The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Yes, Bernard with each time we've extended we believe we can complete, that's not really answering the question. Do you think you can complete within the extension timeframe was the essence of the q&A question.
Steve doesn't say they were told to make one submission first. Just says they were told to resubmit with the focus away from flotation. So did Kod mess up there? That was a year ago and it's apparently holding up the deal.
Also where do you say the 4-8 weeks reference from Steve and muttering is please?
Couldn't find this 4-8 weeks and muttering you mentioned.
I'm totally aware of what Steve says. My point is if the DNGM presentation is pivotal to approval of transfer, why then is it not on his list of upcoming activity? And why is it wishy washy this month/next month?
I'm refering to the slide from Steve's ESG presentation at the AGM:
https://stream.brrmedia.co.uk/broadcast/6512ae2c39ad9f961be9ed95
No upcoming DNGM presentation listed there under current or upcoming activity, presentation next month (Oct) or the month after, long lead items purchasing listed underneath completion of road (Jan 24) suggests to me funding might not be landing right away.
Plus during the Q&A SZ also mentioned the 3.5m is allowing work to progress regardless
Plus the mining code 2019 allows for such a timeframe
There's no mention of a DNGM Presentation on the slide which Steve presents at the end of AGM listing current activity and upcoming activity.
Also purchase of long lead items is underneath road completion (Jan 24) on the slide too
Lav I'm not sure the DNGM have requested the presentation or not. Is it mandatory or not? Ive asked spangel a few questions but no feedback yet. Steve just says next step for us is we'll do a presentation this month or next. First impression of that was the lack of urgency you could say, like it was a goodwill gesture.
BA from AGM Q & A:
"We feel we've got everything complete other than the transfer of the mining licence. But that was part of our rationale for our most recent visit to Mali [Sep 19], to confirm with the DNGM the good standing of that licence and the ability that we have to commence the development"
"Each time we have done an extension its on the basis that we do expect to complete. Some aspects of the reasons we've extended are outside of our control unfortunately. Everything that we can control we feel we've managed...We expect that we can complete everything."
It's unclear when or if the licence transfer from Future Minerals has been submitted. I'm assuming 19 Oct because:
There is a requirement in Article 149 of the Application du Code Minier for any licence transfer request to be accompanied by:
c) a report on the work carried out between the date of award of the permit and the date of the request for authorization of the transfer, accompanied by a note on protection and preservation measures and environmental rehabilitation;
d) the detailed technical file, mentioning all the modifications envisaged by the potential transferee to the mine and operating programs and works
This has also been submitted to the DNGM with good feedback as Steve Z stated at the AGM.
Thanks Acc. From Steve Zs presentation he said they've submitted the Phased Development Notification and already had "good feedback and a thank you from the DNGM".
Next step he says is "we'll do a presentation next month or the month after just to show how that works from the DMS to the float".
So I'm now thinking maybe the presentation isn't mandatory for approval after all
I think Bernard did nearly say tripled when talking about Boumou in the proactive interview earlier in the year:
https://youtu.be/2slcXzWebhI?feature=shared
That would be 30m Resource update.
Then there's Ngoulana which may just be redefining indicated categories etc or additional too.
I missed it it's in the Application du Code minier 2019:
https://faolex.fao.org/docs/pdf/mli206401.pdf
Not in the Mining Code 2019 doc itself, which is a different doc but also relevant:
https://www.ilo.org/dyn/natlex/docs/ELECTRONIC/109970/136614/F-752897896/MLI-109970.pdf
Page 1188 article 148 of Application du Code minier 2019 states, no change of operating licence can be achieved through change of control of the operating company holding the licence.
So the change of ownership of Future Minerals to 100% is not enough.
In the same doc it states the minister of mines has up to 3 months to review. Then after this the Prime Minister has up to 30 days to sign off a licence transfer, page 1188 articles 150 and 151.
So if the request was submitted on Sep 19 when the meeting with Minister was held, it could be up to 3 months from this date, Dec 19.
However, as Accionista has written, Leo achieved it in 20 working days from doc submission.
Thanks very much Acc
I was a bit confused then from that brrmedia interview, "all of our lithium licences are now under kmuk". Future minerals licence has always been under kmuk?
Bernard did say that they were updating the ownership of Future Minerals in that interview back on Sep 1. So if the change of licence ownership to LMLB had been submitted on or even before that date, and if the Change Notification is an obstacle as you say that has been cleared, then it would bring out 20 working days to this Friday 29th.
Accionista
Bernies last interview 1st Sep with brrmedia he stated that all of the mining licences are now under the ownership of kmuk
https://www.brrmedia.co.uk/broadcasts/64f1b2a7c6e9d7476c27e61a/kodal-minerals-funding-package-extension/
Page 1389 of the 2019 mining code article 72 is I think the part regarding change notification obligation.
How did you arrive at Oct 18 may i ask?
The mine must be up and running 3 years after grant of mining licence, so Nov 8 2024, otherwise a new feasibility study is obligated:
Again Page 1389 of the 2019 mining code article 72
From the Development Opportunity rns 29 Sep last year, Kod gave a table showing broker consensus of future spod prices, 2024, 2025 etc. Kod consensus have in there $1500pt by 2027. Even though demand projected to rise. Or are these just Conservative numbers.
Brilliant that mine life could be extended, but just wondering about projected spod prices by then