OKAB/OKAP are too generous. They will hit KAB with more interest...

OKAB/OKAP are too generous. They will hit KAB with more interest and consulting fees and then convert at premium again.

I know what you are sayingg that the Noble debt is a good debt because it is linked to production and pre-sales. But their needs to be something left for shareholders. If all the Mn does is service debt, fullfil pre-sales, and pay salaries then everyone will win except shareholders.

Currently that is the short term prospect, especially when KAB only have about 12months of known ore. That is why they plan more drilling to define the next best target. If the ore is there then we win.

But it will come down to MN prices. Even with a margin around $110/t we cant afford much of a fall in Mn prices. And the other aspect is cost. We don't know the gardes or depth after this 'easy' Mn is mined. Costs could increase.

But what was significant about this announcement was that they actually started blasting and stockpileing ore ON TIME. If they deliver the crusher in July ON TIME, market should respond. It will be our first true shipment other than trivial sample to Sinosteel. I can see some hype linked to that in July. Bit of a sp spike?

Slowly building credibility for a company that market distrusts.

The added bonus was that the waste from the surface also contain Mn in clumps and can be processed. Increases our MN, reduces our waste and as a result brings down our cost. It was an unexpected bonus.

But wet season is approaching, so momentum will stall shortly which is disappointing.