Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
The point was I was making was that from looking at just the spend @Gan, they are not in recent day, into mega investments. Therefore, IF, US$391m paid for BCN/Sonora was just loose change like a dime to a billionaire, then international arbitration would not be on the agenda per their latest a/c, pending legal counsel's advice. I have just checked and it is correct: GAN DEBT IS "AS OF SEP 2023 IS US$3.42 BILLION."!!! [Mkt Cap $9.23B @$5.03.
That appears to be not a small debt load and hence why they want to recover their US$391m paid for Sonora which has now been nationalised. THAT IS NOT REM'S CONCERN BECAUSE REM DOESNT RUN GAN. Hence, that will also be Gan 's dept given they will realise how they got into this mess? Well, they have to ask the OTHER OZZIE, not our DL, the Aussie Chairman of REM. Why? ACCORDING TO THE AGREEMENT [informal or otherwise one is not told nor privy to but DL said they were sort of agreed ie he and Lord Orr] REM would have taken over BCN@Sonora. Otherwise, why did REM acquire close to 20% of BCN and a/c to Canadian rules, that is the threshold for takeover vs 29.9% UK. DL told the ole timers about the Canadian rule. So, that is GAN's biz as to sort it out with the genius that advised them. Suffice to say, Gan has gone their OWN WAY and all the article and KDNC RNS of 16.11.23 does NOT MENTION GAN AT ALL. HENCE, CADENCE APPOINTING CLIFFORD CHANCE, LEADING COUNSEL FOR POTENTIAL INT. ARB. IS FOR CADENCE and GAN gets on with their side. Not the choice of REM MEXICO given the JV partner was not amenable to even DL/s offtake deal with Tesla and killed it per DL on Twitter [LINK GIVEN].
What we need to ascertain is what is happening FURTHER TO THE NEGO/DISCUSSION with the gov ---------and what is being done with funding ie seeking no win no fee legal counsel ti file the claim? It is now OVER 5 MONTHS, and perhaps Kiran will have to ask counsel and INFORM THE MKT. I hope that clarifies. Problem here is, I am not sure if you are part of the private forum for REM, set up due to the noise here. IF YOU ARE, THEN YOU MUST BE NUANCED TO EVERYTHING I HAVE SAID except maybe some things I had not posted in recent times. So, there is a lot of confusion as I dont know what you know or dont know and you are just as puzzled. BARKSY1 IS ENJOYING HER TIME OFF AS SHE SAID SO NO ONE TO ACT AS INTERMEDIARY as to what A is saying and what B understand or is not informed. This is why there is confusion.
Contd
If ordinary people like those in the days of REM etc knew that Uncle Sam would NEVER ALLOW a Middle King^ co to take one of the largest lithium clay deposits in the world and set the production factory in Sonora which is a/c to the old timers, a stone's throw from the USA @Tesla. Now, Tesla is COMING to MEXICO and therefore, it is PROVEN THAT MEXICO IS SETTING UP =========="THE SILICON VALLEY OF GREEN ENERGY.======== Is it a co-incidence that the Presidential Frontrunner appointed or approved by the current President is an expert in energy?
GAN: Sooner or later, they will wake up given there were already whispers then so how did they get in and pay US$391m. In recent times and days, Gan has invested a few millions BUT NOTHING LIKE US$391M so to them , it is a LOT OF MONEY going by what I have checked of their recent investments. Maybe, they have used up too much $$$ for Sonora NOT aware or told that there were ALREADY FLAGS not in their favour. IN REM/S FAVOUR : YES DUE TO FIVE EYE and UK is 1 of 5 and so is Australia. So, the BIG MISTAKE was to go with what UNCLE SAME WOULD NOT ALLOW to be so near the border to US. In discussions on this site, folks pointed out that if a big co set up in SCOTLAND TO THE BRITISH BORDER, it too will NOT be allowed. So, the rationale was known to all laymen so how did Gan not know or did no bird tell them?
AH WELL, THAT IS HISTORY NOW. SO, DL IS MORE NUANCED THAN HIS FELLOW OZZIE. Why? He hurried whilst the other cleared a road and the next moment in 15 days SOLD SONORA away to the C major as shown on their Twitter feed to which I gave the link to show the pic of the clearance. This is what the gov picked on. So, DL must know from experience that it is not wise not to hurry and get things going. LoL.
LITCHFIELD: NOW CALLED EVERGREEN.
