higher grades.

The development of advanced refining techniques enables the recovery of germanium even from such low concentrations, contributing to China’s 60% share of global production.

Russia

Gallium:

Russia produces gallium primarily as a by-product of aluminium and zinc processing, much like China.

The concentrations in bauxite ores processed in Russia are similar to global averages, around 50 ppm.

Production is relatively limited compared to China, reflecting lower investment in the infrastructure required for efficient extraction from such low-grade sources.

Germanium:

Russian deposits are mainly linked to coal and zinc ores, with germanium concentrations in coal ash reported between 50 and 300 ppm.

Despite this, Russia’s germanium production remains minor on the global scale due to less developed extraction and refining infrastructure compared to China.