FODERE RUTILE ...Beware!!26 Oct 2018 20:00
Has anyone on here been approached about buying into Fodere Rutile, a Mauritius registered company that claims to have the technology to convert ilmenite and rutile from heavy sands with near 99.9% purity for Titanium oxide, way ahead of any other method used by the industry at present?
There are a bunch of guys pumping this company as a get rich quick scheme (probably from a boiler room) ... they approached my cousin who is not short of a bob or two through a third party and claimed that they could multiply his investment (minimum £15k) by 10 fold in the next year as the company is seeking to float within 10 months, an opportunity not to be missed!
They claim they are not interested in licencing deals with the big mining companies, they are going to set up their own mine in South Africa, with SA Govt backing to get the full return on their product.
I have also seen this is being canvassed for investment in America under a crowdfunding scheme, with outrageous claims for returns.
To set up a mine takes years (as we are only too aware) from planning, licencing and obtaining approvals, building plant and commissioning, setting up offtake agreements etc. ... long before you get feedstock and see a penny in return..... It takes $100millions of investment to get it to the initial stage.
And these con merchants are claiming they can get it off the ground within a year.
If you do get approached or contacted online, or hear that family or friends who are naive when it comes to investing in mining and minerals have been solicited to invest, put it straight in the bin and contact the Fraud Squad.
I expect stories to emerge that some have invested their life savings into this and have lost their money.
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