I don't like to post too much because obviously right now everyone is hurting a lot
@dunny29 - I agree with a lot of your points you have made.
Ultimately in my opinion a Cobalt price less than $50k probably renders this project uneconomic - I could be wrong
Anyway my biggest gripe has been the way it has been handled - in hindsight this train wreck has been happening for a long time since the original first delay of the Scoping Study - no brainer there!
Geckho selling, continual downward SP pressure for last 6months (Hartleys), SS delays - this leaves more than a bad taste
As mentioned before I sold a substantial amount of my holdings after delay 2 and one of biggest red flags to me was the MET works and how company had moved away from their original methods - it seemed that not everything was rosy in terms of recovery and there was a lot of work still be done despite the BS talks about buyout/takeover/NDA
I never was a subscriber to the idea that the company needed to be marketed better either - fix or work on the issues and show progress THEN you can market it in my opinion.
So what now for the future?
1) I think Brendan has done the right thing here and I hope more on the board resign to significantly cut costs further.
Don't forget Borg holds many many shares and quite frankly don't believe he has the means to exit or dump unless offmarket - would be ironic if it's Hartleys again!!
2) Looking around the ASX, apart from NZC, I believe ALL cobalt CENTRIC projects will hit the gutters with current cobalt price - some may pretend to keep exploring and others may want to be kept in suspension but the fact is there - projects relying solely on cobalt, at around current cobalt prices nothing will be economic in my opinion
Game beautifully played by big boys Glencore and Chinese
3) The positive - there is still a lot of cash the company has and still SOI is not overly high.
If they want they could even try to acquire another advanced exploration project and go from there.
Keep Opuwo on care&maintenance until however long
Question is do shareholders want this?
Think the company should call a EGM to discuss
A lot are hurting and may be emotional here and its not a lot from myself but genuinely feel for many of the regulars here
Heads up - "we go again" tommorow
CLA Price at posting:
4.7¢ Sentiment: None Disclosure: Held
(20min delay)
