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18:20
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Originally posted by zog
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The problem I had was that SH's were being strung along by the company and given the impression that sales were buoyant (and likely to be profitable) and the tailings dam and water issues were holding up production which would be complete in Jun ready for nameplate operation in July/September quarter. The only indications were (21/9) - nothing on the actual production levels postulated from testing:Production testing has identified process bottlenecks which when removed will improve
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Red flag for me when it seemed clear they could not meet the loan conditions, the main likely outstanding condition being that they had to prove they could repay the loan. That was a clear signal that, for whatever reason, they were not profitable. There was a lot of smoke screening around the resource upgrades and potential sales but the evidence of unprofitability was hiding in plain sight. Agree with you on the breaches of continuous disclosure.
