The Swedish venture - Grangsberg - is perhaps more hopeful. The BOD said that the grade is higher than LIM's, and that it's closer to market. Bill Hooley mentioned some other - non-iron - possibilities. I didn't press him on this. It's nice to hear that just maybe there's some lateral thinking going on.
I recently learned the origin of the word 'tungsten': it's Swedish for 'heavy stone', and the element was first discovered in Sweden. That would be nice! Just to be clear here: the word Tungsten was not mentioned at the AGM, and there was no nodding or winking. The Directors were going on public record and behaved professionally at all times. We have fantasists in this chatroom waffling on about uranium so, hey, I can dream about tungsten can't I? 8-)
A final word about Grangsberg: if the iron ore market does pick up, we were told, "we could move quickly".
The Directors pointed out that China is having a massive effect on much of world trade, not least commodities, not least iron and steel. Per capita consumption of iron is far lower than in the developed West, which is reason to believe in a more favourable (to AYM) supply/demand. But. Aussie productivity is advancing by leaps and bounds. Add to that their proximity to China, and Labrador Iron Mines is some way from a renaissance. "Some way"? That is not a direct quote, but might as well be. I reckon LIM is a million miles away from exiting 'bankruptcy protection', but I'm not an officer of the company and am entitled to use language more freely than they are.
Well, I for one am rather pleased with today's meeting. The BOD spoke fluently and realistically about the strengths and weaknesses. I'll flesh this out with some detail in the next day or so.
I'm glad to say that none of our chatroom trolls turned up - no gerrymanders or plutonium conspiracy theorists. Attendance was low; hardly surprising in view of minimal activity at the mines. Next year may well be a different story.
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