Iofina Share Discussion Threads

[superg1] 08/7/2015 10:06

Just joking

I'm just waiting for the news.

Q2 done and deadline for the JR has passed, so we'll have plenty to talk about hopefully once the news comes out.

As for SQM, if they were flying along and on the verge of opening up an iodine mine of 5000mt at a cost of $5 per kg, then I'd want to know about it.

What I do know currently is that they are potentially the verge of losing 50% of their revenue stream. CORFO are also demanding the money they would have got if the leases carried on until 2030.

On the iodine side 65% of their production is under threat due to those water rights. Rights which I recently found out that should never have been awarded in the first place.

I know they have closed high costs mines and it's seems highly likely their iodine costs will include tax evasion and other measures to avoid payments.

I have mentioned a few times they use 'like' costs in some strange ways when determining opex for each sector. They seem to load opex onto nitrates, which we now know is subject to claims of selling below the market price to avoid royalties etc.

CORFO tomorrow will detail the evidence including to US authorities tomorrow re how SQM have caused $50 mill to be diverted to the detriment of shareholders.

The main finances sites have not yet spotted that news.

[roundup] 08/7/2015 10:02

That's a good start.

[roundup] 08/7/2015 09:50

Has anybody any comment about IOF?

[superg1] 08/7/2015 09:50

Fresh

If that were he case the info and prosecutions would never have started in the first place.

I mentioned finding various bits and was told it's pointless as it would be buried in corrupt Chile and nothing would happen.

If you recall I found an article re the SQM water rights.

Cosayach spent about 6/7 years through the correct channels and courts trying to water rights. The EIA system declared such water withdrawal detrimental and blocked it.

SQM then appeared put in for water rights and got those Cosayach applied for and more. No doubt through bribery and corruption.

That's why Cosayach 'stole' SQM water. In that regard as crooked as Cosayach they had a guy sent to prison for taking water that they should have been given the rights too.

It was clearly all about stopping Cosayach expanding and allowing SQM to gain control of that area.

I'm not too bothered about what sentences each individual gets, the truth is coming out and exposing SQM for what they are. The claims of low costs this and that is all based on tax/royalty evasion, bribery, and fraud.

I'm now wondering what Potash will do as they have a material interest in SQM The news about fraud and corruption just gets worse and it seems there is plenty more to come.

[freshvoice] 08/7/2015 09:29

Having 'bought ' politicians of all colours my guess is SQM will get away with a slap.

[superg1] 08/7/2015 08:39

CORFO drop the evidence re the $50 mill into local and international authorities tomorrow.

It seems the usual finance news agencies have yet to spot yesterdays news.

Now all we need is those water rights to be suspended. SQM would go into a sink hole if that happened the share price would collapse imo. Analysts and investors completely oblivious re that.

[superg1] 08/7/2015 07:45

A bit more, as they dealt with this guy yesterday. So there are a few relevant stories that show why SQM is seeing new lows with more to come it seems.

Alberto Cardemil was the first one to be heard. According to Sabas Chahuán, the RN’s ex-deputy would have signed a fake contract with SQM’s ex-director Patricio Contesse, allowing him to carry out fraudulent impositions to SQM’s accounting. Through this ‘agreementR17;, Cardemil would have received several payments from the company over the year 2014 for supposedly delivered services that were actually never delivered at all.

It shows the depths SQM will go to, to avoid payments.

No worries though prior to all this SQM told investors the CORFO case is a technical issue, not material. lmao

We'll see when that bubbles over this week with the full details.

[superg1] 08/7/2015 07:27

This sounds serious (news yesterday) and it seems SQM have more to come.

So the former revenue service head has said the former interior minister put pressure on them to stop investigating the aspects mentioned, AND it seems told them to dump or hide accounting information.

More to come judging by this line

'repeated pressure to desist from Internal Revenue present complaints that were already under way or would be presented shortly.'

