Robex Resources Inc. ("
Robex" or the
"
Company") (TSXV: RBX) is pleased to announce it
has executed an agreement with the Government of Mali (the
"
Government" or the "
State") that
resolves all tax and customs claims for any period prior to
December 31, 2023. The parties will take the necessary steps to
execute the agreement within 90 days. All dollar figures are in
Canadian dollars unless otherwise indicated.
Robex operates the Nampala Gold Mine in southern
Mali, which has produced 230,000oz gold since its first gold pour
in January 2017. Robex has announced plans to divest this project
as it focuses on developing the Kiniero Gold Project in Guinea,
West Africa.
Robex Chief Executive Officer and
Managing Director Matthew Wilcox: “Signing a comprehensive
agreement concludes extensive discussions with the commission
established by the Government of Mali for our operation at Nampala.
The agreement settles any and all existing tax assessments, customs
disputes, and other assessments currently outstanding for Nampala
SA while building a solid partnership with the Government. Nampala
is effectively starting from a clean slate which gives the company
greater certainty and stability in Mali.”
HIGHLIGHTS OF THE AGREEMENT
BUILDING A NEW ECONOMICAL PARTNERSHIP
WITH THE GOVERNMENT OF MALI
-
The Government of Mali embarked on a major reform of the mining
sector leading to a review of all mining conventions. The
initiative culminated in the approval by Decree No. 0399/PT-RM of
July 09, 2024, of the “2023 Mining Code” which establishes new
standard for mining permits.
-
Nampala SA will sign a new mining convention governed by the “2023
Mining Code”. The parties will undertake the necessary steps to
execute the agreement within a maximum period of 90 days.
-
Under the terms of the agreement, the parties will amend the
articles of association to allow the Government to increase its
stake in Nampala SA from 10% to 20% in preferred shares interest in
line with other mining company in country. Robex will work on a
shareholder agreement to ensure the nomination of at least two
directors on behalf of the Government on the Board of Directors of
Nampala SA.
-
The agreement encompasses higher revenue-based taxes and royalties
albeit with specific exemptions. In particular, the Government has
agreed to a 2% reduction in revenue-based taxes and royalties to be
applied to Nampala which is expected to offset the cost of fuel
imports that were previously exonerated under the Nampala Mining
Convention.
-
Importantly, under the terms of the agreement, the Company would
benefit of any terms that are more favourable than those agreed to
as at the date of the agreement in the event of any future
amendment to the “2023 Mining Code” or Implementation Decree.
RESOLVING ALL OUTSTANDING TAX ISSUES FOR
NAMPALA SA
-
The agreement will settle all income tax assessments alongside all
customs disputes and assessments that are currently outstanding for
any period prior to December 31, 2023.
-
As part of the agreement, Nampala SA will pay 10 billion CFA
francs, or approximately $22.3 million from the cash generated by
its operations and waive the refund of VAT credits for 5 billion
CFA francs, or approximately $11.2 million. Note that on May 10,
2024, the Company received from the Malian tax authorities a final
notice of reassessments for the years 2019 to 2021 with a maximum
exposure of FCFA 39.7 billion (including interest and penalties),
or approximately $88.8 million. The assessment mainly covered
corporation tax. As at June 30, 2024, a provision of FCFA 19.3
billion, or approximately $43.1 million, was recorded, representing
the most likely cash outflow at that time.
-
As a result of the agreement, the Company anticipates a reversal of
provision to be recorded its the subsequent quarterly financial
statements which will include any impact on the VAT
receivables.
SECURING THE FUTURE OF THE NAMPALA
MINE
-
Robex will provide the Government of Mali an operating plan for the
Nampala mine to maintain jobs, make necessary investment to extend
the life of the mine and maintain the requirement of the Local
Content Act.
-
Robex continues to engage with potential acquirers in the context
of the contemplated sale of all the Company's assets in Mali,
including the Nampala mine. Management has initiated discussions,
but to date no reasonable offer has been received. Any transaction
is subject to confirmatory due diligence, TSXV approval, and the
usual conditions for this type of transaction, including obtaining
all the necessary corporate, shareholder and regulatory approvals.
