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50.5¢ leo lithium limited

Ann: MoU Signed with Mali Gov & Sale of Entire Project to Ganfeng, page-33

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JackSpark

624 Posts.

113

08/05/24

09:48

Post #: 73718505
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Originally posted by invertedva: ↑

No plans to return capital yet.
Sounds like they will take the money and re-invest it.
Interesting to see FFX will pay LLL $11 million as part of the settlement.
It is easy to blame FFX, but it sounds like the junta had a plan to screw both companies from the start.
The Malian government (or associated cronies) pretty much drained FFX of cash through dodgy contractors, applied discretionary customs duties (to turn the screws), changed the rules halfway through (i.e. applying a new mining code to seize an additional 25%), and when LLL and Ganfeng protested, refused to grant the necessary permits until they rolled over.
It's really disgusting. And once word spreads, you'd think Mali would become pretty much uninvestment for new projects for anyone but the Russian and Chinese. It's also really sad because it's another example of why these resource-rich African countries remain poverty-stricken backwaters, with the average person the one to suffer.
I wonder if, once they have their cash, Leo might consider legal action. Or at the very least, try and get the story out about what happened.

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you can't sue once you've settled, there would be clauses in the contract to prevent this
1 Upvote

0 Great analysis

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