FYI, an interesting read, published on July 6 by EcoMatin.
Translation of ANS specifics:
Mbalam-Nabeba mining project: questions about the credibility of Bestway and AustSinoWhile the project is on the right track, gray points remain on the capacities of the future operators of this deposit. Both for Bestway, presented as a novice in the field, and for AustSino, whose contract has already been terminated on this same project due to its inability to meet its investment commitments.
AustSinoIf everything is on the right track, one of the doubts lies on the financing capacity of the Australian company AutSino Resources Group Ltd (ANS) given its liabilities in the same case. In fact, in 2020, the company signed an agreement with Sundance (then holders of the operating license) for the acquisition of its majority shares ($ 58.250 million, or approximately CFAF 34 billion).
This agreement was intended to provide Sundance with the financial strength necessary to advance the development of Mbalam-Nabeba. Except that to mobilize the funds, AustSino had for its part concluded a financing agreement with Midwest Resource Finance Group, a private Australian company which then had to subscribe to 7.6 billion Austino shares at an issue price to raise 100 million dollars, or about 55.2 billion FCFA. The proceeds from this purchase would have been used to finance AustSino's commitments to its agreement with Sundance.
Unfortunately, the operation could not be held mortgaging the agreement between the two companies. Sundance will even grant a moratorium to its partner who will still fail to raise funds. This will lead to the termination of the contract in November 2020.
Delisted from the Australian Stock Exchange in December 2020, the company only owns one mining asset in Australia.
To date, it still relies on subscriptions from Midwest to make its share of the contribution to this project; which subscriptions were postponed to December 31 of this year.
Full article translation:
https://translate.google.com/translate?hl=en&sl=fr&u=https://ecomatin.net/projet-minier-de-mbalam-nabeba-interrogations-sur-la-credibilite-de-bestway-et-austsino/&prev=search&pto=aue
