Overall impression of Chairman’s Letter: Well for me its been a 17 year wait: lets GO! : ….”board’s objectives of rapidly expanding the Marymia resource base to sustain a long‐life gold mining operation, and to move the company forward to production as quickly as possible”.
On the K2 BTS: Interesting response from the two companies: one belligerent and one offering ‘best of luck’ farewells:
DAU: “It is Dampier’s firm intention to continue to vigorously pursue all of its rights and entitlements in respect of the K2 Project, including, without limitation, its right to seek damages, specific performance, costs and interest. “ VAN: “On the 14 November 2019, Vango Mining confirmed its decision that it would not consent to a further extension of the termination date for the BTS.Having already provided DAU with six extensions of the termination date since May 2019, the Vango board formed the view that any further extensions of the termination date would not result in the productive commercial progress of the BTS. The two companies ongoing difficulties in resolving complications arising from the ambiguous and, in some instances, nonsensical wording of the BTS, resulted in irreconcilable and incompatible differences in the interpretation and application of the BTS. As a result, Vango concluded that it would be in the best commercial interests of both companies and their shareholders to not extend the termination date any further.Vango is a significant shareholder of DAU. As such it looks forward to DAU progressing its own project interests, and delivering value for all DAU shareholders.
VAN Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
