How on earth could this glass be seen as "half full"? The question is whether there is a last drop of water in it or even this has evaporated already. HAZ was a 15c stock before the company fumbled for the first time. While the company was bragging the Vietnam plant had been built significantly below budget, all money was gone. Does that make sense? Anyway, since they had no money to buy tungsten concentrate the plant was sitting idle for next two years. Fiasco, part I.
On 19/04/2011 the company issued a press release stating: " The inner refractory lining of the ferrotungsten furnace, which consists of ferrotungsten metal, will be installed during hot commissioning which is expected to take place in June [2011]."
It didn't happen in 2011 and it didn't happen in 2012. It wasn't before March 2013 when they started hot commissioning! And in order to achiever this little the company had to print and issue new shares like mad. Existing shareholders felt like being expropriated when HAZ issued ~800 million new shares in November of 2012.
Now all the money is gone. They fumbled again! Production targets have been missed by a wide margin and the company never made a profit. Fiasco, Part II. It's a deja vu for those who were on board three years ago. We all should know what's going to happen. Either another massive dilution or the company goes belly-up. Either way shareholders get the boot. "Half full"???
HAZ Price at posting:
1.9¢ Sentiment: None Disclosure: Held
