I couldn’t be more disappointed with this weeks outcome. No initial production before the stage 2 project development is not a good result imo. By the companies own admission stage 1 was not only planning to raise capitol for stage 2 but establish and refine the best beneficiation process for the larger scale project. The inability of WR and his team to finalise any infrastructure deal when we were told it was their priority during 08 is not only concerning but confidence sapping for shareholders. It certainly doesn’t deserve the upcoming directors pay rise!! WR was supposedly the infrastructure guru, his specific area of expertise. So what happened and whats to say he and management can turn it around. Infrastructure issues and negotiations throughout 2008 would have only recently been affected by the current credit crisis issues and therefore should be considered a failure of management not to secure any! This is a major setback for the company and I struggle to agree with those that have tried to argue that this is positive. I don’t believe WRs word that conserving cash is BRMs best way forward. I have absolutely no doubt that had he successfully gained access to rail and port the companies plans for stage 1 would still be all systems go!
I remain committed to the company for the long haul but really want a more definite plan for going forward. I don’t consider the inability to secure infrastructure deals a solid basis to now focus on stage 2. This latest decision is not only disappointing but brings into question WRs ability to get the job done. Although he has continually met deadlines his main purpose when he arrived at BRM (formerly Yilgarn) was to sort the infrastructure issues. We were told his intimate knowledge of BHP and contacts throughout the sector would get the job done. This hasn’t happened and I would very much like to know why?
BRM Price at posting:
55.5¢ Sentiment: None Disclosure: Held
