Member Info for EV_Bull

Ah yes the offtaker is the Japanese battery chemicals trader Hanwa
LG Chem obviously a big SK player alongside SK On and Samsung SDI

BTW:
Hanwha Group is a large business conglomerate in South Korea.
Ganfeng Lithium Co., Ltd. is a company that produces lithium, lithium products, other metals, and batteries in mainland China and globally.
Ready for fireworks?

https://www.bnamericas.com/en/news/mexico-to-start-production-of-lithium-batteries-in-2h23
Mexico to start production of lithium batteries in 2H23
Big News:
"We have already prepared for 2023 investments from companies from South Korea, China, and a program agreed with the United States to start producing batteries in Mexico, we hope in the third or fourth quarter," foreign minister Marcelo Ebrard told reporters after participating in the 9th Business Summit of the Pacific Alliance.

Mexican President Andrés Manuel López Obrador announced last week the first stage of Mexico's 50bn-peso (US$2.5bn) Sonora lithium and electromobility plan, which would include infrastructure, clean energy, and mining projects with US and Canadian investments.

Not done it for Sonora yet but have for the Amapa railway.

194 kilometres (121 mi) x 30% x your KDNC ownership%

Been on holiday lol

KM is clearly reluctant to say much about Sonora, perhaps in talks and not able to announce anything yet.
This was the last mention of it that I know of 1 month ago: https://youtu.be/RGi738_fmWw?t=669 at least now acknowledging the 50,000t option now from Ganfeng.

https://www.theguardian.com/world/2022/nov/04/rumours-of-zero-covid-easing-spread-in-china-amid-anger-at-restrictions
Might help steel production / iron ore price.

Contd....
The company was not mentioned among those present at the meeting between AMLO and Kerry in a statement issued by the Government of Mexico. The reason for the change in CATL's plans would be linked to concerns that new US rules on sourcing battery materials will drive up costs, two people with knowledge of the matter told Reuters.
The US Government launched an initiative on October 19 to make the US more competitive in the production of electric vehicles “Currently, China controls much of the supply chain for critical minerals and a lack of mining, processing and recycling capacity in the US could hamper the development and adoption of electric vehicles, leaving the US dependent on unreliable foreign supply chains, ” the administration of President Joseph Biden noted, in a public written statement.
LFP batteries are used by the automotive industry because they offer greater durability and power compared to lithium cobalt batteries, which are often found in electronics. The Government of Mexico seeks to take advantage of its lithium deposits to be a supplier of manufactured products, not raw materials “Yes, lithium, but not so that they take it away as a raw material, but rather that lithium is used in Sonora for the manufacture of batteries ,” said the president of Mexico, in his morning conference on October 31.

Mexico in sight of Ford and Tesla to provide them with batteries for electric cars Details on lithium battery production in North America is the big question yet to be answered according to Ford CEO

https://www.bloomberglinea.com/2022/11/01/mexico-a-la-vista-de-ford-y-tesla-para-proveerles-de-baterias-para-autos-electricos/

Mexico City — Mexico could be an option for Tesla and Ford Motor, two US automakers that are reportedly exploring sourcing lithium-Ironphosphate (LFP) batteries for their electric car models from suppliers in North America.

Ford weighs the possibility before the intentions of the US Government to establish “trusted” supply chains to access critical metals for the manufacture of electric vehicles, moving away from dependence on China. The analysis comes amid the Mexican government's search to turn the country into a supplier of batteries for electric vehicles and reports of changes in the plans of a Chinese manufacturer , the main one in the field, which had Mexico in its sights. to establish a production center.

“The real billion dollar question is when will they localize LFP production in North America? What if that will be in the United States or in Mexico ?” Jim Farley, Ford CEO, asked rhetorically at an analyst conference on Oct. 26. Despite having proposed the questions, the Ford CEO said that "he was not going to delve into that subject" . Ford currently imports LFP batteries from China. Two days after Farley's statements, on October 28, representatives of Ford Motor were present at a meeting between the President of Mexico, Andrés Manuel López Obrador (AMLO) and the US Government's Special Envoy for Climate. , John Kerry.

One of the topics on the agenda was the attraction of investments for lithium and electromobility. The meeting took place in Sonora, where the state company Litio México has plans to extract this metal. Representatives from Tesla were also present at the meeting , which in recent months has had supplier approaches in Mexico. Elon Musk, CEO of Tesla, recently visited northern Monterrey, one of the magnet cities in terms of production with a view to nearshoring . Bloomberg Line consulted Tesla representatives on the reason for the visit, but so far has not received a response. Bloomberg News reported in July that the Chinese company Contemporary Amperex Technology (CATL) would be considering two locations to establish a plant in Mexico, which would supply both Tesla and Ford. Location options would also be the northern cities of Ciudad Juárez, Chihuahua or Saltillo, Coahuila, Bloomberg News reported according to people familiar with the deliberations.

CATL's plans for Mexico have since changed . The Reuters news agency reported on October 21 that CATL had “slowed down” its investment planning for battery plants in North America. CATL was consulted in this regard by Bloomberg Line , but no response has been received so far. The company was not mentioned among those present at the meeting

Better formatted:
Read more: (AMLO seeks to promote the production of electric cars in Mexico with Plan Sonora)
https://www.bloomberglinea.com/2022/10/31/amlo-busca-impulsar-produccion-de-autos-electricos-en-mexico-con-plan-sonora/

Mexico City – President Andrés Manuel López Obrador (AMLO) said on Monday, October 31,that the so-called Sonora Clean Energy Plan seeks to promote the production of electric cars and auto parts in northern Mexico , participating in the conversion of the industry, which seeks to leave behind the use of engines powered by fossil fuels.

