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We still have a responsibility for rehab costs if no new buyer...

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dazaliam

6,198 Posts.

2013

17/08/24

15:38

Post #: 75251919
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Originally posted by WoodySpoon ↑

Surely given the delays stretching into years, the loss of effective control so long ago, the mothballed mine the company can have auditors write off Morilla completely without an official word from the Malian Junta? Just close the friggen shelf company in Jersey. Job done.

What does the Junta's stamp do for our financials? Does it mean potential creditors are prevented from claiming on us as Morilla SA still a going concern now belonging to someone else with assets that may be claimed?
If they are waiting for a new company to come aboard before the official gov sign off we'll be likely waiting forever. Nobody wanted it under the old code, they sure AF don't want it under the new one - even with gold at record highs, nobody is stupid enough to put money into it with the Junta looking to take half....then invent reasons to dig into whatever profit the new owner does take...

Auditors need to step up and write it off now IMO. Our legal position should be solid enough to enable this. Any claimant that says othewise can see us in an Australian court where they'd lose in record time. If they didn't lose in record time we'd have cause to sue our old lawyers for whatever they claim and then some for negligent legal advice previously given.

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We still have a responsibility for rehab costs if no new buyer is found.

FFX Price at posting: 20.0¢ Sentiment: Hold Disclosure: Held
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We still have a responsibility for rehab costs if no new buyer...

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