RE:RE:Reality CheckWell Mickey if you’ve been in this thing since 2007 I can understand your frustration- people that bought in back then under the previous management got screwed, the project has lost a lot of value since then. However, for those that have been in only in the last year and a half to two years, consider:
What has Tom done for Shareholders, you ask? Well, he’s brought the share price up from 0.005 to a sustained price in the 4.5 or 5 cent range. That’s a 1000% share price increase. He’s retained 10% ownership in the mine (according to last news release we still own 10%... granted that may change, but people were saying a year ago we were going down to 0%, and we’re still at 10%, so that’s pretty darn good for shareholders IMO), he has increased confidence in the mine to the extent that they have removed the words ‘ BAJ is a going concern” from their last MD&A. Before, it was a very real possibility that BAJ would go bankrupt, but at least now it seems unlikely, otherwise they would continue to include that disclaimer in their discussions.
And talk about shareholder communication! Honestly, I don’t know what everyone is complaining about! I don’t know what you guys are used to, or what you were expecting, but this company’s communication is very good. They post updated pictures every month. I’m at the home office here, and I don’t get monthly photos from the project site that I am ACTUALLY WORKING ON. I get written communication a lot but I get QUARTERLY photo updates. Also, they keep us up to date with every little thing happening with the financing- all their loans their getting, and applying for. There’s been dozens of communications last year. I defy you to find a company that has provided bi-weekly (on avg, though the last few months have been slow) communication and monthly photos with shareholders on a single project. No other company keeps their shareholders that informed. Check out KORES website, they haven’t posted an update or shareholder communication re: Boleo in over a year. Those of you that are expecting more than what BAJ is giving us, are spoiled, quite frankly.
And from a mining engineer to the rest of the BAJ shareholders- I’ve said it many times before, I’ll say it again: If you do not have patience or an appetite for risk, stay away from investing in mining commodities. Mining projects never finish on schedule, never finish on budget, and the commomidity prices will fluctuate greatly over the course of the 6 or 7 years from the original NPV forecast (on which the project is sanctioned), to the time when the mine is producing. Sometimes commodity prices will be higher than forecast, but very often they will be less (as is the case with BAJ right now). That risk is something all mining companies assume, and therefore there is a huge contingency on these projects. A project has to be incredibly attractive to pass the risk matrix and actually move ahead into construction.
If there’s a problem in commissioning, (like the one they have with the elecrowinning plant right now )not enough sulfuric acid) they will take the time and the few million dollars to fix it, and fix it right, rather than proceed and watch the whole thing fail (possibly causing tens of millions in damage, and delaying schedule by a few months rather than a few weeks). They will do this EVERY time, for EVERY problem. I guarantee that. I also guarantee that you shareholders would be way more upset if BAJ released a statement saying they ‘damaged their electrowinning cells by running them improperly because they were in a rush to pacify shareholder- now they need 6 months and another 100million$ to fix it.’ That would send the share price plummeting to 2 cents. But, as it is now, at least everything is status quo, the share price is steady as long as there’s no news.
That being said, everyone is allowed to have their own opinion, Mickey included.