Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Baru Gold Corp V.BARU

Alternate Symbol(s):  BARUF

Baru Gold Corp. is a Canada-based mineral resource exploration company. The Company is focused on developing and producing precious metals projects in Indonesia. The Company’s focus is on developing precious metals projects with significant resource upside potential and near-term production capabilities. The Company’s Sangihe Gold project mineral tenement consists of one block covering the southern half of Sangihe Island, located between the northern tip of Sulawesi Island (Indonesia) and the southern tip of Mindanao (Philippines). The Sangihe Project covers 42,000ha; this includes the Bawone, Binebase prospects on the eastern part of the island and Taware prospect in the south-central region with infrastructure in place. The Company has a 70% interest in the Sangihe project.


TSXV:BARU - Post by User

Comment by goldnerdon Mar 31, 2022 5:02am
161 Views
Post# 34561959

RE:Still lISTED OR...

RE:Still lISTED OR...Indeed, he is a joke. And unlawful, too. I found this very interesting legal analysis of the Contract of Work held by PT. TMS/ Baru Gold Corp. and asked for permission to re-post it here.
SUMMARY:
  1. The Contract of Work that is held by PT TMS was signed on April 28th, 1997.
  2. The contract was not activated from April 1997 to August 30, 2009
  3. In January 2009 Law no. 4 concerning Mineral and Coal Mining was ratified which says that Contracts of Work that existed prior to the enactment of this Law remain in effect until the expiration of the contract/agreement but must be adjusted to the existing law regulations within one year.
  4. 31 August 2009 : PT TMS Contract of Work with the Ministry of Energy and Mineral Resources was reactivated by the Minister of Energy and Mineral Resources with No. 2511/30/DJB/2009
  5. PT TMS failed to comply to the law, because its CoW (which hadn’t been active for 12 years) was never adjusted to the laws and regulations that came up in the meanwhile, i.e. regional autonomy, Law no. 27 of 2007 concerning Management of Coastal and Small Islands, and Law no. 32 of 2009 concerning Environmental Protection and Management, among others. PT TMS also failed to apply for a mining business license ( IUP) as required by the law no. 4/2009. The law makes it mandatory for CoW holders to get an IUP.
  6. In December 2010, the Minister of Energy and Mineral Resources issued a Decree concerning the Granting of the CoW Exploration Activity Stage as well as the Reduction of the CoW Area with Decree No. 514.K/30/DJB/2010. This decree must be considered as unlawful as the requirements by law no 4/2009 were neglected. Instead, the CoW was equated with an exploration permit.
  7. The legal consequence is: since December 20, 2010 that is, since the Contract of Work has been implemented or practiced as a Mining Business Permit which is not in accordance with Law 4/2009, all gold mining business activities of PT Tambang Mas Sangihe in the disputed area are mining activities without a permit (PETI) or illegal mining that meet the elements of mining crime as stipulated in the provisions Article 158 of Law 4/2009 .  The agreement (CoW) between the Minister For Energy and Minerals and PT Tambang Mas Sangihe  according to Article 1320 of the Civil Code has to be considered invalid because it contains things that are prohibited by law.
  8. Between September 2016 and November 2019 the CoW held by PT TMS had been revoked several times until suddenly, January 29, 2021, the Minister of Energy and Mineral Resources issued DECISION OF THE MINISTER OF ESDM RI Number: 163.K/MB.04/DJB/2021 dated January 29, 2021 concerning Approval for Increasing the Stage of Exploration to Production Operation Activities. A CoW that had been revoked cannot be used as an upgraded mining business license, as Law 4/2009 states.
  9. Accordingly, SSI considers PT Tambang Mas Sangihe as much an illegal mining operation as the small scall miners. It is obvious that the CoW that is employed as a mining business license was acquired unlawfully and is meant to be used unlawfully.
# SaveSangiheIsland

<< Previous
Bullboard Posts
Next >>