Really not sure what happened to Ascent Graphite and nothing the company has released made any sense that would appear for all intents and purposes to have descended in the opposite direction from dual listing and spin off in Norway, to nothing other than a smoking chimney that has run out of wood to fuel it. Not sure what the Norwegians did or didn't see saw that our Board couldn't, but it looks like a "strategic change of direction" made. Code for we messed up somewhere but can't tell you. Either way, the proposition is done, and frozen in ice, and any money spent in the process has vanished. Educating the locals is nothing but positive, I do feel that there would have been something on the table, but with the covid situation, any programs would have been put on hold period. As for Mr Madiba referenced in your post, the jury is still out on him to me as a member of the MRC board, period. One needs to brush up on Afrikaans, Xosa and Zula to research his background and history thoroughly (let me tell you it isn't easy). There is enough information to indicate he has experience with Eskom in Human Resource Management (that don't give me confidence based on my post above regarding the corruption within Eskom unfortunately) amongst other appointments as experiences, but nothing in my opinion with any credible substance professionally to hang one's hat on about mining or other board appointments of companies with exposure to the industry.
The company has one of the best resources in the world, what is done with it, we will just have to wait and see at this stage. They really need to dig themselves out of a hole they dug for themselves.
Fingers crossed for all holders, including myself.
DYOR IMO
MRC Price at posting:
9.0¢ Sentiment: None Disclosure: Held
(20min delay)