Rough seas ahead for Rex.............to put it mildly. What I...

Rough seas ahead for Rex.............to put it mildly. What I would like to know behind the huff and puff of the CEO about all the financing and EPC and ECI's and possible financing from Chinese Banks, it all seems to go nowhere. All Huff and Puff and then nothing.
Lets get real RXM is a mini cap asx stock Market Cap: $54m. How can a little cap company like RXM raise over $2B to develop a 15mtpa Copper Mine.

As for the rough seas, financiers and JV partners want clarity on the Project.I have been watching the build up of resentment among the farmers/residents/landowners and politicians of the York Peninsular to stop development on the Peninsular including the RXM Hillside Project among others.

The little fishing and crabbing district are also up in arms about the project.

The main thrust of this appears to come from a Group know as YP Landowners Group headed by Stephen Lodge. Considering that RXM havn't put out their MLA to the Public yet, I think the Project is a long way from a start.

A year ago, it was RXM to get Financing from China Banks, then EPC contracts with a company that went bust and now Hyundai and a scheme called ECI, what the hell is an ECI and what is the latest on the ECI?

Announcement on 4th June 2013: Rex Signs EPC and Finance MOU. NFC principle contractor, ARCCON as sub contractor. Chinese Bank to supply finance. Then ARCCON goes bust and then nothing about Chinese Bank, now talking about Hyundai and an ECI contract.
What I and shareholders would like to know is what happened to NFC and the China Bank? What is the latest with the ECI and Hyundai?

What is the ACTUAL position considering 12 months ago on NFC and nearly 5 months on Hyundai.

If the reason is that there is a possibility that the SA State Government is not going to grant a Mining Lease because of all of the resistance from the residents and green groups and politicians, shareholders need to know. Is this the reason that everyone has pulled out of negotiations.

I am not trying to be negative on this issue, but if there is a problem why hasn't the Board dealt with it. It is obvious to anyone that looks at the big push to stop mining on the peninsular that they have RXM in their sites why don't the Board come clean on this issue. The stock has crashed from $0.70c to $0.29c which has halved the market cap and there has to be a reason for it. The CEO keeps bleeping about "its the biggest untapped copper deposit in Australia owned by a little ASX company with $10m in the bank and a share price under $0.30c.

I know I am going to get accused of trying to downgrade the project but this is not my intention. I just want to get some straight answers from the Board as to what the hell is really happening. If Hyundai is going to take it on, why havnt they updated after 5 months of saying they are the new saviours.?? thats a fair question.

So I can assume if nothing is said by the CEO then really there is nothing really happening.