RE:values Timok at $1.5 billion
texasteasong, I'm going to type this real slow so you can understand.
The 18-24 month to production requirement is for traditional financing. Highway robbery is always on the table for majors to take a large piece of your property for peanuts.
Once again, you are trying to fit a square peg into a round hole.
Freeport got 25% to 45% of Timok for their funding deal with RMC. Furthermore, Freeport, prior to selling a piece to Lundin could have controlled up to 75% of Timok. That's not bad for a bag of peanuts.
Freeport is swimming in debt. What if they could not sell a piece to Lundin? Freeport could have put the project on hold and RMC would be screwed because they would not have the controlling interest to do anything about it.
Tim has already stated, on a conference call, that he could sell a piece of Piskanja tomorrow if he wanted to.
HE DOES NOT WANT TO!
Just for the sake of argument, let's say that I owned Erin Ventures, a company that in the future, hopefully not too far away, can generate $100 million per year in gross revenue or $67 million in net earnings. We're talking US dollars which is much more in Canadian dollars (i.e. my currency).
Like RMC, I could give away 25% - 45% or even as much as 75% to a major to fund the project.
That would mean that I'm giving away $16.75 million - $50.25 million in net income PER YEAR.
Sorry Bob, I'm not giving up $16 - $50 million per year of my company's profit just so you can have your higher share price today.
You have been talking about RMC for how long now? Did you buy into them? That has always been your choice. You don't like how Erin Ventures are doing things? Have you sold? That has always been your choice as well. You whine about not knowing when a PP is happening. I have known when every PP has been happening and if I wanted to participate I would call Blake. Have you participated in any PP's Bob? If so, great. If not, what are you complaining about then?
Erin Ventures wants to maximize THEIR long term profitability and, well to be perfectly honest with you Bob, I don't care if you're unhappy with the current share price. I would like to see it higher and I am confident that it will eventually get to where it should be. Pobrdje could be just around the corner and when the announcement is made, if Erin Ventures is awarded the mine, the share price will go to the levels that it should be trading at. And you know what Bob? Erin Ventures would not have had to give up a piece of Piskanja or Jarandol to do it.
Hindsight is great for armchair quarterbacks like you Bob but it's not very realistic. It's easy to look at RMC now and say "see what they did". I don't remember you saying anything about RMC until long after their share price had climbed. What happened to RMC's share price does not mean that the same thing will happen to Erin Venture in a similar situation.
How many times did you post 20 year old articles that were no longer relevant? How many articles on boron and their uses did you post that again were not relevant to Erin Ventures? How many articles did you post about other companies doing business in Serbia that were not relevant to Erin Ventures? You had a handful of relevant posts but you sure were always the great cheerleader for a while there weren't you? How many articles did you post that got some people's hopes up only to be dashed because nothing happened? I have been trying to bring down the expectations of the board for years because people like you keep posting false hope articles. "Look it says boron and Serbia... that must be Erin Ventures!" Why aren't you the great cheerleader anymore Bob? Did you finally realize that you can't get the share price up with your irrelevant posts?
Welcome back to the real world Bob. I know it's hard for you because you have been living in your imaginary "everything boron is Erin Ventures" world. Hopefully one day soon, you will realize that Erin Ventures is trying to build a company and have maximum profit for many years to come. They are not interested in giving Bob an artificially higher share price at the expense of $16 - $50 million in yearly earnings. Erin Ventures is trying to build a company. They are not trying to build Bob's portfolio.
So, as the "owner" of Erin Ventures, do I give up $16 - $50 million a year to make Bob happy or keep 100% of the profits? I'd rather send you a year's supply of tissues and enjoy the much higher share price that Erin Ventures will have when all of the pieces fall into place.
One day, Erin Ventures will hopefully meet their goal and own 100% of the entire Jarandol basin's 3 deposits and they will have 100% of the profits and I'll be extremely happy and comfortably retired.
VB