I was aware of the article posted on Dow Jones this morning and to be honest disregarded it as a mis-represented and badly reported/mis-quoted piece of garbage. Two things stood out for me 1) there was no Sino executive quoted and therefore cannot be clarified with Sino, and 2) Sino have no say in a feasibility study and that fact to me is clearly misunderstood by the journalist.
I therefore thought nothing of the article until I had a discussion with WR this afternoon, and he brought to my attention that there was increased HC traffic on the subject, and he asked that I advise to the forum that he will attempt to get an update to the market regarding this newswire and to clarfiy the company's position on RSPT. He has been in touch with Sino constantly and he understands their relationship is as sound as ever, and Sino are unaware who or if someone has spoken to any journalist regarding BRM. He is also seeking a public comment from Sino regarding the article to refute the content, and I have suggested he gets in touch with Dow Jones Newswire journalist to seek a full retraction, which he is following up on.
He confirmed it is business as usual, and that all discussions WITH ALL PARTIES have been positive and moving in the right direction. That includes rail, MOU partners, feasibility and government approvals as far as I can make out.
MY VIEW My view is that Sino are still fully committed to an MOU. Why wouldn't they be? They have not outlayed any cash to invest in the project, and therefore at this point in time the RSPT does not affect them one cent. Remember there is +1.5b tonnes here for sale and if Sino walks, there are many other users queued up to load their boats!! Funding will sort itself out after BRM sorts a route to port.
And finally for those looking to sell, good luck. When the market turns it will turn quickly and I would hate to be on the sidelines for an extended period with these guys. With so much info coming, I am buying the dips, and this is certainly creating value at the moment. Thank you KRudd.
Apologies for the length of the post.
DYOR
BRM Price at posting:
$2.61 Sentiment: Buy Disclosure: Held
