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Bullboard - Stock Discussion Forum
RESERVOIR MINERALS INC
V.RMC
Metals & Mining
Industrial Metals & Minerals
"Reservoir Minerals Inc is engaged in the acquisition, exploration and development of mineral properties in Serbia, Cameroon, Gabon, Macedonia and Romania."
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TSXV:RMC - Post Discussion
RESERVOIR MINERALS INC
> Nevsun Red Flags For RMC Shareholders
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psj567
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Post by
psj567
on May 08, 2016 2:16pm
Nevsun Red Flags For RMC Shareholders
Red Flags:
Nevsun has no proven capability in underground mining;
Nevsun's only asset is in one of the least stable mining jurisdictions in the world;
Nevsun's consolidated financial statements filed on SEDAR show it is carrying as assets a $38,825,000 loan and a $5,365,000 loan to the Eritean government, which according to the accompanying Note to the Financial Statements, appears to be several years old. Question: is the Eritrean government ever going to pay these loans back and why hasn't it paid them back yet? In other words, where has the approximate $44 million gone? This suggests, at a minimum, the instabiltiy of Nevsun's 40% minority partner in Bisha, the Eritrean government. At worse, it potentially represents something far more ominous.
RMC shareholders beware. Nevsun is acquiring RMC/Timok on the cheap and offers RMC shareholders very little in the way of proven underground mining capability. Its dealings/ relationship with the Eritrean government, based on its consolidated financial statements, raises additional questions.
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rob926
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Comment by
rob926
on May 09, 2016 1:15pm
Probably the best deal Reservoir could make to stay in the discovery and get a bigger piece of it. They might just drill the heck out of it and sell it when the BFS is done and the real tonnage is known for both the upper and lower. Or partner with a much bigger company at a much higher value when it is time to move to the mining phase. Right now our value will come from price of metals and tone
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ppprecies
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Comment by
ppprecies
on May 09, 2016 2:15pm
How much experience has Reservoir with underground mining....??? The biggest asset of Nevsun is more than half a billion in cash OUTSIDE of Eritrea.
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