Yes, you are right, it takes money and time to get a diamond mine going. That was why I was pleased when I saw the investment MED made in hi tech diamond sorting equipment.
What is worrying some posters now is the confusion over complex ins and outs of personal and other loans, that are hard to understand when it comes to getting a diamond mine going.
Have you looked at the "Full Year Statutory Accounts"? They give information about some of these loans.
Particularly unnerving is a loan to AXIS that also puzzles the auditors of the accounts.
Included within Notes 10 & 27 of the financial report, the Group has reported a loan receivable from AXIS Consultants Pty Ltd amounting to $13,752,125 (2017: $12,158,032) which has been fully provided for. We have been unable to obtain sufficient appropriate audit evidence in respect to the collectability or otherwise of this amount.
$13.8 million of an apparently unsecured loan? That's one hell of an amount of cash to have questions over.
Yes, you are right, it takes money and time to get a diamond...
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