I also mailed to the new CEO and the main element of his answer was:
"I would also like to be clear that the problems we are working through with respect to Perkoa will not affect our plans for the Kitumba project, the optimised feasibility study is progressing in line with our expectations."
Therefore I think we should also differentiate the announcement that has been made last Friday. Based on the fact that the SP has not fallen further I guess, that the one or other has made similar considerations like me.
In my view the announcement was necessary to prevent any kind of furter dammage or unclaritiy regarding Perkoa. It clearly stated that the issue is with the open pit mining and not with the underground mining. However every possible option is to be considered. Means for me that everything is in the cards; from a care & maintenance phase for the whole up to continue to produce zink from the underground mining but with an adapted business plan and clarifiation of some open questions (e.g. working capital). My conclusion: yes, it is bad news but currently we do not exactly know how bad the news are. From a rational point of view it makes no difference to me to see Perkoa generating no profit overall because of a unprofitable open pit or generating some profit because of the underground mine as stand alone. Latter is the better option for me as share holder. By the way...yes..the ressources have been reduced but in the past also several times it has been stated that the ressource might be open to the depth....
Okay...and regarding Kitumba nothing has really changed. The copper is there, even if at 200 m below surface. By the way I do not know if somebody has noticed that at least theoretically the ressource might be approached almost horizontally. However...we have seen a ressources upgrade in December and more optimization to come. I know that some here are of the opinion that Kitumba will not fly. Other are more positive and other - like me - are waiting for the facts just because they have no idea if Kitumba is s.exy or not and as long not somebody that has really a clue of the industry is not telling me that the project is "crap" I believe into the chance that in some year BTR will produce copper there.
I like the statement of the new CEO: We are not here just to survive....
Indeed...we are not.
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