I am glad that was all cleared up while I was asleep (I am Sydney minus 9 hours).
The other point outstanding is the state of the option over El Roble.
As far as I understand from reading ANNs, especially those I have referenced in this thread, the option to acquire EL-Roble was signed (not exercised) in August 2013. To keep that option in force MNE has to meet certain payment responsibilities not least of which US$750 000 next month.
The 68% business only come in to force once MNE exercises that option and new preference shares in the Chilean subsidiary are issued as part of the option exercising process.
Until the option is exercised MNE will recevce approximately 93% of mill receipts after royalties however the Chilean subsidiary which owns the option is 85% owned by MNE leaving MNE with a net receipt of approx 79% (depending on grade) of mill receipts.
Once the option is exercised however MNE will initially own 68% of El Roble but will then have the whole site to go exploring and producing on.
If you do not agreee with this can you please reply giving your reasons with supporting quotes from MNE ANNs, if you do agree please also let me know as the percentage of mill receipts retained by MNE is of key importance to us shareholders and option holders.
Many thanks
EB
MNE Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
