Member Info for Laverda

Celle, thanks I missed that part 'set up a commission' and I have not heard that referenced in any of the other mining companies operating in Mali.

Unless that is extremely recent, I am surprised it has not been mentioned elsewhere.

Elcobble - agree and much simpler in explanation.

The mining office have a gigantic amount of work on their plate. Doesn't matter how much investors stamp their feet in tantrums that is the way it is, it would be much worse if the licence had not been transferred and there was nothing going on in the background.

Ivenoidea, I agree with you and if you look at my previous posts I support and go with what Bernard says, I agree he has said that - I don't dispute that.

However at the same time I read an awful lot more than the headline press and I happen to be following a number of companies in Mali at the same time as they are a good source of information about the mining codes, mainly mining gold.

It so happens that they are being dealt with at the moment and those companies are gigantic and the tonnages they are discussing with the government are over a number of years, the mining office has provided figures to these companies and some appear agreed and waiting to be settled around now, the largest according to the press is in dispute and the government allegedly is threatening to take away their licence in 2026 - ie not renew, the company itself disputes to the press that they are in disagreement.

Me knowing this is why I am making that comment, the mining office will not have unlimited staff resources, this is out of the ordinary.

As far as Leo/Ganfeng the dates are on their site, Firefinch RNS today the government one is due anytime soon, they were aiming end of October.

Onlyking you continue to say that.

Try reading RNS and mining reports on other companies in Mali and you will find out what they are doing with the mining office.

One of those cases is 300m to 500m dollars of avoided tax, allegedly, and they are disputing figures, ie tonnes - can you comprehend the amount of paperwork on a case like that?

And before anyone starts with the Sun standard newspaper reporting often banded on these boards it is from 2020 onwards another case is from 2016 onwards.

There is reams of information on the net, it is just a case of finding the full explanation and not those rubbish articles.

GLG2. Not if you are following the changes in the mining code in Mali and wider Africa.

Then look at what was trying to be achieved in the 2012 mining code, ages before the present government, tightened up in the 2019 code (because some mining companies were exploiting what they thought were legal loopholes) then the audit following the 2019 code leading to the 2023 code.

If you read the background on what wider Africa is doing then the mining consultancy reviews of each code it makes sense.

There are some massive cases tying up the mining office, one of which hopefully will clear in days and two others, one of which is supposed to have been agreed, another allegedly a dispute which the company denies.

Those three cases need moving out of the mining office then I think we will see movement.

In the mining office's eyes we will not be a priority as we don't need it until January, so unless the department that does that is not tied up in other work, I don't see why they would put us as their priority.

Kamikaiza - agree I wouldn't chance it.

I know that was communicated but personally I think they have more pressing work in the mining office, completing Ganfeng/Leo, Barrick and B2Gold hoping to see a Leo RNS in the next three days. Once they move I reckon we won't be far behind, get the blockage removed from that office.

Onlyking yes, agreed not paid yet.

If all goes well Ganfeng should be paying in the following days.

100not out.

Those companies under the old code owe taxes allegedly under those codes. In the 2012 code, strengthened under the 2019 code (before current government) then ambiguity removed in 2023 code.

It is notable that only a small number of companies are caught up in it - draw your own conclusions.

Bernard is looking at the 2023 code and we may keep some of the 2019 code listening to him. That is more likely to do with complexity of the phased development being difficult to comply with, possibly a danger of pulling everything into the 2023 code which would mean a tax bill.

Ganfeng on behalf of Leo, B2gold and Barrick need sorting soon as I think they in the main will be tying up the mining office.

Barrick looks like it could be pushing the boundaries of the mining office if the press are to be believed.

We are not in that camp. The delay may have been a lucky break for us.

Just so investors can see those that are critical regarding the new mining codes and the Mali mining office are too simplistic in their assumptions:

https://finance.yahoo.com/news/b2gold-reaches-agreement-terms-mali-234500237.html

We may end up with a similar arrangement for the 2019 code on the DMS, possibly 2023 on flotation plant/veins.

Https://m.miningweekly.com/article/clean-energy-technology-market-to-rival-crude-oil-market-value-by-2035-2024-10-30

PS Basher, that would be Hainan's processing plant in China for clarity.

I think they are expanding into other areas too.

I see on the previous link homepage Fosun is in there too.

Got it Basher thank you.

They refer to them as receivables. The cash flow and balances look ok to me for an expanding company.

When we consider the investment in Bougouni and the processing plant alone with no start of returns until probably mid next year for Hainan as they have to tweak their plant and product before sale.

The Basher not questioning you, I know you are a holder, I could not open the link to see the creditors.

The Basher, may have missed it, but what are the creditor values falling within one year?

They can be added to the cash then deduct the debtors.

Here is one of the legal consultants who operate in Mali outlining just some of the changes before the 2019 code is released, it also references the overproduction taxes in the 2012 code, which were clarified and strengthened in the 2019 code.

The companies crying foul and their journalist friends are way over simplifying the mining codes with just reporting on the percentages of government ownership.

The so called junta in their articles arrived in 2021, the changes in this summary are 2019 which are being enforced now

https://www.nortonrosefulbright.com/en/inside-africa/blog/2019/12/mali-entry-into-force-of-the-new-mining-code

More detail here, consultant and others expand:

https://www.mining.com/mali-seeks-500-million-in-outstanding-taxes-and-dividends-from-barrick-reuters/?origin=serp_auto

The journalists don't help the cause with lazy reporting such as this:

https://m.miningweekly.com/article/mali-threatens-to-let-barrick-mine-permit-lapse-over-dispute-2024-10-28

The 2019 code did have retrospectively applied rules, the 2023 code closed the loopholes that some of the gold mines had tried to exploit. It is debatable if the loopholes used to avoid tax were legal or not. Obviously the companies who did it are arguing that they were, but it appears to be limited to a very small number of gold mining companies.

West Bougouni sale completion.

That the ore mined is consistent with the drill samples - very low impurities.

Spin the plant and test all the new parts alignment etc.

May get the first end of plant samples.

The detail of the offtake agreement with Hainan, potentially with a floor price which ensures guaranteed profitability.

Receipt of letter of comfort from ATO October 2024

Completion of the Proposed Transaction (timing subject to satisfaction or waiver of the

Conditions Precedent) End October 2024

Receipt of Tranche 1 cash consideration net proceeds 10 business days after satisfaction of

final conditions precedent Early November 2024