Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-73

First 73 Last

Share
Profile

Follow
MM0

241 Posts.

391

27/01/24

16:50

Post #: 72090215
Share

Originally posted by manny100: ↑

Hi fooca, back on thread and notices your post, great summary, thanks.
FFX has steadfastly denied any liability for Morila debts.
The ann 31/8/20 says:
" After completion, Morila SA will have liability for the cost of eventual closure of the mine and rehabilitation of the site. These costs are estimated at approximately US$6-8 million if the mine was closed today, however, if mine life is materially increased those potential liabilities may be larger whenever the mine is eventually closed"
So it appears legally we are not liable for closure and rehabilitation costs - its with Morila SA. FFX can just walk away and distribute the out of escrow shares and cash if they wish - IMO.
IMO it looks like LLL will carry this can full of crap alone.
Given the FFX legal position is no liability for Morila SA debts any settlement/payment of these debts/closure/rehab could be clawed back personally from directors in Australia.
If we do not get around $A30 mill returned there will be some serious questions asked.
I agree, I also would prefer a vote at the May'24 AGM in relation to a return of cash.
I put this whole mess down to inept/negligent oversight of the contractors and finances.
How those responsible can keep getting high paid roles is probably the 8th wonder of the World. It just seems so easy- all power and no responsibility together with big bucks.
Whoever gets Morila gets a bargain especially at these prices.
The talk about taking steps to redistribute assets and a Tax ruling etc in June'23 was likely just more crap to shut holders up who are clinging to hope of a shares and cash distribution.
I must admit after all this time i really expect a return of around $A30 mill cash around say 2.5 cents a share. Surely more than $3m plus interest could not be 'blown' between Dec'23 and distribution.
However experience tells me to expect the unexpected with FFX.

Expand

If the argument for FFX rejecting liability isn’t ”Mali don’t have grounds” but rather “we lumped it all into LLL and they’re indemnifying us for it”, well…

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

PAR

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

SRL

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

RMX

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

OCC

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

MVF

Monash IVF shares cater 25% – Disaster or deep-value play?

First 73 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-73

Top Stories

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

Australia’s gas crisis is here – and dying coal plants aren’t helping

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

Monash IVF shares cater 25% – Disaster or deep-value play?

Featured News