"Being in manufacturing or being a bus driver doesn't put you in an expert position to comment on a project."
I'm not a johnny-come-lately like you blokes. Considering that I was involved in ConsMin more than 15 years ago as a large shareholder and opposed the original scheme of arrangement takeover in 2007, I know a thing or two.
I lead the charge against a deceitful management who deliberately covered up facts about manganese. Management even threatened me with Legal action when I posted hundreds of letters to ConsMin shareholders.
The company was eventually taken over by Palmary a Ukrainian company, even recently I was interviewed for a story in the Kiev newspaper regarding my opposition to the Pallinghurst, Territory Resources and eventual Palmary takeover.
Having been burnt over the years by deceitful, incompetent, stupid and in many cases plain ignorant management then I'm extremely wary these days. Some management just do projects to keep themselves in a job.
My original background (mining engineer and manager) is in , coal, nickel, gold and manganese, so I'm not totally ignorant when it comes to mining projects.
The Butcherbird deposit has been around for many many years, its very low grade and previously its never been economic to mine. You can think its economic to mine but I don't. With high Mn ore prices it will be OK, but at low prices its not.
The problem that E25 faces is that when Mn ore prices rise then South Africa just ramps up. Tshipi for example has a 100 year mine life and has an all up production cost of US$2.05/dmtu.
This is FOB
"Tshipi Borwa’s average cost of production for the quarter of R36.10 per dry metric tonne unit (dmtu) free on board (FOB)"
Tshipi is planning to ramp up from 3 million tonnes to 4.5 million tonnes.
Obviously, I am interested in the project as OMH has a stake in it with some shares and offtake agreement.
I'm not against the project at all, but when I note irrational exuberance by some posters then its worth looking at more closely. I was hated on the IOR, NSL, now ELE threads for years, but what I stated came to pass.
E25 Price at posting:
58.5¢ Sentiment: None Disclosure: Not Held
(20min delay)