General discussion, page-9496

That mine workers blame the former company is to be expected. It can't possibly be the locals, or the ore body simply not being profitable anymore, or the previous work practices that have sabotaged the ongoing viability of the project. That would require local workers to accept large change in their lives. No it has to be someone's fault and therefore they just have to stand there and complain an demand...Same the world over when a mine closes really. Same whinging in Mnt Isa right now.

Going looking for lower level employees thoughts on Morilla's failure is as near as useless an endevour as one could imagine. Like asking the mouse in the maze experiment for his findings on the overall study.

Complaints the social programs were scaled back or cancelled just shows the entitlement mentality that grew with having such a large mine there for 20 years. The locals and interim government just can't face the reality that no mine profit = no more free stuff, taxes, or jobs....


I think a confluence of: overspending on contractors, drilling and social programs, low gold price at precisely the wrong time, poor financial controls from the CFO and MD, equipment not getting in due to sanctions, high diesel & other input prices, and the tailings in the pit being MUCH more than anticipated all combined to sink the ship and blow any optimistic study numbers they'd undertaken out of the water.

That Mali Gov are likely trying to hand the mine to Wagner via their newly formed company is also to be expected. They're skint and need to pay off their mercenaries. The response from this interim gov reeks of inexperience and entitlement. A terrible combination of traits in a Government that has bitten off way more than they can chew in getting rid of the French (fair enough) AND the UN with nothing to replace them with. They are struggling mightily IMO. It's a real worry they are pretty well in charge of our asset and we get no say at all in what's happening. Bizarre really.

Probably best for FFX to say as little as possible for the next while and hope the Gov eventually decides they need to get on with it. If that leads to blowback for Leo then their lawyers can take that to international arbitration because it will be straight up extra-legal for the Gov to do so. They have their own troubles re this Gov, which I think are only partially to do with FFX and more to do with the interim gov trying to force the new code on existing mining agreements.

I can see Leo also selling out their remaining share of the JV to GF at some stage unless this current Gov and Mining Minister are moved on by wider circumstances. Only the skill of Simon and management in getting the plant built is saving Leo IMHO from a very low buy-out now from GF I think. That retail punters in the cheap seats are whinging away on here they can't be kept fully in the loop with play-by-play commentary under these circumstances is laughable to me. A symptom of widespread narcissism in today's West - everyone thinks they deserve, deserve... cause they're really special.

Fully expect to be here in six weeks with not much changed TBH.