Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
Bridgedog, I agree what Leo Lithium did and how some of the goldmines did to try and bypass the rules was not positive, a bit insulting to a country with a well established and global mining industry.
Fortunately though we have Mali experienced people on our board who respect the rules and don't try to cut corners or be smart.
As other so called brilliant investment opportunities fall by the wayside one by one, Bernard and his conservative team are looking better by the minute.
Bridgedog, your shares have mainly taken large dives today.
I would work on your own maths and your own research a little before suggesting what others should or should not do.
You could write to Hainan and explain the error of their arithmetic if you are convinced the figures are incorrect.
Plus I would be interested to know how you calculated the total of all of our Goldfields.
Bridgedog, no police here.
Just pointing out one of your investments has similar, possibly even closer ties to Wagner group.
It definitely does as one regular poster here made the same error.
Never checked all of your investments, there could be more.
Bridgedog, so in conclusion would you tell anyone investing in a country with any connection to the Wagner group that they are stupid should not invest and if they hold shares there cash them in at once? Just for clarity?
Rory, you are correct, so I think from memory that affects some more tax breaks during production. I would have to look back under the old code.
The fine is actually quite soft, like I said it is close to 50m dollars in duty that they did not have to pay under the tax breaks now being repaid because they broke the agreement and just 12m effectively in a fine which is light - all things considered.
The question is, with all those tax breaks already under your belt, why take the chance? Just continue as per the submission.
Rory, no I think the fine keeps them under the old code. But effectively it is the duty benefits repaid (they got massive tax breaks under the old code)and a further 12m dollar fine. So in some ways - yes.
It is worth stepping back and looking to see what FFX did with the Morila mine. Then:
The escrow account and 15.9% of Leo lithium shares this year 2024. So there is a connection - is anything to do with those share conditions connected to the Morila mine? You would have to go through historic detail. But the two companies are connected.
Look back prior to Leo doing DSO ore sales and see the lack of submissions, approvals or permits. Nothing formal on record in RNS form from the government for direct ore selling.
In contrast look at the time and effort our team put into ensuring everything was perfect just to add a DMS plant on site.
After all of this has been through the wash I think you will find a catalogue of errors - the dangers of using some consultancy services.
It is the same here, some unproven systems being used that one day will be tested either in an event or court of law and they will either stand up or they won't.
The rule is when you have a lot to lose don't push your luck/the envelope.
Onlyking, ours may take a leap up before he gets a chance but if they get a chance I think a lot will come here.
Reading their chat board over the last 8 months I reckon at least 75% acknowledge it was their boards error if not more.
Only a small number, same as in the UK, blame the government for everything.
So if they get the chance we may see a good few of them.
George, West Bougouni? I think so.
Gangeng will want that cleared up fast as they need government permissions to continue, I am not sure how much longer they can work under their existing permissions. Just normal processes no drama.
Daz what concerns me if I had been a leo lithium investor is even when they have managed to salvage money for shareholders is the tone of the way that is written. In my opinion it was all board incompetence and had it been a democracy I don't think they could have negotiated such a settlement.
Around early 2023 I posted on this board asking about their updates regarding direct sale of ore to see what the process was in case we did the same, I could find no asx announcements and nothing in the presentations. For a board to think permissions for storing ore to put into a plant is the same as storing ore then transporting directly out of the mine site is unbelievable in my opinion. Anyone who has worked in this space will be aware of all permissions needed to do anything, it is a headache.
Plus the Morila mine payment trail was simply pushing their luck to the absolute limit.
In the end they have got off very light, the 60m payment is only 12m above the tax breaks they got under the old code which they were about to break, shipping ore
The Morila gold mine shares are not worth much.
The shareholders have got out with a much higher percentage of their money than I expected. But so sad that a greedy board tried to push the limits that far. The old days of using slick consultants and exploiting loopholes have long gone.
I will be amazed if that CEO continues as a CEO.
What a mess.
From our point of view our deal will progress. It also shows the mining office is working.
Leo Lithium 60m dollars settlement and sell out to Ganfeng, that was a good result out of a terrible position they put themselves in. But our sale will complete with Ganfeng it appears.
https://www.leolithium.com/investor-centre/asx-announcements/
Panthera increases holdings in Mali and decreases in Nigeria.
https://m.miningweekly.com/article/panthera-restructures-ownership-of-mali-nigeria-projects-2024-05-07
Cambo- https://themaskedstocktrader.blogspot.com/2015/01/why-are-buys-showing-as-sellsthere-are.html?m=1
Interesting that they post that under one of the drilling machine pictures.
Could indicate that the DMS vein drilling is on target, not all drills to the DMS veins.
Are we going to get 50m tonne resource on the estimated date?
Clapa, good article.
It is a good idea to look at that area in Northern Mali from satellite and some unconnected footage from the troubles, huge expanse of nothing.
Without satellite assistance you could as an army soldier drive around the area for your entire career and not bump into any militia or criminal. So they need either the west or Russia.
I doubt that the West would be eager to point out ISIS suspects to African soldiers as everything is recorded.
Russia will just pass them on.
It is a large part of the Italian refugee problem which could be why it is getting airtime - but far as troubles in the world go it is way down the table of importance or size.
It must be irritating if you are from the rest of Mali which is peaceful and getting on with life.
I really cannot get my head around current journalism.
They are reporting that armed groups are creating starvation in the north of Mali and elsewhere as if it is new news.
They are not holding anyone and the current situation has been going on years the UN etc are useless at dealing with it, they completely failed their mission.
The terrorist tactics are very basic and very simple they sneak into an area across the border and create a lot of fear and loud noise in tourism areas. It kills local businesses and the immediate area goes into poverty, the locations are where their criminal activities pass through, once in poverty the locals have no choice but to get involved in their activities, people trafficking, drugs arms etc. it is at strategic borders only and in at least 5 or 6 different countries. If they don't get involved they starve.
Such poor reporting and numpties in our country believe what they read.
They also don't seem to realise when a force kills a leader of these groups and is having some success out of time and incorrect reporting does not help.
Clapa, yes I am with you, not much interest in day to day share price either.
More interested in everything going well on site and everything being completed properly.
That said, because it is AIM you can never turn your back on it, it can be up pence for the craziest of reasons then back down again. So always best to check in a couple of times per day.
Clapa the drop could be to do with the joint army force success.
They took out an ISIS commander on the US most wanted list.
They are having some success.
Bit embarrassing for the western force who were there before.
Everyone is waiting if an up and coming commander wants to make a name for themselves with some sort of repercussion.
After watching some programmes around the area it is laughable the airtime and media attention they get, those areas are barren and have very little population. Terrorists are in a couple of pick ups and the army is usually 7-10 consisting of a big machine gun on a truck and a pick up size vehicle.
The only thing of substance in northern Mali and the other locations they travel along is the trafficking of people etc, again all in pick up trucks it is nothing but an illegal trading route.