RE: Mining.com22 Apr 2024 10:01
-----------------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.