They’re asking investors to pour in millions further into what is now a total black box.
It was bad enough (and I said so at the time) when they dropped from 5.3kt to 4.0kt and didn’t refresh the studies to show what the impact on opex and wider project economics would be like.
Now they’re completely changing the flowsheet and undoing years of marketing spin on Galan being a traditional evap. pond play, and anyone with a functioning brain can see it’s because they’ve been forced into a corner by stubbornly pushing ahead with a project that nobody wants to finance with this team at the helm (Renault clearly want to finance it, but not with current management anywhere near it).
Even mining projects with robust studies have major hiccups. Novel mining projects without any studies…? This level of corporate incompetence is something to behold. People said the fundie digs at Galan being known as “the mining project run by an Uber driver” were unfair, but perhaps that was just valuable experience talking.
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
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