Member Info for Looed

I am based in Taiwan with no local transmission of CV-19 for over 210 days. The total number of cases is below 600 (only 55 classed as local cases, the majority are classed as 'imported cases' discovered on arrival in Taiwan or during mandatory quarantine for all arrivals. The number of deaths remains at 7, with the last death in May. Despite these low numbers, face masks are mandatory on all forms of public transport. From Dec 1 through to at least end Feb 2021, face masks will be mandatory in virtually all public spaces and non-household indoor settings to combat both CV spread (as Taiwan gradually opens its borders) and to combat seasonal influenza. I imagine many other asian nations will follow suit. Though Taiwan is self-sufficient in mask production, its successful reliance on technology to combat CV and influenza should mean this tech would be of great interest. I have sent the relevant link to the local equivalent of the CDC.

WEBINAR 2: on GEORGIA (26 November 2020)
Topics: Energy poverty and corruption in the energy sector.

Speaker: Murman Margvelashvili, energy sector specialist with experience in regulation and governance, tariff setting, operation of distribution companies, feasibility studies and project assessment, privatization, energy sector planning, project management, training, and related fields.
Mr. Margvelashvili is a member of international and Georgian Associations of Energy Engineers (AEE, GAEE), and Associate Member of the Georgian Energy Academy (GEA) as of 2006.

Will be held 9am Brussels time 26/11/20, claims it will be a "deep dive" into the topic. Full details here - https://eeas.europa.eu/delegations/azerbaijan/88887/series-country-focused-webinars-energy-sector-csos_en

US$156m NPV and 31.3% IRR with a 49% Operating Margin Demonstrated from Independent Preliminary Economic Study Toral Pb, Zn & Ag Project, Spain

Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce results from an independent Preliminary Economic Study (the "Study") in respect of its wholly owned Toral lead, zinc and silver project ("Toral" or the "Toral Project"), located in the region of Castilla y León, north-west Spain. The Study has, inter alia, updated the economics from the previous Scoping Study undertaken by Addison Mining Services Limited ("AMS") in late 2018 (the "2018 Scoping Study"), and incorporated the positive findings generated from the workstreams conducted by the Company and its consultants over the last 12-18 months, including the results from ore-sorting undertaken by Bara Consulting ("Bara"), metallurgical testwork by Wardell Armstrong International, as well as reflecting a change in the selected future mining method and a general improvement in metal prices since 2018.

Highlights:

· US$156m NPV at an 8% discount rate

· 31.3% IRR

· 17Mt @ 6.7% ZnEq (including Pb credits) resource (JORC 2012) including indicated resource of 3.8Mt @ 8.1% ZnEq (including Pb and Ag credits) - 4% cut off grade

· Sub-Level Longhole Stoping ("SLOS") mining method selected

· 700k tonnes per annum operation with a 7.6% ZnEq mined grade:
o SLOS with ramp/raise-bore shaft access;
o 10% dilution;
o 3.5m average mined mineralised widths

· Processing comprises an ore sorting front-end using X-ray Transmission ("XRT") followed by grinding and flotation

· Grade/recovery: 3.3% Pb/87%; 4.2% Zn/86%; 26.7g/t Ag/85%

· US$79m upfront Capex

· 3-year trailing average metals prices of US$2,668/t for zinc, US$2,099/t for lead and US$16.5/oz for silver

· US$963m Revenue over Life of Mine ("LOM")

· US$477m Opex over LOM

· US$471m EBITDA over LOM

· 49% Operating Margin (US$63.56/t all-in cost)

· 12-year LOM scenario

· Conceptual LOM production schedule incorporates 100% of the existing Indicated resource in the early years, ending with elevated zinc grades in the deep Inferred zones

· Deposit open to the east and at depth for potential production expansion during the mine's life

· Project's 3-year Investigation Permit renewed until 15 November 2023 (as announced previously on 12 November 2020)

More details in the RNS - https://www.londonstockexchange.com/news-article/EUZ/result-from-independent-preliminary-economic-study/14759739

There is an updated summary in the translation archive. Current spend is US$1,352.75 / GBP1,080.77

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-fund-archive-summaries-and-translations-D96851FC-955C-41C6-A7B6-A469ADEE64E6.html

Had my posts removed but Pompeo will meet the GD, and the GD are pushing 'strategic partnership' with the US

If the sanctions threat has been lifted then they must have complied with the following condition -

'combat corruption and ensure that the rule of law in the private sector is consistent with international, recognised standards'

Journalist - Will the government hand over the Frontera's license area to Outrider Management? Two weeks after the American company addressed the Prime Minister, BMG asked the Minister of Finance what is the position of the Georgian government and what is the probability that Outrider Management will be transfered the territory, which was confiscated from the Frontera by the decision of the Hague International Arbitration Court and now is the property of the state. The Minister of Finance reiterates that Georgia is honest with Frontera and despite the fact that the government has treated the investor well for years, it has not fulfilled his obligations. The Minister of Economy also made a written statement to BMG today. Natia Turnava also states that the government will not intervene in the ongoing dispute between Outrider Management and Frontera and will act accordingly as to what the final outcome of the dispute will be.

