Dimension Resources Share Discussion Threads

[dusseldorf] 18/12/2012 22:14

An update from Brian - the cabinet is looking to approve 10-12 permits before year end (I assume ours would be amoungst them), though he didn't sound too optimistic the year end deadline would be achieved given past re-assurances.

Given the associate delay in revenues linked to time taken by the cabinet, you'd think it was in their best interests to expedite matters - obviously not

[dusseldorf] 18/12/2012 11:01

Just an FYI - some info on Mining Legislation in the Ivory Coast:

Cote d'Ivoire Mining Legislation

The right to explore for minerals and develop a mine are regulated by the Council of Ministers through Law no. 95-553 of July 18, 1995 (the ''Mining Code''), decree no. 96-634 of August 9, 1996 implementing the Mining Code, ordinance no. 96-600 of August 9, 1996 relating to the mining activities, taxes and procedures of the Mining Code and the establishment of rehabilitation reserve funds.

The Mining Code is administered by the Ministry of Mining and Energy (the ''Minister of Mining'').

Under the Mining Code, all minerals and mineral waters are the property of the State. No person, whether a national or foreign, is authorized to undertake or conduct any activity governed by the Mining Code and the related procedures relating to environmental rehabilitation reserve funds, without the appropriate permit.

Other than prospecting and reconnaissance authorizations, the Mining Code provides for two mining rights or titles: exploration permits and mining permits. No legal entity is entitled to hold a mining title unless it is registered with the Cote d'Ivoire trade register and has not been placed in receivership or been declared bankrupt. Also, no natural person may acquire a direct or indirect interest in a mineral title or authorization unless he is in full possession of his civil rights.

A Prospecting and Reconnaissance authorization confers upon the holder thereof the non-exclusive right to prospect within the entire area of one or more administrative departments. A prospecting and reconnaissance authorization does not confer upon the holder thereof any particular right to obtain a mineral title, or any right to dispose of mineral substances acquired from prospecting activities, on a commercial basis. The term of a prospecting and reconnaissance authorization is one year and may be renewed.

A prospecting and reconnaissance authorization may not be assigned, transferred or sublet. An Exploration Permit is granted by decree of the Council of Minister upon recommendation of the Minister of Mining, on submission of an application in accordance with the applicable requirements of the Mining Code.

A holder of an exploration permit has the exclusive right to explore for minerals within the perimeter (surface and depth) of a specified area and dispose of products extracted during exploration. The holder of an exploration permit must begin exploration activities within one year from the effective date of the permit.

The term of an exploration permit must not exceed ten years, consisting of four distinct terms, being an initial term of three years, two successive two year terms, and an exceptional renewal of up to three years. If the holder of the exploration permit satisfies its obligations and complies with the Mining Code during the initial term, renewals are automatically granted. Renewal may be refused if the holder of the exploration permit fails to satisfy its commitments relating to the general work program or the minimum financial expenditure.

At each renewal of the exploration permit, 50% of the area held must be relinquished.
Cote d'Lvoire

Cote d'Ivoire

Exploration permits may be assigned, or transferred to another mining operator subject to the prior approval of the Minister of Mining and compliance with the conditions imposed by applicable regulation.

Provided that the holder of the exploration permit has satisfied its obligations under the Mining Code and has submitted an application for title in conformity with the applicable regulation and meets the requirement of such regulation, the Minister of Mining's consent to transfer cannot be refused.

An exploration permit may be revoked or limited without right of indemnity or compensation upon notice requiring the holder or operator to remedy a default within 60 days, and failure of the holder to do so.

Such defaults entitling service of notice of revocation are limited to matters involving worker safety and health, delay or suspension of exploration activity for a period of more than one year without valid reason, disqualification of the title holder, the failure to comply with directions of a mining engineer, unauthorized transfer or assignment of the exploration permit, the failure to pay duties or taxes, and the failure to maintain and restore the site during exploration.

A holder of a Mining Permit has the exclusive right to extract minerals within the perimeter, surface and underground boundaries of a specified area.

The Council of Ministers on the recommendation of the Minister of Mining issues decrees granting mining permits to holders of exploration permits who have furnished evidence of existence of a mineral deposit within the area of the exploration permit and after a public inquiry. An application for a mining permit must be made within 60 days prior to the expiration of the term of the relevant exploration permit.

A mining permit holder also has the right to transport or cause to be transported mineral substances extracted, extracts and primary derivatives thereof, and metals and alloys of these substances, to storage, processing or loading sites, for disposal and/or export to local or external markets.

The initial term of a mining permit must not exceed 20 years, but application may be made to renew the permit at the end of the initial period. The Republic of Cote d'Ivoire has a 10% free carried interest in any mining venture undertaken pursuant to a mining permit for the life of the mine, which interest may not be diluted or otherwise decreased.

