for me the joint venture with oz shows the potential of herencia if oz which i understand are one of australia largest copper miner are prepared to have a j v with her , i say well done to the company and is an encouragement for me to hold my investment and buy more shares
My bottom line of course as for you is finance......but not just to pay BOD salaries and admin but to start getting stuff out of the ground at Pat. I see this as very very important with a do or die ticket on the time line. In fact Guam and Picasso depend on it. If we dont get cash flow very soon we will loose Guam and Picasso. Both these projects will use more huge amount of capital which we will only raise if we can deliver Pat product to market asap. Clearly if we cant get Pat delivering then the 50% point on guam will pass and a £2 billion mine will pass 90% to Oz. I accept we need someone on board like Oz and the kind of deal they did but if we are to get more than 10% we need cash flow of Pat asap. Similarly for Picasso. If we had kept to the origional plan for Pat we would be selling next year and could possibly have paid for Picasso on the nail. That would speed up production point and we would then have Par and Picasso producing.
Our impecuniosity leaves us vulnerable and hence deals like Linde
I understand your frustration and I share that with you, because I have been burnt here too thinking a much faster movement here than anticipated, however this is sadly the reality of AIM and we are lucky that HER has some true outstanding assets to keep us where we are today, otherwise the situation would have been much worse I would say, despite that and despite the recent deals I truly believe we are under valued by at least 100% as things stand today. I can't agree more that Lind deal was a mistake and I said that many times, and I repeat that again, it was like a school boy mistake which cost the company and shareholders, I still believe whoever sealed that deal should be fired, and I don't fully blame GS, the financial officer who should know his number should have picked that up, and it was in fact easy to spot, anyway Lind deal is not disaster but could have been done far far better, so hopefully a learning lesson (again) for the team, while the shareholders can forgive they can't see the continuous mistake like that and I hope they are more careful next time.
as with regards to OZ, and Lind, I disagree that asset transfer is by any means put HER in any massive disadvantage considering the details of the contract and what they gain for it, farm out/in for small capital like HER is the only way forward and many miners of similar size with fraction of good assets like HER done it successfully and managed to add value to shareholder, however that did not happen over months but years of patient.
I said that before and I repeat that again that I would like to see more finance in place fairly soon and hopefully this time with another respectable financial institution like Goldmen, etc they have to explore the miners and they have now got to approach banks who are willing to invest and support this project and lend them money to see through the next phase, of course loan comes with agreement of future asset being sold and transfer to them (off-take agreement). but this should comes within the next 3 months at most otherwise Lind and Oz will eat HER a live, we need some heavy weight on board to balance the power here, someone trusted and someone who is willing to back HER up all the way to production, at the moment we don't have that.
I also like to see very fast movement on licence front for open pit operations, and some solid plans with no missing any deadlines, GS recent involvement in media should continue at least ONCE every two months (not more frequent ) and we need to start giving presentation in large venues to attract investors and raise HER profile, I think GS is honest and somehow very naïve to get involve with Lind, now they are on board GS just have to work with them closely for the benefit of shareholders
I hope this makes sense, where is my good mate Corb?
all the best, and don't give up yet, because I still believe HER is good, unless something fundamental changes, but we need those finances in place VERY SO
The board has gone quiet.. I think the penny has dropd here that with this kind of DILUTION Management our sp is going nowhere. Patricia should be in production next year on a proper Finance package.......like wot other Miners are getting so we can get our snouts in the trough.. With this income stream we can start financing our selves........like drilling etc
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