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Bullboard - Stock Discussion Forum Plateau Energy Metals Inc. PLUUF

Plateau Energy Metals Inc is an exploration stage company. The company is in the process of acquisition, and exploration, and evaluation of mineral properties in Peru. It is principally engaged in the exploration for uranium on its properties located in the Macusani plateau region of southeastern Peru and the Falchani lithium project.

GREY:PLUUF - Post Discussion

Plateau Energy Metals Inc. > Ingemmet getting ready for the auction
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Post by juanPeru on Nov 10, 2020 3:21pm

Ingemmet getting ready for the auction

Yesterday Ingemmet approved the "Protocol for Auction Acts carried out during the Health Emergency due to COVID-19" (1). Although most of the document is dedicated to the details of the sanitary measures dictated (temperature measurements, disinfection of the place, hand washing, social distancing) and the required logistics, there was an article related to the timing of the auction:

(...) The Direction of Mining Concessions (DCM) sends to the Personnel Unit (UP), Information Systems Office (OSI) and Document and File Administration Unit (UADA), the monthly schedule of INGEMMET's auctions with a minimum anticipation of (15) calendar days prior to the start of each auction act (...).

In other words, if the protocol has been approved yesterday and we assume that the auctions are scheduled today, then the auction act would be held at some point between November 25th and December 2nd, which would comply with what is mandated by the General Mining Law (2) on its 128th Article:

Article 128th.- If applications with UTM coordinates that determine the existence of overlap on a certain area are presented simultaneously, the area will be auctioned between the petitioners. The Direction of Mining Concessions will indicate in the same act, the day and time of the auction, which may not be before ten days or after thirty days of the date of presentation of the applications.

Remember that in the present case the date of presentation was November 2nd.

(1) https://cdn.www.gob.pe/uploads/document/file/1431683/RGG_049_2020_GG.pdf.pdf
(2) https://www2.congreso.gob.pe/sicr/cendocbib/con3_uibd.nsf/89E200B65DCF6DE9052578C30077AC47/$FILE/DS_014-92-EM.pdf
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