Eric, you are not the only one contacting the Board but thank you for disclosing the content of your email. We have got to get the message across to the Board that they are running out of time. I hope this bloddy Market Makers dont not take this to 0.15p on bad news on Mollacas because the share price does not seem to reflect any upside for good news. The tossas will no doubt take it down on bad news there. The board is losing time and this is the crux of the matter. They do not seem to grasp the urgency of securing a deal, it doesnt have to be the best deal but surely deal to secure the future. Rights Issue done, Cash burning and still no concrete news, as DD has been ongoing for years!!!!!
Hi everyone, below is an email reply from Steve Tainton in response to my request for better news flow and more regular updates, Most we already know but I thought I post for your information anyway
Apologies for the delay in responding to your email of 30 September. Firstly, thank you for your support in what is a difficult time for the junior resource sector, and more specifically Metminco. We recently released the results of the Mining Study by RPM on Los Calatos, which focussed on a high grade development scenario, the results of which represent a significantly improved economic outcome compared to the earlier work conducted by RPM in August 2013. Unfortunately, the market’s response to this announcement has so far been disappointing – which to a large extent probably reflects on a declining copper price (presently ±US$2.35/lb). However, with the release of the latest financials for Los Calatos, there has been a renewed interest in the project due to the lower pre-production capex of US$655m (by comparison the prior US$1.32bn for the larger tonnage operation) and the higher head grade of 0.89% Cu. The Company is actively trying to secure a funding partner to assist with the development of Los Calatos. Whilst a process to secure such a partner was initiated in 2013, and a number of companies (primarily Tier 1 type companies) reviewed the project at the time, one of the key issues raised was the pre-production capital of US$1.32bn – particularly as certain of the participating companies had either transacted badly on other projects in the Region, and/or were facing capital blow-outs, and/or shareholders were looking for dividends as opposed to capital intensive investments. On a positive note, the results of the latest Mining Study has resulted in a renewed interest in Los Calatos by a broader spectrum of companies, including Tier 2 and Tier 3 type companies, many of whom are currently reviewing the latest dataset for Los Calatos. We are hopeful that this will result in a transaction that will facilitate funding the advancement of Los Calatos, which we believe is a highly deliverable project due to its location and potential financial returns. Hence from a newsflow perspective, any development at Los Calatos will be positive, as will a positive ruling by the Supreme Court in Chile with respect to the Company’s Mollacas copper-leach project – both of which are expected to be concluded before the year end. I hope this is of assistance to you, and thank you once again for your email and support. Regards. Steve
Has been rising, also others are looking to cut more expensive productions also.
Glencore cutting copper production
Will help here and hopefully attract a buyer How's that due diligence going MNC
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