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The Presidential Election from Luminex to its shareholders which IMO has lots of positives for Solgold shareholders:-
The Ecuador presidential snap election occurred on Sunday August 20th. The winner will be in power until the next president is elected in the regularly scheduled election in H1 2025. The results from yesterday should allow for the continuation of support for responsible mining in the country. Luisa Gonzalez (UNES - Correa's party, 45 years old) finished in first place at 33%, with runner-up Daniel Noboa (ADN - 35 years old, centrist, business-aligned) at 24%. Both will advance to a run-off election to determine the next President on October 15, 2023.
Gonzalez has polled strong the whole campaign and was always going to be a front runner. The Correista party can usually count on ~30-35% of the vote.
Noboa surged in the last week, following a positive performance in the debate. Pundits believe his pragmatic non-populist message resonated very strongly with Ecuador's large under-35 voting populace, who are sick of hearing about the past (Correa and anti-Correa) and embraced his optimistic entrepreneurial vision that stressed the need for training people for future opportunities.
The single issue candidates (Jan Topic - security and Yaku Perez - environment/anti mining) underperformed. Topic will probably be back for the 2025 elections, especially if public safety remains an issue, and could even have a role to play in Noboa's cabinet. Yaku Perez will likely have a very hard time recovering from this election, as will the indigenous political party Pachakutik, which it appears will go from having about ~20% of Assembly seats to around 4%.
Both candidates can be expected to be supportive of mining. Gonzalez can be counted on to have the same position on large scale mining as her party boss Rafael Correa; it is a strategic pillar of the country's future development. Noboa has said that he supports responsible mining, but stressed that it is key for the State to modify how state revenues are distributed in order that the local populations can feel that the activity benefits them directly. The Noboa family have a direct stake in the development of the Curipamba mine through an investment in Adventus Mining -- the Consorcio Nobis have a seat on Adventus's board of directors.
The Assembly: with 38% of national ballots counted, it appears the Correistas will again be the main legislative force, with about 50 of 137 seats. Four center-right alliances will combine for about 45% of the chamber: 28 (Zurita/Construye), 12 (Noboa/ADN), 14 (Topic/PSC), and 7 (Sonnenholzner/Actuemos). The Indigenous party, Pachakutik is forecast to drop from almost a 20% representation to five seats. This bodes well for preventing any populist legislation, however the prospects for positive reforms are mixed. The parties will likely be jockeying for the 2025 elections from day one.
Thanks. A very useful take on things.
I have a feeling in my waters that we will have an RNS tomorrow morning with an opening takeover bid from what i have heard on the jungle drums, starting around 55p. which will of course be respectfully batted away to fine leg.
ONWARDS & UPWARDS !!!
Very interesting the size of the drop-off in support for the eco nutters, proving that the virtue signalling about the planet is simply a passing fashionable thing to do and that when faced with real life problems like job prosperity and crime, people will think very differently.
Do you not think voters had more on their minds, in this election, than worrying about the climate!!!!!!!!!!
Perhaps get off your sanctimonious high horse and move in to the 21st century.
Fossil fuels usage will carry on being reduced, environmentally friendly energy will increase.
Just because you are clueless to the benefits of renewable energy doesn’t mean everyone else is.
Early adopters of solar etc have saved themselves a fortune and continue to do so.
You carry on believing the cr4p journalist like Coren write in the times, when the reality is much different.
On the contrary, fossil fuel use is exploding upwards particularly in the BRIC and developing nations. China opens a new coal station every third day to power its economy. These people want prosperity and they realise that cheap energy is the very key to that.
When clean energy is cheap energy it will adopted en-mass. There is a long, long way to go to reach that yet.
All it takes is one cold winter with rampant cost of living costs really biting hard as we have to import more and more energy to keep our lights on intermittently and then even the doziest of sheep will wake up to the scam.
At that point, this becomes a mine viable for its gold with copper as a less valuable bonus,
I must add that yes you're correct in stating that they all have more important things to worry about than the climate hoax, but the key takeaway here is that so will the rest of us shortly!
Not fine leg - silly mid offer!
Not fine leg - silly mid offer!
Not fine leg - silly mid offer!
Andy... very good! Let's hope Maxit and bob knock it out of the park! Although there's a few on here who think we are in for a googly.
Election clearly no longer a stress...bodes well.
As well as a few who are clearly stumped, thinking this goes to production
BHP not been given LBW, and have increased their expenditure for FY24
"BHP to up spend on copper
Forecast FY24 capital expenditure guidance is US10B, representing a step-up from the $6.7B spent in FYT23"
https://tinyurl.com/msahp42a
The $3.3bn increase must equal out about 90p.
Go on then BHP we'll take it.
Interesting increase in budget for BHP. $3bln ish might buy ENSA but they'll need another $4bln to build it. Still... that can come out of 2025 budgets as likely the block cave shaft works would take up the first 18months of development.
Sizable increase in spend and comes on top of the recent $6bln ish splashed out on Oz Minerals. Mmm!
Remind me how many multiples that is based on our current market cap
Roughly seven times, which is marginally less than the rise in Greatland Gold from a crumby farm in!
And what a ride that was. For once in my life I bought and sold at the right time. It remains my best ever return, both in percentage and value terms and is unlikely to be surpassed.
I bought at 0.34p and sold at 1.10p chuffed to bits that I'd called it right. If only I'd left it run
Then compounded the error not exiting this fecker at 45!
Likewise addicknt
Novice. Believe it or not, your tongue in cheek post is not I believe far off the mark.
The talk on the street here is that there has been some sort of breakthrough in the negotiations and news is round the corner. Not tomorrow and not 60p, but a deal is in sight,
Oh, the irony!
Nal, ever since you arrived on this site you've spent your time berating people for posting stuff about rumoured takeovers etc, and here you are doing the exact same thing!
Anyway, let's hope you're right.
Add, the same thought had occurred to me also given that I recently posted my praise of NAL for lampooning those with inside contacts! Oh the irony 🙄
Adikt. Western australia lives and breaths mining. I don't know a family where someone isn't a fifo worker. The place is awash with rumours.
All I can say is, this seems the real deal.
No contacts in solg unlike some, but friends who I think believe it or wouldn't tell me. But must emphasise just strong remours. Don't know anyone working in equador. But know many fmg workers. And contery to the wishfull thinking on here. They tell me there pulling out of Ecuador.
Not remurs and contery. I'm not that thick. Should read
Rumours and contrary