Next to Finniss, NT, Australia. Looks like they found big pegmatites per the latest RNS. So, hunch correct given it is NEXT DOOR to Finniss. That was the lithium project I was keen on.
Lets see what Kiran says. Thank you.
Contd
one does NOT allow the opposing party to linger. After a reasonable period , the answer or no answer will suffice. Then REM will have to obtain FUNDING and quite a few co's offer funding for a cut of the compensation. Herein, the REM scoping study provides the underlying value metrics.
KIRAN: Perhaps he is busy with Amapa. I have checked Co House for REM Mexico today and yes, bells are ringing. So, someone has to give Kiran a call as he may have completely forgotten about Sonora with so much to do at Amapa. But shareholders ARE LONG OVERDUE on an update which is PRICE SENSITIVE NOW.
REM 5P PARTY: I am aware many held pretty large stakes. DL is a sympathetic person from what one perceives per Twitter . Thus, Amapa was the replacement set up by DL after the Sonora fiasco of the takeover by the major. Perhaps DL can now do something given BCN/GAN is not what WC wants and it is public knowledge now, even Blooms is reporting on it.
So, any resolution of Sonora would help the REM 5p party folks a lot given the gov let the cat out of the bag ie up to $600BILLION valuation for Sonora. Kiran must also be asked about the VALUATION METRIC FOR THE CLAIM GIVEN THE REM SCOPING STUDY DONE AND COMMISSIONED BY DL CAME TO AN NPV OF SOME US$1BN+ and is favourable to the NPV of Bacanora. So, compensation ICSID is standard either on FAIR VALUE or VALUATION metric [ I looked it up].
Time is running on and perhaps DL's help is also needed. I decided to post this further info once Barksy1 posted given Barksy1 arranged the REM 5p London party. Forgot what Barksy1 said was the treat. I only recall Barksy1 said the food was TOO SALTY. I think the party was THE EVENT THAT WAS THE HIGHLIGHT OF REM LoL. Mon, 22.4.24. Sorry for errors as I am not editing and wearing tinted glasses to cut out glare so not very ideal.
The order of news:
[1] "Mexico PUSHES TESLA to start GIGAFACGTORY construction soon, but it hesitates."-Electrek, 19 Feb 2024.
[2] "TESLA courts CHINESE EV Supplies to Mexico===STOKING FEARS IN WC."-Bloomberg, 14 Feb 2024.
[3] "TESLA layoffs will NOT affect MEXICO Gigafactory plans."-Auto Spies, 18 Apr 2024. https://www.autospies.com/news/index.aspx?submissionid=1211025
[4] "Faulty CYBER TRUCK steering wheel part made in MEXICO."-Daily Mail. 1 wk ago.
Comment: One will see that the TESLA JIGSAW discussed during the REM days and David Lenigas obtaining the TESLA Offtake [the opening gambit to funding via off-takes was the key to unlock Sonora then] now coming to fruition. How? LoL, TESLA WAS COGNISANT THAT LITHIUM & LABOUR ETC in Mexico was the ideal since it is just across the border to USA Tesla. This is even more advanced that just supplying LITHIUM TO TESLA USA OVER THE BORDER FROM SONORA, MEXICO. Why? =======TESLA IS COMING TO MEXICO & CYBER TRUCK IS BEING MANUFACTURED IN MEXICO.=====
However, it does NOT look very positive that GAN will be allowed to operate @SONORA but from the above Bloomberg article, it does look now that it is a "POLITICAL ISSUE". That is outside the scope of REM plc who are NOT a C. co but London listed with no affiliations etc to ...so not stoking any ...with WC. If one looks at the whole picture, all that DL planned , HE DID CARRY IT OUT but no one could have FORSEEN that a fellow Ozzie /Mining Engineer would go their own way instead of co-operation with REM. Why? It is now obvious and proven that the ROAD CLEARANCE gave the govt the opening gambit and selling to GAN was a disaster. EVEN SHAREHOLDERS DISCUSSING IT were aware of Uncle Sam not allowing it due to nat sec. and now PROVEN RIGHT. ALL THE PLANS WITH LORD ORR AND DL WERE TO SET UP SONORA AND IF THIS WAS CARRIED OUT, TODAY, IT WOULD BE DIFFERENT AND WOULD BE NOT STOPPED IN ITS TRACKS.
Claudia Shabeum is an appointee of the current President so it is likely he approves of her plans to get MEXICAN TECH and to this end, they have already done work, visited countries to probably get know how. So, if one looks at this seamless succession plan, it does not look too hopeful when the gov would NOT EVEN COMMENT on the proposal by GAN JV with the gov.
