The brutal truth During the past 18 months iron ore prices have averaged record highs. Iron ore miners have raked in windfall profits. Global iron ore miners are flush with record cash reserves.
More than $50 million have been spent on drilling, engineering and feasibility studies on the iron ore reserves currently owned by Abaxx. The reserves have easy access to rail and a new iron ore port loading facility. Abaxx also owns port loading rights for 8.5 million tonnes per annum from this port facility.
In March, 2011, based on these same assets, New Millennium was trading on the Toronto Stock Exchange with a Market Cap. of more than $800 million.
And yet the Management of Abaxx files the following statement in Sedar.
Sedar filing: March 31, 2022. Annual Information Form - English. 740 K
Page 12 of 59
“the Company does not believe that the LabMag and KeMag iron ore assets have material value at the present time”
What???