Sunday, October 16, 2016 3:56:36 PM
Regarding your queries regarding minmetals, they are an international mining, smelting, refining and metal trading company. As a smelting and metal trading company they would have thousands of agreements with thousands of companies to buy mineral/metal concentrates. Much like Glencore they will sign an agreement with anyone who says they can supply them with quality concentrates. They don't vet the companies, they vet the concentrates when and if they arrive. When they receive concentrates that meet specs they pay right away. They never ever make silly agreements to pay for concentrates before they leave the mine site. Only companies participating in a scam would do that. Minmet tries to avoid participating in scams, but they sign so many agreements with so many companies that it could happen.
Their agreement with aurasource was to buy some iron concentrates from them. They issued a $6.5 million letter of credit for that. The letter of credit stipulated delivery of concentrates before payment. Aurasource has never ever received anything remotely close to $6.5 million, so they never made delivery. This happens all the time to Minmetals and similar concentrate buyers. Non-preforming suppliers are just part of the business. It costs them nothing but a small bit of paperwork. They have thousands of performing suppliers so a few non-performers, like aurasource, have no importance to them.
Now could you please answer some of my questions. Why do you think Newmont, Barrick etc. passed on el cap when presented the project on a platter more than a decade ago? Surely you do not believe the claptrap that Chuckiepoo knows more about metallurgy and PMs than major mining companies and has some sort of secret sauce up his sleeve.
And if el cap has significant PMs, why is there no claim rush in the area? Why can ecpn casually drop claims and then years later pick them up again when they need to have something to say to shareholders?
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