Stargaze Entertainment Group Inc (STGZ): Balla Keita apparently has a link to the...

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Re: rwa3848 post# 19165

Monday, 04/28/2008 1:16:05 PM

Monday, April 28, 2008 1:16:05 PM

Balla Keita apparently has a link to the President's 4th wife, which gets him meetings and photo opportunities with important people, but not any credibility. He has read all the work done by Rio Tinto and is trying to repackage it for his own benefit.

Through Rio Tinto's project, Guinea will be getting over $5bn in new infrastructure plus billions more in taxes and royalties over the next few decades, of which a fixed percentage is specifically required to go to local communities. It will actually happen too, as opposed to the smoke and mirrors being promised by UMNG, and it will be developed by a listed international group that is required to comply with proper environmental standards and business practices. IFC also owns 5% of the project, to help keep them honest and ensure they don't just pillage the country for profit. Where are the quality/transparency safeguards with an unlisted company trading on the pink sheets with no finance and no major project experience in any country, let alone West Africa!

I agree that Guinea needs infrastructure development to make full use of its resources, but who is better placed to provide them with that infrastructure?