RE: Brakes on China
"I had a brief talk with Dr. Meade at the S.F. hard assets show at his Selwyn booth yesterday.
He described a Chinese delegation's attempt at negotiating for a piece of Selwyn in 2006. He finally said to them "gentlemen this meeting is over"."
And then in 2007 he issued 30.5 million shares for 20.875 million. If you take the current shares outstanding at 137 million. It means he effectively sold 22% of the company for $21 million. I wonder what the Chinese were offering.
"Due to his background in the industry he knows exactly the scope of the project. It's huge. I also went to a Lawrence Roulsten's (a mining letter writer) subscribers meeting.He described Selwyn as the "largest Zinc deposit on the planet"."
Old news. I like LR and I am a happy subscriber but he tends to focus on the deposit itself and rarely gives anything deeper than superficial attention to managment or sharestructure. Although the only time I've ever heard him mentions a company's float as being excessive was regards to YZC.
"Dr. Meade plans on drilling underground next season.
Bottom line for me he is a very tenacious person who will not be bullied about by the Chinese and others trying to get a low ball price piece of SWN."
Did he, by anychance, mention how he was going to pay for this?? Afterall, another PP would be giving away a piece of SWN at a lowball price.
"He also is a very tenacious person regarding those posters calling him Dr.Paper. He has achieved with his projects what very few mining executives have done throughout history IMHO."
Tenacious regarding those posters calling him Dr.Paper? What does that mean? Does it mean he is serious about issuing more paper? I'd also like more details on what exactly it is that he has 'achieved'.
He's further outlined a massive resource but I wouldn't rate that as a 'historical' achievement.
"He also admitted making some mistakes to which I replied I certainly have. I believe everyone posting on this board has made a few mistakes also."
Which mistakes does he think he made?
Hopefully someone with an industry or a financial background attended the meeting who posts on this board, can add their expertise to this
report.
best,
onehalfnorse.