Hi LabunaI have looked at the Perkoa ressources release of 2005...

Hi Labuna

I have looked at the Perkoa ressources release of 2005 and 2012. Obviously "JORC compliant" and I guess that before release there has been an according health check by qualified persons. Therefore I wonder how it now possible that Glencore now comes to the conclusion that the ressources are substantially lower. Furthermore it was Glencore that pushed the "enhanced business case" including open pit (based on what...on pure assumptions or on facts?) and silver and lead (in my view the latter a good decision).

Let's face it, Glencore left the management and us share holders in the dark for months. Tell my how somebody from the management would buy shares (e.g. in December) if he/she would have known that Perkoa is not profitable? Why some institutional investors have sold everthing every time the SP recovered a little bit (as of August and after the release of exceptional drilling results)? I would not be surprised if there was an information leak. Insider selling with other words? Something is wrong here.

I guess we have to wait for the outcome of the investigation end of March. Maybe then we will also an finally know what the full productions cost incl. silver/lead credits for 1 ton of zinc is or might be. Finally we are talking here of a new "business case" (e.g. lifetime of the mine).

The GOOD thing is, that obviously the new man (Mike) has takled the issue and is trying to put everything on the table and create some kind of transparency. If you look at the announcement you may notice the "typo" (March 2013 instead of March 2014). For me a sign that CEO and management have been completely caught by surprise this week (at Glencore headquarters) and have put toghether the release under time constraints to prevent even more dammage.

I have already experienced a "care & maintenance phase" with BTR (AIM). Okay...it is not funny...but better then burn cash and sell zinc with a loss. Let's put everthing on C&M and start production againg when zinc is at 2500 or 3000 US$ the ton. Fine for me...as long there is live there is hope...or as long there is cash....

Maybe Glencore plays hard and want just BTR to sell Perkoa to them. What could Perkoa be worth? 50m ? 10m ? I have no clue.

At least Kitumba is still 100% (98%) in the hand of BTR...but obviously we are completely depending from the outcome of the optimized PFS.

However...I guess I am not the only one standing in front of a pile of broken glass.....and asking myself how this was all possible.

Let's hope for the best.