latest announcement, page-41

50% of Colluli is worth 100 times what RUM will ever mine...RUM is small fry and probably overvalued at $50m.

on another note...


I thought Azure and the new non exec director were managing the negotiations...if you think about the cash requirements to ENAMCO from the initial proposal put forward by STB it would have been something like $80m - $120m for 30% buy in + they would have had to stump up $225m for capex. If you look at the Bisha deal they deferred the $250m buy in to after tax cash flows so they obviously cant commit to $300m+ by 2016 and cant or don't want to borrow money to do so. So all that has happened imo is they have said we can meet the high buy in price and we want it to proceed and be involved but it is easier for us to defer our buy in to after tax cash flows (the same as Bisha) and btw we would like another 10% !