Geobrand, It's not a huge amount of loot in the scheme of things, especially for a SPP to a large shareholding base. I'm guessing they engaged Argonaut quite some time ago and probably had a luke-warm reception. Argonaut then probably flagged it with a few large clients after seeing RCF onboard and some of their clients may have come around.
As for the promises, yeah disappointing, but this project is like many others, I could think of three stocks that I hold that have done the same.
Management have probably keep upbeat, one part - saving their skins, one part - look to the future not today. If you based this project on today (not tomorrow) it just wouldn't get up.
There has been one thing that have irked me about their announcements. The word "mandated" in regards to their bank finance. For me it's portraying that we have decided who is the best party to deal with and we have organised the paperwork, etc, etc. I think this is total rubbish and has mislead holders into thinking that its much closer than it really is. I believe all the banks have told them to go away, until certain conditions have been met (which I have spoken about), but that's just my opinion.
Petlas, Um yeah, definitely not the right report. If you guys think I've been hard on MZI, do not go to that thread. I've ripped that project apart for years (literally years).
There are a couple of things worth pointing out though in that report. The project had been on the go for 10 years, couldn't get finance, it's PFS was done in 2009 - prior to the sand boom and that Iluka forecast strong growth up until 2020. I won't go into Posco (the JV partner), I tore that apart the minute I saw that announcement.
Would like to have a dollar for everytime someone told me I was wrong with the Coburn project. But in the end shareholders copped it, which gave me no pleasure.
Pep
MZI Price at posting:
1.3¢ Sentiment: None Disclosure: Not Held