Vano Machavariani, Georgian Finance Minister - We know, in general, there are problems with lenders and there are some disputes. Therefore, about the letter that ... I can only tell you, we will wait for the dispute between them to be resolved. If something is imposed on the state of Georgia, we will, of course, fulfill it. However, I think that part of the license will remain at the discretion of the Georgian government. My opinion is this. According to the results, we will judge how this trial and dispute will end, including the results. The government will make the decision that is most optimal and acceptable for the economy. We can not and will not transfer assets and land to compensate someone. We need to give it to a good and promising investor. If this company turns out to be such investor, we will think about this as well. The dispute needs to be resolved and we need to look at the issue from a different perspective.

Natia Turnava, Economics Minister - It turned out later, we were not the only ones who saw that the company "Frontera" was lying. In particular, it was found that the company has obligations to creditors and service companies internationally. "Frontera" could not fulfill these obligations and this process ended with a logical result. It should be noted that the Cayman government, where Frontera is registered, plans to cancel the registration of the company due to the Frontera's evasion of reporting and tax liability. We, of course, do not enter into these international disputes - they are taking place between different private entities. We will act accordingly on what their final result will be.

https://www.youtube.com/watch?v=uzsekYDp7Zc

The contact hasn't made any comments regarding the strike-off.

Generally speaking, they strike me as calm and collected. I don't sense any 'panic'

The fact they are talking at all seems to me to be a positive step. I need to progress carefully, but I do hope I can get back to you with an update soon.

Pt.2

"California Investment Company has already applied to the Prime Minister of Georgia, Giorgi Gakharia, to give the company the right to extract oil and natural gas from the twelfth license block." As a result of which, Georgia will benefit from these resources, and the company itself will be able to repay the investment made in the current license holder company," – stated Outrider Management.

According to Zaza Mamulaishvili, regarding the execution of the decision made by the Arbitration Court, "Frontera" has already transferred 99% of the license area to the state. This was an area where oil and gas extraction works were not carried out. The state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company would extract oil and natural gas, the license will be valid for another 7 years.

https://for.ge/view/195479/fronteras-saqarTvelos-Semdeg-problemebi-ofSorul-zonebSic-Seeqmna.html

Total for all print translations was US$60

(This is the last of the print translations)

Pt.1

The case of the energy company "Frontera", which has been engaged in exploration works in Georgia for many years, has gone so far that it does have an ability to operate in offshore zones anymore. The Cayman Business Registration Authority says that under the rules in force in the country, several hundred companies that do not conduct business will be deregistered and considered liquidated. This list includes the energy company "Frontera" and other legal entities affiliated with it. Among them is FRONTERA RESOURCES GEORGIA, which in the past used to extract oil from the twelfth license block of Georgia.

After a big confrontation with the Georgian government, changes started in "Frontera". Restructuring is currently underway there and their stakeholders are changing. FRONTERA RESOURCES GEORGIA can no longer be a legal entity of the Cayman Islands.

The tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.

The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state, but so called the oil extraction company has been stubborn for a long time and has continued to clash with the authorities.

How do they assess in “Frontera” staying outside the offshore zone? According to Zaza Mamulaishvili, General Director of the Energy Company, the abolition of the legal entities owned by Frontera in the Cayman Islands is part of the restructuring, and the company Frontera Eastern Georgia, founded by them, continues its activities in Georgia.

As Mamulaishvili told Business Media, he did not name specific details of the restructuring, but said the changes would increase the share of Outrider Management in the company. A few days ago, this company applied to the Government of Georgia and requested the transfer of the oil extraction permit to the twelfth license block.

According to the company, Georgia has the potential to extract up to 700 million barrels of oil, although it has a rather complex distribution structure. In addition, Outrider Management announces the study of the exact volume of supplies in case of obtaining a license and the introduction of an experienced operator in the country to perform the extraction work.

Zaza Mamulaishvili, General Director of the energy company Frontera, told BMG that the company will have a license for another 7 years in the twelfth license block area, where oil production is currently underway.

For the record, the tribunal of the International Court of Arbitration in The Hague ruled in April 2020 on the ongoing dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation. The dispute has been going on in court for several years, and within it the state has been arguing for a breach of license requirements by Frontera.