REM VS GOV: The RNS was dated 16 Nov 2024 and it is now MORE THAN 5 MONTHS since appointing Clifford Chance, leading international counsel. Clifford Chance is nuanced in international arbitration. Int arb centres are in Paris, Washington DC, London and Geneva. In another case involving a AIM co and DRC, legal counsel said that a/c to the Treaty of Rome, arb is to take place in London or Geneva. But for AVZ vs DRC, the arb. took place in Washington DC. By now, REM Mexico would have heard from the gov as to whether they have decided to settle or not. IF THEY WONT SETTLE, that too is O.K as that is the answer needed for submission for the writ and filing for int. arb. Even in normal litigation, one d
Contd
given I was told on this forum that NO, BCN WAS NEVER GOING TO SUPPLY TESLA but to Korea and so forth. So, thankfully I could locate the ARTICLE WHICH STATED WHAT MR S. BCN CEO TOLD MEXICAN LEADING PRESS. Some will know that what is said on British soil is different to what is said to the Mexican govt and official statements to Mexican leading press & newspapers. I tend to follow both Mexican and British press on Sonora. Recently, I realised that what DL told us via open Twitter MAY NOT HAVE BEEN SEEN BY MANY on this forum. All this about $400m M & A was by DL on open and public twitter. Barksy1 used to follow closely and so did I. So, I do sympathise with the REM 5P LONDON PARTY and I know how it feels especially since we were told on this forum about DL this and that. SO, THE RECORD VIA PROVEN EVIDENCE IS NOW POSTED and I would rather not have posted but I must do the right thing so that everyone at the REM 5p LONDON PARTY can see the evidence and decided what happened. Unfortunately, the Ozzzie did not support us etc?
The rest is history now but the record must be set right. But if those who knows the most from following the early 1st days or REM plc under DL could cobble together the WHOLE STORY with PROVEN EVIDENCE. I posted the Seeking Alpha USA article as well and Oberver842 & Barksy1 saw it. So, I close and take my leave. I dont need to post anymore and I am NOT RAINING ON ANY BODY'S PARADE. Mon, 22 Apr 2024. IT IS ALL WAIT AND SEE FROM HEREON. BUT SINCE SONORA WAS REM PLC, THE STORY IS OF INTEREST TO THOSE AT THE 5P LONDON REM PARTY AND WHAT ACTUALLY HAPPENED WITH EVIDENCE NOW SEEN.
-----------MEXICAN GOVT DEBT US$926.6 BILLION, FEB 2024 vs US$197.7 @DEC 2005.------------
Juxtaposition the SONORA, Mexican Govt Official Treasury Valuation [see KDNC.L for link which I have posted before]
came to US $ 6 0 0 BILLION. So, in taking an OBJECTIVE and balanced view, one can see that the SONORA lithium deposit means a lot to Mexico ie $926bn USD vs $600bn USD Sonora lithium.
SONORA -SILICON VALLEY [Mexican Govt Plans]:
As President of Mexico, the most important is the national interest ie Sonora and the valuation. Come what may, politicians come in on votes and it will depend on the will of the people. The frontrunner for the next President of Mexico is an academic who is very highly qualified in energy etc and she comes from a very highly qualified academic family. So, it is obvious, she is approaching the Sonora lithium project with an academic eye and for Mexico. There are implications of the concessions taken from Ganfeng as per the BNAmericas latest article in that Ganfeng wants to sue the govt and that remains to be seen if they file for int. arbitration/annulment. The official reason per BNAmerica article is that they did not put in the required investment kinda of thing. The proposal of GAN JV with Mex govt has been met with silence per the article I posted. Time is running on and REM Mexico CANNOT delay and hence they hired Clifford Chance, a renowned international legal counsel to speak to the Mex govt for "consultations & negotiations" and it is positive that the govt is at least in to them. Why? Kiran did not say in the interview or RNS that it has been rejected etc. In what I read, it appears clear to me via the latest BNAmericas article below of recent days, that GANFENG IS NOT IN ANY WAY JOINING IN CO-OPERATION WITH REM MEXICO/KDNC for ANYTHING RELATING TO SONORA [JV partners]. So, hence, KDNC in the Nov 2023 RNS did NOT MENTION GANFENG etc. So, REM Mexico is on its own and if KDNC delays, there is a time limit to file and to initiate their rights. THE 1ST PROCEDURE IN INT. ARBITRATION as is it with ordinary litigation, is to SPEAK AND ENGAGE FORMALLY WITH THE OPPOSING PARTY TO AGREE A SETTLEMENT. IF THE OTHER PARTY WILL NOT SETTLE, then it paves the way to file for international arbitration and this is what every Court wants to see before any co can file. BUT FOR GANFENG, THERE IS NO PUBLISHED OUTCOME as to whether they have taken this 1st needed procedure. But that is up to them. It is also clear that this NON-JOINT CO-OPERATION to approach the govt appears not new, even in the days of BCN, otherwise, some sort of shared co-operation would have happened or at the time of the takeover, REM could have been included or at least some discussions etc. Of course, please pardon me IF MY SYMPATHIES are with REM holders at the 5p London party. That was my motive to post what I know given I sent DL the article about BCN/ GOING TO SUPPLY TO TESLA to which thank goodness I could LOCATE the DL TWEET AND REPLY given I
@jimb2
Cadence Minerals - should hear shortly what is the outcome of the consultations and negotiations with the Mexican govt.
