I just have this uneasy feeling that the board of directors consists of one prime mover and four passive observers. I wonder how many board meetings have actually been convened in the past three years. How up to speed were Doris Meyer, Pudji Purbo, Peter Pollard and Peter Botjos (now Stephen Hughes) when that RNS was issued or do they just let Faldi Ismail do his thing?
The term "shortly" is vague and we are now almost one month further on without having received an update on KSK.
Whether or not an announcement can be made about a "credible" new partner, I consider that investors should be provided with clarity on the KSK tenure status before 28 April.
Meanwhile 5 days remaining on KSK's Exploration Period. Shouldn't investors be expecting some reassurance to come from KLG - TSX " tenure & permits" disclosure requirements would seem to require that - or am I being fussy?
The company has always maintained that there is nothing wrong with the geological prospects. The January rns said that 'It is important to understand that the decision to withdraw from the project was not based on the geological prospectivity of the project. '
Some $5 millions to come up with NA43 101 for Barang Kanan after the $13 millions Freeport spent on it last year could be looked on as a bargain.
There seems to be something of a trend for mining companies to scale down previous ambitious targets and get a smaller project going on the back of somebody else's hard work and cash. Kefi minerals picked up Nyota's Tula Kapi prospect in Ethiopia for a song, reduced the scope of the target and intends to get a mine into production within a year or so.
In mining majors not every micro-exploration termination decision has to be referred to the highest level. However, this one apparently went to the top. My sense is that geology was trumped by policy backdrop. A seasoned geologist wouldn't easily be persuaded to join the KLG board unless he believed in the prospect. Will his appointment encourage others to invest?
"Jungle drums continue to suggest the decision to pull out from KSK was taken at the highest level in Freeport."
That it was taken by Freeport at the highest level is so obvious it should go without saying - who else could take that decision - or is there an implication that the guys on the ground would have liked to carry on with the exploration campaign?
The new director is a geologist. There is no logic to him accepting a place on the board if the prospect is a dud.
I didn't ask for his source. As CEO of the Martabe Gold Mine (owned by G Resources, hence in OH's stable), he was clearly well wired politically and sector savvy. The upper echelons of the mining circle here in Jakarta is fairly small. Senior members no doubt share confidences with those whom they trust. Jungle drums continue to suggest the decision to pull out from KSK was taken at the highest level in Freeport.
Nor did it seem plausible that Freeport would pull out of the joint vointure when you told us last September but it turned out to be true. Did you think to ask the chap who told you who told him? As you say, it probably won't happen but let's wait and see if it does.
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