For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.

The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.

According to Zaza Mamulaishvili, Frontera transferred 99% of the license area to the state. This was an area where oil and gas extraction work was not carried out. According to Mamulaishvili, the state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company extracted oil and natural gas, the license is still valid.

We saved for us the areas where oil and gas are being extracted, the rest, beyond these areas, which was called the "exploration area", the government wanted them back. Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG.

It was also known today that Frontera is facing restructuration, and their companies which were founded on Cayman Islands will be liquidated. According to Zaza Mamulaishvili, the change will not affect Frontera Eastern Georgia Ltd, which will continue operating.

According to the business register, Frontera Resources Georgia Corporation owns 50% of “Frontera Eastern Georgia”, while Oil and Gas Corporation of Georgia owns 50%.

https://bm.ge/ka/article/frontera-navtobis-mopovebis-licenzia-kidev-7-weli-iqneba-dzalashi-/66147

Pt.3 (and final part)

According to Zaza Mamulaishvili, it is unlikely that the government will comply with Outrider Management's request to transfer their obligation of investment withdrawal from Frontera to a new company that will receive an oil production license in the country.

"I do not think it is very realistic for the government to take such a request into account. There is virtually no such practice that if a new license has been issued and a new company is introduced, it has an obligation, (It does not matter whether it is Outrider or any other former investor) to pay that amount. Such a practice usually does not exist. I cannot imagine that if the government bids for a license, it will include the satisfy the demands of the previous shareholders. This is not accepted in practice either,” Zaza Mamulaishvili said.

https://bm.ge/ka/article/kompania-frontera-shi-restuqturizaciaa-/66133

Pt.2

For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.

The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.

According to Zaza Mamulaishvili, Frontera transferred 99% of the license area to the state. This was an area where oil and gas extraction work was not carried out. According to Mamulaishvili, the state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company would extract oil and natural gas, the license will be valid for another 7 years.

We saved for us the areas where oil and gas are being extracted, the rest, beyond these areas, which was called the "exploration area", the government wanted them back. Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG.

Regarding the announcement of Outrider Management, the director of Frontera says that the company is trying to guarantee the return of the funds that were invested in their project. According to Mamulaishvili, they have invested more than half a billion dollars in oil exploration in Georgia, and the income from oil sales is only $ 60 million, therefore Outrider and other stakeholders are trying to return their investments.

"We have invested more than half a billion dollars in this project in the form of exploration, and about $ 60 million worth of oil and gas have been extracted so far. However, as a result of these investments, an ore has been identified, but its large-scale development has not yet begun. Accordingly, Outrider Management and other companies that have invested capital have not yet received a refund. In this regard, it is understandable that Outrider Management and other shareholders, including me, want to return this capital back to us.

Outrider Management has become a more important stakeholder than ever before and now wants to play more active role in this process. Frankly speaking, I did not see this letter, but it was felt from them that they wanted to guarantee the return of this amount,” said Mamulaishvili.

Pt.1

Energy company “Frontera” is currently facing a restructure. The General Director of the company, Zaza Mamulaishvili, said in a conversation with BMG. He said the termination of Frontera-owned legal entities in the Cayman Islands is also part of the restructure. At the same time, Mamulaishvili says that the company "Frontera Eastern Georgia" founded by them continues to operate in Georgia.

Mamulaishvili did not mention any details of restructuring, but said the changes would increase Outrider Management’s shared in the company. He said that in the past Outrider Management was just a noteholder, but now it is becoming one of the shareholders.

We would like to remind you that few days ago the company “Outrider Management” applied to the Government of Georgia and requested the oil extraction permit for the twelfth license block.

According to the company, Georgia has the potential to produce approximately up to 700 million barrels of oil, although it has a rather complex distribution structure. In addition, Outrider Management announces the study of the exact volume of supplies in case of obtaining a license and the introduction of an experienced operator in the country to perform the extraction work.

It is known from the announcement, that Outrider Management was one of the investors in the Georgian oil extraction sector, in particular, it was a major shareholder of the license which was owned by Frontera. According to the information of Outrider, their investment in Frontera turned out to be problematic and the company had accumulated $ 35 million in debt towards them, for which it was involved in a lawsuit.

"Outrider Management, a California investment company, has already applied to the Prime Minister of Georgia, Giorgi Gakharia, to give the company the right to extract oil and natural gas from the twelfth license block. "As a result, Georgia will benefit from these resources, and the company itself will be able to repay the investment made in the current license holder company," stated Outrider Management.

“Outrider has been a victim of Frontera's unfair business activities, we hope to be able to realize the real potential of this license block; Or if the license will not be obtained by us, we want to transfer the obligation (which license block holder company had towards us) to the company that will receive this license, ” this was written in Stephen Hope's letter, which he sent to Giorgi Gakharia in September.

