I had an email exchange with Baz today and he said "finance and equity component will be resolved ASAP ....... finance ongoing but close."
He also confirmed that the major purchase items (major plant for restart) was all sourced and deposits have been paid so there should be no delay to construction start which is programmed for Sept/Oct. I was a little worried about the program here but all looks fine so far.
He mentioned some time ago that lots of people like Nifty so he was lucky in getting staff coming back. Camp also has the only pub in the Pilbara. Honey to attract the bees !!
So all in all, going to program. That is all one can do - your comments are pretty speculative but I get it, there is risk. You just gotta have the appetite. And anyone with half a nut knows that mining is an uncertain and messy game. And yes, the mantra is always trust nobody.
But the thing I think you correctly allude to is that Baz, chairman Gary Comb, finance lead Wayne Apted and a lot of management have got substantial skin in the game and they are very motivated to increase their wealth via being a successful copper producer. No lifestylers there.
And the recent amendment to AGM resolution (protection of Barry's bonuses) underline to me that, once this thing starts generating money (next year), it will become a tasty morsel for one of the biggies. And, by this stage, they will have announced resource upgrades for all three tenements which will probably total 3 million tonnes of contained copper. That will put them in the top 10 copper deposits in Australia. A VERY tasty morsel.
And, yes, trust is an issue but time will tell - my personal level of trust with these guys is high ATM and I don't anticipate it will change.
Another mantra "Rome was not built in a day".
cheers
CYM Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
