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5.1¢ millennium minerals limited

Ann: Drawdown of IMC Debt Facility and ASX Waiver Granted, page-138

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Lemand

565 Posts.

149

11/06/19

23:26

Post #: 39009900
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Originally posted by Fish3: ↑

On the evidence, he probably was right. Well, certainly was right. He suggested the plant wasn't suitable for sulphide ore yet most of the potential deposits they explored were sulphides. and that was a major mis-match that would cost a fortune to overcome, including a lot more borrowing. But they have just about finished commissioning the upgrade to do just that, and in theory at least, using a process that cost just $15 mill to do rather than the estimated $50 mill. Proof will be in the pudding as they say, so the next two months are make or break in that respect. It has certainly resulted in a lot of extra capital-raising than most shareholders thought, but one that clearly Bob and presumably management were aware of at the time. It does seem like a rather bumbling approach that I've been caught up on before (e.g. Strategic graphite/valence industries) with a half developed plant refurbishment and mine but not the funds to complete the project and then the plant all going to the lender of last resort at bargain prices as it collapsed. But this one does look like it may make it across the line. If it does, and we should know by the end of July, it will likely have a more rosy future than Bob painted at the time.

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Either way it goes IMC wins

MOY Price at posting: 6.6¢ Sentiment: None Disclosure: Not Held
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