Due to the geopolitical context for investments in Mali, the market
of potential buyers is currently very limited. Consequently, the
Company cannot guarantee that a definitive agreement will be
reached, nor that the conditions for closing the sale of the Malian
assets will be met, or when they will be met, if ever.
For more information
ROBEX RESOURCES
INC. |
Matthew Wilcox, Chief Executive OfficerAlain William, Chief
Financial Officer+1 581 741-7421Email:
investor@robexgold.comwww.robexgold.com |
FORWARD-LOOKING INFORMATION AND
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news
release contains “forward‐looking statements” and “forward‐looking
information” within the meaning of applicable Canadian securities
legislation (referred to herein as “forward‐looking statements”).
Forward-looking statements are included to provide information
about Management’s current expectations and plans that allows
investors and others to have a better understanding of the
Company’s business plans and financial performance and
condition.
Statements made in this news release that
describe the Company’s or Management’s estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be “forward-looking statements”, and can be
identified by the use of the conditional or forward-looking
terminology such as “aim”, “anticipate”, “assume”, “believe”,
“can”, “contemplate”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “future”, “guidance”, “guide”, “indication”, “intend”,
“intention”, “likely”, “may”, “might”, “objective”, “opportunity”,
“outlook”, “plan”, “potential”, “should”, “strategy”, “target”,
“will” or “would” or the negative thereof or other variations
thereon. Forward-looking statements also include any other
statements that do not refer to historical facts. Such statements
may include, but are not limited to, statements regarding: the
perceived merit and further potential of the Company’s properties;
the Company’s estimate of mineral resources and mineral reserves
(within the meaning ascribed to such expressions in the Definition
Standards on Mineral Resources and Mineral Reserves adopted by the
Canadian Institute of Mining Metallurgy and Petroleum (“CIM
Definition Standards”) and incorporated into National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”)); capital expenditures and
requirements; the Company’s access to financing; preliminary
economic assessments (within the meaning ascribed to such
expressions in NI 43-101) and other development study results;
exploration results at the Company’s properties; budgets; strategic
plans; market price of precious metals; the Company’s ability to
successfully advance the Kiniero Gold Project on the basis of the
results of the feasibility study (within the meaning ascribed to
such expression in the CIM Definition Standards incorporated into
NI 43-101) with respect thereto, as the same may be updated, the
whole in accordance with the revised timeline previously disclosed
by the Company; the potential development and exploitation of the
Kiniero Gold Project and the Company’s existing mineral properties
and business plan, including the completion of feasibility studies
or the making of production decisions in respect thereof; work
programs; permitting or other timelines; government regulations and
relations; optimization of the Company’s mine plan; the future
financial or operating performance of the Company and the Kiniero
Gold Project; exploration potential and opportunities at the
Company’s existing properties; costs and timing of future
exploration and development of new deposits; the Company’s ability
to enter into definitive documentation in respect of the USD115
million project finance facility for the Kiniero Gold Project
(including a USD15 million cost overrun facility, the
“Facilities”), including the Company’s ability to
restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; timing of entering into definitive documentation for the
Facilities; if final documentation is entered into in respect of
the Facilities, the drawdown of the proceeds of the Facilities,
including the timing thereof; and the Company’s ability to reach an
agreement with the Malian authorities to establish a sustainable
new tax framework for the Company, and for the sustainable
continuation of the Company's activities and further exploration
investments at Nampala.