US$80K has been paid to Cornerstone for Q3 2020, making a total of US$240K for the year to date.

https://disclosurespreview.house.gov/ld/ldxmlrelease/2020/Q3/301224408.xml

According to the Registry Journal of Cayman Islands Government, the Cayman Business Registration Authority says that in accordance with the rules in force in the country, several hundred companies that do not conduct business will be deregistered. This list includes the energy company Frontera and other legal entities affiliated with it. Among them is FRONTERA RESOURCES GEORGIA, which used to extract oil from the twelfth license block of Georgia in the past.

According to the Cayman Business Register, registration will be suspended on October 30 for the following companies:
• FRONTERA INTERNATIONAL CORPORATION
• FRONTERA RESOURCES CORPORATION
• FRONTERA RESOURCES GEORGIA CORPORATION
• FRONTERA RESOURCES OVERSEAS CORPORATION

Upon deregistration, from October 30 these companies will be considered liquidated.

BMG contacted Frontera's management about the mentioned issue. According to the head of the organization, Zaza Mamulaishvili, Frontera is currently facing the restructuration process and their shareholders are changing.
"In terms of operations in Georgia, I would like to say that “Frontera Eastern Georgia” continues to operate under license and this change will not be reflected here. This is a Georgian legal entity. As a result of the restructuring, “Frontera Eastern Georgia” will no longer be a legal entity in Cayman Islands,” - Says Zaza Mamulaishvili.

For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.

The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.

https://bm.ge/ka/article/kaimanis-biznes-reestri-acxadebs-rom-frontera-s-registracias-gaauqmeben/66100

No worries ODR - it shows that google translate is likely a solid source for us when it comes to print translations like this. About to post #31

“Frontera continues its activities in Georgia as usual,” Director of Frontera Resources Georgia, Zaza Mamulaishvili, told “Business Partner”.

According to his statement, reorganization has been started in the parent company, which is connected to the change between the shareholders. As the result of this reorganizations, the owner of Frontera Resources Georgia Corporation Georgia Branch may be Frontera Resources Georgia Corporation again, or something else may change in the future. Although, as Zaza Mamulaishvili says, these changes will not affect the company's operations in Georgia.

The reorganization applies to 4 companies registered in Cayman. Registration for these companies will be suspended on October 30. These companies are: FRONTERA INTERNATIONAL CORPORATION; FRONTERA RESOURCES CORPORATION; FRONTERA RESOURCES GEORGIA CORPORATION; FRONTERA RESOURCES OVERSEAS CORPORATION.

We would like to remind you that Frontera returned part of the license territory to the Government of Georgia after the arbitration dispute.

https://business-partner.ge/biznesi/frontera-sakartveloshi-sakmianobas-chveul-rezhimshi-agrdzelebs-frontera-risorsiz-jorjia

Seems the vote was pretty clear in favour of this.

We will try to complete all translations by Thursday. Cost US$60. I have asked the translator to send them as they are completed.

If the translations are in line with the Google versions then we know we can likely reply on them going forward.

30 – Article shared by Tenners 15/10
https://business-partner.ge/biznesi/frontera-sakartveloshi-sakmianobas-chveul-rezhimshi-agrdzelebs-frontera-risorsiz-jorjia

31 - Article shared by DomFok 15/10
https://bm.ge/ka/article/kaimanis-biznes-reestri-acxadebs-rom-frontera-s-registracias-gaauqmeben/66100

32 – Article shared by DomFok 15/10
https://bm.ge/ka/article/kompania-frontera-shi-restuqturizaciaa-/66133

33 – Article Shared By DomFok 15/10
https://bm.ge/ka/article/frontera-navtobis-mopovebis-licenzia-kidev-7-weli-iqneba-dzalashi-/66147

34 – Article shared by Looed 17/10
https://for.ge/view/195479/fronteras-saqarTvelos-Semdeg-problemebi-ofSorul-zonebSic-Seeqmna.html

This was my original post and was a new thread with no link so not sure why it got deleted. (the vote was overwhelmingly in favour of translation, I think 11 for 2 against) -

The recent statement from FRR US side seems almost at odds with the recent statements by ZM (thanks to DomFok) -

Outrider Management has become a more important stakeholder than ever before and now needs to play a more active role in all of this....” Mamulaishvili said.

I propose we get the translator to work on the recent articles shared by Tenners / DomFok and me - a total of five articles - to check the accuracy of the google translation versions. Even if one or two words are different it might show comments in a very different light.

Can folks comment one way or the other on this proposal? I will check back in later today to get a read on views, thanks.