Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
last few words of malcys comments AEX simply has to deliver the goods.Up to now they have delivered nothing absolutely zero.KN1 which the CEO said was a stuck valve and was simple to fix took ages and up till now is still not producing and how long have they been working on it. When is Ch1 going to be drilled?
incompetent and inept authorities in Tanzania followed close behind by the Aminex management imho. no licenses, no kn1 remediation , no drill date for ch1 but on the plus side they have a new non executive director and chairman.they know what their priorities are.
The management is as has been said before incompetent.They have not moved things on one iota and all they do is keep rehashing information in RNS's that is already known.Their relationship with the appropriate authorities has not made anything move any faster or assisted the company.Nothing is getting done on the ground which is supposedly what it is all about.
As i have said for a while nothing is moving forward on the ground no KN1 remediation,no news on the drill tender and hence no drilling at CH1,no licenses,no news on the dispute with the TPDC over gas revenues.All they seem to have done is agree a farmout that they have been forced into because they have been unable to run their operations efficiently and professionally.The fact that they are still getting paid fat salaries and not bringing in revenue is lost on them.If they got their snouts out of the trough for long enough they might see that they have not done a very good job.Also they don't seem to have a problem in announcing a deal and then taking months to get round to getting it approved.The circular told us absolutely nothing that we did not know beforehand and it took them how long to put it together.The joke is on all us mugs who naively thought that this company was going places with some very good assets.Things have been mishandled very badly but hey but this bunch of jokers think they have done a good job.
The thing is we hear nothing directly from our CEO.He just hides behind a wall of silence and thinks that he can send out an RNS every once in a while and we should be grateful.He along with his cohorts are doing a crap job and have been paid a fortune.They have not moved this forward one iota and we are forced to take this farmout deal because its the only deal in town.
Nothing on the ground has changed in over 12 months.no iicences,no drill, no Kn1 remediation no nothing.Now we are effectively told vote for the farmout as we are running out of cash.if you went back a few hundred years you would think we were dealing with robin Hood and his merry men.two bob company working in a two bob country.