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16/05/24

12:24

Post #: 73855644
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Originally posted by Sphinta: ↑

Here is the view from Mali, http://news.abamako.com/h/292889

It cannot be said enough: Mali has enormous mining potential. However, its exploitation is exclusively in the hands of foreign multinationals. This benefits neither the state nor the population well. With the implementation of the new mining code, the situation is changing.Indeed, the new mining code, which applies only to new operations, gives the state a significant role in controlling its mineral resources. In the resolution of a dispute with Firefinch, Leo Lithium, and Chinese Ganfeng Lithium, the Malian state repurchased the Morila mine and obtained a 30% interest in the first lithium mine.Repurchase of the Morila Gold Mine2024 Economic Ranking of the 14 CFA Zone Countries: Despite facing the same crisis as Mali, Burkina Faso will surpass Mali, ranking as the 4th largest economy in the zone.Economic Cooperation between Mali and Senegal: A new phase is on the horizon?Canadian Desert Gold Accelerates Gold Exploration in Mali: According to well-informed sources, the Société de Recherche et d’Exploitation des Ressources Minérales du Mali (SOREM-SA), the Malian public company, will repurchase the Morila mine. This repurchase is part of the dispute resolution. With over 200 tons of gold delivered over its two decades of existence, Morila is one of Mali's most productive mines. Firefinch acquired it in 2020 with the goal of rejuvenating this aging asset. This mine will finally come under state control. At least, this is the information given on May 8 by its current Australian owner, Firefinch, which announced the sale of the mine to SOREM-SA for a symbolic dollar.This marks the end of Firefinch's ambitious project to rejuvenate the Morila gold mine. Exploited for two decades with over 7.5 million ounces of gold delivered during that period, Morila was repurchased in 2020 by Firefinch. The Australian company then put in place a plan to operate the mine until 2030 but decided to sell Morila due to a lack of liquidity to sustain activities. And that's not all. Also as part of the dispute resolution, Ganfeng committed to paying 60 million dollars to the Malian government on behalf of Leo and Firefinch.According to Firefinch, Bamako initially vetoed the sale process of Morila and demanded that this transaction be part of the resolution of another dispute related to Mali's first lithium mine, Goulamina, owned by Leo Lithium and Ganfeng. Goulamina belonged to Firefinch until 2021, which created Leo Lithium to entrust its flagship project to a different entity from the owner of the Morila gold mine. However, the Malian government considers the two companies as one entity and deems the mining title transfer that allowed Leo Lithium to take control of Goulamina irregular, explain the two Australian companies. "Any conclusion that the permits and licenses of Goulamina are invalid or irregular would have a significant negative impact on Firefinch, given Firefinch's 17.6% stake in Leo and Leo's stake in Lithium du Mali SA [Malian company that directly owns the Goulamina mine, Editor's Note]," said Firefinch's statement justifying its decision to sign the sale agreement of Morila. Furthermore, the agreement also established the Malian state's participation in Goulamina at up to 30%, compared to 20% previously.The Malian State's Interests in the Country's First Lithium Mine Increase from 20 to 30%: According to our sources, Mali should emerge as West Africa's leading lithium producer in 2024, thanks to the Goulamina project. According to the previous mining code, the government should have obtained a maximum of 20% interests in the country's first lithium mine. But with the new mining code, Mali's first lithium mine will be 30% owned by the government, with an additional 5% interest for local investors. This announcement was made on May 8 by the Australian mining company Leo Lithium, which also stated that it had sold its stake in Goulamina to Chinese Ganfeng Lithium, already a project shareholder. For several months, Leo Lithium and the Malian state have been discussing the application of the new mining code adopted in 2023 by Bamako to the Goulamina project, which had previously benefited from the previous code's rules. For the Malian state, the transfer of the Goulamina mining permit between the previous owner Firefinch and the new Leo Lithium was carried out irregularly, necessitating the acquisition of a new permit. Leo Lithium contested this irregularity without success, leaving the Goulamina project in a legal limbo preventing the expected production from starting this year. With its Chinese joint venture partner, the Australian company eventually reached an agreement with the Malian authorities, granting the latter's demands. Consequently, the project will be fully managed by Ganfeng Lithium, which should pay 342.7 million dollars to acquire Leo Lithium's 40% stake. It is worth noting that the Goulamina deposit is now expected to start production in the third quarter of 2024, making Mali West Africa's leading lithium producer. The mine has a lifespan of over 23 years, with an annual production capacity of up to 1 million tons of spodumene concentrate.

2 sides to every story........

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So basically Cowden and his lighting bolt decision to go digging gold out of a pit full of water and then later to find out full of tailings has completely dekcuf not one but two companies.
The quicker the two companies are wound up and get this stench out of my like the better I'll be.
Cowden kcuf you Anderson kcuf you too

LLL Price at posting: 50.5¢ Sentiment: Hold Disclosure: Held
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