Replies to post #71236 on Hiru Corporation (HIRU)

[mascale]

All the apparent nickel mine connections of HIRU are about one person, G. Summers. The new existence of a Balfour concession is brand new asset value. Qatar is likely a source of even newer extraction technologies, long ago. The Liberian production timeline was about four months from the time it became public information, anyone noted. A flagship concession validates the rest of the messaging about other projects. The recent timelines are more a matter of weeks: Announcement to announcment.

[hardlesson]

Jack, I'm reading it the other way around. The available articles on the subject are numerous online.

Following the timeline from 2022/2023/2024.

Summers and the " Middle Eastern group" offered larger bids, not stink bids.

It was Hartree (connection to Oaktree Capital Management) that offered the stink bid of $800,000, and who also had extended $31M in a debt instrument to Mallee. (They offered the low bid, and offered to forgive (for lack of a better word) the debt.)

The offshore group (Summers, etc) offered over $100M, and then $80M Cash, but the offer was turned down in favor of Hartree, for some reason.

NOW...since the receivership of Mallee in 2024, Scott Langdon...I do not know if we have a real accounting as to who won, or what exactly was paid to creditors, and who won bids to assets. But Shareholders have been fighting and wrangling about it. Do you think HIRU (Legal) would allow a picture of Avebury if they didn't have relative confidence in Nickel in that area? It's still posted, and tied up in Legal obviously. Or some unknown reasons.

Unless you have inside information, or you know the folks at Hartree, or Scott Langdon, or have made the phone calls to get the facts, which we'd like to hear? I like facts, objectivity, keep bringing those please. If I'm dead wrong on the above, please show me what to read.

I mentioned in an old post, can't find it now, that with Millions to gain or lose, all kinds of tactics will arise, and you never know where they will come from. There is Billions of Nickel in the ground there by your own admission. These projects will succeed or fail, power and money is in play on both sides.

Regardless of the time horizons, Copper or Nickel asset, don't you think the Al Thani/Thorp team is aware...?

Not advice, but commentary. tgif, Gin N Tonics, lots of lime. Good weekend all.

[Divest]

Hiru's connection to Avebury is pretty clear, despite their claims there is no connection.

HIRU has never denied involvement with the Avebury mine, only any connection to Mailee Resources.

The big issue is the sales price (they tried a couple of stink-bids that didn't fly)

This is simply not true, according to the newspapers. Here's what one article said:

Mr Summers, with backing from an unnamed Middle Eastern entity, organised a $112.5 million bid for Mallee that refinanced the company at 21¢ a share last October, but that bid was unsuccessful. He and his backers returned with an $80 million cash bid, which was also rejected in March, in favour of a cheaper bid from Hartree.

“[Mr Summers] understands that the acquisition of the Avebury mine by Hartree MI UK Limited and/or Hartree Metals LLC by way of a credit bid has occurred, and the acquisition is currently before [FIRB],” Cornwalls’ lawyers wrote in the letter to FIRB.

The Mallee minority shareholder believes Hartree’s offer, purported to be $803,000 in cash, along with the expulsion of outstanding debt, significantly undervalued the nickel miner.

“The receivers have not provided any explanation as to the sudden reduction in the value of the assets of Mallee, and have chosen not to negotiate with other potential bidders, including our client, and instead, preferred the related party,” the letter said.

https://www.afr.com/companies/financial-services/oaktree-trading-house-squares-off-against-shareholders-for-nickel-mine-20240701-p5jq4j

So HIRU was the top bidder, with Hardtree Metals LLC paying less than 39% of HIRU's cash offer.

and the concern of Tasmanians that ownership & control of the asset will go to foreigners.

Well that's what makes the Oaktree deal with a related company Hartree Metals so unpopular with Australians as both are foreign companies...

https://www.theadvocate.com.au/story/8688692/more-shareholders-calling-for-avebury-nickel-mine-sale-inquiry/