GREY:LBEFF - Post by User
Post by
angler21on Nov 04, 2008 4:06am
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Post# 15564502
Where are We Going?
Where are We Going?The hard part has been our SP as of late. With Ni prices the way they were it really made no sense to keep struggling. In my minds eye I have the image of the presidents of FNX, FNI, UMJ, LBE all sitting outside the Xstrata's principal's office and having to come before the big boss. Due to the drop in Ni prices, we advanced you too much money and you know owe us. Xstrata, on the other hand has paid top dollar for some of their assets and with low commodity prices they must be hurting just as much. Companies that we thought were icons, now are paying the price of not having the mill. Now, interesting enough, the throughput will not be going through Xstrata either. All the above companies are on care and maintenance and no one will understand the financial implications of the last quarter until we start seeing the financial statements coming through.
Our problems came to a head when the TSX did an audit on our paperwork. It could not have come at a worse time but conversely, 100% attention can go into correcting our omissions. I am hoping the new Feasibility report will include some of our current costs so we can see the financials of the statistics reflecting more current costs. On a positive side many of our input costs are dropping. The costs of developing our ramp to the first level will now reflect the true costs.
As far as equipment leaving the site - well if we are on care and maintenance I guess that was a business decision. One characteristic that Gary Nash was known for was that when he was constructing one of his past projects he went through a recession type economic climate before. He clawed through it by cutting every corner there was. We are not aware of why things are being done, we just have to realize that things are happening.
When people post information, the bias is often there, for the poster's own purpose. I am still a concerned shareholder. I hope Gary can find a buyer or someone willing to merge with us but if he cannot he can't. There is talk of doing a financing but until we are told we wait. I would far rather we understand the full picture before we are asked to finance. As to how much money we have left? I have no idea what our financial picture is because I have not seen our financial statements. If our bills have been paid in a timely many (according to industry standards) then we just need to raise the money to maintain that requirement.