HFR Share Price target cut!, page-3

I'm concerned about the cash burn rate at $6m a quarter. We have at least a couple of months to wait before we know if the environment plan has been approved and more delays on that front can't be ruled out. Then we begin the mining approval process with no idea how long that could take.

Bearing in mind there's still a big capital spend ahead the cash burn rate has to be reined in to a minimum.

I had a bag full of Lynas shares (rare earth plant Malaysia) they were also cashed up and nearly went under thanks to some lengthy delays. In the end a massive cap raising was needed to keep the company afloat but it was pitched very low and the shares that once traded at over $2.50 are still floundering around 10 cents.

Call me conservative but I'd be running a tight budget to preserve capital at this point and ramping up spending only when the OK to mine comes through.