RE:Da factsCreating a team to avoid more mismanagement is not control. These are the kind things that occur on huge projects. Yes they have asked for an extension given the outcome of potash prices and details that are taking too long to resolve. All things Robin alluded to in his latest interview. How do you think this project is going to be run managing hundreds of workers if you can't get a long with your partner. SBI is lending on their working relationship with GSFC. You really have no clue how complex these things are. On simpler projects, the Canadian Business Development Bank work closely with independent architects on the progress of any project before disbursing funds.
The lack of experience with such matters frankly may very well be why this is more complicated that it really should be. Can't start a project and argue all along. Something I am certain a company that has been in business 50 years understand very well. Again, they think they can help and entitled in doing so.
What is really annoying is that there are many valid explanations that are ignored looking for someone to blame for all of the stupid mistakes made, fees paid and costs as a result. Real mob behaviour.
Just the concerned shareholder cost was close to $4 million. Add $2.5million in severances. $1 million in salaries $1 million in consulting fees. Did they ever pay a break-up fee to Peribas?
You want to think GSFC was behind this, then I wonder who the bigger idiots are. We can harp on the past but sorting it out is what is needed. Thinking there is something better by starting over is folly unless they really can't. Not sure that is the case and the references being made are baseless.
As complicated as some of these points are, I am optimistic about them getting what is needed done. Not some other fictional opportunity. I am tired of hearing the same talk about standing orders (that are subject to final inspection) for the last 3 years. Get it done, or will we hear the same objectives again next year or excuses that we can't because.......
Get the business plan in place that can be executed. If funding is continuously in question because they can't prove cost etc., we will never go any where no matter how great this asset is. Even at USD 300 any creditor will want some OVERSIGHT.
What at is so hard to understand. If not potash, then Mg, still has to firm up an order, get funding, etc., but not a great valuation for several years. All the things people dance around by saying, oh great asset yada yada, with a long slow process that is far from yielding its value because of either time or money and share dilution.
You our know what they say, "people never know what they have until they lose it."