Woulfe Mining Corp WFEMF

German post: visit to Sangdong

[74volfram]

The post describes a recent visit to Sangdong. The details of the meeting with the mine manager are especially interesting. It looks like things are moving and Woulfe is getting close to financing the mine on what appear to be quite favorable terms. Here is my translation:

Brief outline of the visit to Sandgong so far. I may still get a meeting with the regional head in the region sometime; it is not yet 100% sure due to scheduling conflicts. Sangdong itself is a sad place. You can only wish for the people here that thing could again move economically. But we are not Samaritans : -)  

Mood.
For most people in the region (outside of Sandgong) the mine is just talk. They are only just aware of IMC/Buffet. All the people with whom I could talk expect the mine to go into operation again. However it is just their opinion, and there seem to be no hard facts to justify this conclusion.

I was on various channels with Woulfe and had announced my visit.  Feedback was provided today.  I had expected the worst but was able to go through. Far from it: because one can actually succeed (in getting through to them).
I could speak with an agent first, and then I had the good fortune to run into Sangchul Son (Project Manager -- Sangdong Mining Corporation) who just happened to be there. I was able to discuss the current state with him for two hours and could safely ask again if necessary.

Findings:
- On-site team is ready to go (it currently has 15 people).
- Almonty: at first it was considered seriously. After presentation of the details it was clear that they wanted to buy at far below market value. Therefore the deal was called back.
- Feasibility Study:
  1. (Pre-update): IMC was ok, SRK Consulting (large mining planner) asked for further review
  2. (Post-update): SRK Consulting is now okay, IMC looking in detail and currently expected to confirm by mid-May. If and when this is announced, I don't know. Please do not do so on the 15.05. ; -) -
- Funding expected by the end of July.  
- Initial production in Q1 2017.  
B further details on financing. However, it is in advanced stage of discussion.
In addition: if it does go ahead, then it looks that a major Korean bank (Shinhan?) would be directly available with 4-5% interest.

Other things:
- METSO (large Finnish mining equipment manufacturer) is in.  Planning and implementation of the mine construction are ready to start.
- TaeguTec would like to directly participate in the financing as soon as IMC agrees on the terms of its contribution ( "willing to match immediately - the next day").
- Metallurgical Engineering was completed by Bumigeme (Canada) by the end of April and from May it is being adapted to Korean by Korean Engineering Consultants Corp (KECC).
- Registration of Sangdong mine as a "Foreign Investment Zone" (with subsidies and tax incentives) is currently underway,
- Local and regional administrations maintain their support on infrastructure needs.
- Next: Gaucher will present the current status of the project in the second half of May to a wide audience.  Participants to include: local and regional representatives, business partners (IMC, SRK), banks, etc.

[lonade]

its by far the best translation but there is just a small part that does not quite convey they right message: Feedback was provided today. I had expected the worst but was able to go through. Far from it: because one can actually succeed (in getting through to them). I could speak with an agent first ........Feedback is oustanding till date. So I just drove there unannounced and

[szerencsefel]

I dont know how things are done in South Korea, never been there...but if i am a mine manager and someone walks into my office unannounced  (as I just happened to be there) I am unlikely to spend two hours with him.  

[GaiusGermanicus]

For me it would depend on how much of the mine ownership the guest possesses or represents. For someone who owns 50k shares I'd have to be pretty bored.  For someone that owned 50 million I'd probably drop anything urgent.

[kilgor]

I think the translation was... I spoke with him two hours to date, implying not 2 consecutive hour conversation.

[abc111]

szerencsefel, you will be surprized..... With my experience calling the mine last September he will talk to you unless he is in the middle of doing something. Even with that I do think he will still visit/talk w/you afterwards. They are very courteous esp. to foreigners.

[kilgor]

This poster went on further to say in response to another poster.... "Nothing published in style. I could only see the project plan and personal conversations (though not with IMC)."

[kilgor]

A few other postings by the same German fellow in April, - "According to my information has been agreed with IMC that the confirmation should arrive by mid-May. At least that is provided in the project plan so and is currently also not questioned. I will summarize the main findings of my visit to the Sangdong days." - "I'll be in the next few days for a few weeks in