chalice's golden pay day, page-3

Well i've been digging.

According to this article ENAMCO have already contributed 80m towards Nevsun's Bisha mine. Look for the part where it says Eritrean partner :

http://www.capitaleritrea.com/business/defining-mining-in-eritrea-nevsun-building-eritrea?s-first-ever-international-mine/

The following article also mentions the $25m paid by ENAMCO to Nevsun as provisional payment for Bisha ownership, the $20m loan advancement made by ENAMCO to Nevsun and a $21.9 payment from ENAMCO for Bisha costs.

http://www.capitaleritrea.com/tag/enamco/

The following article also contains some information on ENAMCO's monetary dealing's with Nevsun :

http://africannewsanalysis.blogspot.com/2007/12/eritrea-signs-bisha-goldbase-metals.html

Included in that article is the quote "I would like to reiterate our Government's commitment to do all within its means to assist Bisha Mining Share Company be a success story," Tesfai said.

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It seems ENAMCO made a 25m 'downpayment' on Nevsun's Bisha mine, but full payment was to be made to Nevsun after an independent valuation of Bisha at some time around first production dates. It is this price valuation of the mine which is being negotiated at the moment and the two parties have agreed that the remaining payment will be made from Bisha after tax profits.

http://www.nevsun.com/news/2011/may03/
http://www.nevsun.com/news/2011/june30/

On a side note, I would assume ENAMCO would already be recieving there 10% free carried interest profits already ??

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It would seem this time around with Chalice, that ENAMCO have learnt from the Nevsun experience and rather than settling on a valuation at first gold pour they are valuing Koka right now, while its still not much more than a lump of dirt with holes. Two in the bush is worth one in the hand. A wise and fair enough move for ENAMCO because if they had waited around till first gold pour at Koka to valuate the project like they have for Bisha they would have wound up paying a whole lot more than what has recently been agreed upon.

Anyways, amazing what a bit of google searching will do and nonetheless also thanx for bringing the topic up Gwaihir as it is a topic well worth being adresssed.