Ann: TNC secures Glencore partnership - Cloncurry Copper Project, page-119

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tablelander001

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29/01/24

13:28

Post #: 72110693
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Originally posted by Oldgherkin: ↑

Yeh but that is the nature of the beast.
I like some of the drill results, I just read all correspondence from management.
My biggest concern is funding. Glencore will offer a debt package of some degree, this I can bet on.
Glencore terms will be glossy on the outside, deep fine print will not be good. This is where the trouble starts.
I have seen Glencore as most of us have lend money on terms, give leniency for a couple of years and when things are set up nicely they will move in.
Glencore will also have terms on 100% of sales of all concentrate etc etc. This then leaves TNC with 1 toll treating option, 1 sales option, No option at all to do anything really, Just be Glencores toy.
In one announcement it states a US funder, so maybe they can keep Glencore at arms length and just pay a process fee only, Glencore will not sign a toll treat agreement with out sales included. Nor would I.

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This very much reminds me of Glencore investments during the 2007 copper boom. They locked in exclusive offtake agreements with forward funding. Companies took the money and spent it, then Glencore called in the margin debt and shut many mines down. There is no risk for Glencore in this deal as they will earn toll treatment charges and effectively have total control of product.

TNC Price at posting: 9.4¢ Sentiment: None Disclosure: Not Held
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Ann: TNC secures Glencore partnership - Cloncurry Copper Project, page-119

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Ann: TNC secures Glencore partnership - Cloncurry Copper Project, page-119

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