Feeling your pain Taurisk.The story with BMN has been the same...

Feeling your pain Taurisk.

The story with BMN has been the same for quite some time.

Where to come up with the capex of 500+ mill?? therefore LT likely to be dilution.

BMN owns 80% not 100% therefore until this overhang/free carried to DFS partner is funded/transformed/sold to a funded partner there would be little interest by serious players/partners in the listeds.
As was pointed out to me by someone who should know this 20% stake makes BMN more appealing to a potential parnter/predator for in one swoop they can move to a pretty unassailable position, conversely no one will swoop until they have a clear shot at this morsel. I was always of the view that the value of this stake would only be known post DFS (well PFS I'd hoped would bring a bid)

It seems very few retail investors, aka HC posters, hedged against an unfavourable PFS, sorry PERCEIVED unfavourable PFS, (insert contract v Spot price, core v trading stock argument here).

We were all so sure that it would climb above $1.5 if only those pesky cappers weren't conspiring to hold it back and accumulate at these dirt cheap prices (anything below $1 was dirt cheap).

As you say, hard to see the climb back barring finding a better ore body. OTOH Etango is at surface,so its not a long wait to get cash flow, its still economic at LT contract prices. Theres near unanimous consent/belief that 'someone' will want a part of Etango by HC holders & all the Namibian players PDN,EXT,BMN that I read up on have been running the line that there seems enough interest from 'asian utilities' to get them all up (they all claim to be in talks or 'have had approaches' for the last couple of years that I've had an interest & have followed their preso's & attended their AGM's)

Just an idea but could the ore be toll treated at some other plant? Why?...... no need for 500++Mill capex... therefore.. 20% partner could stump up its share..... no need for dilutional cap raising..... contract mine the pit & trucking ..... Now I'm getting desperate & outa my depth.... time to move on.