Really interesting discussion I was suitably disgusted on Friday...

Really interesting discussion

I was suitably disgusted on Friday when I started to delve into what was going at Mt Morgan on Friday subject to my post. As everyone would know it now fully approved tailing recycling venture completely privately owned aka Heritage Resources. On there website it has a history page and to my surprise they had a reference to CRB.

They explain that CRB found only after running the test plant that they would have to adopt the Resin in Pulp flow sheet as apposed to the less expensive route. It also summarizes the difficulties that Raging Bull Metals and Raging Bull Mining caused in the end.

The cynic in me still believes that they gave up to easily as they blame the QLD gov for not reducing there cut of royalties to compensate for the higher AISC caused by adopting RIP circuit. I thought at the time that this was white washed and the negative case was over blown. The gold price was $1300 i believe which i thought was too conservative. After they walked away the gold price did nothing but increase!!

Anyway, as it turns out Heritage are basically using the same flow sheet with Greenteq as RIP consultant. I think they a due to commence operation later this year.

So in effect they have about 8 million worth of drilling, a DFS and a test plant for $200 000. WTF!! It just can't be right. I couldn't understand at the time why they didn't put pressure on the Guvment and just sat on it. Why did they have to give it away?

I would imagine it had something to do with Raging Bull Mining (who if i remember was an ex managing director of CRB). CRB lose all interest and give it away to undisclosed entity ( I wonder who).

There whole reasoning for bailing out was to save shareholder capital ( good on them) and then decided to get involved in a nest of snakes on Cockatoo Is which had connections to Cranston's father. Lets waste a few more million doing something not sure what and then walk away because the intricate convolutions of ownership proved to be too difficult. I'm no corporate lawyer but that original attempt to purchase Cockatoo made my head spin and my thoughts were why bother its too grotty. Anyway as it turns out it ended being a chinese interest I believe.

But I think they only gave up on that because Cranny must of got a call about Muchea and here we are doing the dame shit again. Paying for permitts and drilling and test work. In the meantime disposing of half of the tenements. WHAT!!

What I am so annoyed about is we had the money to buy just about any worthwhile permit. How many decent lithium permits changed hands back in 2021-20? It just goes to show that CRB never had any intention of getting project that worked and prove it up and be a mining company. It seems they are just fingering around the edges, biding time and spending share holder cash. They seem to target enterprises that can be adequately controlled by private companies structure and therefore work with impunity.

I just wish ASIC spent 5 minutes looking at this company, but hey am I too altruistic?

What disgusts me is missed a whole mining boom whilst being stuck on this broken down bus.

Hope it gets better

Cheers all