Member Info for JimBL

You would have thought so, Monty.

Indeed. I thought I recalled someone previously using that after the delay following the decree.

It may explain it, I dunno. It kind of sounds pretty incompetent/shady to take on something which was licensed to someone else though! Then again, who knows what they were told or promised then, and since. Just goes to show why doing business in Africa is a dodgy proposition, especially when the then old President and now his son have been involved in this.

As for excuses, I'm sure someone will no doubt say yet again, well it's the rainy season again now, too ;-p

And as I originally commented, their own transparency report of 2015 stated "According to DGMG (Director General, Mines and Geology) the signing of the agreement (Nayega) is dependent on the renegotiation of the large-scale agreement awarded in 2008 to MM Mining for the exploitation of iron ore and related metals. The renegotiation led by the Ministry of Mines, in partnership with the AfDB (African Development Bank) teams, aims to limit the permit granted to MM Mining for the exploitation of the iron to be able to attribute the exploitation of other metals to SGM."

I'm not hinting at anything - just pointing you all to the information out there and my own concern at what it may mean.

However, back in 2015 it was said "The Mining Convention is a comprehensive document that outlines the Company's and Togolese Government's commitments to each other with regard to fiscal, environmental and social issues. The negotiations for the Government were conducted by Point Focal, a group of Government departments under the supervision of the Ministry of Mines and Energy. As such, the document has received input from numerous Ministries in Government during its drafting."

All good and well. But how come around the same time the PM himself was on record also stating they were trying to find a way to remove MM Mining from their license (apparently unsuccesfully too)? https://togo-online.net/togo/les-indiens-de-mm-mining-cites-dans-levasion-fiscale-vers-les-bahamas/

It is interesting, and to me, worrisome. I can't see how at all how it's not the company's position to report that we are investing in an asset which was, or maybe still is, under an exploitation licence of another company altogether? And that for the 9 whole years we've been putting our money in?

MM Mining not so much rode roughshod, they just didn't ride at all! They didn't mine any IO and they failed to build two rail lines which they were also given the right to do. And it was the current Presidents dad who gave them a 20 year renewable exploitation permit. But it was clearly the current incumbent who was refereed to in their 2016 letter who was asking them for 'Presidential discretion' in replying to his own government.

Blame the message, not the messenger. It was there in plain sight all this time for us to find - though I am right now appalled that the BOD have not made any reference to this in 9 years. I'm currently feeling like I've invested in an ongoing lie.
Everyone else on here is very quiet today. Has this stolen the jam out of your doughnut as well?

I wish I knew. I wish I knew if this was even an issue any longer, but a six year delay with no explanation now appears to have one.
Without a doubt the BOD and SGM must have known about this. For anyone doubting this, it's contained in the 2015 (ironically titled) EITI report. Those with regular comms with RL or DR may wish to clarify these issues with them?
https://itietogo.org/wp-content/uploads/2018/09/Report-EITI-togo-2015-traduction.pdf

This article, dated Aug 2019, seems to suggest the issue was still ongoing as of last year - with MM Mining also suggesting in a letter of 2016 that they had been 'instructed to remain discreet' on the matter from the level of the Presidency.
https://www.togoactualite.com/convention-dinvestissement-avec-mm-mining-fer-manganese-bauxite-chromite-etc-concedes-contre-quel-chemin-de-fer/

Just to be clear - the information relating to MM Mining and it's effect on us not being able to be granted the (exploitation) license - is from 2015. That's after we were first told a license was imminent/expected in 2014.

While we ponder the current 'delay', here's some historical background for those who may be oblivious to it (I suspect most.)

"The government of Togo is actively seeking foreign investment and investment in mining and has been very supportive of Ferrex and its applications." Yes, that was RNS'd just over 9 years ago when we acquired 85% of SGM and their existing Nayega exploration permit, and others.

ALL of the permits were granted to SGM only 1 month prior to us procuring our 85% . Did you know that?

Nayega is a site which first underwent test digs by the UN in the 60's, then again in the 80's by the Bureau de recherches géologiques et minières ('BRGM'), France's leading public institution involved in geoscience.

According to previous available information of 2015, the 15% held by SGM is 10% owned by Adam Abdoul-Rachid Shehu (Shehu Dan Fodio, a company which owed taxes in 2015) and 5% by Odaye Kossivi, a project manager and former member of the Prime Ministers Office. I have made that point several times regarding the political connection which SGM had or have and which we should have.

