Well here goes. The meeting started off with the resolutions which were all passed as you will have seen with the ann by IFE this afternoon.
One comment I picked up on when the directors were going through the resolutions was that Peter Rowe said Quote ?the schedule is a very tight one? for the shipping by the end of the year.
The resolutions were also a ?done deal? as the figures were on a powerpoint slide and the purpose I suppose of the meeting was to go through the motions of officials passing them as per ASX rules.
One point of the proposed CR, I think Res3, was that Ian emphasised that it was prudent to do this ?just in case? they had a hiccup. There were no plans to do this CR it was just in case something went wrong which he did not anticipate.
After this Ian went through a powerpoint slide show much of which long term holders will have either seen or been aware of. Here are the highlights or not as the case may be
Once in production drilling will commence at Hercules and further drilling at Wilcherry Hill. The last metallurgy work will be completed within the next week with a DSO now defined at 5.3m. They will have no problem selling this high quality product.
On to OMS Ian stated that they will receive 95% of sale of each ship load within 30 days.
Balance of funding will be by debt funding. Ian explained later that the reason why that has not been finalised is that the banks want to see he MLA (mining Licence) approved before giving funding. Which bring me onto the MLA. He stated that there had been no negative feedback from the SA govt and he still anticipated that the MLA will be approved in July!! - next month!!!!. Rehabilitation programmes are ready and can commence once the MLA has been approved which take a further two months so that mining is still on schedule for late Sept/early Oct.
All major tenders are in finalisation
He went onto detailing the shipping arrangements which was quite detailed, the crux of it was that the first shipment will be in two stages both of 30,000 tonne vessels one in Dec and one in Jan 2012.
Margins were still being worked on but he confirmed that they are still likely to be around $55 per tonne and are still on track to ship 1m tonnes in year one and 2m in year 2.
Capital costs are now 27.3 (again he gave an overview on why these have changed but it wasnt anything significant in my opinion)
Onto the share price which someone asked the question on its performance.
As usual he stated that he can not understand why it is where it is. He said that it must be the lack of understanding. He stated that the only thing they could do was to show the investment community that the product they have can be mined and sold. He did stated that IFE is a $50m MC company now and that when it makes $50m in its first year then it simply couldnt be a $50m MC company.
He did concede that they have made mistakes in the past but he had learned from them and was very hopefully for the future.
Overall my comment is that I actually was impressed with the overall meeting & Presentation, I still voted no to Resolutions 3-9, but certainly Ian did seem very confident that IFE would be mining this year. Personally I have stuck with this for 4 years I am not going to bail out now being so so close to the end game. Like Ian said they may have to actually ship the stuff BEFORE the investment community wakes up to this company I for one am going to stick it out at least until Easter next year.
Hope this helps all to understand where IFE is at based on todays general meeting
TYX Price at posting:
71.5¢ Sentiment: Hold Disclosure: Held
(20min delay)