Just look at the results of the EGM. Todd voted to keep the entire board with no change. 62% of the votes were to leave the current board in place. That was 9 May. Todd backed the entire current board. Why?? Iron ore price is going higher and still nothing about production. If that was the goal we would be producing now. There would have been trucks carting the ore which ever way possible just like other miners have negotiated.
They are doing exactly what Todd wants. If they were working against the wishes of Todd it would have been a no brainer to get rid of them and recommend others to replace them if production was the goal.
MW is Vice President of Minerals for the Todd group. If there was any under performing he would have been gone as VP and as a director. The BoD are acting for the (56% and nothing for the 44%). The actions to date show that.
If Todd was concerned about performance how hard would it have been to sign an agreement with BBIG? Why did BBIG state they were looking at other foundation customers?
From the Qtly. The Company was not ready to conduct any commercial discussions with anypotential infrastructure provider prior to undertaking the delisting initiative, as it had not completed enoughadditional exploration drilling and subsequent analysis to enable the definition of an economic project.
As the Company has been unable, dueto a lack of funds, to complete the work required to determine an Ore Reserve or Production Target. But they have oodles of funds to pay directors fees, or enter into loans that cannot be paid. Did Todd see a problem with that?
What the frack?? 1.4BT of iron ore and these muppets are trying to tell us we need to have more exploration work done? We have no funds to determine ore reserves but we know we have enough to start mining something. They use the excuse that they want to see if 40% iron ore can be mixed with higher grade ore to get that market that. So we have higher grade there now so we won't mine it till we know if we can use the 40% stuff to mix it. Why no details about what is there now and could be sold. Why hold up everything just to see if 40% could be mixed? If it turns out to be more expensive why are we not mining what is available to get money now and worry about the low grade stuff later.
So BBIG have a $5B rail line that is dependent on 25M tonnes of iron ore that the whole project is dependent on - PIOP is there for the agreement to be signed yet BBIG are looking elsewhere and FMS BoD are saying we are not ready to discuss a deal because we need more drilling to define an economic project??
So other miners with less iron ore are able to progress deals to get product to market but BBIG and FMS with pi$$ weak excuses as to why no deal has been done or even looks like being done in the near future. Why isn't BBIG knocking on the door of FMS to do a deal??? one party needs the other more so and both don't seem to be in a hurry to do anything.... why???
And ASIC still see nothing wrong and still have done nothing....
FMS Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
