Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Https://zimbabwenow.co.zw/articles/1508/contango-signs-mou-with-multi-national-for-possible-collaboration-at-muchesu
Contango signs MoU with multi-national for possible collaboration at Muchesu
Apologies if posted before - date of artical is today though
Not skint at all.
I read 90k+100k+370 since 1st December (post period end). So minus costs which were 850k for the whole year, and we are only 2.5 months later, I think there should still be 300-400k in the bank which should be sufficient.
I think for the researched out there this is as expected with no surprises.
Hold
Tango - why would the 27th dec RNS border on market abuse? Whittaker resigned but surely he must have given notice as you can't give just 4 days notice without professional and likely legal repercussions. So that's just when we were informed I guess.
We were also told we would be updated in the coming week. BUT we did get the development study info and that to me seems that the board/chairman are working as intended.
Or am I missing something?
Wolfy - yes I think we are a bit overdue for some management news as well - they did say update in the coming week (unless it was a typo - weekS) and that 27th December. But it doesnt seem to have mattered to the company too much at this stage because the 8th Feb Development Study was given out in good order. So the Board and Chairman are managing fine.
I guess there won't be an offtake until MDA delivered. Then our whole shebang depends on if there is an initial contribution from that which could help finances which is usual with off take agreements.
I suspect this massive delay in the MDA is the cause of this financing issue which is compounded - as if there has to be a raise SP has also dropped so not as good. To that end IF there is one it will be as late as humanly possible imo. Come on Malawi approve the MDA!
Hi Flundra - Yes. I guess it's what we all don't know. What exactly is the cash position on a week by week basis and also what the burn actually is rather than estimated. Can't be much on Songwe until MDA. Mainly Birmingham. Germany has the credit facility. Poland? And US has COTEC so I guess whatever we are paying into that JV.
Then there is the potential off take agreement for Songwe dependent on MDA - do we have one? I assume we are negotiating one? prices should be spot prices (or some short term futures?). Anyone know how an off take agreement works?
It does make sense to be related to the rare metal prices and there will be an uplift eventually.
MDA progressing:
https://miningtradenews.net/malawi-to-put-to-tender-oil-exploration-blocks/
"The report also says the Government will proceed in negotiating and finalizing Mining Development Agreements with investors on key projects such as Kayerekera Uranium Mine (Lotus Resources), and Songwe Hill Rare Earths Project (Mkango Resources)."
Obviously still no timeline on this.
It is great to be progressing in RE metals recycling in the meantime.
Hi CJ - thanks fro your response. You are 100% right - I guess I thinking that we can still do the leg work for a funding partner until we have the MDA? Then, as we would have been fishing for one already/have one waiting on the sidelines then it would be a possible to activate the partner agreement subject to MDA (as you say) and some finalising of the agreement?