The holder of a mining permit must commence mining works on the deposit within two years after the date of grant. The holder may postpone mining works during a period of up to five years on the grounds of temporary unfavourable commercial conditions or a sudden decline in the market price for the relevant mineral.

The Minister of Mining may revoke a mining permit without right of indemnity or compensation upon notice requiring the holder or operator to remedy a default within 60 days, and failure of the holder to do so. Such defaults entitling service of notice of revocation are limited to matters involving worker safety and health, delay or suspension of exploration works for more than one year without valid reason, disqualification of the title holder, delay or suspension of the preliminary exploitation activities or mining for more than two years, without approval, and for reasons other than adverse market conditions.

The failure to comply with directions of a mining engineer, unauthorized transfer or assignment of the mining permit, the failure to pay duties or taxes, and the failure to maintain and restore the site during mining works.

Royalty Requirements

In addition to the taxes provided for the General Taxation Code, the holder of a mineral title shall be required to pay: (i) a non-refundable fixed duty, (ii) an annual land rent, (iii) an ad-valorem or proportional tax which is based on the gross revenue from minerals produced, after deduction of transportation and refining or smelting costs, and (iv) a tax on additional profits exceeding the remuneration rate of investments after corporate income tax.

The remuneration rate of investment is defined in the allotment of mining title as between two and three times LIBOR.

Environmental Regulations

A holder of a mining permit must establish a reserve fund for the rehabilitation and restoration of the site upon completion of mining activities.

The amount required to be deposited annually to such fund are determined in accordance with a schedule set by the Minister of Mining and are deductible from industrial and commercial profits ascribed to the mining operation. The Mining Code requires the periodic monitoring of mining sites to verify the health and well-being of neighbouring populations.

Monitoring is performed by the mining permit holder, at its expense, within the framework of its environmental management program, as approved by the Minister of Mining. Monitoring is also performed by the Minister of Mining, and if required, by international agencies experienced in the area designated by the Minister of Mining, at the expense of the administering authority.

In the event of pollution exceeding normal tolerance the costs related to inspections, future verifications and consequential fines are borne by the holder of the mining permit.

Environmental Impact Study

A complete environmental impact study and a program for environmental management must be prepared, and submitted for the approval of the mining authorities and the authorities responsible for the environment before conducting any mining operations.

[dusseldorf] 26/11/2012 15:24

Thank you FLC for scanned pages. I used an online OCR to process, here is the text output of the chairmans statement. Looks like Brian alone has been funding this and is happy to convert all his debt into equity at the agreed subscription price (whatever that may be - it does not state here). It also does not state we have agreed exploration permits yet so the wait continues, but I guess it's the final duck...

DIMENSION RESOURCES LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011

In my last report I said an agreement in principle has been reached for Dimension to acquire a gold exploration project in COte d'Ivoire in West Africa. Professional advisers have been appointed for the AIM flotation, including a broker/nomad, and the intention is to raise up to £3 million in new equity to be used primarily for gold exploration purposes. This agreement is now legally binding, conditional, inter alia, on the admission of the consideration shares to trading on AIM and on the fund raising.

Unfortunately there has been substantial delay in the date for the transaction to complete. This was initially due to civil unrest in Cote d'Ivoire following disputes over the result of the presidential elections held in October 2010. Throughout the period of conflict the area where the project is situated, in the north of the country, remained calm, as evidenced by uninterrupted gold production at Randgold Resources' Tongon mine nearby. Subsequently parliamentary elections were held in December 2011, which passed off peacefully. The new government was sworn in, but there has been a subsequent reshuffle. The previous Minister of Mines has retained his portfolio. These delays applied to all applications for Permis de Recherche, including those applied for by major international gold mining companies.

The project comprises the M'bengue, Kouto and Boundiali concessions, which are all situated relatively near to one another in the north of Cote d'Ivoire and more specifically within the Savanes Region whose capital is the town of Korhogo - some 360km due north of the capital city of COte d'Ivoire, Yamoussoukro, and 560Icm due north of Abidjan, the largest port city and economic centre of Cote d'Ivoire. While these concessions are "green field" exploration targets, general geological considerations make it likely that there are substantial gold resources on the properties. The same geological trends are being successfully mined further north in Mali, and the biggest gold mine in Cote d'Ivoire, Randgold's Tongon mine, is situated on a neighbouring concession. Near the border with Mali, in the north of the concession area, the presence of gold is shown by the activities of artisanal miners from Mali, but, in common with other former French colonies, there is little artisanal mining by Cote d'Ivoire citizens. The object of Dimension's exploration activity will be to identify gold deposits of at least 1 million ounces. A full Competent Person's Report will be included in the AIM admission document.

