I'm the first to agree that the timeone situation is of concern and insufficiently transparent, but just to add to Statsman's comments, timeone was attractive to PLV because they had connections ( if not affiliated) to equipment suppliers and benificators.
Timeone has already "reached agreement with Rizhao Port Group Co. Ltd., and Rizhao Sanmu Mining Metallurgy Co. Ltd., (a subsidiary of Rizhao Sanmu group Co. Ltd.) to extend Sanmu's current beneficiation facilities at Rizhao Port to process the Irvine Island pre-concentrate."
So basically benefication is taken care of. Additionally, these manufacturers/suppliers offer vendor finance sponsored by the central government to build and sell overseas.
So .. good contacts for PLV.
There is probably also some link, even if it is just contact, to Summit equities based in Sydney who brokered the Timeone / pluton deal.
This is what summit equities had to say about the deal.
Iris Xie, Director, Summit Equities, said: "We have been working closely with Pluton to identify a partner which has the appropriate beneficiation and financial capabilities to support the development of Irvine Island. We are confident that Timeone meets our criteria."
The thing that does worry me is that even with all these contacts and influence they cant come up with $19 Million.
Sitting back with fingers crossed!
PLV Price at posting:
20.7¢ Sentiment: Buy Disclosure: Held
