Yep camban, at last count FFX had about $30 million in cash. If...

Yep camban, at last count FFX had about $30 million in cash.

If that amount declines suddenly, everyone will have to know where it went.

As far as I can tell, FFX have stuck to the line that they owe nothing on Morila - no redundancies, no taxes and no environmental bonds, and no contractor payments, nothing !!! - because they are not responsible for debts incurred by Morila S.A. - you have to think that as far as the Mali government is concerned (or any government for that matter), the FFX argument is a bit rich. Personally, if I was the Mali government I'd go after FFX and Barrick - both, and I'd go hard.

Not that I greatly care anymore, I'm sick of all of this crap, but it's intellectually intriguing, and after a couple of glasses of wine at night, it's always good to write something. Hold on while I just top up my glass of Tempranillo. For anyone who wants a brilliant, absolutely brilliant Tempranillo, look at Ferngrove Vineyards in the Great Southern of Western Australia.

But I digress.
Back to FFX then, the problem child.
It's always great to hear from you cam, I like you and daz, and empty nose (a great moniker).

So, for example, when FFX purchased Morila, were there any environmental bonds associated?
If so, who paid them?

Did FFX pay Barrick an additional amount to take them over, or wasn't there any?
How much was paid into rehabilitation bond accounts, and by whom?

Was there bonds paid by Barrick originally, and if so, what happened to the cash held in those accounts when FFX purchased the mine?

FFX paid Barrick $27 million for the mine - as we all well know, "the deal of the century (hic)", so for example, let's say Barrick had originally paid $10 million into an environmental and mine rehabilitation account held as a bond, well then, what happened to that money when FFX purchased the mine?

Or, was there no environmental rehabilitation bond paid by Barrick, and is that the reason they seemed to so happily dump all their mine tailings into the main pit before they left, without telling anyone what they had done, basically dumping on FFX with the attitude that -

" ... if you dickheads doing your due diligence don't drill at least one hole into the base of the main pit to find out where we dumped all our crap tailings and bodies and other shyte, then stuff you, it's your dumb arse fault, you circus of clowns, and now your problem, just give us our money and we're out of here, leaving you with all the problems - you arsewipes ...".

I think that's a pretty fair summary of Barrick's attitude.

Oh great, thanks Barrick, and thank you FFX directors for this wonderful "deal of the century", you complete set of incompetent assholes. I don't think that's overstating it very much ... ha ha ha.

What a mess this all became eh!
And what complete and utter incompetence was shown by the FFX directors who purchased Morila.

And now the retards appear to be playing hard-ball with the Malian government, well .... good luck with that.

The government seems to see little difference between Morila S.A. and FFX, and even less difference with Leo, because when the minister calls up the in-country manager for Morila S.A. for talks with the minister, guess who walks into the minister's office - Seydou, and then when the minister wants to talk with Leo, guess who walks into the minister's office - Seydou.

"Oh Seydou, it's you again, but I wanted to talk with the Leo representative, but didn't I just see you a minute ago in discussions about the issues at Morila S.A. and FFX ???" -- "Yes, Minister !!!".

How strange it must all seem.

So the government have simply looked around and said ... " who else can we get to pay for this FFX incompetence and cock-up? ". Somebody gotta pay.

At the end of the day, somebody has to pay for digging up their dirt, and if the company got completely duped and fooled and defrauded by Barrick, because it didn't do enough due diligence, then some of those in government obviously think, to pay the company must, and if it refuses, then due punishment will follow.

Of course, in any fair world, for their complete incompetence, the directors of FFX who purchased the mine should be made to sell their $8 million dollar homes over-looking the Swan River and the city skyline, and use those funds for payment, but how many of you think that is going to happen?

Is there anyone here brave enough to call this human world - fair?

Oh man, you have to laugh.
It's great fun being human, what a species eh, fascinating, but completely degenerate.

So now, the Malian government have sent in the equivalent of the "Spanish Inquisition".




Gw