Yes progress appears frustratingly slow though I don't think that is unique to BMN necessarily. By the cash burn rate in the Sept quarterly I think cash/cash equivalent reserves will be depleted by March / April 2011.
As you correctly point out a sharefinancing was approved by shareholders at the AGM which may (and in my opinion will) be utilised by the Board.
Ideally, we get the mining license early 2011 to bolster sp and I think you will see a capital raising in January.
Interesting to note the amount of the capital raising AUD$15m. This would buy BMN another year or so to explore some other targets and finish out the BFS and stratgic partner piece. So they must be confident that this is plenty to carry them through to those key stages. You would have to imagine that off-take discussions would be pretty advanced at this stage if they have been ongoing for a number of months (?).
I'd say the information shared as part of those discussions would be such that the BFS need not preclude succesful completion of those negotiations but any strategic project / off-take partner would IMO want to see the mining license first.
BMN Price at posting:
55.5¢ Sentiment: Buy Disclosure: Held
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