Long Time Holder: Upset with Management Orbite entered the Alumina business with a bang.
They discovered a formula that extracts High Purity
Alumina and then SGA from clay of which they have
proven up so far 1Billion tons containing extractable
Alumina at a much lower cost and environmentally ffriendly
than the only other Bauxite process. This past year management
announced at the AGM their bonus ability of of obtaining Rare Earths
as a by product of their patented process at very little additional
cost. In my mind management should have emphasized and
put out a PEA concerning HPA extraction which was the original
business ORBITE entered into without thinking of building
SGA plants at that moment. It was only Alouette who later
convinced ORBITE to get into the SGA Production. ORBITE
made great strides in both SGA production and Rare Earths
as indicated in tn the Jacob Securities and Genevar reports
among others. I would have expected, however, that the fast
track PEA would be about the HPA extraction and production
which is coming on line in just a few months. Being that they have all the
Elements including power to go into full production as they have successfully
done in months of test production. The HPA business alone brings the
share price to 8 or 9 dollars. I can't understand why ORBITE
didn't go for the shure thing where at the same time they
would be building consumer confidence and steadily raise the share price.
instead management opted for a PEA on Rare Earths and SGA
which are more complicated and they had less time to fine tune.
there was no reason to put shareholders into this mess. When ORBITE
recovers, management must bring in a person to direct the
business end of this company in order to take it where it deserves to be. GLTA