Kiran, over to you now as REM Mexico will hear the Mexican govt decision.
At least, REM Mexico has been entertained by the Mexican govt to be in to consultations /nego by KDNC as opposed to the other JV partner.?
Come what may, is not yet revealed until the elections in Mex is over and then further news.
Thank you all - story of REM and the 5p LONDON PARTY. Mon, 22.4.24.
----"Mexican Presidential FRONTRUNNER advocates national tech to extract lithium."---BNAmericas, 18 Apr 2024.
"CLAUDIA SHEINBAUM told a press conference that the DEVELOPMENT of a TECHNOLOGY to EXTRACT lithium from CLAY should continue." "Work has been DONE & VISITS HAVE BEEN CARRIED OUT TO OTHER COUNTRIES , proposed a public RESEARCH CENTRE..." [Mexico going to go it alone with their own tech as above] Link: https://www.bnamericas.com/en/news/mexican-presidential-frontrunner-advocates-national-tech-to-extract-lithium
"...clay tech: We are going to continue working on it, she said in a press conference in Hermosillo in SONORA state.
SHEINBAUM is FAVOURITE IN THE POLLS heading into presidential elections-------JUNE 2. THE NEXT PRESIDENT WILL TAKE OFFICE ON OCT 1. GANFENG: CONCESSIONS WOULD BE CANCELED - FAILURE TO MEET MINIMUM INVESTMENT OBLIGATIONS. Ganfeng requested an administrative review of the decision BUT the economy ministry reportedly indicated in Nov that the cancellation had been ratified by the mining dept. In a statement, Ganfeng said that it "will take all measures to protect the legitimate interests of the co, including filing international arbitration or an annulment claim. "
"UK based Cadence Minerals for its part, said the decision affect Mexilit & Megalit concessions where the co has a 30% interest thru its subsidiary, R E M MEXICO. CADENCE IS CONSIDERING INTERNATIONAL ARBITRATION under a BILATERAL TREATY-------IF CONSULTATIONS AND NEGOTIATIONS with Mexico are NOT successful."
"Sheinbaum reiterated IMP has the best geologists & geophysicists in the country.. they can collaborate on tech development & lithium production, taking ADVANTAGE OF SONORA's reserves."
If not clear, it was discussed before by old timers of REM - it is akin to having BIG MAJOR [C] in a SCOTTISH TOWN to the border of Britain. Hence, today, the Ukr situation is the same - too close to Rus.
"At the opening of the forum, the director of EL PAIS America....[newspaper].
WITH THE RECENT ANNOUNCEMENT of T E S L A 's arrival in MEXICO...."
https://theusaprint.com/lithium-sun-and-electric-cars-this-is-how-sonora-plans-to-be-the-silicon-valley-of-renewable-energy-the-usa-print/
[2] Earlier Ref: "SONORA: MEXICO'S S I L I C O N VALLEY of clean energy."-Mexico News Daily.
Comment: Old timers would like to know what the plans were LoL for Sonora as "THE SILICON VALLEY" for renewables.
In the USA print, SONORA was mentioned for the resource. So, DL and Phalen et all then were right. However, if what Mr S @BCN CEO said in El Pais late last yr has still NOT changed, then it was known even then, that UNCLE SAM would NOT allow it. Why? SONORA is TOO CLOSE to the US border. It was said then, it was a national sec issue. It was discussed on the forum I think but if interested, search for it as I am off for lunch. That is all. I posted as this was the plan and something old timers of REM plc said was the most practical.
