Re who has what and who can claim what as regards gold and base metals, I have been able to deduce the following from certain enquiries made by me and re-examining the published documents.
1. Generally speaking (*), RNI keeps everything found on its lands and MLX keeps everything found on its land. The re-arrangement (see 6/10 ann) that we saw more or less followed this concept. What that happily means BBV is that RNI keeps all gold found on its land (*). Now there's a fillip for you - and us too of course!
2. Why the 2 *? There is an exception, and that is that the Forrest Project, which was going to MLX originally (see 31/7 ann) but is now RNI, has gold reserved to MLX. That makes sense too as there is a very tidy known gold resource at Forrest; so that gold deposit and any others found in Forrest belong to MLX.
3. This arrangement uncomplicates things, although Forrest will need co-operation. It should not be too hard though as the gold is on top and the copper is underneath it.
4. MLX has pre-emptive rights over RNI's land, meaning that if RNI wanted to dispose of any land or part then it has to offer it to MLX first and at a market price and on standard terms. If MLX doesn't want it or wants it but can't afford or thinks it's too dear, then RNI can sell to a third party.
It's been good to clear this up. When you think about it, RNI has done reasonably well out of this deal as re-arranged and finalised. It regained Forrest and also ensured it kept gold found on its land except F. The other positive timing-wise was the POG and the SP of MLX at the relevant critical times. It would have been pretty ugly had the deal been finalised now.
Are things looking up now?
The SP at 1.7c looks very inviting given the current situation that RNI finds itself in.
The big players have been set for some time. Little players can still get on board the copper train though.
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