Member Info for jimb2

LOL - clutching at straws

https://mexicobusiness.news/policyandeconomy/news/tesla-delays-nuevo-leon-gigafactory-letters-trump-biden?tag=policyandeconomy

Tesla Gigafactory in Nuevo Leon Suspended. Tesla has suspended the construction of its Gigafactory in Nuevo Leon. The company decided to delay its investment in the automotive plant in Santa Catarina due to concerns that if US presidential candidate Donald Trump wins the upcoming US election, cars produced in Mexico might not be sold in the United States. Tesla wants to wait until after the US election to see if this potential policy will impact them.

I'll stick with my views,

Clutching at facts, LOL

Https://www.utilitydive.com/news/trump-biden-2024-election-inflation-reduction-act-rollback/719107/

Trump could roll back Inflation Reduction Act tax credits in a second term

Volkswagen and Samsung SDI leaders expressed concerns at a conference last week about the stability of the IRA should the administration change.

Elections 5th November, Trump will do anything for cash from big oil.

https://youtu.be/vImlxYSxq1Q?si=KXI6E6vfngLkmUtM

I also said this a month ago, as Trump has made it clear he will from day one reverse the inflation reduction act, should that happen the nearshoring investments will very likely be cancelled

"So simply, A_L.O has until September to strike a deal or leave office with the legacy of failure to get the lithium industry underway, come October maybe November Ebrarb will want to get things moving in Sonora whether that includes Ganfeng or not"

I do believe there will be some movement with Ganfeng and Mexico once the US elections are over in November, there must be a great deal of uncertainty at present for nearshoring with the intent of supplying the US, it would be a good move for the Sonora lithium to be used domestically as well as for export!

Things can turnaround!

Rio Tinto‘s planned lithium project in Serbia was expected to attract EUR6bn (US$6.5bn) in investments and create 20,000 jobs, infrastructure minister Goran Vesic has said

https://www.just-auto.com/news/serbia-talks-big-on-lithium/

Serbia signed the agreement with the EU after reinstating permits for Rio Tinto lithium mine in the Jadar Valley in the western part of the country. The project had caused a wave of protests over environmental concerns, but a recent constitutional court ruling paved the way for the development to continue.

Seems the Mex gov are running with the inactivity challenge, that shouldn’t be difficult to rule against if what Peter Secker claims stands:

https://mexicobusiness.news/mining/news/ganfeng-lithium-lose-dispute-over-concessions-sheinbaum

And slowing down the supreme court,

https://mexicobusiness.news/mining/news/supreme-court-postpones-ruling-mining-law-reforms?tag=mining

Still, we are at the ICSID stage so beyond the Mexican courts

Looking promising from the geological aspect, near surface and a pegmatite not outcropping.

CXO screwed up with the terminated off take with Ganfeng and then the lower grade spodumene, they were keen to see BP33 get started before the downturn in pricing.

EG1 are under no pressure to meet any such commitments,

Bound to have been little reaction looking at CXO, but EG1 have something to benchmark against so hopefully will reduce risk.

The bod locked out during August and September from purchasing shares.

AIM rules when they cannot buy:

The period of two months preceding the publication of an AIM company’s annual results (or, if shorter,

the period from its financial year end to the time of publication); and

if it reports only half-yearly, the period of two months immediately preceding the notification of its half-yearly report or, if shorter, the period from the relevant financial period end up to and including the time of the notification;

With end of September being the publication, so close period typically May to end of June for full year reporting and August to end of September for half year.

This has been adhered to right back to 2018 with these being the only buys in a close period but with the DDPP exception applying,

The Directors have entered into a DDPP in an open period and under this programme are therefore committed to the purchase of shares in what otherwise may be a close period. Entering into the DDPP does not preclude the directors from buying additional shares in the Company during open periods.

11-Sep-18 07-Sep-18 Buy Adrian Fairbourn 0.17 GBX 588,235 10,725,760

11-Sep-18 07-Sep-18 Buy Donald Strang 0.17 GBX 600,000 10,247,011

11-Sep-18 07-Sep-18 Buy Kiran Morzaria 0.18 GBX 564,153 12,599,350

11-Sep-18 07-Sep-18 Buy Andrew Suckling 0.20 GBX 500,000 4,090,000

Just the cash raise and director purchasing might well be in prep for news throughout August September that would leave them locked out.

Well, lets see what September brings, that 67% if confirmed could see a big jump and possibly an off-take/JV!

or sooner!

With that news pending a cash raise would insane at this current range.

That's a big jump in net profit from $227 to $324 per annum if the flow sheet delivers - is that holding up final investment decisions with the interested NDA parties - and of course some of them might be solely interested in green steel and that opens up the US as has been mentioned by KM:

And we will know by end of September -

https://youtu.be/Gs069dndIYk?si=kq-XOGH9WX_mhfBq&t=52

@Dallasdaz,

That's an increase in stake?

"Cadence plans to fund ongoing work, including the advancement of the 67% flow sheet, licensing, maintenance of the tailings storage facility, and general working capital for the Project."