-----------------Last part to the REM story & Sonora------------
From the horse's mouth to El Pais, 24.10.23 [there is NO further articles from BCN'@ Mr S, so El Pais is the latest available]. Two statements from CEO of BCN: [1] Ganfeng : Sell Sonora. [2] Work round the implied "objection."?
Ganfeng's latest financials: Await legal counsel's advice on Sonora.
SEVERAL POINTS OF DISCUSSION:
[1] It is HARD to SELL any licences @Sonora once under a NATIONALISATION GOVT ORDER by the major@Gan.
This is well known & norm - title under "nationalisation" order.
[2] If still want to sell, can it be done? YES, still possible. But if one follows some examples in biz, it may be sold for "option" money? But of course, the major can try if they want to. Usually, option money is £1.
[3] REM Mexico is NOT selling their 30% @Sonora - the above principle is the reason as norm, per point [2]. So, REM Mexico has RNS 'ed that they have approached the Mexican govt which is the 1st step before any arbitration potentially.
[4] Who can the major sell Sonora to? A fellow major? If what Mr S said is correct, then it would appear the answer is NO from the govt.
[5] Gan JV proposal @Sonora: All Minister/s of gov will NOT comment when contacted.
[6] If sold, who is acceptable? From what Mr S said, it will be only from the Five Eyes: Australia, UK, Canada, N.Z & U.S countries.
[7] Is/was David Lenigas acceptable? Likely, given it is a UK co @REM plc, London and DL is Australian & Brit as well.
[8] Where is Mr S? He has been appointed executive director of an ASX co called Parabellum Resources, Mkt Cap A$3m on 9 Nov 2022. The non-executive Chairman is Mark Hohnen. This co is in REE, Mongolia. Mr Hohnen was from BCN.
[9] Mr S, per Companies House [active] is CEO of BCN. Mr S nationality on public open file at Co House: "Nationality: Australian". Training & profession: Mining Engineer.
[10] If the major wants to SELL per Mr S of BCN @CEO, then it could be sold to say, a fellow major and that may be also subject to approval or not depends on the agreements/s if any.
[11] From recall, DL said it was legally structured that REM MEXICO can SELL the 30% JV@Sonora licence to anyone they like.
[12] The 1st likely candidate? REM Mexico can sell to GAN, the major but if they did want it, they would have offered
at the same time as the BCN takeover or later but nothing to date.
[13] GAN can also per textbook theory SELL TO REM MEXICO. Again, only DL will know what is in the agreement/s.
QUESTION:
Will Sonora ever be developed, JV'ed? Yes, if text book and history of other projects go, it is possible. Who will be acceptable? That will remain to be seen. There is a lot of news passing through that the Middle Country may be subject to "sanctions" & this comes from the Uncle Sam administration? I just saw the headlines late last night so will check today.
It will take some time before any news is out, so, that's all from me. Mon, 22.4.24.
--------------Question: So is David Lenigas, an Australian acceptable to the Mexican Govt?-------
Ref: From the horse's mouth @BCN below in the article from El |Pais in English?
I have NOT told David Lenigas yet @Twitter or sent him the article from El Pais, 24 .10.23 as I just saw it tonight.
Ganfeng, a/c to |Mr Secker, CEO of BCN wants to RE-SELL SONORA now?
Who is going to buy it from Ganfeng?
Who is acceptable to the Mexican Govt from what Mr Secker himself said in El Pais above?
LoL As they say in school, should have looked before jumping in, eh?
Its like a Bond movie LoL.
I will leave Barksy1 to tweet to DL if she choses to as she is the team leader of the 5p London party.
Nice surprise for David Lenigas as he is the right nationality ie Australian and perhaps why Elon accepted for REM to be the lithium supplier to Elon of Tesla. Why Australia? Well, its a neutral country and I am sure Uncle Sam wouldnt mind Australians owning Sonora? Isnt life strange? News, Sun, 21 Apr 2024.
[1]----"Bacanora Lithium: Nothing is off the table in fight to defend Mexico concessions."- El Pais, 24.10.23----
Link: https://english.elpais.com/economy-and-business/2023-10-24/bacanora-lithium-nothing-is-off-the-table-in-fight-to-defend-mexico-concessions.html#
"...We believe from a MEXICAN point of view, it would be BETTER to have a LITHIUM HUB IN SONORA, where they could have their own lithium, producing their own batteries, supplying to their own vehicles and then DELIVERING IT INTO THE U.S." -CEO of Bacanora Lithium, Mr S.
