I re-entered SRR today purely as a speccie play. Most i can lose is 1c per share... LOL. Company has 1.5m cash which at current burn rate will only last another 2 months tops. The Mn deposit is goodish grade, on the surface and already has a mining plant/ore benefication machinary in place and ready to be used. Namibia along with Mozambique have replaced Botswana as best sovereign hopes in Africa. So plenty to like. But company needs about $35m to get mine into production and ore onto a ship. It's best hope is that the majority shareholder Atlas iron step-in as a guarantor and SRR can raise/borrow the finance. Otherwise SP will drift even lower!! At say 0.8cents one can buy 100,000 shares for $800. My SRR holding may end-up being a tax write-off but perhaps some big player will see the value. South Africa is by far the world's largest producer of Mn. Currently all sorts of strife is breaking-out. BHP has announced they remain committed to their huge Mn production in RSA but i wonder if they won't look to diversify the source of their material. Mn price has risen 20% over past 6 months whilst almost every other commodity incl. IO has fallen. Worth remembering that every single ton of steel produced contains 1-3% Mn. It's an essential ingredient. Speccie buy.
SRR Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
