Yes - this company is definately one to avoid in my opinion. If...

Yes - this company is definately one to avoid in my opinion. If one were to look back at the announcements regarding their various operations ....there are allways issues , product samples being tested , efficiencies being strived for ....etc etc etc .... but never .... I repeat never any results . At the end of the day it comes down to hopeless management.

The famous Mr Alexander must be one hell of a smooth talker. They've been in materials handling,industrial mineral extraction , supply , contract mining none of which ever made a cracker ( despite good margins generally available for good operators in these businesses ) . In fact operating and capital losses are achieved with remarkable consistancy .

Now they boast of fairly significant un used credit facilities , and in Mr Alexanders letter to shareholders ...he even suggests they might buy a few more !!!! ..... and as we speak the barge is being towed up river to the kaolin plant .... but they need another 2 mill to keep making the kaolin ..... and so it goes .... I think the fact will eventually unfold that they have bought themselves a real dog. ( remember that someone else virtually abandoned this project ater losing many many millions of dollars ) .

The MSC balance sheet puts a huge value on the Kaolin operation . ( in fact if you take this out there is about a negative NTA ) .

In the meantime the announcements will come out ..... the Chinese building stone business will allways be on the verge of getting the sole contract to refurbsh the great wall of China .... the barge will be delayed by an unusually low tide , the centrifuge will spin off its bearings ..... the Chinese buyers are having trouble paying for the product ...... and Mr Alexander will keep averaging down the cost of to his holdings , funded no doubt by an excessive salary and benefits .

Make your own mind up - read the reports ....