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… hey I'm just looking at ARC's situation for what it is … 'GRIM" .

Say this because if Bima doesn't get busy soon, and if Bima doesn't return some very good hits from first holes, then short / medium term we are looking at a share price well under 0.01 ..close or at 0.005 until Anglo American get moving.

So that means that everything now depends on the first few holes from Bima being excellent Gold hits !!! … now that is a very very risky bet ….

Long term I hold and do think that ARC will have exploration success … but for now we have a more than 70% chance of seeing a much lower share price … hope that I'am wrong and still believe that ARC will be the standout Gold exploration stock on the ASX in 2012 !!! (if Bima & Anglo American get moving)


Here is a taste of the locals in West Papua …..

October 20, 2011 9:11 AM EDT
Striking Miners to Return to Work at Grasberg Gold Mine …


The workers' strike over pay and conditions, which started in mid-September at the remote Grasberg mine, has caused significant supply disruption for Freeport McMoRan Copper & Gold Inc and has helped support copper prices .

The union initially demanded $30 to $200 an hour for miners now earning $1.50 to $3 after finding out their counterparts around the world earned 10 times more, but they scaled back demands last week as the company boosted production without them by using contractors and other workers.

Now that the company is suffering from sabotage this week on a main pipeline to its port and from a lack of food and fuel because of worker blockages, the union is making a fresh push for a deal.

The company has said it will not pay workers who are on strike, while the union has said Freeport had threatened strikers with layoffs if they did not return to the mine, which also has big gold reserves.


Freeport Chief Executive Officer Richard Adkerson said this week the firm wanted a "fair and appropriate" resolution of the strike at Grasberg. But so far talks have not resumed after mediation broke down in late September.

Freeport still managed to beat Wall Street estimates for its third-quarter profit as weak copper prices were offset by soaring gold, but it cut its sales forecasts for next year and said output was hurt by a strike due to last until mid-November."


….. As far as I know this strike is still on …. having worked in PNG, I know how difficult and smelly these locals are … but at least being in Indonesia is an advantage, as in PNG the government 'make' using locals part of being allowed to do operations …

The troubles at Bima may well haunt the project endlessly ….

Go Gold !!!!

Go the ARC !!!

Only my views … DYOR