Personally, I wouldn't touch this with a nine foot barge pole.
Google "meldex trevillion" and you will learn more.
Richard Trevillion presided over that disaster in the UK.
"...then to the bank
Mr Trevillion and his top team were certainly paid handsomely for assembling the new Meldex. In 2007, he carted off £700,000 including an unspecified bonus. His finance director and development director took away another £580,000. The remuneration committee which approved these exceptional packages comprised Dr Jim Murray, Peter Ibbetson and Alan Clarke. You might like to note those names, in case they crop up on the remuneration committees of any companies in which you are invested.
Meldex's own balance sheet was rather less handsome. The net cash of 2005 had been transformed into net debt of £4m, and the company also carried provisions of £8m including deferred payments for acquisitions. Meanwhile, shares in issue or under option had risen dramatically. When last counted, the figure stood at 230 million........."
Yes I noticed that. Before it opened I was waiting for it to drop to low 40's and was shocked to see it went up!
Seriously, what the hell??
This thing hit 94.5c today! I had to check my screen multiple times to make sure it wasn't an error!
• Binding supply agreement for 50,000 tonnes (90% TGC) of
flake graphite concentrate per annum from McIntosh
Graphite Project on full production signed with China
Sciences Hengda Graphite Co Ltd.
• Pricing marked-to-market for high quality purity flake at a
floor price of no less than US$2,000 per tonne.
• McIntosh scoping study being finalised for release very
shortly - expected to confirm high margin operation.
• Discussions continue with Hengda to elevate the commercial
• The McIntosh Flake Graphite Project Scoping Study has
estimated a total production cost of US$483 per tonne of flake
graphite concentrate over a 21-year mine life.
• The cost estimates follow the recent signing of a binding
Supply Agreement at a marked-to-market floor price of no less
than US$2,000 per tonne for 50,000 tonnes per annum with
China Sciences Hengda Graphite Co Ltd (Hengda).
• McIntosh Project to be cash-positive during the first year of
full-scale flake graphite production.
Cautionary Statement re Scoping Study Results including Inferred/Indicated
Resources and Exploration Targets
Lamboo Resources Limited (ASX: LMB) advises the Scoping Study results and production
targets reflected in this announcement are preliminary in nature as conclusions are drawn
partly from Indicated Mineral Resources, partly from Inferred Mineral Resources and
primarily from an estimated Exploration Target. The Scoping Study is based on lower level
technical and economic assessments and is insufficient to support estimation of Ore
Reserves or to provide assurance of an economic development case at this stage, or to
provide certainty that the conclusions of the Scoping Study will be realised. There is a low
level of geological confidence associated with Inferred Mineral Resources and Exploration
Targets as there is no certainty that further exploration work will result in the determination
of Indicated Mineral Resources or that the production target itself will be realised.