Member Info for Chinasyndrome

Rufus/Blue, The problem with the FTAA agreement is that it is really only binding one way. The PI Government has already finessed the import duty clause and probably would not think twice about shutting the whole show down if they ever decided to use the excuse that the company was heavy handed in getting rid of the squatters or that the RSI is a hazard to the 200,000 people who live down stream of it. Dial in a 50% tax and suddenly you are not making $800/oz profit, and I personally do not believe for one minute that there has not been nor will there be any inflation from 2010 estimates. And when are we going to be told about this weeks events and problems ? It is my opinion that there is potentially market sensitive information out there that is not being reported to the independent shareholders in a timely manner.

Has anybody heard what the latest production cost is expected to be ? I do not believe for one second that they can still produce for the US$475/oz which Management forecast back in 2010. I would think that there has been at least a 20-40% increase just for inflation. So why isn't Management providing more up to date and relevant information to us non institutional shareholders ? are they trying to hide something ? Plug that 40% inflation figure into the NPV and its time to start looking for an out.

Today's announcement should be ringing alarm bells to all, 1.8 Billion shares now out there, still three months to full production, lenders not being overly generous, money set aside for operations used to pay financial penalties. I just ran a quick NPV using the companies numbers scary, especially if you introduce a 50% tax after year five. No wonder the major shareholders insist on a discount. And this is before the Gorilla in the room is taken into account. The new President, Minister and Governor seem hell bent on shutting down ALL mining in the Province, say goodbye to Didipio. Sorry Blue I hope you don't have everything invested here.

How much longer must we endure ? Managements egotistical rush to announce the pouring a piddling 2kg bar has probably triggered the commencement of production for legal purposes. Ie the run down on the Tax holiday clock has started but nothing is being produced ! Make no mistake this will now be costing the shareholders dearly.

Well, it took three weeks to replace a bearing ! which most mines can do in one. Still no production and even when there is they now have a long list of debt, interest and penalty repayments to make. Assuming they can eventually reach 8,000 ozs/mo that should equate to around $6.4M nett out of which they first need to pay the financiers back. So it is still going to be a while before there is any surplus to pay dividends out of. All of the above assumes that the sub$500/oz cost still holds and that that the new President does not decide to impose a 50% tax on mining company profits. Lastly, I would love to know who had the foresight to buy shares a day before the company announced the bearing fix, smells suspiciously like insider trading to me.

Thanks Rufus, It's good to hear that our (in the know) Directors still have confidence, but I wish the minor shareholders could be kept better informed. What bothers me is the time it is taking to get this baby into production. And what is the point in announcing the pouring of 2kg (70ozs) of gold, it is nowhere near the 15,000 ozs needed to cover this months interest payment; it falsely raised expectations and diverted attention away from more important issues such as the failure of the Mill bearing. While I agree with you that Didipio does have some particularly ugly problems; Runruno has its own Achilles heal ie that tailings dam. The consequences of a potential failure on one of the highest earth dams in the world, built across an active fault zone, upstream of 200.000 Christian souls does not bear contemplating. There was no need to go that route other than to save a few dollars, and even if it never fails it will still need to be closely monitored and regulated from now unto eternity ! What's the bet that every time a cyclone goes past they will now have to stop production ?

When is Management going to be held accountable ?

Nice one Rufus, While you are there see if you can find out what our Chairman thinks about having both a hostile incoming Provincial Governor and Minister for Mines. Didipio has already been put on notice, I would not be surprised if Runruno is next. Hope that jump in share price was not as orchestrated as it looked.

Still at least two weeks to see if/how the CIP & BIOX works, but at least the Gold Room appears to be working. It would be nice to know how much gold was recovered in the Gravity circuit, 10Kg or 10gms ? and from how much ore ? Makes you wonder how they can (gravity) process ore without the rest of the plant operating, what happens to the rest of the Gold in the ore ? is it being stockpiled somewhere ? or are they dumping it as waste.....

“We think we can commence production in the site in the second half of 2013,” Craig Watkins, country manager of FCF Minerals Corp., the local arm of British miner Metals Exploration Plc., said at the Mining Philippines 2011 Conference.

Rufus, I was referring to the 1.73M or 10% of nominal Cap shares mentioned in the April 22 GM, that the Directors can now allot at their discretion without further approval from the shareholders. I think shareholders need to know who these shares (if any) were allotted to and at what price ?and no they have not been reported on RNS as far as I am aware. This mine has had one of the longest gestation period of any mine I know of ! I think we have been seeing predictions of production "next year" for the last 3 or 4 years..... Operational management does not seem to know what is required until it smacks them in the face, had they gone with Leytons back in 2012 they would probably have been in production two years ago. Good on you Blue, if you don't need to read, why chat in the first place :)

Why is it taking so long to pour the first bar ? What grounds are there to expect a massive upgrade of reserves ? Are there other conditions on lifting the suspension before they can start production ? Who got to purchase that last tranche of Management shares and at what price ?

2015 accounts out, Current assets $15.8M, Current liabilities $26.5M and around 25% over budget ! No indication of when to expect production with $15M interest due next month. What is their cost / oz ? probably not $474 as predicted back in 2010.

22 April, Additional Shares to be issued at Managements discretion 25 April Suspension Order lifted ~ 11 May Test run 18 May............ Still waiting for the first Gold Pour When is the next interest payment due ?