Entirely agree about other projects Eric especially Ballek.
We had a 50/50 partnership with Wayland, then after completing a recent drilling exercise there, it transpired Wayland had no monies to pay their half. It was then reported that we now have a 58/50 partnership. Surprise surprise, you only had to look at Waylands accounts to see they were brassic. In fact they are only next door in Richmond House Ely, (probably the same office). I wonder who paid for the recent new Ballek exploration permits? Perhaps they are solvent now.
This is another reason I just get a feeling we haven’t seen the last of CSP and his involvement / association with BEM. Or maybe its just the cynic in me.
Sorry Mick, but after what we've all been through here, especially with the ridiculous amount of time spent waiting specifically on Kallak, it just p'ed me off. Extra pasty for me tomorrow, if anything, I can attempt to lovingly eat myself to death. Lol.
Thanks Mick. Hope you get the 20p. I'm not sure I like the sound of Kurt's reply though. Kallak is 'the' asset as far as I'm concerned, so if by some bizarre quirk of fate the Government doesn't give the Licence then I'll be devastated. Ballek is in its infancy, whereas we've spent years on Kallak, and it's the sole reason why many of us invested. I couldn't stand to go through these lengthy processes again with another 'main' asset. Kurt is keen to make our Company a multi-metal outfit, but I'm hoping he's appreciating that Kallak must be a winner, or we are in the crapper. How would failure now on Kallak attract new investment into the share for Ballek?
Finally, if Kallak has a successful outcome with the Concession, which I believe it should and will, then I'd rather Kurt focused almost wholly on expediting the development of the deposit, increasing JORCed tonnage, upping the level of JORC on it, preparing it for production, rather than neglecting it now to focus on Ballek or whatever else. Many people's lives are tied up in the success of Kallak and he should be mindful of that. I hope he is.
Sorry for the moan Mick, but I've seen Chairmen work on projects in the past, spend much time on them, reel in shareholders with the promise of greatness, then just move along to focus on another 'biggie', discarding the former project as if nothing had happened. I'm sure it's not the case with Kallak, but we shareholders have been here longer than Kurt and have endured much. His response to you seemed a bit insensitive, in that, don't forget we have other assets.
So far, this share hasn't been funny, and I would say it's only the Kallak asset that has kept most of us involved. The onus should still be on that, almost entirely. Kurt has to know that, or in my opinion, shareholders will call it a day.
That’s a good question, I’m afraid I cannot confirm. I guess, in strict legal terms it would perhaps depends very much under what conditions/caveats etc, exactly, is written into the exploration permits and duly accepted by the explorer and thus responsible for commercial liability/risk. However, the Kallak’s have been designated as being of National interest, common sense strongly suggests that’s a different game altogether. Has it not cost Bem large sums of money and time to continue a process, a format laid down by the Swedish Government with an ‘objective’ of bringing the Kallak’s to mine, once Bem’s costly exploration activities had proved so fruitful. I remember Clive saying publicly, that the award of national interest was not something that Bem had asked for (perhaps something in that comment). When the National interest was first awarded, I wondered myself if Clive might tap the S.G. for funds under one of many enterprise allowance schemes that exist in Sweden and other developed nations. I did attempt to search this area with particular regard to mining to no avail. Just maybe it wasn’t available to him or it was a route he didn’t want to take – politics perhaps! Of course I appreciate that exploration is private enterprise, however, a free interest loan only repayable when and if a mine is given the go ahead does not seem out of the question when you want to put ‘to the test’ what the Government considers to be a test in the nations interest. European companies are even in receipt of Government subsidies to boost profits when it is considered in the interest of its peoples. atb
Had an email reply from Kurt, confirming it will go to government following the MI decision on Kallak and if it does, the company will be doing all it can to encourage an early decision by Government. And they will be better informed on timing when they start to re-engage with key stakeholders.
He also said It’s important to remember Kallak is not the only asset in the portfolio, and while it attracts a lot of attention, as a management team they are focused on value creation across all areas of the business.
If you have any queries or comments I suggest you email Kurt, he is very responsive.
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