"Suggestions that Lopez decision to CANCEL THE CHINESE CONCESSIONS has been INFLUENCED BY THE U.S, Mexico's top trading partner, are nothing but conspiracy theories. I have heard this that before.... ----------THERE HAS BEEN P O L I T I C A L MOTIVATION FOR THIS, and we just have to work round it, the executive concluded."
-----[2] "Ganfeng open to Mexico venture on canceled lithium mine."-Mining .com,10 Nov 2023.
https://www.mining.com/web/ganfeng-open-to-mexico-venture-on-canceled-lithium-mine/
"MEXICO'S ECONOMY MINISTRY, ENERGY MINISTRY & THE PRESIDENT'S OFFICE DID NOT REPLY TO REQUESTS FOR COMMENT."
"SECKER, CEO OF BACANORA LITHIUM: While the preferred outcome is to DEVELOP THE SONORA project, ---------GANFENG WOULD -----------EVENTUALLY OPT TO SELL THE SITE. --------------No one is going to invest a billion $ unless they have some kind of security..."
Comment: The above is as Phalen and others on REM forum said: it is easier to be at Hemlo and then trucking them back to the USA from Sonora. 2nd: WELL, GANFENG WANTS TO RE-SELL SONORA per Secker above. 3rd: Well, it is the US per Secker? 4th: DL is not Chinese LoL, so possibly pass.? Too late now though since REM's bid was rejected at £1 by BCN?
HISTORY NOW.
JV WITH MEX GOV - as above article - appears no progress on that re: GAN/ So, latest GAN accounts , they are waiting for counsel's advice but so far no sound yet. So, that concludes the HISTORY of Sonora until as and when. That 's all folks. Thank you. News, 21.4.24 [Sun]
[1] ROAD PIC OF SONORA DATED APR 21, 2021 @BACANORA LITHIUM ON TWITTER POSTED BY THEMSELVES:
Link: https://twitter.com/BacanoraL/status/1387280538109624321 [See detailed tweet]
[2] "BACANORA LITHIUM & GANFENG ANNOUNCE TERMS OF POSSIBLE CASH OFFER FOR BACANORA."-DATED 6 MAY 2021.
https://twitter.com/BacanoraL/status/1390275707914313728 6 May 2021.
[50 replies in the thread. LoL- 1 of the posters here is repeating the same thing he said on this forum. ]
[2nd and last tweet AFTER the above tweet with pic. So, ---------15 DAYS LATER-----------OFFER.
This is the last Bacanora tweet and pinned].
Good@jimb2
I thought about posting for some time but this Sunday, I decided many people who went to the 5p party may never find out so perhaps I should post it on the open forum so that folks are aware that the 5p REM London party figure was not pie in the sky kinda of cals. In fact, had there not been talk of nationalisation, it would have gone for the price nearer US$400m as mentioned by DL vs US$391m offered by the major for BCN. So, 5p was modest given 2.25p was £90m market cap which REM hit at one stage ie 2.25p. DL did his best but history records that there are many stones on the way. In my view, DL was smart to rush everything. Maybe, he knows that slowly, slowly might have an opening ie excuse? But that is up to the other side what they decided. But the moral of the story ends with: UP TO US$600 BILLION is something out of this world. Even Solgold's Cascabel etc is valued at $150bn and Solgold's mkt cap even today is £288m @9.6p [52 wk high 20.61p and low 5.67p]. So, the decision to DO road clearance was all not up to REM by then. The gov said that Sonora was NOT progressing the project kinda of thing and that it was for SPECULATION. Whether the chefs at Sonora can win it back, one doesnt know as that will await further developments. But if it goes to international arbitration, it will cost many millions because it will take at least 2 years to the final hearing at the earliest. It is going to be tough to argue it out and that will take some arguing with precedent law case quoted if any to prove it was not speculation. It is norm in Courts, just saying so is not enough and where is the PROOF? Ah, that is another day in Court. However, IF KDNC could put in the claim with the govt, then I am sure DL got it covered ie they did the scoping study, got Tesla off-take which would have opened the doors to capex and Seeking Alpha USA said so. Even Seeking Alpha was impressed and stunned that a small co like REM could get Tesla off-take, the No 1 electric car co in the USA. So, looks as if REM Mexico has enough proof they intended to take the project forward given DL went to one clay lithium based co to find out how to do the roasting for clay. Otherwise, the gov would not even entertain the submission by REM Mexico nor would Clifford Chance, such a world renowned global law firm have taken it on given they would have egg on their faces to even attempt it with the gov saying it was for speculation, hence taking back the Sonora licences. Anyhow, hope it turns out for REM Mexico . But I hope knowing the story HISTORY NOW will help to fill in the missing bits. Thank you. News, Sun, 21 Apr 2024. Nothing more to say after this.
