Btr and Glencore ann JV on perkoa in 2010 ( Glencore now controls project) 2011 Btr ann a strategic placement with Glencore at 62 cents( Glencore now has a blocking stake on the register) 2012 btr ann cost blow outs on perkoa, now diluting control to preserve cash 2013 - btr ann more cost blow outs on perkoa, more dilution on perkoa to preserve cash.
2013- btr ann management changes
Predictions: Glencore will put a representative as chairman on the board ( this will give Glencore casting votes on board level)
I predict they will continue to delay perkoa ramp up to restrict btr from earning cash quicker and resulting in a strain on future spends on the big daddy Mumbwa
I also predict btr will farm out kitumba to Glencore and a JV will be ann , hopefully btr won't lose control like on perkoa, but with a Glencore run board it will happen!
I don't see Glencore as a friend but an enemy , sadly btr still needs.....
BTR Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
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