Maracas Resource Update stack,
I'm not surprised at the delay from Largo. Seems this is a SOP with them. Shouldn 't we expect an update of Currais Novos also?
This was a relatively small project - 2-3 tailings piles. As I remember it was an 18 month project including startup [no mining in that estimated project life] Commercial production was announced last July with great fanfare. Since then it's been little news. Currais Novos is as straight forward a mining operation as they get - crush the tailings and run through a floatation circuit to produce concentrate. No processing of the concentrate. The equipment is pretty much off the shelf - nothing cutting edge. True, there is always fine tuning of the floatation circuits but one year? Here are some questions I have from Brennan
Who is the offtake agreement with? [Only because they financed this total operation]
How much do we owe?
Are we going to make any money or is this a "black hole" for Largo?
My guess is the offtake is with Glencore since Largo already has an agreement with them for Maracas offtake. But wouldn't it be nice to know?
The latest 'reason' for the delays is Currais Novos needs screens? With all the mining operations ongoing in Brazil don't they have the screens or vibrating equipment? If not I would be amazed. These are easily fabricated and the motors surely are avalable off the shelf. Again, this is NOT cutting edge.
I am also interested in Brennan's 2012 salary. The $290,000 was for 2011 as was that nifty $550,000 "bonus" which he was paid. So how much IS he making? We are paying his salary. It should be public shouldn't it?
Whatever the $550,000 bonus was for it was not for the loan - it hasn't closed yet. My guess? For "delivering" the fatted calf [controlling interest in Largo] to our new 'financiers' and they, in turn, got controlling interest in Largo. That was a win-win. For them - not for us. Just my opinion/guess - your mileage may vary.