More shockingly however, is - "According to DGMG (Director General, Mines and Geology) the signing of the agreement (Nayega) is dependent on the renegotiation of the large-scale agreement awarded in 2008 to MM Mining for the exploitation of iron ore and related metals. The renegotiation led by the Ministry of Mines, in partnership with the AfDB (African Development Bank) teams, aims to limit the permit granted to MM Mining for the exploitation of the iron to be able to attribute the exploitation of other metals to SGM."

'IS DEPENDANT UPON'. Get it? I suggest you also all DYOR on MM Mining of Togo.

So when folk get arsey at me for being too negative - do take a moment to ponder all of this and why NONE of it has been intimated in anyway to us when year after year keep passing. Maybe it was sorted last year when the Decree was passed, yet we know not. And these are the answers to, and the information of which I have been suggesting the BOD needs to be informing us of.

Still think I'm wrong?

Actually, my point was that a 6 year delay may not have been entirely down to the gov of Togo and may have been self restricted due to the market price available for the product we wish to mine. After all, that's exactly why we gave up on IO and discounted all those assets is it not? That kind of dispels the assertion that no company would do such a thing.

Of course that's one opinion of mine. We give opinion on here day after day year after year. You, me and everyone else. Trust me, I'm much rather have some straight talking and answers from the BOD so that our opinions were needed far less often!

Right. Done. And I'll gladly accept drinks off anyone at all, anytime, any place. And I would very definitely like to get sh*t faced with the lot of you if and when this finally comes good. Though, I wouldn't trust pork scratchings from Andee - I suspect he may substitute with hard skin off his feet for some of us... ;-)

Eh? WTF does it matter if I'm on top of the market price of manganese or not? I'm not the one responsible, economically, for deciding when to mine it or not.
let's not also forget that some of your earlier calcs were done on prices north of $5 dmtu!

Mate, what are you waffling on about? The Council of Ministers (i.e. all Ministers in the government) adopted and passed the decree for the award of the mining license. They work for a Dictator, so are highly unlikely to decline or delay anything he green-lights.

And it's slowly heading south once again. Weekly average according to Jupiter's site is now $3.16.

Well for what it's worth, I reckon the real reason it went onto the back-burner at the end of 2014 was not due to Togo - it was due to the price of manganese. In peaks and troughs it was uneconomical for us to mine it (at $2 - $2.2), but not having the license has meant we could not capitalise when the price improved.
That simple fact of life which has never been touched upon does make me question how the BOD have presented and released information.

You also said in Aug 2019 - "I've been sat here since 2011. I'm still 'going long' but I'm getting tired and frustrated over delivery of the 'big ticket' news." My point entirely is my agreement with that.

And my other point is that the messaging has NOT been the straightest and clearest it could - or should - have been. If it had, then you, me and everyone else who has grumbled about it wouldn't have had a reason to.

Anyhow, I'll leave you to your optimism.

They have total control of the information they release. You can't blame individuals for making assumptions based on what the messaging has led them to. It's very much a case of us being led to water - then left alone.

Of course a change of government has nothing to do with KRS. Having SGM as a local subsidiary and a Director of SGM having been a former Minister, one could - rightly I suspect - expect them and KRS to be somewhat better informed of what is going on in Togo especially after a decade long relationship.

I simply repeat what you yourself have previously asked for. Clarity and straight answers.

There wasn't a change of Government back in March, at which time you were also calling for clarity and straight answers - despite Covid.
I'm not sure how clear the effort is to move this forward when they planned a trip which resulted in a change of the Ministers they had arranged and undertook meetings with - then told us it was known and expected. It clearly was not, hence extending the trip and having to return.
Why are they telling us about borehole siting for stage 2 operations, and further exploration, yet not expect that to intimate a license is about to be awarded?
Sorry. We all want this to complete, but the perpetual blue-sky thinking has nothing to warrant it thus far.

It's been many weeks since the first trip - almost 8. Its been more than 52 weeks since the Ministerial decree. I think your never ending optimism is outside the realms of any real objectivity. Quite strange, as back in March you too were calling for 'clarity' and a straight answer.

Overegging? LOL! Ok, forget the previous 6 years and the declaration of the Ministerial decree 1 year ago granting us the license.
Sep 25th RNS "In particular, CEO Russell Lamming met with ....... in order to discuss the near-term development path to commence production ..." Near-term, loud and clear.

Sep 28th RNS "Management will remain in Togo for the rest of the week and the Company looks forward to updating shareholders in the near term with developments."

Well, we got told of the Nov visit and got a Twitter photo. What other developments, near-term or otherwise, have we been notified of? Nothing. They just keep dangling the carrot and nothing but silence follows.