Good point. Lets see what the accounts bring next week. I still think BMR need other forms of financing whether it's bank debt or offtake agreements or Joint ventures. You can't dilute the company in this market. That would be a big mistake unless of course you sell everything for double figures. BMR have also saved money by signing JV's with Phoenix and Bwana Consortium. They also still have JV options on Chingola. So nothing has been paid for these assets.
Fair comment. Personally, I don't think it's safe to assume anything.
I doubt that BMR would just spend it all on plant and then say, oops, you know what, we haven't actually kept enough money back on getting these plants to production.
I'm looking forward to seeing the next results next week to see how things are going. We'll find out the financial position then in more detail, so maybe we can all have a discussion about it at that point rather than trying to second guess them beforehand.
The pre-payment was actually £3.9m and I can only assume that has been spent on plant. Even so when you add it all up it must be getting tight? There is commissioning stage before we get to income. IMO income is a ways off yet.
I still hope that MA pulls off this project, and will stay with it mate, I have been here long enough to know that things don't move as fast as people want them to. What does get to me though, is when dates are given, and not achieved, as that makes their planner look incompetent. Someone somewhere appears, and I stress appears, to be giving either false or unrealistic information, and that's what I find extremely annoying ....
both have valid points. The problem is with the base metals markets, in my view MA has done a sterling job against a background of falling raw materials markets. When, and I believe when, Zinc, copper and and lead prices recover we will be highly delighted with what MA has done. Sell out too soon and you will see others reap the rich rewards we have funded!
whether the green light is given tomorrow or in 2 months would be of minor concern. I just wonder what effect another 2 months of cash burn will do to an already stretched bank balance? Looking at the last set of accounts I am frankly amazed we have bought a copper plant for Kabwe, the WPS plant, paid Ascot's invoices, EPL salaries, everyone else's salary. Am I missing something here as I just can't get my head around the funding issue.
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