“In the meantime, mining activities at Baobab Project, if any, are expected to be limited in scope.“
After only two measly shipments (approx 50,000 tonnes) of phosphate from Boabab, AEV are now halting mining until we somehow raise/spend (con?) $53 mill to upgrade the plant.
The whole concept of Boabob was sold to us on the premise of starting small and using sales to upgrade the plant (it made sense to me).
The 2016 annual report states:
“The combined offtake agreements account for between 360,000 and 480,000 tonnes per annum of production for the first three years, representing almost all of the expected annual production.”
Doesn’t seem like we’ll be fulfilling these commitments any time soon, and funny how’s there no mention of how we are tracking against targets.
All that money spent to develop Boabob has got us nothing except a few photos of a big hole in the ground (and even the photos have stopped coming). We are basically back to square one and a whole lot poorer.
I hope I’m wrong people but I feel like I’ve bought a chair in front of a poker machine rather than shares in a mining company...
It’s only a hold because I can’t afford to sell.
AEV Price at posting:
4.9¢ Sentiment: Hold Disclosure: Held
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