There's a lot of neutral and sad faces in there, szaba. In fact, the only smiley face in your post is the hope that there might be an announcement on Monday (i assume you expected a positive one). So i'll take that as all negatives and neutrals as far as the project status goes.
as the record stands:
NO BFS - this was originally due in December 2013. I just checked the calendar and it is only 12 weeks until December 2014. That is not far away from being 12 MONTHS LATE. Its just delay after delay. Scope change after scope change.
There is no mining licence. The scare campaign from the backward plodders in SA has ruined probably the only advanced project that had a chance of helping their economy (not including taxpayer dollar government spending projects). not sure why they did that to themselves but hey, not my problem.
There is no funding. THERE IS NO FUNDING. There aren't even signs of much interest in funding, aside from Mark Parry's old spin. That means there is no project. The chinese are off buying big south american projects. The Koreans....well, when was the last time you guys had an update on that?
>> $100M spent on exploration drilling has proven up a marginal project. That's the reality. It happens. Not all projects have massive NPV10 numbers, short paypacks and high IRR's. This one does not have any of those things. If it did, it would be up by now. At todays high costs and low prices, this project is trying to mine WASTE ORE. This is not a high tonnage andean porphyry deposit with slave labour and low taxes. This is Australia and the deposit is just too crappy to work in this state of play
The mining licence appears to have so many caveats and conditions that even in this harsh operating environment, the project is likely going to be even more expensive than originally thought. This is basically the gov giving in to the scare campaigners but trying to save face with regards to their 'pro mining, economic progress' election hype lip service dribble. They have failed.
The managing director quit.
The office costs a fortune.
In fact, the only good thing i can see about this company is the $20M in cash that they have. But that cash is dwindling every day.
Sorry guys, but its hard to see a future here. These are just the facts.
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