What a difference 12 months makes... if the Sham is under any illusions why shareholders are so upset take a look at the complete destruction of shareholder worth they have achieved in just 12 months.
Imagine what they could do with 12 more months.
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Brockman imposes Pilbara deadline
KATE EMERY, The West AustralianMarch 25, 2011, 6:29 am
Brockman Resources has given itself a little over six months to make a final investment decision about its Pilbara iron ore project.
The Wayne Richards-headed junior hopes to start construction on Marillana in the third quarter of this year, with commissioning to follow a year later, according to documents filed with the Department of Environment.
If all goes to schedule, Brockman will bring Marillana into production in 2014.
Brockman has already received State environmental approvals for Marillana, which it hopes to turn into a mine producing between 17 million tonnes and 20mt a year. However, it still needs to overcome the dual obstacles of rail access and project finance, with the company needing to come up with $1.3 billion to $1.9 billion.
At the same time, it is fending off a hostile takeover from its biggest shareholder, Wah Nam International, which is simultaneously bidding for rival Pilbara junior FerrAus.
Brockman is in talks with Fortescue over a possible rail and port deal but no binding agreement has yet been reached. Brockman also has space allocated at the South West Creek development at Port Hedland. Brockman shares rose 8¢ to $5.90.
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