RE:RE:RE:Deep Thoughts on WaterburgAdamTrone wrote:
can PTM, given their junior status and track record, bring Waterburg online? ...I am only trying to reconcile what would appear to be management's cavalier attitude with bringing projects online, which seems to fits Mr. Jones' MO. Will ego/ambition over ride economic rationality?
Thanks MC.
I do not believe that Jones could over-ride economic rational, even if he wanted to. Enough investors/institutions need to believe in the economic viability (plus, some extra slack) of this project for it to be funded. Unless PGMs make a strong move upward, I just do not see that this will get built on the schedule which is outlined. JOGMEC also needs to sell their stake to a developer. This is a far tighter mining Capital environment, than when Maseve was beginning development.
I do fault management for their part in the lack of oversight, which contributed to the production delays at Maseve. However, I don't fault them for not planning that Pt would be below $1000 for as long as it has been. Very few people would have considered that as more than a 5% chance, 6 years ago.