Forward-looking statements and forward-looking
information are made based upon certain assumptions and other
important factors that, if untrue, could cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such statements or information. There can
be no assurance that such statements or information will prove to
be accurate. Such statements and information are based on numerous
assumptions, including: the ability to execute the Company’s plans
relating to the Kiniero Gold Project as set out in the feasibility
study with respect thereto, as the same may be updated, the whole
in accordance with the revised timeline previously disclosed by the
Company; the Company’s ability to reach an agreement with the
Malian authorities to establish a sustainable new tax framework for
the Company, and for the sustainable continuation of the Company's
activities and further exploration investments at Nampala; the
Company’s ability to complete its planned exploration and
development programs; the absence of adverse conditions at the
Kiniero Gold Project; the absence of unforeseen operational delays;
the absence of material delays in obtaining necessary permits; the
price of gold remaining at levels that render the Kiniero Gold
Project profitable; the Company’s ability to continue raising
necessary capital to finance its operations; the Company’s ability
to restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; the Company’s ability to enter into definitive
documentation for the Facilities on acceptable terms or at all, and
to satisfy the conditions precedent to closing and advances
thereunder (including satisfaction of remaining customary due
diligence and other conditions and approvals); the ability to
realize on the mineral resource and mineral reserve estimates; and
assumptions regarding present and future business strategies, local
and global geopolitical and economic conditions and the environment
in which the Company operates and will operate in the future.
Certain important factors could cause the
Company’s actual results, performance or achievements to differ
materially from those in the forward-looking statements including,
but not limited to: geopolitical risks and security challenges
associated with its operations in West Africa, including the
Company’s inability to assert its rights and the possibility of
civil unrest and civil disobedience; fluctuations in the price of
gold; limitations as to the Company’s estimates of mineral reserves
and mineral resources; the speculative nature of mineral
exploration and development; the replacement of the Company’s
depleted mineral reserves; the Company’s limited number of
projects; the risk that the Kiniero Gold Project will never reach
the production stage (including due to a lack of financing); the
Company’s capital requirements and access to funding; changes in
legislation, regulations and accounting standards to which the
Company is subject, including environmental, health and safety
standards, and the impact of such legislation, regulations and
standards on the Company’s activities; equity interests and royalty
payments payable to third parties; price volatility and
availability of commodities; instability in the global financial
system; the effects of high inflation, such as higher commodity
prices; fluctuations in currency exchange rates; the risk of any
pending or future litigation against the Company; limitations on
transactions between the Company and its foreign subsidiaries;
volatility in the market price of the Company’s shares; tax risks,
including changes in taxation laws or assessments on the Company;
the Company’s inability to successfully defend its positions in
negotiations with the Malian authorities to establish a new tax
framework for the Company, including with respect to the current
tax contingencies in Mali; the Company obtaining and maintaining
titles to property as well as the permits and licenses required for
the Company’s ongoing operations; changes in project parameters
and/or economic assessments as plans continue to be refined; the
risk that actual costs may exceed estimated costs; geological,
mining and exploration technical problems; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; the effects of
public health crises, such as the COVID-19 pandemic, on the
Company’s activities; the Company’s relations with its employees
and other stakeholders, including local governments and communities
in the countries in which it operates; the risk of any violations
of applicable anticorruption laws, export control regulations,
economic sanction programs and related laws by the Company or its
agents; the risk that the Company encounters conflicts with
small-scale miners; competition with other mining companies; the
Company’s dependence on third-party contractors; the Company’s
reliance on key executives and highly skilled personnel; the
Company’s access to adequate infrastructure; the risks associated
with the Company’s potential liabilities regarding its tailings
storage facilities; supply chain disruptions; hazards and risks
normally associated with mineral exploration and gold mining
development and production operations; problems related to weather
and climate; the risk of information technology system failures and
cybersecurity threats; and the risk that the Company may not be
able to insure against all the potential risks associated with its
operations.
Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete
and exhaustive list of the factors that could affect the Company;
however, they should be considered carefully. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
The Company undertakes no obligation to update
forward-looking information if circumstances or Management’s
estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place
undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purpose of
assisting investors in understanding the Company’s expected
financial and operational performance and results as at and for the
periods ended on the dates presented in the Company’s plans and
objectives, and may not be appropriate for other purposes.
See also the "Risk Factors" section of the
Company's Annual Information Form for the year ended December 31,
2023, available under the Company’s profile on SEDAR+ at
www.sedarplus.ca or on the Company's website at www.robexgold.com,
for additional information on risk factors that could cause results
to differ materially from forward-looking statements. All
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Robex Resources (TSXV:RBX)
過去 株価チャート
から 11 2024 まで 12 2024
Robex Resources (TSXV:RBX)
過去 株価チャート
から 12 2023 まで 12 2024