The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Well over the years we are told it has not been a walk in the park. Firstly the first few years it took 3 weeks+ to reach camp site as there was no roads but only accessable by rivers pirogues and jungle tracks .. Monsoons or dry weather always complicated things and also made living conditions extremely taxing. The presence in this very remote work area of the orang Oot who considered that to see or talk to strangers was bad luck so much so that they thru stones but they could never be seen. Jungle massive fires and blanquet of smoke for weeks on end , access permit , logging road usage negotiations, Indonesian political unrest, changes of government policies , emergence of the green movement, an Indonesian public service in name only, uncertainty about legality of tenure and changing regulations causing long delay, new unpopular /restrictive mining laws, appalling ethnic violence of 2001 and on going tension (Dayak & Madurese), The great financial crisis, etc etc. I hope that one day Mansur who has been there since they first pan the alluvial of the Kahayan head water will write a book about KSK. The Indiana Jones story writer will eat his heart out :-)
We have been at it for a very long time. Did you know that a lots of top Companies have looked and are looking at KSK.
Some top names have already invested millions exploring KSK but for one reason or another they moved on. People like Paringa, Molopo, Ciprus, Oxiana, and even Freeport McMoran invested some 30+ Mil into the project. They moved on but we stayed and we acquired all their data virtually for free. (although Freeport will need to be reimbursed when we become profitable ) They were all very enthousiastic and excited about KSK (for good reasons) but realised KSK was a
tough nut to crack. A get rich quickly is not in this venture DNA.
We do not have deep pockets . At a million + bucks per hole Hate to think of the gamble when you consider that we went from 40 million to 2 billion + shares exploring a near surface deposit. Lets Stick to the original plan. Develop Beruang Kanan (BKM+) prospects as the first cab of the rank and take it from there. Once we are in profit move on next to one of the other 30+ prospects already identified on the KSK concession. There is plenty to come . No need to jeopardise unecessarily our position .
For anyone interested a very informative paper by Bardolf, who has worked very closely with the Company for long time.
https://www.academia.edu/8440569/The_Mismatch_between_Mineral_Exploration_and_Community_Engagement_Some_Ethical_Questions?email_work_card=thumbnail
This is why I do not share the view of people who want to sell KSK. Firstly KSK unlike Beutong does not need 2000m drill and if we build up on close relations with the locals , as KLG initiated, should see access risks minimized . Beutong has already experienced protests. We should not lose sight also that soon Kalimantan will become a focal point of interest as it will host the new capital of Indonesia. The whole island will probably start booming in all directions with mass immigration from an over populated Java . We were there first. Let us not sell ourselves cheaply so that someone else reap the benefits.
Let stop and think for a second . Why spending 37 years on KSK including 25 years on BK just to unload with only 0,5 Mt cu on the score sheet? I find surprising how lth are still blissefully unaware of what is at stake here and how they are missing the coded messages that are in every news release. Mgt cannot tell you about it directly because it is not
confirmed, of course, but always referring to "district scale upside" they have to be aware of the potential of not only BKM but the futur of KSK.
Timing is everything in a world with no clock.
Closing on almost 40 years of practically non stop efforts and still at it. This reason alone makes KSK so special .
In 1989 when BK prospect was surveyed it was already agreed that it would become the first cab of the rank even though there was some 30 + others very promising prospects identified on the concession. Like Darryn now confirm, we are getting closer to our first goal. This will create the cash flow and the stepping stone to the bigger and brighter ;=) deposits.
If this project was ever becoming a grab and run venture it will never ever fulfill its promise , so for those of us who do not hear the ticking we are still on course.
Best of luck with your investment.
Long termers never loose sight of the real prize "....... along with future development opportunities that are likely to arise from the broader KSK Contract of Work."
Although it is taking longer than we expected, we know for a very very long time that BKM is only an appetizer .
Yes you right Thornback, everyone make their own decision. It is a pity that this is not setting the world on fire , but not really surprising however. Tony is tired , and Darryn and Andrew are just going thru the motion. With enthousiasm and true belief lacking it is little wonder shareholders are losing interest.
I will never accept a sale.......I know what is out there.... KSK is not only BKM ...what you will get for KSK today would only be a tiny fraction of what it will be worth in the futur... the world is rapidly changing and sitting on an outstanding resource will command a premium you can only dream off.. I will not let the board cheat me being part of the greatest discovery of the 21st century...we have seen nothing yet...(for those who may want to know I started with PPK and have been a shareholder of this venture since 1992
I have always believed that it is up to us to adapt and conform to the local culture if we want to successfully mine the resource. It is a coming together. A Western Company helping a Dayak community who has the wealth but not the knowledge to extract it from the ground. Imho the Dayak are well aware of what is buried as they are close to and communicate with their environment. My suspicion is that there is a possibility the Dayak are not satisfied with our
ways and if they think that it will not lead to an harmonious outcome they have the means to stop progress.
Writings (part) by A. Syaufi
The Dayak tribe community as an agrarian society highly respects and upholds the noble values of
ancestors that still apply, for example religious and communal social values that aim to achieve a harmonious life. The ideal value is very influential on the social and cultural system,
including in the implementation of its traditions and customs.
The religious values reflected in the social life of the Dayaks
are encompassed by a belief about the existence of occult and sacred things, it is characterized by the various forms of ritual ceremonies both related to traditional activities and those related to religious activities.
COMMUNAL VALUE
Communal values prioritize the interests of living together in the lives of Dayak people. The value of togetherness means
that humans are bound to their society, humans must prioritize the interests of society rather than their personal interests.
This is realized through mutual cooperation activities, please help, cooperate in meeting the interests of harmonious living together according to the principle of hatamuei lingu nalatai hapangkaja karende malempang (wandering thoughts and feelings one and another visit each other) and the principle of hinje simpei paturung humba tamburak (upholding cooperation and the value of unity between one and the other). This principle makes the attitude of the citizens to achieve harmony and peace.
(Claus Swab eat your heart out) :=)
A lot of people may be feed up but I am not sure here if people get the whole picture. @4p Tony will not make any money neither the large shareholders . Those people/groups purchased large holdings because they are aware of what KSK has in its belly. There is no way they will let DOID acquire the whole company without forking out a very substantial premium either cash or (preferably) stock.
https://au.finance.yahoo.com/news/peru-calls-las-bambas-talks-152626885.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAD18lkDq7HYW9FXEigSRXfHrfT7i9v7GQem49OGHDR5WRBz2LvkLt3mbDPAMM5V8d3JwCdYyL2Gun76KJZfIcFkAghVQRsM07MAM5jJDN0jNmpLdLdiDjFexPqAsj9sQweCc1hW-6rj22hIthJFR-3wj06MHQYDKsBF28a_tQj4c
Another example shows how it is absolutly vital that our relations with the local communities are well defined before anything start. Mansur repeatedly said " a mine without access is not a mine"