RE: Regardless of everything9 Nov 2022 19:23
With regards to the financing, Rod already mentioned getting a loan. He has now put £350,000 of his own money in UFO, so must be very confident.
Also Bill said, "Hanc0ck Prospecting (which own the main Sirius deposit joining our Sirius Extension), we are already in discussions with them about synergies to work together." I think it's likely that Hanc0ck Prospecting will get involved in the haul road, otherwise their Sirius deposit will remain a "stranded deposit".
Regarding Munni Munni, for these deposits you don't need a smelter. Just need to do a grind & float to produce a saleable concentrate. You put it in 1 tonne bulk sacks and truck them by road train to Dampier Port which is close by.
In 2001 Lonmin plc (acquired by Sibanye-Stillwater) invested in Munni Munni in its first deal outside S. Africa. Lonmin then withdrew in 2003 since palladium tumbled from $600/oz to $250/oz.
$20M has already been spent on Munni Munni which makes it the bargain of a lifetime! The legal disputed dating back decades have only just been resolved and whole region consolidated.
The S. African miners are trying to reduce their political risk by investing in Tier1 jurisdictions.
And now with the Russia/Ukraine situation, and Russia being the largest producer of Palladium, there is a huge urgency for the west to switch supplies to a trusted partner like Australia. This is the main reason why Rod resigned from Bluejay, joined & invested heavily in UFO.
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