AGM feedback27 Jun 2018 19:04
Hi ... some feedback from one of my boys who attended AGM . They were late to the meeting, but assured me got most of it. I took notes, but they were driving, so some of this my interpretation. Hope to get some more answers.
Here is the gist:
ASTOR contingency in place if appeal court goes ahead: they have spoken to banks, are ready to take on debt to pay moneys due. Debt finance. I guess the debt finance is obvious as the condition would effectively be lifted. They have no idea of outcome and are obviously hoping no change and are confident of such.
There was a bit of noise from two environmentalists: one was from Touro region, young chap who claimed that the locals did not want the mine, it poised risk to the environment and local business and would not get permitting approval. He suggested Alberto lying to shareholders about the feasibility and wasting money .
- Alberto replied that ATYM did everything by the book and law: things would be done properly. Have spent 5m euro only so far, so little risk to shareholders. Would only increase spending as approvals received.
There was also a lawyer (also Spanish, and knew the dude from Touro) , who to quote my contact was a borderline fruitcake. Clearly had one agenda against RIO Tinto mine and wanted to shut it down, stop mining. Made loads of allegations which bordered on lunacy. Strangely, the lawyer kept making reference to not knowing Carlos Estevez ... my mate found this odd, almost as if she was
- Alberto replied with a mix of rage (on false information) and was passionate in defending ATYM's environmental record . Offered lawyer (shareholder, with 10 shares) to come and visit the mine and see the tailing dams: she had no interest. It was remarkable that she made bold claims that there was a problem with tailing dams, but turned repeated invitation to inspect for herself.
- My mate thought lawyer was a fruitcake and by the end she was being heckled by other investors and directors . He also noted Alberto's frustration that as a listed company he gets these attacks (maybe hinting to the unlisted Mining enterprises that get left alone). Alberto mentioned some environmental document that was written, published with false information, but they don't know who is behind it. Alberto mentioned Carlos Estevez has been making environmental claims in press.
Reserve update due in next 2-3 weeks. My mate guesses that 5 year life extension (don't know where that info came from).
To sum up : SOLID. Chairman passionately told everyone that mine and management are doing well. That he has worked on many projects and he is so impressed.
Sign In
Follow the stocks
