Litchfield
Good to see your are questioning the amount of shares MKY will be giving to Delminco/AEC for the purchase of the bauxite tenements - 50mil, 10%, @ todays sp 1.5c (less than a million$'s) seems stupid. Obviously someone has valued MKY's shares MUCH MUCH higher.........
MKY is getting 1,200 sqk of prime Weipa bauxite territory for 50mil (10%)of it's shares...we all know every man and their dog wants a piece of the Weipa bauxite action.
An independent accountant has been hired to work out what MKY shares are worth. That accountant has information that we obviously don't have.
Ryana mentioned the U and thorium tenements can't be worth that much (the balance) - we paid just short of $2mil for these over a year ago, so what has changed??
We have drilled the original U tenements, found a "bonanza' of U and some pretty high levels of thorium. Then we applied for a COAL EPC which just happens to butt up to the bottom of our U/Th tenements. My theory, as stated before, is that when drilling for U they happen to come across COAL - that's why we have the EPC appearing ever so quietly (just a blip on the map - most people would not have noticed)on the last drill report.
I believe this is where the extra value lies. The coal lease once granted - still an application - is in MKY's name.
So, what can MKY do with tenements that have high U/Th+coal??? Clean coal technology, geothermal/hot rocks??? To apply for UCG (underground coal gasification)licence you first have to apply for EPC (done that), drill and find coal (probably come across that also), apply for MDL, do a burn, etc, beforehand. I'm not sure which of these methods MKY has in mind, but I feel strongly its something along these lines.
Bauxite and energy go hand in hand - you need a heap of energy to transform bauxite into aluminium. Chalco are looking at the downstream energy - clean coal technology as a possible area of investment - they want bauxite and they want a cheaper, cleaner energy to smelter. KUTh and others are up that neck of the woods looking if they can tap into this market.
What I am suggesting is MKY has the tenements that have the resources needed for clean coal technology (AND THEY MUST BE BLOODY GOOD). We are purchasing the bauxite tenements from Delminco therefore we already have two of the elements Chalco want, and AEC has the technology, and AB has a slice of each pie. And are Chalco the chinese element who are interested (on both fronts)???
AEC have the clean coal technolgy, and they had the bauxite, but they are not a resource explorer/miner and they have their hands full - orders to the tune of US$30million.
Why wouldn't Delminco/AEC (private coys) just sell the bauxite to someone else for a billion or so - could do but they don't have what MKY has (the U/Th+coal)and for MKY to sell would require s/holder approval
So - DON'T UNDER ESTIMATE WHAT MKY ALREADY HAVE!!! For AEC/AB to only take 50million shares for the rumoured to be in the billions$$ worth of bauxite, means there is a very high value placed on the MKY sp
IMO, management will have to release more info on the Coal EPC and the valuation of the bauxite tenements in coming days - this info is needed before AGM - we need to know full details on what we are voting on.
MKY
mky resources ltd
