Post by
Tree2tree on Dec 03, 2024 8:07am
Hmm...
August 29, 2022: "With this PFS we will continue our discussions with the financiers to accelerate investments by end-2022. This would help us to move towards our target of first pour in Q1 2024.”
Just to make things clear from this quarterly report and previous reports and announcements:
- The two loans from Taurus were supposed to be enough to build the mine, including a cost overrun facility.
- However, Taurus (who specialize in taking big risks) decided to withdraw the second part of their loan and demand payment of the bridge loan. So they don't care now if the mine gets built or not, as long as they get paid back (plus interest of course).
- By some miracle (there's a sucker born every minute), RBX was able to raise equity financing instead (causing massive dilution of course, and a huge increase in the market cap).
- As of today, almost all of the money raised for Kiniero has been either spent or committed, but there is no mine. So the project cannot proceed without new money.
- How much new money? Oh, maybe $175 million more, WHICH IS MORE THAN THE INITIAL ESTIMATE OF $160 MILLION FOR THE ENTIRE PROJECT. And there is no clue where it will come from this time. (And no budget, and no agreement with the Guinea government..)
Did somebody say "history repeats itself?" No, no, no way with RBX..
How many more rounds of fake promises will RBX shareholders live through? It doesn't matter if you have time and money to burn.