RE:RE:RE:RE:RE:RE:RE:RE:TD Moves PT to $1.25Yes correct, the marketing is done through a third company. However this doesn't answer the question: Where is the money? There really ought to be waterfalls of cash flowing out at the momment. Contrarian you are as well aware as I that in the past on many occassions they have issued a news release when they recieve a divy from the JV. On other occassions (especially when the divy amount is meagre or not what they forcasted, they have just included the info in their quarterly report. Now they have specifically said that 2021 dividends were less than they had hoped and that in the first half of 2022 they will see lots of cash. Where is it? I put forth that it is being held back because Cuba in general has no foreign reserves at the moment. I don't think this is a wild supposition. hopefully I am wrong. Maybe the big bond purchase that someone observed yesterday was them retiring some debt. I do understand they're not obliged to broadcast everything they do in real time.
Contrarian333 wrote:
Yeah - this is kinda the problem. So Cuba is the JV partner (through a state owned company 'General Nickel') AND rules the jurisdiction / sets royalty and taxes... So you kind of see that the partnership is definitely not equal. Which is why I have been stressing out so much about JV dividends which I had hoped we would've heard an announcement this quarter but we haven't. There ought to be oodles of cash sitting in the JV. Cuba however has a hard currency crisis at the moment. So I suspect they in a sense are using this as a foreign reserve cushion. They are not meant to be. So yes whatever equation you are using, we should be barfing out cash right now. More than enough to pay for this 20% output expansion and retire significant amounts of debt. For example the national Bank note accurately stated we could be debt-free and 12 months. tons and tons of cash being generated. Where is it???
The Corporation indirectly holds a 50% interest in the Moa Joint Venture. The operations of the Moa Joint Venture are conducted among three companies. Moa Nickel S.A. owns and operates the mining and processing facilities located in Moa, Cuba; The Cobalt Refinery Company Inc. owns and operates the metals refinery located at Fort Saskatchewan, Canada; and International Cobalt Company Inc., incorporated in Bahamas, acquires mixed sulphides from Moa Nickel S.A. and third parties, contracts the refining of such purchased materials and then markets finished nickel and cobalt.