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Just reading the study...
"Construction start date: 1 January 2023.". Hmmm, not so sure it will be that quick.
"The Consortium have further advised the Company that the EPC contract proposal will now be provided to the Company in August 2022. It also advises that the financing proposal for Kola will be provided to the Company within 2 months of Kore's agreement on the terms of the EPC contract."... which means we'll have to wait a further 6 weeks for Brad to read the damn thing.
Ah well... at least it's finally moving forward.
GLA and don't sell too soon.
Summary of key terms of the Mining Convention
· Concessions to corporate tax rate during the initial 10 years:
o first 5 years - 0%;
o years 6-10 - 7.5%; and
o rest of mine life - 15%
· Concessional corporate tax rate may be renewed in conjunction with investment in expanded production capacity.
· Exemption from withholding taxes including interest, dividends and capital gains during the term of the mining convention.
· Exemption from VAT, import duty and export duty (for surplus construction material) during construction, applicable to Kore Potash and all contractors.
· Guarantees that the Government will facilitate and support implementation of the Project and to permit export of the final product through the use of a dedicated jetty.
· Guarantees that Kore Potash and all its subcontractors may employ foreign workers.
· Guarantees to permit creation of securities over all or part of the share capital of Kore Potash's RoC subsidiaries and the Kola and Dougou Mining Licenses.
· Settlement of any disputes through international arbitration.
· Stability of legal, fiscal, tax and customs regimes during the entire term of the Mining Convention and any extensions.
· The Government will be granted a 10% equity interest in Kola Mining SA and Dougou Mining SA on a free-carry basis for the initial phase of projects at Kola or Dougou. Post the initial phases, the Government is required to contribute to any capital expansion programme or dilute.
· The Government may appoint one director to the board of each of Kola Mining SA and Dougou Mining SA.
· A mining royalty, of 3% of the Ex-Mine Market Value.
· The Mining Convention has a term which covers the life of the mining permits including any extensions.
Ukraine turnaround - application to join NATO?
https://www.ukrinform.net/rubric-polytics/3484101-stefanishyna-hopes-ukraines-application-to-join-nato-will-be-considered-fast.html
Earthquake near one of our Kaz assets... hope all are OK
https://www.volcanodiscovery.com/earthquakes/quake-info/6799848/mag4quake-May-14-2022-EASTERN-KAZAKHSTAN.html
Interesting article:
https://jamestown.org/program/russian-suggestions-that-kazakhstan-is-russias-enemy-frighten-and-outrage-kazakhs/
RNS on 6th April 2021 said:
" The Company has signed a non-binding MoU with Summit which outlines a roadmap to optimise, fully finance and construct Kola via a mix of debt and royalty financing.
· Summit and their technical partners SEPCO Electric Power Construction Corporation ("SEPCO") and China ENFI Engineering Corporation ("ENFI"), who has been subcontracted by SEPCO, will work with Kore to undertake an optimisation study to reduce Kola's capital cost with a target of less than US$1.65 billion ("Target Capex").
· Summit will work with potential financing partner BRP Global Limited (together with the above technical parties, the "Summit Consortium") to, subject to completion of their due diligence and achieving the Target Capex through the optimisation study, present a financing proposal on behalf of the Summit Consortium based on debt and royalty funding for 100% of the Kola construction capital costs.
· Under the proposed financing structure, the Company would not be required to contribute to the capital needed to build the project and would retain a 90% equity interest in Kola.
· The MoU was signed in the Minister of Mines offices in Brazzaville with the Minister and his key staff present. Under the proposed financing arrangements, the RoC Government would retain their 10% shareholding in the Kola project.
· The Company will contribute approximately US$900,000 to the optimisation study costs. SEPCO will cover the remaining 50% of the estimated costs of the study."
I'm reading from this that the finance agreement is part and parcel. But like you Mitch984, I could be wrong.
We'd all be happy if he nationalised them as he would have to pay for them, we'd get a lot more than the current SP.
"War can be ended by direct negotiations between Presidents of Ukraine, Russia, negotiation position being worked on – Podoliak"
https://en.interfax.com.ua/news/general/826009.html
RNS - MORE DELAYS
Development Study
"We have been informed by IHC Mining, who are completing the Development Study and the revised Project Economics, that they are nearing the final draft of their report. Following feedback from the Company's commercial and technical team on the initial drafts of the Development Study, including the Project Economics, we are expecting to receive the final report imminently."
https://www.farsnews.ir/en/news/14010122000804/Reprs-Rssia-Hals-Plan-Nainalize-Freign-Firms
Looks like we are still in for a bit of a wait. But situation is progressing:
https://en.interfax.com.ua/news/general/821798.html
There has to be a leak here for the price to keep going up over the last few days, especially as news is overdue.
more video talks today
Draft documents 'ready for discussion'.
https://en.interfax.com.ua/news/general/820489.html
Are we getting closer to the end of war:
https://en.interfax.com.ua/news/general/820489.html