annual accounts(take 2), page-2

Miningnut

I do find it rather difficult respectively premature to comment like you on the issues you raised.

As for the Phillipines, well firstly i believe the project must look(ed) sufficient attractive as well as being a good strategic fit, othervise i doubt Bill would pursue it by spending a little money. Also i like to add that i personally do not regard the Phillipines as such a bad place for mining ventures. In terms of broad sovereign risk a lot depends on the exact location within this country (as the DRC). And like the DRC better a good project in a poor country than the other way round.

I do understand that such projects may be treated confidential while being in the initial phase however on a critical note i would like to see that the company gives more guidence about their strategic external growth initiatives and objectives (for example what kind of commodities, rough idea about project potential in terms of reserves and grades, annual output and
development and financing timing, all of which could be disclosed i guess without putting the ongoing DD and negotiations into danger). On such a basis one could
have a decent chance to judge if one coincides with management or not.

Likevise the higher capex on Stage 11 can not be "appreciated" appropiate without further management comments and explaination. May be there is a overrun in costs, may be not. If memory serves me correctly stage 11 capex was estimated at 6,5 mio (increased against the original 5,8 due to additional upgrades in the port facility and the mining computer systems and a little work on the road to the port). Further increases could well be due to higher working capital requirements (because of changed currencies relations and higher cu/Ag prices) or further not originally envisaged capex (second ball mill?).

Hence i would like to see that Anvil gives a more detailed analysis of their doings...some of which often also goes beyond the diclosures of an financial report. I would like to see for example a CC on the results, and/or
something like briefingcom or an company presentation on the homepage where all interested parties are able to grab a better picture.