RE: RE: liabilities- $35 million loans due in 12 mThanks Numskull
It is perfectly clear but I just wanted your insight and confirmation. I don't think most investors including myself had realized there was such a high amount of money due in 2012 and wanted to make sure I was correct in this by saying so and being accused of posting incorrect information. I think it might be problematic to sell oil properties without some drilling success.
The company does have partial offsetting cash to pay off some of the debt, but I think the point being is that unless they start shipping at a faster pace, it compromises their ability to start Balabag without getting a significant loan to start operations. A bootstrap operation implies low capex, but it also implies low revenue for quite some time.
The obvious question would be why can't they start shipping every 6 weeks? Then all of this debt would go away.
Is it that the company has reached milling capacity and this is all they can do given grades of copper?
Note: Not being accountant makes for difficulty in assessing the true nature of operations and as you know, numbers have different meanings to different people. I have seen one mining company (not TVI Pacific) adjust expenses from one quarter to another quarter by delaying payments. I have seen statements where companies show a profit yet their cash in the bank keeps going down. These are some of the reasons why I never feel clear about any financial statement.