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Except they seem to have had more winter weather delays this time in February.
What news what progress ? Rather busy at the mo but will comment n due course
Of course they will do their Research and due diligence !
Nothing new.
What you fail to understand Punk is that Admin costs as a percentage of overall spend have been and are rising. This is key to evaluating the cost of management. The reason for this is that Stratex plethora of projects are virtually moribund and starved of cash. Altintepe is being run by Bahar and has yet to prove itself. GRL is a mess and a nightmare for management it desperately needs cash or selling off.
Punk you know full well that until Bahar recover their $39 million Stratex only receive 20% of net income so don't keep going on about 45%. Altintepe is not free of problems, it got off to a miserable start to production and appears badly hit by winter weather. The Court case is yet to finally declare, we don't know about extensions to the Mine and Mine life. This single project is now all that Strstex has to support it's 'Group' edifice and a plethora of cash consuming projects and excessive admin/director costs.
Care to explain those write downs Punk ???
Really - Stratex just flogged off Oksut NSR to raise cash to keep going. Admin still running at over £2million for a company with reduced operations and activity far too high and GRL needing a bailout.
Initial gold production is very low. Fact. Full ramp up is ......no it isn't known at all. Court Case outcome unknown.
No still here waiting for some news to talk about Year End Accounts, anything on Altintepe ? GRL ? The rest is noise.
Some fair comment Researchit. It is not hindsight though - Statex had a business plan but broke it and undertook extensive and costly drilling themselves rather than JVing Black Rock and Dalafin, the result of management's decision was very negative for Stratex and one of the prime reasons for the destruction of the valuable cash balance of £17m. Secondly the cut back in 2015 was due to the horrendous overspend noted above. They started the year constrained by a reduced cash balance with high overheads, admin, directors' costs to cover. Thus I find it disingenuous for the management to claim that they are now being prudent when in fact it was forced on themselves by their own extravagance and will full overspending. The result was that projects were starved of cash with little progress or news flow for the past year. Stratex management with BIG ideas have built themselves a top heavy 'GROUP' covering far flung regions stretching from Turkey through the Rift and into Tanzania and across West Africa. As if Stratex was some major company and not a struggling minnow. This may fill the directors with excitement but is extremely unwieldy, costly to manage and not beneficial to the long suffering shareholders. You mention Thani Stratex initial interest in starting again at Black Rock but thus far they have been unable to raise interest or cash for that God forsaken place which is not surprising given the pathetic results from extensive drilling with a meter here and there otherwise dust. Oksut is gone, the last bit the 1% NSR flogged off to give management cash to buy more time and cover more overheads. But I do not belittle Oksut it is an important project rapidly progressing under the management of a first class company Centerra. Sadly Stratex have no longer any part of it. Altintepe is now the single project left to support the high costs of the 'Group' in order to achieve that it needs to come up with some production figures in which Stratex initially has a 20% share until Bahar recover $39 million costs. We need to hear the outcome of the Court Case and understand the possibilities Mine extension and possible Mine life. This cannot be taken for granted. Beyond that there is the ongoing worrisome references to acquisitions in West Africa and the employment of another Director to achieve this. Thus I have little confidence that Stratex BOD has ended it's profligate ways. Cash conservation and returns for shareholders have never been the motivation of this BOD imo
Mischievous ? It was 'mischievous' of Stratex to spend so much money in 2013/14 and leave so little for 2015 No ? Especially with distressed juniors and low metal prices in 2015 available. The spend especially on Dalafin & Black Rock on drilling was totally out of line with Stratex business model and strikes me as a bunch of geologists having paid themselves £1m salaries & Bonuses out for a jolly at shareholders expense all imo The Result £10m drill costs dust at Black Rock and no resource as hyped at Dalafin,
Darned spell check please read Black Rock not Black Rich which it certainly was not spending £5million on drilling with nothing to show for it.
Sorry Researchit didn't see your question. The year end results for Stratex should be out in the next two weeks. Expenditure on projects, all projects, has been constrained by lack of cash after the horrendous spends on Black Rick and Dalafin etc in 2013 and 2014. This was not amsnagement acting prudently but the cash was running out fast. So moribund projects with little or no spend. admin and directors costs and expenses as a proportion of overall spend that is the one to watch if you are interested in the management of the company.?
Punk Oh dear oh dear you say lies so easily when in Stratex own announcement they say they would not invest the smallest amount of money in Muratdere because Stratex seed no hope of completion or monetisation ! Are both Stratex and I liars as you do readily say ? Or do you have a figment of decency and apologise ?
Please explain ' It is a brilliantly run business' The cash balance has crashed from £17m, Oksut has gone, Muratdere a dead end. All in 3 years. Oh yes Altintepe is still there as it was then.
Oh come on. This is no surprise. Repeatedly said it. Muratdere a non starter. No decision was made, it was made for them. As for cash preservation what a joke, this lot have burned through $30 million in the past 3 years and are still talking acquisitions.
How far is a moneyless GRL from Bob's 'near production asset' ! As far as it gets. Sad to think Oksut NSR would have started up 2017 gone the same way as the £17 million cash Stratex had in the bank in February 2013. Down the drain.
There's another well know Irish saying which roughly translates : If you burn your a**e you will have to sit on it.
Goldstone must be out of cash by now. Hardly a near 'production' asset. More of a cash sinkhole.