More recently the IMF and the World Bank approved debt relief with a present value of $4.4 billion for Cote d'Ivoire. Combined with other debt relief, the total will be $7.7 billion. Relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, and additional multilateral and bilateral relief, will reduce the external debt of one of West Africa's largest economies by slightly more than 60 percent in present value terms. The negotiations for this relief also covered IMF consideration of Cote d'Ivoire's mining code, and Cote d'Ivoire was asked to reduce the size of individual concession areas. Dimension is prepared for any such agreement and has split the areas it has applied for to comply with possible changes in the law. On the basis of discussions with the Government, Dimension remains confident that the Permis de Recherche it intends to acquire will be among the first to be granted, and that it will be in a position to seek readmission to AIM in the New Year.

DIMENSION RESOURCES LIMITED
CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2011
Dimension's loss for 2011 was £35,200, compared with £50,008 in 2010. To provide working capital, an amount of £175,000 was raised late in 2009 by the issue of an interest free convertible loan. This amount remained in Dimension's bank account at 31 December 2011. Subsequently the Company has exercised its discretion to refund £25,000 to loan stock holders, which amount has been replaced by further loans from me. In 2011 I also have provided further loans for working capital, and the total of my loans was £141,750 at 31 December 2011. I intend to convert the amount outstanding at 31 December 2011 to share capital on Admission to AIM, on the same terms as for the fund raising, and not to request any amounts to be repaid to me.

I look forward to substantial progress for Dimension during the coming months and its readmission to AIM.

Brian Moritz, Chairman 16 November 2012

[flojo] 26/11/2012 14:32

Flc,where can i see the accounts -cheers.

[dusseldorf] 24/11/2012 11:06

FLC - Great thank you - I never get the accounts as my shares are held in nominee TDWaterhouse. Glad it supports my postings. Hopefully we'll see some value back, and subsequently find gold dwarfing the £10m admission value...

The location is inbetween two large mines, so the infrastructure one would assume is there or thereabouts already

[flc] 23/11/2012 19:38

Hi Duss

2011 accounts arrived in the post this morning and support recent posts. Agreements now legally binding for Gewiss and Broker/Nomad appointed for early 2013 AIM admission. £3m fund raising with admission value £10m.

Will email them over to you next week.

[dusseldorf] 19/11/2012 09:33

hi Flojo - am awaiting an update email reply from Brian - my last understanding is as above - fingers crossed, I'll post here as soon as I get any further update. For reference the detail of updates is typically corroberated by salient email forwards, so it's not just his word there are various parties working towards the same goal.

[flojo] 19/11/2012 09:04

Duss ,any more news mate?

[dusseldorf] 29/10/2012 10:28

Hopeful of the permits being 'agreed' (issued) within next two weeks, again, basically awaiting a rubber stamp at one of the next two ministry meetings.....

taking an age, but what choice do we have (retorical question, we don't have one ;) ). I'll keep posted if I receive a further update.

[fenseal3] 20/9/2012 20:23

By the way Duss any losses will go against gains else where..thats why it's worth following brian!!!....sorry my point the 40k...70k...means f..all!!!!

[flc] 20/9/2012 19:41

Hi Duss

Thanks for the update. Hope all is well.

There's still a glimmer of hope here otherwise DMR would have disappeared long ago. Seems like a long time since we were discussing the opportunities of Bowenite and nano-technology! Whatever happened to the natural resources which at one time appeared so valuable?

[fenseal3] 20/9/2012 15:55

Hi Duss, even a labour of love has it's limits...he may throw the towel in before too long...any hint of a come back will be amazing, the past three years i have had no less than five companies delist and have never come back, what makes DMR so different...my loss so far is 25k on all five, if DMR do come back i will greet them with open arms...untill then it's just another company that has delisted and my money has gone...fingers crossed!!!

[dusseldorf] 20/9/2012 15:41

fenseal3 - I think DMR is a labour of love, he also has circa £40 - 75k of funds/fees he's loaned to DMR which will wrap into any floatation.

Co-incidentally I got an update today 20/09/12:

Sorry I missed this, I was in South Africa

The process is still grinding forward. The Deputy Minister of Mines came onto our last conference call to promise that the licences would be issued within a few weeks. Our technical director, is visiting Abidjan next week to confirm the coordinates etc for the licences in compliance with the new law.

As soon as the licences are in our hands we will re-establish the timetable. We are in frequent contact with the brokers.

I am afraid the gold price may have gone up but the IPO market still remains very difficult. But the important thing is to get back onto the market

Regards

Brian

I guess the inferrance is that we may get less than the original price per share, but getting to market is the key objective

[fenseal3] 20/9/2012 15:12

Interesting that Brian is a director of FRX who are based in Tongo....and DMR may have a deal in the Ivory Coast both in west Africa and a stone's throw away from each other...Brian holds 13m shares in FRX @ 2p todays price, hope he still thinks bringing DMR back to market is a good idea, or will he think...too much work to do think i'll give it a miss, after all having £260k invested in FRX you would think why bother with DMR...or because it's a stone's throw away he may push this as much as he can....thoughts welcome!!

