From the last Quarterly: "In August 2024, the Ministry of Minerals, United Republic of Tanzania, sent the Company a draft Shareholders Agreement and Framework Agreement to start negotiations of these agreements. These agreements relate to ownership, development and management of Volt’s Bunyu Graphite project, which will pave the way for development of Stage 1. We are in discussions with the Ministry of Minerals to finalize the meeting date to kick-off the negotiations." Sounds great but I would have thought this would have already been in place.
We then learned on 3rd December that we had a meeting scheduled with the Tanzanian Ministry of Minerals scheduled for 23rd November last year which was postponed and that "we are working with the Ministry to define a new date." Two months down the track, I'd say it's more cancelled than postponed from where I sit. Following on from that in the same announcement, we are told that VRC "has engaged a reputed law firm to commence negotiations ofFramework and Shareholders agreement which were received from the Ministry of Minerals, These agreements relate to ownership, development and management of Volt's Bunyu Graphite project which will pave the way for development of Stage 1." I would have thought most of this would have been in place for yonks. No wonder we haven't got finance for Bunyu if we can't tell the Banks who actually owns the damned thing yet but what would I know?
r3s0urc3 last night posted a statement from the Tanzanian Ministry of Minerals stating in part that "large and medium undeveloped licences will be handed over toSTAMICO for national benefit." Now if our Bunyu project doesn't fall into that category, then I don't know who would. Could go a long way to explaining why that meeting was canned back in late November. For those who don't know, STAMICO is the state owned mining corporation of Tanzania. Am I reading too much into all this? Misinterpreting perhaps? Am I jumping at shadows? To me, that statement is a bloody big shadow and one that I would like some clarification on asap. I hope after all these years the Tanzanian government has not decided to shaft us, after all, VRC shareholders have been shafted enough lately. As an infamous Australian Senator once said: "Please explain."
VRC Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
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