just to let you know since you tend to bring up Madagascar, minecore ,jerry that as of 2012 all mining permits in Madagascar were suspended.the consequences of these actions by the government would for most mining companies be devastating.iam not sure when minecore went under but it was not easy trying to deal with the locals at any time and because of the political turmoil bank loans were extremely difficult to procure upwards of $50 million.i read quite a bit about minecores northfork 14 potential for sapphire mining since it was assayed by a Colorado firm behre dolbear ...the upside after successfully mining northfork 14 was tremendous.imo
go xnrg
10. ENERGIZER RESOURCES MINERALS SARL
11. JINDAL MADAGASCAR SA
12. HENRI FRAISE ET FILS
13. MATERAUTO
14. Mejamirado Razafimihary
The issues of mining permits
"All transactions on the mining permits (granting new permits, renewal and extension, assignment, transfer and leasing of existing licenses, transformation of research permits to production permits, etc ....) have been suspended since the beginning of the transition.
Yet mining companies continued to be billed by the mining administration and continued to pay Administration Expenses (AE), which more than doubled in three years, but without in return getting their proper mining rights. Indeed, the non-payment of the called AE could justify withdrawal by the Administration of corresponding permits, which would mean the loss of investments made since the start of operations on these permits by the promoters.
However, notable exceptions were made.
The consequences of this lasting situation, are serious:
1. Companies without mining permits, are unable to raise funds from their shareholders or markets.
2. Partnership agreements are made impossible.
3. Exploration in Madagascar are slowed considerably : most of the mining companies adopts a minimal exploration program while waiting for the issuance of their licenses. This situation is highly detrimental not only for mining companies (legal and financial insecurity) but also for the entire national economy (at best, delayed implementation of investment and at worst, loss of opportunity).
4. Without license, no research and production activity can be undertaken. In fact, the majority of mining companies find themselves in a situation of outlaws.
5. The perception by investors on the sector of extractive industry of the political risk associated with Madagascar has worsened itself a little more.
6. The Administration is based on two arguments to justify the suspension of the granting of mining titles: • The need for sanitation of the sector to eliminate speculation : if it existed, it should be due to a few operators and all extractive mining industry should not suffer from it. Nearly three years have now passed and the Administration should be arriving at the end of this phenomenon.
• The second justification is the roadmap which requires non-subscription long-term commitments by the State during this transition. However, the understanding of the letter and the spirit of the roadmap by mining companies is that it is the granting of a new license that is prescribed, but not the renewal and extension of existing permits, transfer and leasing, transformation of research permit to production permit."
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