P.S
IF BALLARAT GOLD TINY WEENY NUGGETTY GOLD was the rage, then ECR would be able to IPO in Australia as it must be at least a A$20m mkt cap. Why stay at £4m+ and despite spending on drilling, it is not lighting a fire under their share price? I did not want to mention it as one poster here may not like it. BUT PROOF is there. SO, AS AND WHEN THEY CAN GET A RESOURCE AT CRESWICK, NEAR BALLARAT, they will have to think how to mine it cheaply if there is enough strike. BUT THE MARKET DOESNT WANT TO KNOW and that is also FACT. Why? Well, institutions etc have experts ya know and they are very senior geo's, directors /mining analysts who know gold INSIDE OUT. But the layman knows very little and that is also fact. Hence, why they cant tell. So, I never tell them BUT NOW THAT THIS HAS BEEN BROUGHT UP BY HO50 at a POW presentation, I am forced to spell out what the NEW CEO IS TRYING TO SAY STARTING BY UMMM,AAAHHH, AAAH AND THE 1ST WORD THAT FALLS OUT OF THE NEW CEO'S MOUTH TO A MEMBER OF THE AUDIENCE STARTS WITH: "BALLARAT ---------DRILLING------EXPENSIVE KINDA OF THING. Of course, drilling long stretches of KM is not going to be cheap when bags and bags of soil is bagged and they are finding bits of nuggetty gold here and there in the tons of bags. Under the old CEO, he was more forthcoming and said in 30 big bags we found x amount. That LET THE CAT OUT OF THE BAG and they went for the guy. Maybe, the stress killed him. Dont blame him --------in Victoria, NO ONE HAS BEEN SUCCESSFUL EXCEPT AGNICO WHO TOOK OVER FOSTERVILLE MINE that had long intersections and very high grade gold.
SO, CANT FOOL THE AUSSIE AS THEY ALREADY HAVE A BENCHMARK OF THE FOSTERVILLE MINE and everything they will measure against Fosterville type drill results. ANYTHING LESS, metre here there and not that high grade, they dont want to know and that is FACT. Hence why, the NEW CEO had to GATHER HIS WITS form his demeanour-lol. In the presentation, I could see he needed a few secs to gather his answer and his legs shift one to the other as he knew it was a loaded question of which he had to be honest and upfront as so many people in the crowd. So, in the end, he TOLD THE TRUTH, BALLARAT DRILLING, EXPENSIVE. BUT SUNDAY CREEK@SOUTHERN CROSS GOLD HAS A MKT CAP OF A$200m last I saw , a night ago and ===========THEY CAN JUST GET FUNDING FOR A$10M+ JUST LIKE THAT, EASY PEASY BUT OTHERS FIND IT HARD TO RAISE MUCH AT A TIME EG ECR. SO , THAT IS PROOF. I dont like spelling anything out cos I dont want to hurt people's dreams or have to explain or teach what the NEW CEO OF POW MEANT BY "BALLARAT GOLD DRILLING, EXPENSIVE." BUT HE NEVER SAID SUNDAY CREEK DRILLING .... BALLARAT WHERE RRR WANTS TO DRILL AND WHERE ECR IS NEAR IS QUITE FAR FROM KILMORE & SUNDAY CREEK. So, new CEO of POW, never said SUNDAY CREEK DRILLING EXPENSIVE---HE AVOIDED THAT @KILMORE but the person asking didnt mention Kilmore and the moment was wasted. LoL. I am sure the new CEO of POW would not dare answer?
