Buy side seems to have improved considerably today Can only assume that it is a positive response to yesterdays Co update. Some positives coming out of Nabberru, more targets generated and new tenements under application. One has to ask when will the WA Gov get their act together and reduce the amount of red,green and black tape that companies have to go thru in order top explore. The amount of applications etc that are buried under a mountain of tape is staggering, you would think if they wished to 're-boot' the mining industry at a time of crisis something would be done to streamline the process.
This could also be a response to the final nail being placed into the coffin of the Columbian deal. Iron sands was a fine idea in an I/O bull market (if the deal was as good as it was represented to be) but is now an inferior product in a market where even quality Pilbara I/O cannot find a market. Seems the vendors of the Columbian deal cannot put there foot on the tenements that they claimed they had despite being given several time extensions to get their house in order. Now they refuse to reply to demands from Vector for the return of funds advanced on the now terminated project.
Dir Bolivar as a dir of VEC and a rep of the vendors now finds himself in the absurd position of effectively suing himself. Why would you not step aside given the obvious conflict of interests ? Not very professional IMO.
IMO VEC is better of sitting on its cash and waiting for the fall out from I/o juniors in WA many of whom will be unable to survive for lack of cash, and scoop up some absolute bargains that are sure to present over the next 6 months. In the meantime the interest earnt on $8m could well pay for more drilling at Nabberru
Further, given the obvious conflicts presented between the parties looking to take over the board do you really believe that any renegotiation of Magdalena will be done selflessly in the best interests of shareholders ?? Thats providing that they can even secure the tenements which they have failed to do so far
get real If it looks dodgy, smells dodgy its probably dodgy
VEC Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