The former director of the Internal Revenue Service (SII), Michel Jorratt, accused former Interior Minister Rodrigo Peñailillo, pressing it to stop the investigation against Soquimich for alleged irregularities in the financing of the pre-campaign of Michelle Bachelet. This was explained in his statement to prosecutors investigating the case.
In testimony that was released today by 24 hours, the former public official explained the repeated pressure to desist from Internal Revenue present complaints that were already under way or would be presented shortly.
Jorratt also said the pressures came from the executive and other politicians of the ruling party and opposition.
He also said that it was through the chief of staff of former Finance Minister, Alberto Arenas, who not only told him verbally the hassle of Peñailillo for research and was instructed "not to go ahead, and if necessary, run parallel SQM trucks to take the accounting information to prevent the prosecution reached ".

[superg1] 07/7/2015 23:07

Re Corfo SQM

There is some sort of hearing where the info gets dropped on them this Thursday.

On July 9 the settlement hearing will be held in front of the referee judge, Hector Humeres, the legal dispute between MCS.
Corfo executive VP Eduardo Bitran said that comply with "commitment" to deliver to the relevant supervisory history are there in which the entity called "relevant" - about Sociedad Quimica y Minera de Chile (SQM) .

[superg1] 07/7/2015 22:44

Alpha

You have just learned why most of us gave up exchanges some time ago.

I don't read the threads and have no desire to. Obviously that's a lie of course in their very strange world. :-).

[superg1] 07/7/2015 22:40

Corfo report: to reach US $ 50 million damage to minority SQM

The state will ask the Superintendency of Securities and Insurance research SQM operations with related companies.
He also asked to clarify the role of Gustavo Ponce Lerou sale of lithium supposedly under market value


Just seven days to announce a tough legal strategy against Sociedad Quimica y Minera de Chile (SQM), controlled by businessman Julio Ponce Lerou, Corfo executive VP Eduardo Bitran, it is on the verge of fulfilling his word.

On Wednesday July 1, after attending the launch of new Human Capital Grants Corfo, the authority announced that the entity had a history of SQM have made transactions with related companies affecting interests of minority shareholders of the company. In the activity, the former Minister of Public Works of the government of Ricardo Lagos said that such information would be placed in the hands of national and international regulators.

Said and done. In the coming hours, Corfo experts will attend to the offices of the Superintendency of Securities and Insurance (SVS) to submit a report within the entity under the Ministry of Economy is rated "strong".

According to reports, Corfo could corroborate that up to US $ 50 million was the injury in SQM to minority shareholders during the five-year period analyzed.

This in the midst of an arbitration dispute over the granting of the Salar de Atacama that keeps open Corfo with MCS, which prohibits the parties make statements regarding any trade dispute. Indeed, on Thursday the judge's Arbitration and Mediation Center of the Santiago Chamber of Commerce (CCS), Hector Humeres, summoned the parties to hear sentence.

The hypothesis elaborated in detail Corfo, through its report, he argues that SQM hurt minority shareholders upon sale of lithium at prices lower than the market to related companies for a period of five years. But the argument would go even further.

Corfo will provide information to the SVS in which the leading role is detailed in the sale of lithium has Kowa, Julio Ponce Japanese company used to maintain control of SQM in the midst of merger with the Canadian Potash.

Kowa has almost 99% of the exclusive sale of lithium SQM done to Japan, which would be lower than market prices, according Corfo.

But what caught the attention of the experts is that SQM Corfo has an agency that supposedly makes the marketing, but almost everything is done through Kowa. That is inexplicable, holding an accounting process linked to signature analysis ombudsman.

The branch of marketing in Japan -SQM Japan Co. Ltd., is in charge of brother Julio Eugenio Ponce Lerou. But there would be an agreement for joint action between Kowa and Soquimich driver.

The request to the SVS

Along with delivering new information, Corfo asked the Superintendency of Securities and Insurance (SVS) a series of investigations to SQM. The first application will Corfo to the entity led by a commercial engineer Carlos Pavez is to elucidate the possible injury to minority shareholders during the five-year period investigated. Another request is made that the regulator investigate the link between Gustavo Ponce Lerou and Kowa owners. The latter because in the opinion of the state entity would be part of the shaft that would have generated the damage.

Finally, ask the SVS Corfo evaluate possible sanctions against SQM directory, as they would have breached the duty of care established by the Corporations Law.

Such is the interest generated for the state agency, which even the report that will accompany you will get a written by executive vice president himself, Eduardo Bitran letter.

Asked Corfo, through official channels, referred only to point out that they could not refer to the process, as confidentiality clauses maintain the existing arbitration.

