BFS timeframe was still on track for 2013 in November - did they not know they were improving the metalurgicals etc back then - 8 weeks ago? Bad surprise for the market that their initial metalurgicals and mine plan were not good enough to complete the BFS and that this has introduced another 6 month delay. If there was a two week delay to incorporate some revision I could understand but 6 months!? The mine plan must need to be torn up and start again to take that long ....
SA Govt *might* surprise us with approval sooner than 6 months if Rex have finished their detailed responses but dont hold your breath.
Plenty of cash to muddle along at status quo for a few years waiting for BFS, funding and mining approval.....no more drilling required is good news.
Disappointing that the accelerator is missing and the brakes have been gently applied.
RXM Price at posting:
44.0¢ Sentiment: LT Buy Disclosure: Held