[mister md] 18/9/2012 12:31

Dusseldorf - thanks for your 'private' message re: another share on 16th Aug - only just discovered it and unable to respond as I'm not a 'blue' user...

[dusseldorf] 24/8/2012 08:02

orvil - I had correspondence from Brian on the 10th August following a question re: news that Perseus got their exploitation license (different from what we need which is an exploration license). I was holding back an update pending a positive update last week - I haven't chased him yet to see whether or not we got the 2/3 permits...

"...we have been told that the first exploration licences are now imminent, and we have a reasonable expectation of receiving two of the three we originally applied for next week."

..and regarding the 3rd license we were unlikely to obtain in original application
"..expected timetable is by mid September for the new application. What we need now is an improvement in the investment climate after the summer holidays!"

So, we've been here before (funding talk after summer holidays). Gold is much stronger now and Golman too have predicted a 30% increase in commodities.

Ducks lining up but would be interesting to know if he is planning to proceed with a float with 2/3 licences or he is going to wait for the full package after mid-september. October listing anyone?

[orvil] 23/8/2012 17:56

probably posted before but might still be the plan

Dimension Resources Ltd (DMR) is currently an unlisted, Bermudan regsitered cash shell. DMR has a view to AIM floatation as a Gold prospector in March 2012 and heads of terms have already been agreed.
DMR (historically stone mining company) was removed from market over two years ago due to a technicality whilst pursuing a Congalise Diamond prospect - that being no Nomad would agree to work with a company operating in the DRC and as such DMR was left without a Nomad.
Following several failed reversal attempts including a Palm oil plantation in the Solomon Islands, Diamond mining in South Africa and Diamond mining in the Congo, DMR is now finally close to a deal.
CEO Brian Moritz has signed heads of terms with an organisation 'Gewiss' that owns exploration permits within a key Gold belt in the Ivory Coast. The deal would see Dimension reverse aquire the BVI registered holding company and raise funds in the region of £3m prior to relist giving the listed organisation a market cap in the region of £10m.
DMR would subsequently target the discovery, verification (JORC compliance) and sale of gold blocks in the region of 1m oz ($1.7bn commercial value) and package it for resale.
The only current stumbling block is the ratification of the mining licenses following the dramatic change in government in the region last year. DMR Directors (likely through a local contact in the Ivory Coast) are in touch with the Ivorian Minister for Mining and President and are confident of validation of permits in the short-term.

[orvil] 23/8/2012 17:40

News The license freeze lifted at last
Ivory Coast's presidency has eased the iron grip it held for long months over the renewal or delivery of mining licenses (AMI 276/270), prompting a sigh of relief in the mining community which can now hatch long-term investment plans.The country's mines, energy and oil minister,

[flojo] 26/7/2012 09:38

Yes thanks Duss

[flc] 25/7/2012 14:21

Thanks Duss - keep it coming!

[dusseldorf] 25/7/2012 10:14

My latest response from Brian (received yesterday).

This got stuck in the negotiations with the World Bank for debt relief for Cote d'Ivoire. The World Bank wanted changes to the mining code which would have changed all the licences issued, so none have been. The agreement with World Bank was announced a few weeks ago, and we are expecting the new rules to be promulgated either tomorrow or next Wednesday (the cabinet meets on Wednesdays) so may I update you in a couple of days?

I guess that means Brian expects new licensing rules to be agreed between Adama Toungara and President Ouattara within weeks. I don't want to guess a timetable, but the key news for us to progress is the above named pair agreeing licenses, then funding rounds can be booked in diaries. Essentially I've not been told more than I could work out myself via google, but at least it supports my view on where we are.

[flojo] 17/7/2012 10:18

Cheers Duss

[dusseldorf] 16/7/2012 16:32

I see Ivory Coast has received the $4bn debt package I think was one of the blockers to progress in mining reforms:

[dusseldorf] 27/6/2012 08:02

Flojo - I have not bothered to contact Brian of late as to be honest I think I am able to assess where we are just by googling(!) The fact is until Adama Toungara pulls his finger out and redrafts the mining proposal and it is approved by Ouattara the project cannot go anywhere.

20/06/2012
"IVORY COAST
Adama Toungara
Ivory Coast's leadership is continuing to ponder about drafting a definitive version of a new mining code. In the meantime, Adama Toungara, minister of mines, oil and energy, is keeping mining operators at arm's distance and they are beginning to lose patience.
"
( )

[flojo] 07/6/2012 16:24

Duss ,heard anything ,now in to June -cheers.