[superg1] 07/7/2015 22:32

SQM

Another drop and now the relevant bit to cause that is becoming apparent,it seems CORFO are set to drop some evidence on the authorities about Lithium sales and the fraudulent route to reduce royalty payments.
It sounds a bit grim for SQM.

That includes an estimate of a loss of US 50 million to share holders.

I need to dig around and pick through bits available.

[alphacharlie] 07/7/2015 21:03

Just had to share this since so many of you wouldn’t look at the ‘other’ thread. I switched on the home comp on to see if there are any PMs or emails only to find I’m getting a right shafting from thebutler on that ADVFN parallel universe thread called ‘Iofina Holdings in Company’

Seems that if you say something (as thebutler did about IOF’s accounts) and it’s untrue, then when you’re found wanting, you just move the goalposts to suit the original miss-representation and claim you were right all along. No doubt he’ll play the ‘they weren’t filled out in black biro’ card next. And at the same time a whole host of rabid supporters (poetic licence here – think Wordsworth) appear to reinforce his message probably because it fails to stand up on it’s own.

Also it seems I’m SG in disguise which just might help my attempts to join this ‘private group’ if Bogg1e ever re-appears with some info . . .

[severnof9] 07/7/2015 20:02

Superg1

Its a bit like being an iofina shareholder. Our management don't even bother to turn up to to tell us good luck with the water permit. There is just the whiff of mild cigar smoke and mirrors

[superg1] 07/7/2015 17:03

Hmmm those folks holding the stock market and EU to ransom turned up with no new proposals.

Meeting this evening, how nice would it be if they turned up and found nothing but a pack of hamlet cigars with a post it note saying 'good luck with the Drachma'

[superg1] 07/7/2015 14:47

For those interested the lithium miner expecting to get to 1450mt of lithium per month in Q4 this year is OROCOBRE. Forecast as of June this year.

Toyota Tsusho have a 25% stake in it.



Just letting folks know that may have an interest in the sector.

[alphacharlie] 07/7/2015 13:10

SG - noted, thank you.

[superg1] 07/7/2015 11:26

Nash

4th July, Friday off, weekend celebrations.

They had up until that time to apply for it but equally they have to wait for comment from the bureau which could have been late last week.

Draft rns submit to nomad, nomad reviews it etc etc.

They could release it now if they want and if it's positive, I'm still waiting for the Greece news before doing anything else.

All eyes are on that US included. Meeting this afternoon.

[superg1] 07/7/2015 11:20

It was about Mr big in that line of posts. There was mention of contact with him. It's his post and I was mentioning highlighting the no response to that post.

I still have no idea re the 'British company'

I do scan the battery market as a general investor process looking for viable future breakthroughs that are near term not 20 years off.

There are one or two about.

I track that with lithium in mind. There are a lot of start ups looking to exploit lithium but by the time they get there technology advances may stifle demand.

I forget which one but I read yesterday that one company is expecting to hit a 1450mt per month rate this year jumping from virtually nothing.

SQM did 40,000 mt last year (27% of the market).

Someone dropping 17,400mt into the market should surely impact prices as it's near half of what SQM do. There are only 3 main producers at the moment.

SQM mentioned that if RB hit their 20,000 mt rate then they expected downward pressure on lithium prices.

Battery etch advances talk of more more for less weight. A few talk of super capacitor charging times which are vastly superior to current tech, and higher outputs.

That's more about batteries for me than SQM but new producers can impact SQM revenues.

[nashwan123] 07/7/2015 11:20

freshV

I agree I thought an RNS re JR post deadline to S'holders would have been posted. What is the hold up? Is it lodged or not? If it has then we then move onto the next deadline.

[alphacharlie] 07/7/2015 10:52

superg1 - 6 Jul'15 - 14:01 - 34451 of 34473

Alpha

I did ask re the claimed comment about a British company involved in Lithium iodide batteries. I couldn't find a thing on that and got no reply . . . .

--------------------------

I've just noticed this - it's no problem but I think you may have meant it for someone else

[freshvoicem] 07/7/2015 10:32

Is there any way of finding out if they have applied for the JR yet?

Sg1 seems to know his way round the water sites?