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clock Created with Sketch. 12/08/23
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Originally posted by Mentalist123:
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BENWEX 2, yeah the $2m credit facility from Tempo was probably taken into account when the MD made that unecessary statement” sales revenue and profits from copper sulphate powder, will cover exploration expenses” . They won’t ! but I think they made the calculated statement knowing that the $2m backup was in place. With the $2m back upIn place by the largest shareholder it gave the MD a little assurance of his comments. Bear in mind the Mt Oxide Copper project was purchased from Perylia for $45mWith $15m still owing. At the end of June TNC quarterly report had cash at $3.49m. Now middle of August my guess now around $1.75 -$2.2m at a spend rate of $1.6m ( guess) a month. So of course, unless the $2m draw down is implemented then a $$ placement will be sooner rather than later. TNC has basically 2 projects. One is the Mt Oxide Copper project which TBC stillowe $15 owing and yet to pay. (2 years it’s due) The second project is the Great Australia Mine project near Mt Isa where the two process plants are located . Prospectus says: copper sulphate SX plant for oxide ore and a concentrator floatation plant for sulphide ore. Question is : why are TNC drilling Mt Oxide which already has a.substantial JORC resource but no process plant when they have plenty copper ore bodies and process plants at Great Australia Mine. Mt oxide is approx 300klms away from Great Australia Mine and too far to truck the ore. There is no grid power at Mt Oxide and building a process plant at Mt Oxide to make viable is probably in vicinity of +$150m. I just dont get it. Why not build a big $$ bank at Great Australia mine first where TNC already have the copper ore and the infrastructure? Reading history of Mt Oxide: was first mined in 1882, then fm 1927-1943, then 1955-1960, then 1967-1971, then 1978-1982 and then it was abandoned. Mining lease expired. Been sold a number of times. No one seems to be able to make it work. Then as an abandoned project under an EPM and a major environmental problem with leaching copper into streams, Perylia Resources Purchased it to build a 1.5m tonne per annum process plant at Mt Oxide. After a fortune being spent on trying to rehab it and with QLD EPA all over it, because QLD EPA so tough and after 13 years, Perylia in 2013 the Chinese took over Perilya and Mt Oxide put on hold, just monitoring rehab then walked away and sold it to TNC. Even after selling Mt Oxide at $45m, Perilya probably never made any profit. Perylia did a great job of rehabilitation but QLD EPA just not worth the ongoing problem. Let’s hope that TNC has the money, patience and experience to do what no one else could do. I think the TNC. TNC Board needs to let shareholders know the 5 year strategy. So far been told nothing of a strategy other than : 50,000 tonnes of oxide ore will be processed and pay for exploration. If TNC already have plenty of copper resources in the ground at Great Australia mine, WTF are they stillexploring? Why not crank up, mine and process what they already haveand generate cash ????the 50,000yonnes will only generate around $3.294m Nett cash profit over 18 months. 50kt @ 2% Cu 75% recovery is $8.25m or $183k a month. This is tiddlywinks winks Mining. I can see a brick wall approaching quickly. These are my own thoughts and judgements afyer a study on TNC and their projects. Do your own analysis and make your own decisions. If I am incorrect anywhere please let me know.
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Having your own thread is bolshy but I do like it...
