Firefinch (represented by legal counsel) continues to participate in a number of meetings held in Mali at a Commission established by the Government and comprising representatives of various Government departments and stakeholders.
As previously advised, the aim of these good faith meetings is to resolve issues raised by the Government and reach a solution that results in the Government supporting a potential transaction for the Company’s sale of its interest in Morila SA.
W2 says : This demonstrates that the board is attempting to wrest back control of the gold asset which is what we want to happen so that we "might get some value" in a future sale. Highly improbable in my view but for the sake of LLL shareholders it will be a good outcome if we can walk away from Morilla without spending any more cash.
"The Company is also taking the opportunity in these meetings to clarify a number of legal matters. Firefinch has provided a significant level of information in response to the Government’s various queries and has also delivered what are considered constructive steps for both parties to move forward. With each dialogue, the Company is gaining a better understanding of the Government’s position and its desired outcome. The recent change of Government and newly installed Ministers in Mali, in a foreign jurisdiction where English is not the first language, are all factors contributing to a complex process and to the challenges and timeframe for these negotiations. Firefinch is committed to following due process to enable a transaction that will be in the best interests of Firefinch shareholders and other Morila SA stakeholders including employees, the local community, and the Government"
W2 says : I believe that the level of expenditure in the last quarter was not unreasonable when you consider it also so included termination benefits of a director along with the above mentioned activities and negotiations in Mali. The proof of that will come at the next quarterly report when I would hope that cash expenses would be less than $500k for the quarter.
Just my thoughts on the ann today
Chrs W2
FFX Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
(20min delay)