magindustries mengo financing falls through, page-2

Hi Denpal,

I said two times before that MagIndustries project was hopeless and no one would finance it.

I am always saying; mining business is mainly driven by the grades. If they are high, then you have a very high chance for success. If they are low, you don't have much chance. You need a very good luck.

ELM has a very high grade resource.

See my post no. 6199226 on 17/01/2011. I said;

"I have studied the "Updated Reserve and Resource Estimate
for MagMinerals Kouilou Potash Project" (200 pages) of MagIndustries two months ago. So I know everything about their project. It was like a feasibility study.

Sorry to say but MagIndustries project is hopeless as I said on my previous post in 11th of Nov. (post no.5970554). I don't think anyone will be interested in investing in this project. And their sp is going down despite all potash stocks are going up in last 6 months.
...
With those low grades, no one is going to give $850m Capex cost to MagIndustries to start that project unless potash price reaches to $1000 in the future."