RE: Youtube update23 May 2023 08:07
Roger, all mining companies in Mali without exception, bearing in mind that it is the third/fourth largest producer of gold in the world, must operate in a specifically structured company to mine.
A firm, I would think an accountancy consultancy company perform the process of moving assets from the exploration company to the newly formed mining company.
To avoid triggering tax, the same as in the UK, the assets have to be reregistered.
It will take the time it takes. It has nothing to do with Hainan or Kodal, they can't speed up this process.
We have not asked, and have not been told, but we suspect that the long stop, which is not a deadline, in the contract can be moved one month or 30 days at a time.
In this country this job would take at the earliest until mid July.
Mali's largest export is gold, so they may be quicker.
The 30 day extension if in the contract could mean that even in the first or second day of a 30 day extension the RNS could land.
If Hainan pull out there is a 7m dollar penalty.
But looking at Ganfengs success right next door and ours looking as promising, I can't see them changing their minds