Shortchange,
I always try to do my homework. That's why I spent over $1100 just getting to Cloncurry last year to see for myself.
The most striking aspect was the answer WM gaveto a share holder with over 1m shares in the company, asking before me about exactly when we could expect DSO sales. The unequivical answer was Feb/March (2014). This was at the end of November, so only 8-16 weeks away. To be able to give such an answer, you would think that many aspects of those sales were already in place, to achieve in such a time frame. They had been talking early DSO sales for months.
Yet here we are 8 months past the latest date given, and all there is, are trial shipments of DSO.
There are 2 choices. Lot's has gone wrong being one of them. Yet there was nothing stated as not working or not on schedule at the AGM. Later we learn of problems with crusher and legal action etc, but when did they know there was something wrong? Before or after the AGM and mine tour? I asked specific questions about the crusher on the mine tour, was told all good and just waiting for enough ore on ROM pad to get going on crushing and ore-sorting.
Nothing about broken gearboxes, not up to Qld standards of wiring and safety and whatever other issues at all.
I'm willing to bet the legal action over the crusher never goes to court, because if it does, dates will come out about when things were problems. IF those dates happen to be prior to last years AGM and Cap Raise, then all hell will break loose, and I will be one seeking legal advice and I'll bet I'm not alone!!
Prior to last years AGM, the official word on the crusher was calibration and optimisation, nothing about repairs to anything.
So sorry, you can't just say that all these things just take longer because that's the way it is. The company has just taken way too long to bring Rocklands to any type of production, especially when compared to peers like SFR. We are 8 1/2 years since discovery, and paying wages all that time to management, high wages at that for a company producing nothing. I'm pretty sure 4 years of those wages, if it had been spent on the plant instead, would have seen production far earlier than will happen. 'Key personnel' wages running currently at $3.48m after $3.88m last year.
By about now the company will be getting desperately short of money to get to production. Something is likely to give, before the AGM. I'm sure the company is hoping for some type of sales agreement before or announced then to save the day. The only thing I can think of is cash now for discounted DSO to a smelter. but how much of a discount will have to be given?
