From what has been disclosed in previous announcements even running at 50% capacity the plant should have been able to make enough money to sustain business until the feed problem was solved and improved. The products sell for $100 to $150 per ton, lets say $100 per ton for the calcs. Expected output 75ktpa Illmenite, 25ktpa Apatite, 25ktpa Titanomagnetite (expected output was to start this month), 15 ktpa Feldspar. The plant was reported to be working at 60% capacity due to feed problems. I will use 50%. So 75+25+15 = 115ktpa At $100 per ton, then at 50% gives a very conservative 5.75 Million Dollars per annum at current production rates with significant money still in the bank. Just doesn't seem right, I believe there should be an inquirey as announcements/disclosures indicate a viable company.
MOO Price at posting:
6.5¢ Sentiment: None Disclosure: Held
