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clock Created with Sketch. 10/02/22
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Originally posted by Spinnaker
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Large Portions, I am getting truly sick of your downramping, especially on days when we receive a really good announcement. Can you name a single bauxite miner who managed to sign a profitable offtake agreement in the last decade? It looked like Metro Mining got there 5 years ago and then they were screwed over royally by their Chinese offtake partner and came within an inch of going bust. The Chinese now basically allow them to cover their costs but pretty much never make a profit. It seems almost impossible for a small player to make a buck out of bauxite mining in Australia using the traditional offtake partner model. Ian Levy decided not to sign an offtake agreement like that and risk being screwed over. He chose a different structure with an old Indian family run company. Binjour is very much alive and well but has been significantly delayed by Covid. The small sales to cement and fertilizer companies kept ABX alive and allowed them to survive for 5 years without raising capital. You have to give them some credit for that considering how many other small listed companies go cap in hand to shareholders on a regular basis.
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Personally hope poster large portions sticks around like a bad smell wafting up the nostrils so as to remind us it is shareholders who own the company not executives , and we should not be apologists on their behalf for their procrastination and lack of monetization of mineral resources .
