OREA, Russian oligarch gymnastics and..?Mordashov like the rest of the Russian oligarchs is now trying all sorts of legal gymnastics to protect his family money.
However, will the rule of law be still be followed by France? Nordgold wants damages for Montagne d’Or. If they get these, they will walk away from those Montagne mining licenses and no mine permit docs will be submitted; the mine will be dead.
Again, the 1989 Investment Treaty has no environmental opposition clauses. So, two weeks ago, I would have said respectable damages were coming to NG (and possibly OREA would have participated). Now, Macron has even less love for Putin and could not care less about settling in FG to appease Mordashov or his Kremlin mate. I would suggest that opposition to Russian influence is now more to the forefront than environmentalism in French politics. In fact, the French could draw the Montage d'Or issue out in court to kingdom come (along with the rest of FG gold licenses) and few would care less.
Where does that leave OREA? Heavens knows. They got out from under the Iamgold timelines and money requirements for Maripa, because of its clouded future and potential waste of future exploration investment. Iamgold in turn took more OREA 'lottery tickets' for their share of Maripa just to get the heck out of FG and leave the whole mess to OREA.
Therefore, what does OREA have? Again, one heck of a mess! 45% of potentially the most hated/opposed (ie., Russian and environmental) gold project on earth. Then, 100% of Maripa set within clearly a very much anti-gold mining country. Also, a Suriname project they are still deciding on (this may become the saving grace to spinoff and leave FG behind).
Talk about Murphy’s law.
Regardless, at this stage for me it's too late and I am locked in. What a shareholder prize this could have been with its inground value and a rising gold market.
Now?
GLTA -
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