i think this thread has been great. It would never have worked on BRM thread, because it would have been full or people wanting quash any negative viewpoint with personal attacks of 'downramper' , 'shorter', and so on.
UMC thread has some great iron ore knowledge (better than any other thread on hotcopper). Hematite, showman, uio are very knowledgable, and you'd need to be a very smart geologist to want to dimiss what they say. They all call things as they see them. Wiza's been great too offering another viewpoint.
It has been fun kicking this BRM ball around to see what its really got.
Uio pointed out exactly what's going on. The crux of what he said is: Will they ever manage to turn their "inferred mineral resource" into an "indicated mineral resource". There's a big difference between the two.
If you're not sure of the difference, and you do own BRM shares it is worth spendig five minutes to google 'JORC code' and read sections 18&19. WR is following the rules of the code.
He does have some DSO, so there is value there. I can't see all 550Mt being marketable at this point. If he can get that ore onto a train, then the company would have to be worth more than it is now.
Joel
UMC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
