Found this in the local newspaper today, it was released a few hours ago. ___________________________________________________
COOS BAY, Oregon.
Guests from across the world converged at Oregon Resources Corporation's chromite plant site for a grand opening celebration.
It's been years in the making, but we're told the outcome is worth it, as ORC CEO Philip Garratt tells KCBY, things are going really well, and they are producing an excellent product.
Although Garratt says, the team has had their challenges, most notably in reaching a lease agreement with Coos County for additional land, he thinks the plant is a step forward for the community.
"We see a revenue stream for the county that would be quite significant with respect to their current budget and future budgets," explains Garratt. "To be able to assist the county in doing the things they used to do and would normally expect to do from having the funding, which is not an easy thing these days."
ORC employs about 90 people and has been in the commissioning phase since June, meaning a lower than full-production scale operation. Garratt says, he's pleased with the crew that's come together to make ORC a success.
"The thing that really means a lot to me, is the group of people we have here. We've been very, very fortunate in this area to have great people; talented, committed. Everybody's really pulled together to have this day be a success," replies Garratt.
Garratt asked Senator Joanne Verger to officially open the plant. Among those in attendance included Mayor Shoji, City Manager Rodger Craddock and representatives from Menasha.
It's only a matter of a few months now, once they notify the market that bulk shipments have commenced, you will know they are at a strong and sustainable production level and I think that's what the analysts want to see. Combine that with market turmoil and most of the micro-caps being trashed and we have a share price at 16.5c and a market cap of $85m.
I've always believed that every share gives you an opportunity and at 16.5c today, I was compelled to open the wallet. If someone wants to get out at this sort of price, I will happily oblige, because I still believe that Macquarie, Sentient, Contango and the directors including Phil Garratt stumping up $10m of the $13m in the rights issue at 20c really know and understand what this project will be.
This isn't a recommendation to buy, just my thoughts.
Pep
IDM Price at posting:
16.4¢ Sentiment: None Disclosure: Held