Looks like they are negotiating a sweetener, and the tone of this to me indicates that a full cash offer is unlikely.
"In the absence of a substantial improvement in the offer, the Brockman Board continues to re-iterate DO NOT ACCEPT"
Development "on track" .. accept any rail "tracks" I presume?
Reading this statement you get a sense that BRM may now need Wah Nam for rail as there appears to be no other option. No more appeals to ASIC.. Wah Nam is here to stay.
At another time, the improvements to the beneficiation process would be another re-rater ... unfortunately at the moment they are just icing on the cake for the Chinese.
"Significantly, mass recovery through the gravity circuit has increased to 74%, with 87% recovery of Fe units. The phosphorous and sulphur levels remain consistently low at <0.08% and <0.02% respectively. Previous sintering tests performed on the beneficiated ore from the DFS metallurgical campaigns demonstrated very good sintering characteristics and high iron unit production rates"
BRM Price at posting:
$4.10 Sentiment: None Disclosure: Held
