There was a lot of hope for the AGM to present something convincing: something positive to reestablish market interest. I believe the market has come to seriously distrust anything BG says, but with the New Chair JK on board 'old hopeless' is in mysidelined, but there was nothing, nothing! I am not intending to attack the new chair but all we get is subjective, qualified, targets. Yes I certainl view a lame duck.
At least JK is not making BG style promises, BG style bullshit and appears to have a more honest disposition. But I am far from satisified we are on the mend it trail, but there will be many who announce they are.
Take the following extract from JK's address...highlighting and comment is mine emphasising the lack of substance and specifics despite the huge time and expense so far...yes, i agree, not JK's fault, but why not say what we all know...there has been stuff up following stuff up following incompetence and missed target after missed target over 15 years so far. which has become worse of late. Tell us if you have confidence in BG to deliver, don't avoid it.
"I know you are all wanting more specific details about the Project economics, including capital expenditure, operating expenditure, life of the mine, Net Present Value (NPV) and the Internal Rate of Return (IRR) Unfortunately, ASX guidelines prevent me from doing so without also providing significant supporting material, which the Company is not presently able to do given the ongoing and evolving nature of this work.(This is extremely poor after the resources "invested" so far)
What I can say to you, however, is that the Hawsons Iron Project is a very large project that will require some billions of dollars to build. (This will now become the main excuse for another decade of delay - "We have to start again!")
The Project will require a market for its high-grade product that pays a significant, but appropriate, premium and have an expected life of many decades. (Not just a premium but a significant premium - note here JK's "out" that we were unable to obtain this significant premium and the project is not economic). Our current preferred development scenario has an attractive NPV and IRR that supports our decision to approach strategic investors. (this seriously contradicts the "we cannot tell you" above because we do not have this info., but we do have is enough to make some serious decisions and to approach and convince some strategic investors, but we cannot divulge this to shareholders.)
The Board has closely examined our expenditures and funding needs in the light of the process and timeline outlined above. Clearly there are many moving parts. However, we have sufficient funds and resources available to enable the Company to reach the point at which we have received substantive feedback from prospective strategic investors and the results from our current drilling program. At this point we will be in a more informed position to determine the Company’s funding requirement. (This does not say we will be adequately informed but just more informed - in the grand scheme of things just another snippet of information)."
I look forward to all the "shoot the messenger" responses.
(20min delay)