PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Hi AJA5 - once again, there is a difference between operational control and the makeup of the board.
A CEO is in operational control of a company, the board are not. That is not the purpose of the board. A CEO reports to the board.
So again, no one from Glencore is on the operational team of Jumelles - it is the ZIOC team and Glencore provide sign-off at Jumelles board meetings.
And I didn’t start with that issue, I just offered it up when questioned. I know this for a fact. Thanks
To be fair GTA, this plays into the cold pellitisation point I raised earlier. Off the top of my head I think the modules are $10m each for 24mtp/a production. - so if cold pellitisation works (big if) then capes costs come down drastically
Hi DrR,
Since the permit hit last year, I actually got in on the rise at 22 so am not even in the money at the moment. My interest was in trying to have a sensible, informed discussion which I’ve learnt is almost impossible here...
Thanks Simon but I won't be bullied off this board as someone new to LSE because I have genuine questions as to how we are developing this.
I would politely suggest given your post before that, that you might like to research some finance basics at the same time...
Hi Riskisgood / MM
Re Iron Champion - again I don't know if you are being deliberately deceptive to others on this board or just don't know what you're talking about.
There is just a SLIGHT difference in agreeing an offtake agreement for a fully developed mine in Canada vs. a completely undeveloped one with no infrastructure in Congo.
I'll leave you to figure out what the differences are...
Unfortunately not Simon - they would be financing it from their share of the profits, so it wouldn't be greenfield development.
Alternatively, if they were to inject equity into this, then ZIOC shareholders would be massively diluted through a capital raise for ZIOC to fund their share. This is why I didn't think it was a big issue that Glencore wasn't involved initially (and I wouldn't want them to be)!
I would much prefer ZIOC to prove up the resource, get small scale production running then sell it off.