OTCPK:IVWFF - Post by User
Comment by
99921on Jan 28, 2011 12:30pm
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Post# 18040949
RE;Anyone Heard anything?
RE;Anyone Heard anything?Here is the company's response to a request for more information than they have provided to shareholders to date:
"The current Order imposed on Magellan is quite different from the situation at Esperance.
As we reported on January 17, all information sought by the government has been supplied to them. At this stage the Office of the Environment Protection Authority must verify the information provided to their satisfaction, as we continue to consult with government on the remaining requirements of the Order.
At this time we cannot provide any guidance on when we can recommence transport and mine operations."
My personal impression is that the regulators are flexing their administrative muscles in order to demonstrate to IVW that they have the power to shut the mine down at will if their rules are not followed to the letter. A very expensive lesson for all concerned but not surprising to anyone who has had to deal with bureaucrats nursing a grudge.