My 30 year time-frame for Havilah is based upon its envisaged plan of commencing mining operations on various projects over the next five years or so. The Maldorky Iron Ore Project has a projected life of 23 years. Presuming the usual time over-runs on project permitting etc it is not unlikely that Havilah will still be mining its current assets over three decades from now. I think that Havilah has been a victim of its own burgeoning success in discovering mineable deposits and now holds an inventory of resources well beyond its ability to finance or develop within a period of time acceptable to shareholders. This is not a bad position to be in provided that whatever directors we have are prepared to rationalize priorities and concentrate on what we can handle and discard what we can't achieve within a more modest time-frame. Having said this, I must admit that in the absence of a clear Statement of Intent from those requisioning the upcoming EGM, I would not be inclined to endorse their plan to gain control of our Board. I await most eagerly to be advised of their plans and if nothing worthwhile is forthcoming I would expect their aspirations to be overwhelmingly defeated.
HAV Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held
