Thanks Harl. Been out all day so just catching up. Another thought on in the Operation update is the comment that the bulk sample test of the WPT that's just started. The gravity treatment route seems pretty much decided - it's now a question of tidying up the design. Spirals are not expensive and v. cheap to run. We could - just could - be closer to producing a lead/zinc concentrate than everyone thinks. When the results are in, could that be a flickering green light??
Q1, The BMR Board of Directors announces that Mr Masoud Alikhani, the Executive Chairman, resigned from the Board on 17 October 2014 for health reasons. Mr Mark Wainwright, a non-executive Director of the Company, has accepted the roles of Acting Chairman and Acting Chief Executive with immediate effect. Q2, No idea.
Well at least there is something left to sweep. I'm not concerned about the write down, Assets on a balance sheet are just that, their worth in this case is wrapped up in Licenses and conversion to metal. The capitalising of costs is prone to interpretation, in this case the poetic license may have been extreme. What does concern me is the alchemy of turning the muck into brass. I am heartened by the peer review and the comments to date. The WPS appears to be standing up to the tortuous financial modelling that it will surely undergo with AB. What I am now waiting for is the LPT and the ISF **** processing capabilities and the resultant projections. This to be will mark the end of the beginning or the beginning of the end. If we have the ability to process for 4 years or 10 years or more. The there is what is beneath?
I haven't kept fully up to speed on bmr so I'm here to learn.
Q1.... Is MA still working for bmr? If so in what capacity?
Q2..... More of a reminiscent thought of a few years ago....I would think that glencore would have something to do with our future.... They are massive and next door. Could we get a finance injection for control of bmr perhaps?
Eric The positive points from my thinking,were no debt,above ground tailings(some jorc) & would help local community clear lead pollution. What MA & his team have been up to will come out, I still cannot understand why L&Z processing was not perused as a priority. Processing & income may have allowed MA to buy other assets. Lets wait & see how much detailed information is released within the month,present still not enough detail to work out any revaluation or make any long term decisions. Sentiment can change quickly, good solid factual information flow & processing, I hope to see good basic reliable flow of information,some thing that shareholders can place trust in, long time overdue.
You are welcome Westy. I only know the voting situation from my experience with BHR. To be fair, AB appears to be doing a thorough job here. It is pleasing, even though his findings are somewhat grim. I do feel we still must have good value potential, there being no existing debt is a godsend. Otherwise I feel he may have taken us into Administration. The positive is that we have a future. The negatives are that we'll have to wait longer than any of us may have anticipated for a semblance of a return on our investment, and that shareholder trust will be hard for AB to come by. He needs to produce several decent, value-enhancing RNS releases in order to restore our confidence in the Company, in my opinion. I don't think his ability is in question, so that is at least something. Get the house in order and begin producing.
Mining company write downs are mainly due to exploration costs, where poor grades or complete failure.
Thanks for the 12:11 post, I had just put together a question on that subject.
AB JH NL & GC should be given time to sort problems, but we must be vigilant in case something underhand is attempted, by saying that I am not making allegations, recent history has shown blind trust was abused.
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