NEWS and recap on Manganese salesWow, never thought I would be posting here again. First, I want to say I have no idea how these guys operate but it's nice to see something is happening and also nice to see in the NR that they are still on board with Rio Zarza. Good job. Second, onto the Brazil stuff... so they sold 90,000 mt of the manganese ore along with a good chunk of the costs so I won't go into what this is going to cost EC lets just say that will be a wash.
Back in 2009 they already did assays on this ore and the result was they sold 35,000 tons for a gross value of about $1.1 m, I need to do more research into what the net was but for now lets just work on gross values. Assuming the ore comes in with similar assays then we can also assume the values will be similar. Also, back in 2009 oddly enough Manganese was running about the same as today in around $2.3 kg so for 90,000 tons that should work out to about $3 MM gross value but add in the fact that the buyer is picking up alot of the transport cost.
All in all I say finally there is some good news and light at the end of this very long and dark tunnel. Good job guys. Further into the NR, there is now an insider CTO placed on the stock.
Big question is do you buy more up now at these prices? Will they need to get some funding and to do that will they be consolidating? If it were me I would be offering some rights to current shareholders for sticking around this long and maybe raise some funds that way.
M