The more you read about this whole issue the more you realize just how messed up this situation has become and who is really behind it.
Basically, the French gov has tried to walk timidly amongst three issues and now it has been caught.
First, trying to avoid the environmentalist concern over any mining and clearly here, Montagne d’Or.
Second, the need for serious economic development in a nation, FG, that is fast declining further into poverty (Covid has exacerbated) with all the societal deprivations that brings with it.
Third (and now most important to the elites) the avoidance of a combination of the first two issues spilling over into the April 2022 French election (remember the first primal need of any career politician; to survive/reelection!).
Macron and his gov' have tried to dance around these issues in since 2020 to avoid being forced to make any decisions re., gold mining in FG.
All the exploration licenses up for renewal? – the French gov' answer at this time, just sit on them! Then they don’t have to answer the 2021 question ‘yes or no’ to these permits that the environmental NGOs are keenly watching for.
Now lock up NG who have said they won’t submit the Montagne reports and apps for a Montagne d’Or permit until all court challenges are over. OK, challenge again in the French SC to delay any mine submission process for potentially months, never mind the then actual French gov’ decision dealyed ideally until probably 2023!
Further, remember that pesky little document yet to arrive the new French Mining code? How do avoid that coming out during the 2022 election period if you are going to consider the Montage d’Or, mine permit decision in the next few months? Do you think that Macron wants that new ignitor fluid out there for the environmentalists to tear apart?
Yes, this is a real mess and the French gov’ has it footprint all over it.
Now, the gov' is going to try to defend their case in court from an environmental perspective? Remember, they have never said no to the Montagne d’Or mine – period! Even the NGOs recognized this (look at the articles), despite the mine as was originally hypothesized being denied in 2019. The pathway to redesign was left open by the gov’ statements and this is exactly what NG did! They redesigned and included the major issues (including ESG compliance) brought up by the 2019 public debates.
Macron and FG mayors, etc., were generally supportive of this project through its history. The Montagne d’Or was always (as far as I can remember) located in a mining zone (not as happened to IamG FG Camp Caiman mine which was retroactively placed in a no mining area as explorarion was ongoing). NG and (CGT)/OREA were encouraged to keep exploring, spending and now designing this mine by both FG politicians and Macron. They were never told to explicitly stop, its no go!
Now NG has called Macron, etc., to task.
As OREA shareholder just pray Mordashov has done his homework and that the NG 55% 4.5 bill valuation (= OREA 45% 3.5 bill) is based on a new 2021 BFS with all the upgraded infill oz and design cost reductions + US$1,700 gold price. Future gold prices and oz increases won’t cut it in the C of Arb’ so this had better not bepart of the valuation. Surely the Russians know this - please!
As for France trying to defend on environmental issues which do not have any evidence based on the actual Montagne d’Or mine. Or, trying to deduce from issues occurring elsewhere on the globe the impact of Montagne d’Or, is, IMHO, unlikely to cut it either with the court. The C of Arb’ is numbers and data based, related to the actual site under legal consideration (the court weighing politics is another issue I can’t speak to). Also, notice the quotation I give to the first article below which mentions the environmental issue for the court.
Yes, as suggested in another post this is popcorn time, but I doubt Macron is busting open a bag.
"Mountain of Gold": Russian investors in Guyana project request international arbitration proceedings https://www.20minutes.fr/justice/3159955-20211028-montagne-or-investisseurs-russes-projet-guyane-demandent-procedure-arbitrage-international …According to the FNH, the treaty on which Russian investors rely "does not contain any provision on environmental damage". The Quai d'Orsay affirms in any case that "
France will defend its decision and its legitimate right to regulate in the interest of protecting the environment and biodiversity within the framework of this arbitration procedure"…
A 2019 article below which highlights the Montagne d’Or is it, isn’t it rejected by the French Gov’ question. "Montagne d'or" in Guyana: Deemed "incompatible" with the environment, the government abandons the project https://www.20minutes.fr/planete/2524859-20190523-montagne-or-guyane-juge-incompatible-environnement-gouvernement-abandonne-projet …Guyanese deputy (GDR) Gabriel Serville greeted on Twitter the “excellent news to hear the first Ecological Defense Council speak out against Montagne d'Or. Isn't it time to bury him for good? ". “Mountain of gold, the big blur. Is it yes or no ? ", Also commented in a tweet Manon Aubry, head of the LFI list for the Europeans. For Carol Ostorero, president of the Federation of mining operators of Guyana, the words are "disappointing" but if the will of the government is "to lay down a clear and secure framework for future investments, it is a good thing"…
GLTA -
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