Hi Everyone,
I went to the EGM in Perth today and this is what I got out of it............
a) All 9 resolutions were unanimously passed in the way of ratification of private shares, options, acquisitions etc
b ) Voluntary suspension not likely to be lifted until next week some time, still more ticks required, but all good.
c ) This is no Artisanal mine, Jason Brewer laughed at the suggestion
d) DMS plant? No way, far more sophisticated
e) Perception of DRC? More advanced than everyone thinks, the project is close to all arterial roads and the Chinese are pouring money into infrastructure. Ebola / child labour issues, whilst concerning, has no relevance in the business of the Congo
f) DRC tax increase / Super tax - royalty taxes to increase 2.5% to 3.5%, reality is Australia is in the realm of 5% and other countries, the margins in the cobalt business is large, small taxes insignificant in the broad scheme of things
g) I flirted to ask average grade of cobalt within project, this was a bit sensitive, however he pointed out that 0.2% cobalt was considered relatively high grade in Australia and he pointed out that TAR grades with their recent successful approval of leases in DRC of 0.5%, however he mentioned that the common grade for quality projects in the DRC was close to 1 - 3% Cobalt, it was then that I got a feel of the magnitude of the project we are dealing with, goose bump stuff for anyone who knows their grade of cobalt.
h) Question was asked whether this is a classic P & D, he said rubbish, SP has been built from .005 to 2.7c, some existing large SH to this date have not sold a single share. Air Guide in for the long haul along with Jason himself. Updates of the Top 20 shareholders will be made soon.
Jason Brewer, very switched on, professional and approachable, working very hard behind the scenes guys, this project sounds a beauty.
GLTAH
Expand
