Yeah definitely, a real nice spot, i won't get too side tracked as this is an RXL Thread, but the old pit is full of Sydney rubbish. If you get the wrong wind towards the mine the smell is something else. But interestingly enough the pit produces enough methane for veolia to generate power.
they're having more than teething issues, temporarily shut down due to 'covid' and too many fifo workers. truth is they're not making any money, constant breakdowns, undersized crusher which failed on start-up which was also 2nd hand. And received a major overhaul. And management still not taking the recommendations of the company that repaired it, Barely scraping through by running tailings. Which they cheaped out again on the 2 'prototype' water cannons you can't buy spares for, they could've bought and this is not an exaggeration, 10 decent cannons for the cost they've spent on the 2 there. And just the layout of some of the machinery really dumbfounds you such as running pumps in line rather than side by side. So when 1 fails they lose them all. The place is easily the worst project I have worked on in the country.
What part of management are you in LPN if you dont mind me asking? You have a sound understanding in mining.
I'm a firm believer in the management of RXL so far, communication with stakeholders and well managed team and control of funds can really move this project forward. A small modular plant, than you can establish and begin running would work well here, the surface processing would be quick and simple install, and its quite capable of always expanding with more modules with minimal disruption to production. I am sure I've heard that they have an interest in a setup like this in an interview, and some of the guys in these forums have good info. I'm still catching up on all the information unlike some of the longer term holders here.
imo the fundamentals are already within the company, and if executed correctly the shareholders will be rewarded in the medium to long term.
RXL Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
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