Wazua
»
Investor
»
Economy
»
Kshs 5 trn mineral discovery...no celebration!!!NKT!!!
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
Cortec among them"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
Balala also revealed that royalties on minerals have been increased from August 1, 2013. “The royalties were at a low of 0.01 percent and the government was barely making any revenue from the minerals,” added Balala. http://www.capitalfm.co....es-issued-from-jan-may/
Ati 0.01%?  Whoever set that rate should be tried for treason! Hehe. Or that is an error? Surely. GOD BLESS YOUR LIFE
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
youcan'tstopusnow wrote:Balala also revealed that royalties on minerals have been increased from August 1, 2013. “The royalties were at a low of 0.01 percent and the government was barely making any revenue from the minerals,” added Balala. http://www.capitalfm.co....es-issued-from-jan-may/
Ati 0.01%? Whoever set that rate should be tried for treason! Hehe. Surely. That whoever must have "eaten" a kitu kikubwa "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
Royalties on gold, of which Kenya is a relatively small producer, would increase to 5 percent of gross sales value from 2.5-3 percent. For rare earth, niobium and titanium ores, royalties would rise to 10 percent of gross sales value from 3 percent previously, Balala said. GOD BLESS YOUR LIFE
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
It will pass. Moto ya Balala tu. Hehe. Cortec Honchos With Uhuru At State House Mombasa On 26th April 2013(The suspended Commissioner of Mines was there too) ""We will support the development of the Mrima Hill Niobium and Rare Earth Project and the efforts of Cortec Mining Kenya but are keen to ensure that exploitation of the minerals benefits the Country. Commercial development of this project will have a significant positive effect on all the stakeholders including the local community, the Kwale County and the Country as a whole" commented Kenyan President Uhuru Kenyatta." GOD BLESS YOUR LIFE
|
|
|
Rank: Chief Joined: 5/31/2011 Posts: 5,121
|
|
|
|
Rank: Elder Joined: 2/27/2007 Posts: 2,768
|
Cortec Kenya Limited may just be another briefcase company in Kenya whose sole purpose was to help manipulate/pump the stock price for Pacific Wildcat Resources Corporation at Toronto Stock Exchange... This action would in turn provide the required finances for Pacific Wildcat Resources Corporation to buy the 70% stake in local subsidiary Cortec Kenya Limited from the UK based companies, Sterling Ltd and Cortec Pty... It has also emerged that the company had not committed large resources to actual drilling to determine commercial viability and this in itself is telling... Sadly, the announcement of a huge nobium find in mrima hills was pure speculation to pump the share price at TSX...NKT!!! See the link for more information: Cortec Kenya...Absolutely Bure Kabisa!!!NKT!!! ...besides, the presence of a safe alone does not signify that there is money inside...
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
"We didn't see that one coming," said a senior official at Cortec Mining Kenya, a subsidiary of Canada-based minerals and metals firm Pacific Wildcat Resources, which is scouring the coastal region for niobium reserves. The official, speaking on condition of anonymity as the company was still digesting the announcement, said Cortec had not received official word from the new government that its licenses were revoked. "We followed all the legally required procedures that culminated in our being given these licenses," he said. "I am confident whatever the reasons for the revocations, we are clean." He said if his company's license were revoked it could be recovered "without much struggle." http://news.yahoo.com/ke...licenses-105350932.html
Will be interesting how it unfolds... GOD BLESS YOUR LIFE
|
|
|
Rank: Chief Joined: 8/4/2010 Posts: 8,977
|
youcan'tstopusnow wrote:"We didn't see that one coming," said a senior official at Cortec Mining Kenya, a subsidiary of Canada-based minerals and metals firm Pacific Wildcat Resources, which is scouring the coastal region for niobium reserves. The official, speaking on condition of anonymity as the company was still digesting the announcement, said Cortec had not received official word from the new government that its licenses were revoked. "We followed all the legally required procedures that culminated in our being given these licenses," he said. "I am confident whatever the reasons for the revocations, we are clean." He said if his company's license were revoked it could be recovered "without much struggle." http://news.yahoo.com/ke...licenses-105350932.html
Will be interesting how it unfolds... Definitely liking this drama too... Like a love triangle with huge dirty linen coming up for the loser...$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
hisah wrote:youcan'tstopusnow wrote:"We didn't see that one coming," said a senior official at Cortec Mining Kenya, a subsidiary of Canada-based minerals and metals firm Pacific Wildcat Resources, which is scouring the coastal region for niobium reserves. The official, speaking on condition of anonymity as the company was still digesting the announcement, said Cortec had not received official word from the new government that its licenses were revoked. "We followed all the legally required procedures that culminated in our being given these licenses," he said. "I am confident whatever the reasons for the revocations, we are clean." He said if his company's license were revoked it could be recovered "without much struggle." http://news.yahoo.com/ke...licenses-105350932.html
Will be interesting how it unfolds... Definitely liking this drama too... Like a love triangle with huge dirty linen coming up for the loser... I know many of you will be against this but they are correct you cant just wake up one day and revoke licenses that were acquired legally its already in court lets see how it pans out but dont be surprised the govt loosing Balala was over his head on this one... possunt quia posse videntur
|
|
|
Rank: Elder Joined: 2/27/2007 Posts: 2,768
|
maka wrote:hisah wrote:youcan'tstopusnow wrote:"We didn't see that one coming," said a senior official at Cortec Mining Kenya, a subsidiary of Canada-based minerals and metals firm Pacific Wildcat Resources, which is scouring the coastal region for niobium reserves. The official, speaking on condition of anonymity as the company was still digesting the announcement, said Cortec had not received official word from the new government that its licenses were revoked. "We followed all the legally required procedures that culminated in our being given these licenses," he said. "I am confident whatever the reasons for the revocations, we are clean." He said if his company's license were revoked it could be recovered "without much struggle." http://news.yahoo.com/ke...licenses-105350932.html
Will be interesting how it unfolds... Definitely liking this drama too... Like a love triangle with huge dirty linen coming up for the loser... I know many of you will be against this but they are correct you cant just wake up one day and revoke licenses that were acquired legally its already in court lets see how it pans out but dont be surprised the govt loosing Balala was over his head on this one... the government may not be exposed to a huge risk here since the licences are purely for prospecting and not extraction...correct me if I am wrong. On another note, a certain "politically correct" fellow aka Jacob Juma (of NCPB maize scandal) owns 30% of Cortec Kenya Limited... Of particular interest: Quote:Cortec Mining received the licence from the Government on March 26, the same day that the Supreme Court began hearing a petition by former Prime Minister Raila Odinga against the March 4 election of President Uhuru Kenyatta.
