I wish COB holders well because this will probably be the end of the JV.
COB has refused to follow the dispute resolution clauses under the JV and it is pretty obvious the Called Sum is unenforceable (if not for the dispute over the Called Sum, then the fact that COB was estopped from retrospectively binding BPL to a budget resolution on which BPL had already relied).
It follows that COB has just announced that it refuses to adhere to the substantive terms of the JV which is a blatant repudiation of the contract.
BPL now has the right to cancel the contract due to COB's repudiation which will be amusing.
Leaving COB with a 70% interest of a the cobalt and sulphur within an exploration permit but with nowhere to go with it...
COB management must think this is a rabbit out of the hat, but by jingo's its going to result in COB concluding it's Thackaringa adventure with nothing.
I really do wonder how smart these guys think they are.
Good luck to all still holding COB.
I wish COB holders well because this will probably be the end of...
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