Well, I'm more amazed at what Intrepid have actually done in the background with this one all along now.I'm Surprised your amazed Kennas...you have worked in Central Africa and travelled extensively, you have seen crazy up close and you should know that crazy doesn't stop at street level it just continues on up the money chain, corruption greed and power perverts these people, in these wild west (anything goes) country's.
Indonesia is what less than 1 decade out of one of the greatest (worst) dictatorships in world history.
Sovereign risk is rampant in Indonesia, it would appear. It would also appear that Intrepid has left itself susceptible to severe shareholder angst and even legal action.
Its desperate deal this week to buy influence through an Indonesian businessmen, to get its hands back on what it has always purported to be its own resource, is a signal that all was not well from the beginning.
The intricacies of Indonesian laws are too much to delve into here. Suffice to say that Intrepid's predecessors were advised by Jakarta law firms, including a Baker & Mackenzie affiliate, that they never had a legal entitlement to the resource.
There is no reason to think that the subsequent 2010 reforms to Indonesia's investment laws had improved their legal position either.
Was the fact that there was no enforceable title to Tujuh Bukit properly disclosed by Intrepid to its shareholders?
There is mention of the legal risks in the prospectus for instance to the company's $112 million Canadian share issue 18 months ago, an issue followed by director share sales at far higher prices than now.
Whether this disclosure is enough is a moot point, especially for a company which sold its main asset, the Paulsen's mine in Western Australia, and relied on this one "company-maker" to which it never enjoyed formal title.
Read more: http://www.smh.com.au/nsw/company-maker-could-be-a-breaker-20120803-23knu.html#ixzz22cMMQfEU
Intrepid 'envisaged' that IMN would apply for approvals for a new structure, but they just didn't!The Alliance Agreement was signed by all parties in 2009 and 2010 and was amended on 24 November 2010 and 3 June 2011. The document affirmed that IMN would be converted into a foreign investment company and that 80% of the expanded equity in IMN would be issued to Intrepid.
The amended agreements envisage that IMN will apply for all necessary approvals to implement the new structure. This includes approvals from Indonesia’s Investment Coordinating Board and Ministry of Law and Human Rights (including necessary recommendations from the Banyuwangi Bupati and the Ministry for Energy and Mineral Resources).
To date, IMN has not advised the Company that it has applied for the required approvals / recommendations to implement the agreed shareholding structure.
I'm more concerned with IAUs communication here. They have claimed all along they owned 80% of the deposit yet after the Indon mining laws they seem to now own nothing. Of their own admittance. Perhaps they will get the relevant agreements signed etc, but only a few days ago they were claiming they held an 80% interest when they DID NOT.
Unless someone can explain those company statements better to me.
IAU entered Indonesia in 2007 and did a deal with IndoAust Mining (a private Australian company) to gain access to the Tujuh Bukit Project.
In 2008, IndoAust Mining departed from the TB Project in strange circumstances.
The contract agreements between IAU and the Indonesian company, PT Indo Multi Niaga, are most likely unenforceable and illegal under Indonesian law at the time of signing.
Prior to 2009, the only legal way for foreign companies to access mining projects in Indonesia was via the Contract of Work System (COW).
IAU chose to circumvent Indonesian laws and do a deal based on contracts and this will bring them unstuck most likely.
How can a Board authorise all the spending on a project in which their true legal entitlement is very weak to say the least.
The whole story is about lack of disclosure, deals that were against the spirit of the Indonesian laws, and now trying to blame the Indonesians for their actions.
Shame on the IAU Board and management, maybe if they had followed the prevailing laws and processes this mess would not be happening.
71%21st September, close of ASX
Shares closed at $0.515, a gain of 71% for the day, so what does this prove!
"as far as Intrepid can tell".Campaign Against Intrepid Continues Unabated
BrisBane, 18 DeCeMBer 2012: intrepid Mines Limited (asX, TsX: iaU) (the “Company”) comments on the reported transfer of Tujuh Bukit iUPs held by joint venture partner PT iMn to a third party.
Documentation provided to the Australian media, of which Intrepid has obtained a copy, implies a transfer of IUPs in Banyuwangi regency to a company called PT Bumi Sukses Indo (BSI), and a subsequent transfer of shareholding in BSI. The Company is aware of rumours that the Tujuh Bukit IUPs had been transferred to BSI, and was in the process of verifying this information prior to the provision of the documentation to the media by third parties.
As far as Intrepid is able to tell, the document signed by the Banyuwangi regent appears to be genuine and suggests that IUPs in Banyuwangi were issued to BSI in July 2012, but it is noted that the most recent formal lists of certified “clean and clear” IUPs issued by the Indonesian Energy and Minerals Department, does not reflect this holding.
Intrepid don't seem to really know what's going on with ownership of their key asset.
Ann 2 days ago:
"as far as Intrepid can tell".
However, if the price of IAU shares remains high you'd think the A1C shareholders would have to be tempted to cash in some of their chips when they get 1:3 exchange ….. I certainly would
The survey was undertaken as a trial and orientation exercise in combination with a more extensive ground geophysical program completed in December 2019. A total of 295 samples were collected over a selected trial area of approximately 80 square kilometres centred on the Lamil Main Dome with a sample spacing of 600m x 600m (off-set grid).
Despite being located just 20 kilometres from the world class Telfer Gold-Copper Deposit no previous surface sampling or drilling has been completed at the Lamil Project due to the perception of ubiquitous deep cover (>400m). Recent work by AIC has confirmed the depth of cover to be less than 100m and in part ranging from just 30m – 70m.
Next Steps
Planning for the inaugural drilling campaign at Lamil is now well advanced. The focus will be the Priority 1 and Priority 2 target areas which will require a combination of Reverse Circulation and Diamond Core drilling. This phase of work will be ready to commence as soon as all regulatory approvals have been received. Heritage Surveys to support commencement of this work are scheduled for late July - early August 2020 with drilling anticipated to commence in September 2020.
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