The licence was issued even as Kenyatta, then President-elect, ordered all ministers and Permanent Secretaries in the former Grand Coalition Government not to approve any contracts or licences on behalf of the incoming Jubilee government. The issuing of the prospecting licencing seems to have deviated from a professional one and took a political dimension... Does any one else see alot of political manouvres and intrigues which led up to the issuance of the said prospecting licence to Cortec ama it is only me???? Follow the link: Iko maneno hapa!!...besides, the presence of a safe alone does not signify that there is money inside...
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
"The Licence, which has a term of 21 Years, is for the exploration, development and mining of Niobium and Rare Earth Elements at Mrima Hill." GOD BLESS YOUR LIFE
|
|
|
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
|
"CMK, who begun its special mining license application process in early 2012 is confident it has complied with all applicable rules and regulations and went through a thorough process in support of its application and is currently seeking legal advice to protect its interests."After being suspended from yesterday's trading, it resumed trading today. No surprise the share has been hammered. It opened down 47%! Wah! GOD BLESS YOUR LIFE
|
|
|
Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
|
Aliko Dangote was expected today in the country but due to the fire at Jkia he couldn't make it. Is he the owner of Dangote Kenya ltd which is among the companies whose mining licences were cancelled? If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
|
|
|
Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
|
Cortec now blames China over revoking of mining licence - http://www.businessdaily...m/1/-/7es9f/-/index.htmlIf you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
|
|
|
Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
|
The thug who wants to run NCPB aground for an alleged breach of contract is again in the thick of irregularly issued Niobium mining licenses? I gather he studied law and thrives on loopholes in law which he searches for with a toothcomb. Such egocentric characters should be sent to mogadishu for public whipping. He is well known for shrewdness n was a yk92 youthwinger. TULIA.........UFUNZWE!
|
|
|
Rank: Chief Joined: 5/31/2011 Posts: 5,121
|
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
murchr wrote:a4architect.com wrote:murchr wrote:a4architect.com wrote:@murchr..the ideal negotiation is whereby the tax, royalties, license fees, infrastructure fees or any other considerations paid by the foreign company to Kenya amount to at least 51%.
I havent seen the agreement and the local dailies dont know what the agreements are anyway, they pick that which they can gasp and run with it. This company may take decades before it recoups its investments. What i know is in most agreements what the govt get increases with time as the mining company gets back its money. Thats why am insisting on a "NOCK kind of company" that deals with minerals, that bids for licenses even in the neighboring countries. Its time to build capacity not to scare investors. Out of the 49% that the company will be left with how much will be eaten up by operations and how long will it take for the shareholder to recoup his investment? Quote:The government says it will soon push for a larger public share of the mineral wealth. Officials on Monday said the government will seek nearly 20 per cent of the cash made by big miners, mostly foreigners, through higher royalties and a new proposal to secure government stake in mining companies. http://www.businessdaily.../-/oqc39jz/-/index.html
20% is good. 51% even better for Kenyans. @architect I saw this article and, was to come back to read and comment about it on the comments section but clearly i had other things that were more pressing. Here is a report by PWC on taxation..I havent seen any royalty that is over 15% depending on what is being mined http://www.pwc.com/gx/en...ther-mining_taxes.jhtml
What Australia takes as royalties http://www.bloomberg.com...-rare-earth-mining.html
If Kenya can be a pioneer in getting 20% on royalties then well and good. Just bumped into this article on the Sub-Standard which is also a good read. http://www.standardmedia...ining-deal-is-way-to-go
Quote:No one ever mentioned in China’s strategy for Rare Earths that it would be a supply dominated by China AND Kenya. The ‘Kenya’ part wasn’t in the global plan.
Not that anyone has really focussed on that jigsaw puzzle as we gained lots of lovely grants and friendship from China, a free hospital, a beautiful Thika superhighway. @a4architect Here is a very interest opinion from one jKisero http://www.nation.co.ke/.../-/y3etssz/-/index.html
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Rank: Chief Joined: 8/4/2010 Posts: 8,977
|
Pacific Wildcat Unit Says Evidence Stolen in Kenyan Graft Case - http://www.bloomberg.com...-kenyan-graft-case.html
The political drama... Nasty fight coming up... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
|
|
|
Wazua
»
Investor
»
Economy
»
Kshs 5 trn mineral discovery...no celebration!!!NKT!!!
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|