In his morning conference, AMLO said that the issue was discussed in the meeting he held in the northern city of Hermosillo in the border state of Sonora with the White House special envoy for Climate, John Kerry, last Friday, and in which was also attended by representatives of the American automotive giants Tesla, GM and Ford, as well as directors of companies in the energy sector.

The Sonora Plan, he stressed, is a comprehensive project that includes the exploitation of lithium, a mineral widely used in the manufacture of batteries for electric cars, the production of semiconductors and the development of clean energy plants.

Lea más: (AMLO busca impulsar producción de autos eléctricos en México con Plan Sonora ) https://www.bloomberglinea.com/2022/10/31/amlo-busca-impulsar-produccion-de-autos-electricos-en-mexico-con-plan-sonora/

MexicoCity – President Andrés Manuel López Obrador (AMLO) said on Monday, October 31,thatthe so-called Sonora Clean
Energy Plan seeks to promote the production of electric cars and auto parts in northern Mexico , participating in the
conversion of the industry, which seeks to leave behind the use of engines powered by fossil fuels.
In his morning conference, AMLO said that the issue was discussed in the meeting he held in the northern city of Hermosillo in the border state of Sonora with the WhiteHouse special envoy forClimate, John Kerry, last Friday, and in which was also attended by representatives of the American automotive giants Tesla, GM and Ford, as well as directors of companies in the energy sector.
The Sonora Plan, he stressed, is a comprehensive project that includes the exploitation of lithium, a mineral widely used in the manufacture of batteries for electric cars, the production of semiconductors and the development of clean energy plants.

https://www.forbes.com.mx/energia-solar-y-litio-el-plan-de-eu-y-mexico-para-que-sonora-produzca-autos-verdes-amlo/
“Mexico therefore has a great future, because it has unbeatable conditions and in a single state it has all the possibilities for conversion, for cars to be electric and it is 500 kilometers, just Sonora, from the border with the United States.

"Those from FORD and other automotive companies were there, but what matters to us is that natural resources are applied for the benefit of Mexicans and that there are jobs, work and well-paid jobs," said the head of the federal Executive.
-----
Remember this:
https://www.reddit.com/r/CadenceMinerals/comments/tz8dyd/exclusive_ganfeng_eyes_us_oems_for_strategic/

China’s Ganfeng Lithium says major US automakers are looking at making a “strategic” investment in the Sonora lithium mine in Mexico, as they seek to create a North American supply chain for battery raw materials.

China’s largest lithium producer said that an investment by FORD , GM or Tesla would provide them with reliable supplies of lithium that can be easily shipped across the border to plants in the US.

-----
and this:
Ford decided to build two new electric models in Mexico instead of producing these in the US state of Ohio as workers there had hoped from 2023. The information comes from the US auto union UAW, expressing frustration at the loss of promised jobs at the Ohio plant.

at the end of 2020, Ford announced that it would produce an additional electric model at its plant in Cuautitlan, Mexico, where the Mustang Mach-E comes off the production line

https://www.electrive.com/2021/03/18/ford-to-manufacture-two-evs-in-mexico/
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Notably Ford has a plant in Hermosillo, Sonora, it would be obvious for them to want a local battery (and lithium) supply.
https://en.wikipedia.org/wiki/Hermosillo_Stamping_and_Assembly

Bannor that is correct, I do wonder how it affects the buyback clause also, whether that is still enforceable and when the 12 month option begins and ends. 1.5x now being $14m. I presume indo wouldn't have agreed to the 3% if they thought they were going to be able to buy the 27% from us.

Yes you can transfer your shares to someone else if you are the legal owner of them.

Now worth $33m based on the price for the 3%.

Not assuming anything,
$2.5m for 20%
$3.5m for 7%
$3.3m for 3%
adds to $9.3m cost for 30%

I think this is a repost of an old quote Jimb2
Here is what I translated with my own rephrasing.

it has to be checked if the concessions that Ganfeng has were granted for lithium (they were); if they were not for lithium, then the lithium belongs to Mexico, [from now on] private companies can no longer exploit for new lithium deposits in the country.

This seems to be the exact same as has been said many times before.

Here is from the same journalist today:
“The Sonora Plan seeks a mixed-economic association, he added, in which the public, private and social sectors participate.”
https://www.elimparcial.com/sonora/sonora/Busca-AMLO-con-Plan-Sonora-que-se-instalen-nuevas-plantas-automotrices-para-fabricar-autos-electricos-20221031-0013.html

Mostly correct in your assessment but it's dollars not pounds, however I am talking about cost basis not value.
$30m dollars in cost to Cadence for 49% that is worth circa $54m based on the $24m price paid for the additional 22%
Or $9.3m in cost for the 30% we own that is now worth $33m on paper based on the $1.1m per percent price for the additional 3% stake. Hope that makes sense.

Yes, it did not escape me that it’s ~$1.1m per 1% making the 22% equate to around $24m as previously stated and as mentioned in DipB making $30m for 49%

I expect they can potentially issue more than 2,250,000 just that some of them will come out of the general 15% allowance, the resolution does not need to pass for us to get our A$9m of shares:

5.3 Effect of this Resolution
If Resolution 4 is passed, the issue of Shares to Cadence Minerals Plc will be excluded in calculating the Company’s 15% limit in Listing Rule 7.1, effectively increasing the number of securities it can issue without shareholder approval over the 12 month period following the issue date.

If Resolution 4 is not passed, the issue of Shares to Cadence Minerals Plc will be included in calculating the Company’s 15% limit under Listing Rule 7.1, effectively decreasing the number of equity securities it can issue without shareholder approval over the 12 month period following the issue date.