Query about old agreement, page-91

again nothing was asked about the mine next door which now has investors, but the questions you refuse to answer are on the company I have shares in called etm .The question was that after 18 years why is the companies market cap less than what the company paid for the project all those years ago and secondly why has the company not got an exploitation license after 18 years and tens ---hundreds millions of dollars or what ever of expenditure when other companies spending far less time and money have their licenses