Interesting scenario. Curious to see how things will pan out.
Just a couple of notes however. There are 837 K warrents that expire on June 15/13. I think that management holds some of these warrents (Although I could be wrong on that account). If I am correct, would'nt management would want the share price in the money on that date.
To get the mine started, to begin production, the company only requires $100 million. The other $35 Million would be required to bring the mine into FULL production. The $35 million required for FULL production, could be raised organically, through the sale of rock phosphate. As you mentioned, capital costs have been kept low through leasing agreements etc. Remember the deposit comes to the surface.
The delay in annoucing permits, would be a change in established company practice. As permits have been acquired annoucements have been made.
Just some thoughs. Good to see some interesting analysis of the project.
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Kapboy