Given that the "I have heard" whispers "pssst pssst" were around back in May, the company is now confirming there is another bidder.
* this was asked at the AGM, but was buried in the usual Director speak and answered without actually answering!
It will come down to (opinion) between,
~ the government's preferred contractor, being the state owned SOREM Mali SA or;
~ the Company's preferred bidder Corica Mali SA
~ neither has been substantiated, (obviously) but going on the premise that the Company has recently addressed incorrect information on social media outlets this has not been refuted,.
The pros, cons and/or no idea:
SOREM SA: -- formed?/announced?/in the news from around October 2022
http://news.abamako.com/h/277327.html
~ how has the state structured SOREM?
~ do they actually have the right and/or any expertise?
~ do they have the right or any equipment?
~ I mean it is a great incentive for the State, but they have to be able to do the job? maybe a little less sipping of Mbege or palm wine!
== although my care factor is zero as to who the owner will be, but if it comes at too much of a cost to shareholders if (is there any doubt?) that the company is negotiated into accepting the State preferred bidder, then, well, {insert flipping the bird emoticon here}
~ IMO, the government won't want to form any JV with a contractor, defeats the purpose of establishing the state run company to maximise revenue.
Corica Mali: -- "purported" to be the preferred bidder
https://corica.com/about/
~ well credentialed, capable, have the equipment, can do all the required activities including drilling / blasting, etc.
~ IMO they were the 3rd contractor engaged during the ECOWAS sanctions to mitigate any impact to mining activities the sanctions could have, as per the aware letter - not affected by the border restrictions of ECOWAS sanctions.
EGTF: could be the elephant in the room?
-- they also fit the description of being a West African company as per the company announcements.
-- their contract was extended to April 2023, I will make an assumption that they were/are the contractors still operating at the mine?
https://egtf-mali.com/
* they have the equipment, the expertise & know the Morila mine and tenements well.
* also proficient in rehabilitation work.
* they were the contractors when BGS entered into the toll/royalty agreement with Randgold.
~ also Firefinch were impressed with their work and extended their initial contract for 12 months?
* combination of drilling and blasting capabilities
Inter-Mining Services: - I think they would want to keep as far away as possible from Morila after their JV jaunt with Mota-Engil?
https://inter-mining.com/
~ do have the credentials working at big mining sites
~ Inter Mining Services along with Mota-Engil (Joint Venture partners) were the contractors that the company were suggesting underperformed and were initiating commercial action in accordance with the mining contract!
https://announcements.asx.com.au/asxpdf/20220712/pdf/45bscyf0xb3c4k.pdf
cheers
I do love the statement in the 3rd August announcement:
~ "The preferred buyer for Firefinch's interest in Morila SA remains the West African contracting company referred to in the Company's 30th June announcement." -- I thought, sh%t I missed something, I don't remember them announcing the contractor!
Lol lol lol - so we trundle back through the announcements to 30th June,
~ "Firefinch has selected a substantive West Africa mining contractor (Proposed Purchaser) as the preferred bidder out of the parties ........(sic)."
~ "The proposed purchaser is well placed as a significant and experienced mining contractor in the region."
cheers
The debt/future liabilities to MEIM is not transparent, as in what is debt and what are future liabilities??
I just read your post @MM0 BUT there is more !!!!
- Forums
- ASX - By Stock
- FFX Moving On -- Contractor - New Owner
Given that the "I have heard" whispers "pssst pssst" were around...
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