@jimb2
Not sure if you were here @REM plc on this forum but it was like a "mad" house with hundreds of posts running into the night. Ask Barksy1 as we all had a lot of fun then. Everyone was chirping on. PALEN and many others said that the NEAREST for SONORA is to just cart the LITHIUM across from SONORA , Mexico over to the USA BORDER and TESLA was close by. SOME EVEN SCREEN SHOT MAPS OF SONORA , MEXICO TO THE TESLA FACTORY OVER THE MEXICO BORDER and onto USA @Tesla. CHEAPER and DEMAND was there and they wanted lots of lithium, so it made LOGISTIC SENSE. EVERYONE AGREE @REM PLC FORUM THEN. Exporting abroad needs to get to A PORT, then by SHIP and then dock and into containers, then ON AND ON. SHIPPING COST, TIME TAKEN ETC = not so profitable. ACROSS THE BORDER AND NOT TOO LONG A DISTANCE BY ROAD OR TRAIN AND ROAD, NOT SURE as it was a long time ago this was all discussed.
OTHERWISE, WHY DL GOING TO TESLA TO GET THE OFF-TAKE?
So, what the chefs say to the Brits is not what is actually happening cos the tweet is from DL and the article is what the chief of BCN told the Mexican gov etc. EVERYONE ALSO KNOWS THAT GANFENG SUPPLIES TO TESLA -that is in the public domain. So, us on REM plc here did KNOW anyway who Gan supplied to ie Tesla and others. All public knowledge. Too long now to call up as REM plc has been deleted by this site. But that DL TWEET IN REPLY AS SAID AND THE ARTICLE BY JORNADO, MEXICO, the leading publication IS PROOF and EVIDENCE OF WHAT I SAID. Hope that clarifies. Sun, 21.4.24.
@jimb2
The reason why I dont post on this forum is that I dont want to argue over small details. Just I regret posting on KDNC.L telling Observer842, it isnt going to £5 soon. But my purpose to post is that since I was IN on Day 1 of REM plc, I can tell the story and it should be told otherwise, there will be a lot of upset over the 5p party in London. I did not attend as I dont live in London.
Here is the PROOF: It is from DAVID LENIGAS HIMSELF to an article which states TESLA @BCN/GANFENG.
Link: https://twitter.com/DavidLenigas/status/1375127025653059588 dated 25 Mar 2021 , 4:46.
David Lenigas tweeted: "I HAD THEM A DEAL WITH A TESLA AND CURRENT BOARD KILLED IT. FUNNY HOW THEY WANT BACK IN. GREAT ANYWAYS. GREAT FOR KDNC."
CLICK THE TWEET OPEN AS DAVID LENIGAS WAS COMMENTING ON AN ARTICLE BY THE RENOWED MEXICAN PUBLICATION, JORNADA, MEXICO DATED 25 MAR, 2021 WHICH TRANSLATED INTO ENGLISH BY TWITTER AS :"BACANORA LITHIUM , the English mining co that owns the most important lithium deposit in Mexico which has not yet entered the production phase, ------------WANTS TO BE A SUPPLIER TO THE ELECTRIC CAR MANUFACTURER T E S L A ."
One can also see the article by the leading Mexican publication, Jornada in Spanish that SAYS "BACANORA LITHIUM AND AT THE END T E S LA ." In Spanish: "ser proveedor ...de auto TESLA." Press Translate on Twitter icon to check.
The picture used by Jornada re: this article shows THE MEXICAN PRESIDENT and battery.
COMMENT: AH, YOU MUST HAVE MISSED IT JIMB2 as a lot of REM holders saw it and GOING BY THE RE-TWEETS AND LIKED. I think Barksy1 may have seen it but I posted it on KDNC.L some time ago what D.L said. Even he was quite stunned hence when that article was sent to him, he replied. THAT WAS HOW WE LOT CAME TO KNOW WHAT REALLY HAPPENED RE: REM AND TESLA OFF-TAKE OBTAINED BY DL. DL showed us a pic of him at Tesla plant. I didnt recognise the Tesla Plant but many did on this forum then @REM P{Lc. Not sure if you were here or you follow DL but many of us follow DL on Twitter and if we find something, we send it to him on public open file so every sees it. Hope that clarifies. Ah, many things were told but one finds that what they told the MEXICANS IS DIFFERENT OFFICIALLY ETC. But no, they never told DL either, hence he was stunned and let the cat out of the bag that they "killed" the Tesla deal @offtake he got for REM/BCN. OTHERWISE, WE WOULD NOT KNOW IE US HOLDERS THEN. DL never TOLD HOLDERS WHY THE TESLA DEAL WAS NOT ;FOLLOWED THRU. BUT I THINK BARKSY1 KNOWS as quite a few of us saw what DL said himself and what happened to the Tesla deal. ALL HISTORY NOW.