RE:RE:RE:RE:Gap closed SEMAFO didn't sell it, they essentially gave it away because it was more of a liability than an asset.
And why did Sycamore fail to carry out a feasibility study, as they were required to do in their agreement with the Guinea government? (see below)
And what if the government decides at any time to cancel Sycamore's licence to the property because of its failure to meet the conditions? Happens all the time. In fact, Sycamore certainly already knows that their licence is not in good standing, which may be why they are happy to "sell" the project for nothing but RBX shares, as shaky as RBX is looking. (Note that since Sycamore is a private company, they are not required to make legal disclosures on the status of their licence. Hence RBX shareholders are totally in the dark about the value of what they are "buying.")
Sycamore Mining signs deal with Guinea to redevelop Kiniero gold mine
Conakry, Guinea. Image: Adobe stock.
Cyprus-based investment firm Sycamore Mining on Tuesday signed a pact with Guinea’s government to redevelop the Kiniero gold mine in the country’s east, the minerals minister said.
Sycamore and three other mining companies had made takeover bids for the mine, which has been out of production since Canada’s Semafo placed it under care and maintenance in 2014 and sold it to New Dawn Mining.
“Sycamore’s was the winning bid, and we signed an outline agreement today,” Abdoulaye Magassouba, Guinea’s minister of mines and geology, said late on Tuesday.
The deal requires Sycamore to set up a Guinea entity to deliver a feasibility study within 180 days, after which the government will grant a mining licence.