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8.3¢ mirabela nickel limited

MBN Class Action2, page-165

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ozgoldtrader

6,129 Posts.

205

29/09/15

20:34

Post #: 16083497
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Originally posted by tomboy ↑

Possum30 posted the MBN website details of their 4 Year mine plan.

"2015 Four Year Mine Plan
In the second half of 2014 the company undertook a full review of the mine operation resulting in a new four year mine plan strategy commencing in 2015. Mirabela's 2015 mine plan focuses on streamlining operations and reducing production unit cost The mine plan targets optimising near-term cash flows given the low and volatile nickel price environment."

NOT VA!

According to this 4 year mine plan, they have NO intention of closing the mine, shuttering the mine, cutting capex and shutting the plant or deliveries whatsoever. They have no intention of sacking staff or cutting production. The plan states clearly they are increasing ST cashflows.

They could shut or slash the mining and continue the stockpiles and plant for 6 months at even much lower COP but they havent.

If faced with loss production or large capex cutting cash to 0, its prudent not to relist in February and even in May to advise this to the market and do what WSA PAN MCR have all done - reduce production, slash capex, slash 400 mine workers, stop mining altogether and use the 15,000T stockpiles, reduce the tailings dam requirement & not increase it!

So it doesnt make sense to
- issue guidance of 20,000T production by January or
- 18,000T for 2015,
- 2015 sales fully committed if the sales are not fully committed and not being paid for
- continue mining at record levels causing higher capex and higher staff wages
- keep incurring capex on the tailings dam if you dont have the cash left to spend the capex on it
- if your income NP doesnt exceed your expenses/COP as we were advised it did.
- not sacking 400 workers for 5 months to Dec which would result in COP drop to US$1.50uslb yet sales would still proceed from the stockpiles

For a safe and stable MBN that is prudent and financially responsible they spent their last pennys like a gambler on a death wish or a drunken sailor.

They have NO intention of stopping this monster mine or its capex, tailings dam or transport of deliveries. Even in 2014 they had no such intention. This is a positive for all of us. This is why it doesnt make sense.

Even if they recap, relist and say sorry, all stakeholders have class action legal rights and losses that have been created thereby. The best thing they can do is to shut the mining and sack 400 staff, overthrow the govt, make the BRL go to 5.00, continue the stockpile deliveries for 5 months...but they wont! WHY?

Why are they so intent on incurring such large capex beyond announced and reducing their cash to 0? It doesnt make sense.

Expand

True -that's why I think this whole VA thing is really only "Technical" -none of this "end of days" BS some here want to make you believe, especially those c..... that don't have shares in there but still take a wa...k in profiling themselves as the "I know it all" doctors,

Shame on Jt for lacking the sentiment for the poor individuals who have skin in this, and going thru a bloody painful, gut wrenching time - if you haven't learned your share in 'caring' and looking after your next door investor - your time will come too when others taking a p.... over your pain and suffering

MBN Price at posting: 8.3¢ Sentiment: None Disclosure: Not Held
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