Member Info for JimBL

Call me naive but we've only sold 20% of the original stockpile and there's no word here once again of anything other than 'interest' in the product. Considering Yr 1 we'll barely make any money even if we sell the whole lot, then I was expecting something more substantive then yet another raising and 400,000,000 shares added to our already ridiculously bloated total.

Why bother with the hassle - you can buy at the same price on the open market today (as many as you wish) and it is likely to fall further.

Depends if MM have been, or wanted to be, ars*y about it. At the end of the day they had a 20 year signed agreement for exclusive rights. Doesn't sound like they have much argument though even if they wished to, as they pulled out in 2014 and were only mining IO - didn't go after anything else and failed to build two rail lines which was also part of that agreement. Incidentally, Togo had a 10% carry on that agreement also.

Chirp, as far as I am concerned this is the real reason - though I suspect it is or has been more complicated than the answer I was given.

A more illuminating (and honest) answer received this morning, though no indication if this is a recent move or an older one. I think you may all agree my scepticism has had some grounding after all - and I'm not just being the Victor Meldrew of this board!

"We have taken legal advice on the MM/RoT agreement from a specialist francophone mining law firm in Paris and discussed it at length with the Togo MoM - we are comfortable with SGM’s security of tenure on the Nayega project which is also underpinned by the 2019 Decree.

And Gnassingbé was educated in Paris at the Sorbonne where he studied economics and international relations. He also earned an MBA from George Washington University in Washington, D.C. Clearly, education had little to no positive effect on his leadership or running of his country.

I'd say her CV looks good if you wanted to employ her in the energy sector - though she's been entirely focused on gas while undertaking 7 years of education. At 29, is she (or rather, how can she be) experienced and thereby qualified enough to now run a government ministry of mining and energy? Seems a tall order to me especially when the focus is allegedly on electrification strategy 'relative to clean energy' both of which she appears to have zero experience in. At the end of the day she's just another appointment in a Dictator's ongoing corrupt regime - one incidentally which is only second to N Korea in its longevity!

Imagine you were a dodgy company owner who, due to being matey with the President, were awarded a signed and sealed 20 year government agreement to mine, market and sell iron and all associated metals/minerals. Imagine that exclusive right is commented on and recognised by international agencies including one responsible for transparency in the extractive industries of that country. Imagine a PM also being reported as saying that agreement had to be renegotiated to allow someone else to mine manganese at nayega (us!).

I'm trying very hard not to speculate but common sense is starting to dictate otherwise and RL's answer didn't satisfy me in anyway..

Sure is. Yet its one we can't get after 6 years of asking.

P.S. my other half is French and translated the agreement for me.

I received a reply a little while ago. Though I have to say, I remain confused by it considering the information out there. RL states that MM Mining never held an exploitation license for Nayega, only for IO, which was granted in 2008. Asked if this was the reason why we are in perpetual delay - he replied no, and added nothing else.

I have gone back to him asking for clarity as:
a) the investment agreement between Togo and MM Investment Holdings of 2006 specifically states throughout articles of the agreement that MM was granted all permits/authorisations for the exploitation, marketing and sale of all metals (Iron, Chromite Manganese, Bauxite etc) within that agreement, inclusive of 'within the perimeter of Nayega.'
b) This exclusivity is further reported in the 2013 Japanese International Cooperation Agency report (3.4.3) 'The Project for the Study on Togo Logistics Corridor Development' https://openjicareport.jica.go.jp/pdf/12262929_01.pdf
c) As already mentioned, the 2015 EITI Togo report also states that the agreement has to be renegotiated to allow SGM to mine Nayega.

I find it hard to accept - investment agreement aside, even - that two bodies working directly with the government of Togo (and one on transparency no less!) somehow got this wrong or were fed duff information.

Nothing heard still. But tracked down the original agreement with MM Mining (in French) which specifically refers to Nayega. So, the MD (Rajesh Rupani) was mates with the former Gnassingbe who granted this permit in 2006, while his Son as the current Dictator in charge approved the license in 2008. This was (is?) valid for 20 years and was extendable afterwards in 10 year increases.
https://pdgm.tg/index.php?option=com_docman&view=download&alias=158-convention-d-investissement-mm-mining-07-08-2006&category_slug=documents-statistiques&Itemid=752

Marky - nothing to report as yet (I wonder if I'll get any answer at all) but funnily enough in the last email I shared with DR from 2017 , he said in reply to my question on the delay then - "The why on Nayega will be explained on granting of the license and will make sense when this occurs".
Take that as you like, but to me it intimated there was something in the background preventing the expedition of it.

Well, not really. The Ministerial decree was granted over 1 year ago.

I don't recall how many changes of Minister or Government we've now experienced since 2014 and we are still in the same position.

Haha, they used the same language in 2014!

After 9 years neither Nayega nor KRS even get a mention?

"Follow-up meetings were also held with state-owned Togo Invest Corporation S.A. (‘Togo Invest’), which is helping to assist the permitting process at Nayéga."So, I have to ask myself is this is the same entity referred to previously in the reported MM Mining letter to Ministers requiring answers from them in 2015? "Mr. Minister, following your letter n ° 037 / MME / CAB / 2016, we hereby inform you that the documents you are requesting from us are within the framework of the“ TOGO INVESTMENT ”project, already deposited at the level of the presidency of the Republic where WE HAVE RECEIVED INSTRUCTIONS TO REMAIN DISCREET. "I'm starting to think that none of the Ministers have a clue over this and the issue lies solely with, and with the blessing of, the President.

Right, so I've just emailed off to DR and RL asking them for specific information and clarification on the issues I previously outlined here (re: MM Mining) and wanting answers to those. I also indicated I would be sharing whatever answers are provided.

Someone like their local partner/subsidiary SGM you mean? After all, an owner is a former member of the Prime Ministers office.

A whole lot of nothing once again. I note "I look forward to updating shareholders once we have further information related to permitting at Nayéga.” So, despite two lots of trips and a 1 year old ministerial decree, we still don't know what it's going to take to get the license.
I really don't know how anyone can keep defending and excusing this sh@tshow. Give us some straight forward answers FFS!