Not really trying to define the following as a "win, win" but a simple solution!
In my opinion, the company is preparing the market for agreeing (said loosely) to pay the import duties, "rolls eyes" as they are making some sort of justification by including the mention of the additional costs, as being covered in the "sensitivity analysis" of the DFS!
~ although not legally obligated to pay these duties and taxes, as these were defined and exempt in the original Establishment Agreement (2016) and also the 2012 Mining Code, both of which were approved by the government to transfer to the LMSA 2022!
However:
~ by all means pay them, as I extremely doubt there is any other motive other than the FFX debacle, but pay them under our conditions ie: we will pay them, if you approve the transport of the proposed DSO shipments as we would like to prove our logistics work.
There are times when it would be beneficial if this Company was operating under the LSE / NYSE as their reporting requirements appear to be a lot more stringent and transparent! As such, we would be privy to more of the conditions in the Establishment Agreement, more so the "10% free carry" conditions!, the government doesn't just get it without having a demonstrated level of commitment.
In my opinion, the company at the highest level possible (by way of Hay & Ganfeng both presented in talks with the Government) have tried to conclusively demonstrate that there is no connection with Firefinch.
In essence, I do not disagree but is there just cause for some (including the Government) that could still deem links between the two? that being;
~ Borg at one point overlapping as a director of both, appointed to LLL October 2021, resigned from FFX May 2022
~ Semega overlapping as the In Country Manager for both, appointed to LLL (can't remember) terminated/resigned from FFX as recently as March 2023?
~ the Company Secretary ex FFX employee.
** would it be unreasonable to think that a small retail investor, doing some research could think that both were given positions on LLL because of their affiliation or previous ties with FFX? or the same small retail investor having a look at the biographies of the Board and KMP's and then wandering over to Firefinch Limited website/announcements .. .. and after the initial shock query why anyone from FFX is engaged here?
~ Cowden's tenure was untenable (IMO), and it was no surprise he resigned from LLL.
~ Hepburn's tenure was surely always going to be temporary? if it wasn't then his tenure was untenable and also no surprise he resigned from LLL.
If you want to convince investors/market and the Mali Government there are no connections to the stench of FFX, then any lingering links (whether they are deemed to be relevant or not) also need to be removed.
cheers
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