Originally posted by lidds
There were plenty of independant company's that did reviews on MUS based on what data was supplied, but those positives never eventurated.
Given that mgt and board were so bad in handling MUS, hard to comprehend how they can manage this any better.
Buyer Beware.
Again - it is easy to get the value of commodities like graphite or vanadium. Google " V2O5 Vanadium Pentoxide Flake 98% Price USD / lb" and you will find the $$ - its unequivocal. Globally available trading prices make scoping studies far more reliable.
You simply cannot do the same with ruby. 99.99% of people do not know the value of " high grade ruby" or "special stones". Go on google it - theres nothing. Find an expert and ask them the same question , and they will start the sentence with " well that depends" or " theres no set price".
Any studies undertaken on the ruby would only have been geological - and would only have been able to estimate where they ruby was located and the approximate volume of it per tonne mined. They would not have been able to get a value on it - as there is no easily ascertained way to value ruby rough... none. at all. Its a
total guessing game - based on how well one knows rough ruby and how well one knows the fragmented, shady, closed mouth gemstone market. In my opinion this fact is the auction was such a disaster - because management genuinely had no idea about the value of the stones they had mined, and treated the ruby like a commodity, which they are not. Graphite and vanadium are - which is why I feel that much more confident.