Barely solvent, as expected after disastrous yearRBX is borrowing money just to stay afloat.
And the new bombshell in the report: Mali government has handed RBX a bill for unpaid taxes, interest and penalties for $21 million. Which RBX does not deny, so they admit they have been avoiding taxes and keeping the liability off the books. And for this annual report, they have arbitrarily fiddled the amount owing down to $14 million just to avoid having the year's meagre paper profit wiped out.
Production DOWN.
Costs UP.
Operating margin DOWN.
Current liabilities UP: $35 million
Cash on hand: $20 million, insufficient even to pay current liabilities and other commitments.
Line of credit with Mali bank maxed out, due in November.
Where will RBX get the funds to pay its current debts?
No way they can afford to develop a new project, even if the deal goes through.