Ruby Creek Resources Inc RBYC

"The minister is unavailable"

[Public_Heel]

Doesn't that give anyone here kind of a sick feeling? I'm a longtime holder of RBYC, and I've always considered the Number 1 issue the question of mining licenses. People keep telling me that it's just a matter of a few months, or even weeks, but I've been hearing that going on two years now.

[mermoo]

Actually this is not a surprise nor should it be unexpected by those who look into Tanzania's socioeconomic and political situation.  For many years they have struggled in the Ministry of Energy and Mining because of the issues that both sectors have.  The  minister William Ngeleja and Tanesco Chief William Mhando (William Mhando is in charge of Tanzanian Electric Supply

[Public_Heel]

Thanks for response. I see that transparency.org rates Tanzania a 2.7 for corruption on a scale of 10. Very bad, but about average for Africa. I have to say that I find it very hard to believe that if Ruby has what we all hope they have that someone won't try to take it away from them before they get their license. How hard can it be for a Chinese company to either offer a multi-$million

[mermoo]

Something to remember when interpreting data such as this is the history of the country.  Tanzania's two controlling groups the Tanganyika and Zanzibar have only recently found a way to work together and minimize the corruption including the 2010 election that for the first time minimized election questions.  If you are more comfortable with Venezuela (ranked a 2.0) or Nigeria

[Public_Heel]

I realize that Venezuela is worse, and Nigeria downright scary. My point is that I like situations where the locals have already taken such a big share (and that's in the stock price) that they realize they can't get any more w/o killing to golden goose. Maybe that's the situation already with Ruby, but I doubt it. Any idea what Tanzanian taxes are on gold miners' profit?

[mermoo]

Sorry I was away for the weekend.  Last I heard they were increasing the tax from 3 to 4%.  However, as early as June they were discussing a supertax on mining to raise funds.  There is a lot of pressure against it but there is still discussion.  The last budget from June did not include the tax.  If they do implement I still think Ruby will do well but it is still

[imnironman]

I'm not in the business of correcting people but......While Resolute Mining does trade at  $1.68 it has 468 million shares outstanding.  Not 50 million.  The current market cap is 789 million Australian dollars.  That puts the market cap at about that same level in US dollar terms.   The reason I think Resolute is particularly meaningful is because they have about 600k

[traveller180]

Given the amount of development that Ruby Creek has accomplished and will be accomplishing, I personally cannot see any downside to remaining long on the company regardless of an increased tax rate. My position on this company's stock is unchanged with the exception that I have increased the SP I am calling a 'buy' to $2 from $1. I will continue to accumulate at least until that

[mermoo]

I appreciate the correction.  I found I had read the shares outstanding incorrectly and this does help give an idea as to where Ruby could go. I had more recently found the name of Resolute in my quest for information and the share price was a bit of a surprise given the outstanding shares (or so I thought).   I picked up some more shares last week before the climb and now I am even