Disclosure- rant below.
Well here we are at the end of the quarter. Surprise surprise still no sales or even any word of sales.
This was from the the announcement on 7/2 in regards to the successful commissioning of the mine.
"We now await final permitting of the coal transport company that will deliver first Sales from the Mine to the coal distribution hub at Ceke, on the China border"
No news or updates since that time.
Guildford, what actually needs to be done to receive this permit? who is waiting on who here? What is being done to get this in place as a matter of priority? When is it going to happen!
Where is the sense of urgency here? It appears as though there has been another two months of them sitting on their hands. Apparently they have the coal, they have the road,and they have potential customers(?)Guildford, get the donkeys out if you have to, just get it moving!
From the half yearly
"Given the Group’s current liabilities exceed the current assets as at 31 December 2013 by $36,065,056, its minimum
exploration and other expenditure commitments and estimated minimum corporate administration costs, the Group
will require additional funding over the next twelve months. In order for the Group to continue operating as a going
concern and provide the necessary funding until sufficient cash flows are generated at the Baruun Noyon Uul (BNU)
mine, additional capital will be required." .... "While there is some uncertainty as to whether additional capital will be secured, and therefore that the Group may be able to realize its assets and discharge its liabilities, the accounts have been prepared on a going concern basis as the directors believe there are reasonable grounds that additional funding required will be obtained. "
Aren't we all so fortunate that the directors are cool as cucumbers and so extremely confident that they feel they can continue to leave us share holders in the dark.
I hate to say it but it's looking more and more likely existing shareholders are going to be continually diluted right out of the game unless revenue starts flowing immediately. I'm just hanging in for hope by the skin of my teeth.
lets just see when and what sort of a half baked update the circus provides next.
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