RE:commissioningYay, on several of my previous posts ,I stated that commissioning can cause problems for mining start-ups.
The problem with the crushers is unfortunate,but the delays, IMHO, point to more serious concerns. A while back Jim stated that they had overcome most of the production problems by using overtime to compensate. We were later advised that shipping would sometine in 2nd quarter, not necessarily (or likely) in April. We were then advised of an additional debt of $8 mill more borrowed from Cordiant, with "similar terms".
At this point in time we do not know if the motor problem has been resolved nor do we have enought financial details to try to determine if we will be able to meet our obligations with debt re-payment starting, as I recall, in January of next year on top off all the admin and operating expenses.
If additional Off-Takes could be announced, this might help but we have had a long wait for such a NR and even if it was to happen HUD would, IMO, require a stromg partnership to support them financially and operationally. It also would not be a turnkey operation so time may not be on their side to help meet obligations.
I would re-invest if there was more clarity as the anorthosite is so compelling that I have always felt it would have to be developed and in great demand by many industries. I still hope so and wish all longs luck, but I will be an observer until more positive details are avaiable.