Could that be they have the means of for a cash injection, a possibility.

@gary25,

it's about having a project cross the line to being fully financed and heading to production in the expected timeframe and with the basket price you expected at DFS. The plan was to have profits from one a project provide funding for the others in the portfolio. If you recall they had little control over the earlier projects and AMAPA was something they had a management role in.

It's a big concern why we have been waiting for an update on the financing MOU - have TCIDR had second thoughts or perhaps have demands that the partnership don't see eye to eye on?

Are they waiting for the testing for 65% ore before announcing?

Are there other options with the other parties they were in discussion with?

Are we heading back at square one?

Perhaps there are geopolitical reasons between China and Brazil?

You hit the nail on the head with that they looked good on the surface and shouldn't forget that's why you probably invested.

https://www.reuters.com/article/world/mexican-president-says-won-t-cancel-mining-concessions-or-grant-new-ones-idUSL2N2580HF/

So I disagree, I did see Sonora as being the first over the line to backup the SP.

It seems to me the Mex gov should be looking a damage limitation on there handling of lithium mining:

https://oilprice.com/Energy/Energy-General/Argentina-Gears-Up-To-Dump-Tons-of-Lithium-on-an-Oversupplied-Market.html

Now who was the president who was going to head up the OPEC equivalent for lithium along with Argentina, Bolivia, and Chile, and the one who doesn't have a lithium producing country due to his actions?

@Struv,

you entirely blame the bod, how do you see they are responsible for the actions of the Mexican gov?

I doubt we would be having this conversation if Sonora was in its second year of production as should be the case

Removing KM would be an insane move,

@Struv,

Nov 16th 2020 - give it a rest

Great idea @Struv,

Who do you have in mind as the replacements,

Just want to be sure the grass will be greener on the other side.

@Dallasdaz,

A_L.O hasn't mentioned certainly since the arbitration being announced the reason being the investment not being met resulting in cancellation of the concessions:

That clearly was the reason:

Ganfeng Lithium has been accused of non-compliance with Mexican law by Alfonso Durazo Montaño, Governor, Sonora. Experts warn that the resolution of Ganfeng's conflict with the government will determine whether Mexico becomes a lithium producer in 18 months or 20 years. Durazo pointed out that Ganfeng has important lithium concessions in Bacadehuachi, Sonora. However, these have been withdrawn since the company did not meet the necessary investment requirements.

So maybe they are stuck for a reason, the BIT covers the nationalisation

"On the one hand, the project was impacted by the nationalization of lithium and, on the other hand, the non-compliance of investments. This forced us to withdraw the concession."

Old nugget – A_L.O this week

"That's because we believe that the country had previously given out, and we think gave out (mining concessions) in a generic way, not specifically for lithium but instead for mining and we don't think it applies," he said.

But I still can't make my mind up on that ambiguous paragraph:

"In their arguments, the judges of the Second Collegiate Court considered that it was not appropriate to grant the suspension requested by the company, since this would imply forcing the authority to carry out the conduct or act that it refused to do, which is exclusive to the ruling of protection."

I'm wondering if they are suggesting they couldn't for some reason give a ruling against the Ministry of economy and Raquel Buenrostro hence 'forcing the authority to carry out the conduct or act that it refused to do' with probably direct pressure from A_L.O and Durazo, autocrats sticking together, under Moreno similar stunts have been pulled.

So we just need to see what aspect Ganfeng will pursue -

ARTICLE 7

Investments of investors of either Contracting Party shall not be nationalised or expropriated, either directly or indirectly through measures having effect equivalent to nationalisation or expropriation.

As far as I can determine, the supreme court are taking charge of the mining law disputes, looking at the ruling on Ganfeng that might have been the conclusion of the courts - the paragraph from the Ganfeng ruling - and last sentence

https://mexicobusiness.news/mining/news/federal-court-rejects-amparo-ganfeng-lithium-subsidiary

**The judges of the Second Collegiate Court considered that granting the requested suspension to the company was not appropriate, as it would force the authority to perform an action that it had refused to do, which is only permissible through the amparo sentence**

https://www.bnamericas.com/en/analysis/minaurum-gold-wins-protection-against-mexicos-mining-reform-but-battle-continues

The supreme court justices agreed to process a request for reassumption of jurisdiction presented by justice Lenia Batres Guadarrama, meaning that the supreme court would be the body tasked with reviewing the injunctions against the changes to the mining law.

Specifically, the court ordered various administrative and criminal collegiate courts handling the review appeals against 17 injunctions not to issue their rulings until the second chamber of the supreme court decides whether to approve the jurisdiction decision and take over the cases.

**In other cases, the collegiate courts themselves are declaring themselves incompetent to resolve the injunctions and are directly turning them over to the supreme court**

Oh yes he was,

poor chap was locked out for months at over 38p.

Great memory Ashwaldo,

Many years ago who was hounded off this board for going against everyone who thought this was some sort of golden goose?

Ashwaldo, Member Since 22nd Feb 2023,

There was one I recall Rayofsunhine, he was a COPL holder so you may have crossed paths,