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It is strange that Resolute who have been struggling, they could not meet their drilling commitments to us and had to make a large restructure now hold cash of an almost identical amount to the outstanding tax bill owed to Mali.

Coincidence no doubt.

Https://www.rfi.fr/en/africa/20241118-australian-mining-company-to-pay-mali-junta-160m-for-release-of-ceo

George,

That is what irritates me so much, Ganfeng bought a bigger share but has not recently acquired Goulamina from Leo Lithium I am watching for the communication it has been extended to the 25th November it has not happened yet.

I also don't know of any tax being taken from Ganfeng. Leo has to repay some tax incentives as they appear to have not complied with the rules around these incentives as part of the deal when it happens.

Hummingbird is selling but this has nothing to do with any outstanding tax it is about finance.

I notice that the mining companies with the outstanding tax bills mentioned in the press are all working as normal.

According to the press they have agreed how much outstanding tax they owe going back a number of years, since the 2019 mining code it appears, but the press is so poor it doesn't have much detail.

The press all appear to favour the mining companies, I wonder if they have to keep them sweet to get any stories off them for their journalism.

It occurred to me, if I was a journalist, are they complaining about the new government because had it remained with the previous government they would not have paid the bill?

Secondly if I was a journalist I would wonder does it take a junta as they call it, to get taxes paid by foreign companies in Africa?

I am not a journalist so those questions are for others not me.

PS I also seem to remember that this payment rebased the value of the mine, I should have asked Bernard, I may send him an email. Bearing in mind this was years ago I think that the new starting point for future CGT is the Hainan/BFS valuation.

Asslan, if you look back through my posts you will find a snippet from a consultancy which specialises in mining law in Mali, they analysed the 2019 code when it was released, the code we were operating under, their interpretation was that there would be CGT. It seemed to be on any movement of the licence where any other new party was involved. This even included non direct ownership. I looked at all of this around 2 years or more ago.

I previously also read something else about how that was calculated because it is quite a soft CGT but could not find it

Really the ideal situation would be all of the mining codes and all associated documents available in English and in some sort of logical format.

Are they building a new site in English?

Sleepy🌈😂

Elcobble lol.

For those who have not seen it, look at that plant in the opening video, would love to be walking around it:

https://events.engageinvestor.com/engage-investor/kodal-minerals-plc-investor-presentation?bmid=b8da9ce30c9d

Onlyking, if it includes the floor price spoken about in the meeting then it should do, because it takes away the Spodumene price drop risk and provides guaranteed profitability.

The broker price would go up.

When that is combined with the payment system that Bernard outlined it should firm up again.

65% paid as each lorry arrives at port is a good payment system for the mine.

At the end of January the last remaining troll hope will be that the cheque will bounce - so tiresome.

Roger the difference between yourself and the real investors on the board are they know which day it is, they know they are investing in an AIM share and they know what the AIM index is and what the companies on there are.

They understand the geographic world, currencies and politics.

It is their main interest outside of work.

They live and breathe it.

This is not a numpty board, you are out of place here.

Roger simple investment principles are clearly well beyond you.

If he diversified into Oxfordshire the returns would be tiny.

And we are already diversified into another country if you could spend some time reading even the company's own website instead of trolling the internet.

Not at all Roger. As normal you will not have been following all of the detail or read any of the links or posts I have put on here since the audit back in 2022.

It appears that the companies are accepting that they do owe tax, just negotiating/disputing the figures. Everything is recorded and submitted so the mining office does have data.

Reading the broadcasts from the companies themselves they are agreeing amounts, however it also appears they are dragging their feet too.

We can only go on the official RNS from the companies and the press, because that is all we have, so based on this it appears that companies have been evading/avoiding tax since the 2019 code and now are having to pay it.

They are not leaving, shutting up shop or selling.

While detaining staff after a meeting is not good, it stinks of foreign companies trying to exploit foreign countries yet again.

For companies who are honest and don't try innovative/risky tax avoidance schemes it makes operating in these countries more difficult and more sensitive.

But everyone invested here, knows they are invested in Africa knows they invested before or after, or both after a coup and of course that is why the potential rewards are so high.

These companies outstanding tax bills are massive according to the press:

https://www.abc.net.au/news/2024-11-18/resolute-mining-to-pay-mali-government-after-executives-detained/104614270

We seem to run around 40% -60% to broker valuation.

The world today and Africa

Until the regular payments roll in we can assume it will remain the same.

You can't ignore millions rolling in .

Daz423, 18 months before he has to be concerned about finance I thought from the q&a?

Khreds, likely to provide guaranteed profitability no matter what the Spodumene spot price is.

Another concern removed.

Sharebug - cheers.

Mannhole, I think Cannacord said 1p now?

A hole in the ground, half built plant and a heap of giant Meccano set is only worth a fraction of a fully complete mine providing a constant stream of payments with output levels the same as the plant's final output range.

Not long now.

Yes Savs, very impressive.

I particularly liked the quick payment at the dock of 65% and the fact Hainan can stockpile material at their plant on Hainan island.

Meantime more cash than we need to start producing by a large amount and under budget on the build. Also under budget on haulage costs too.

Builds confidence with every discussion.