IBG 0.00% 1.3¢ ironbark zinc ltd

Lots of theories about Glencore, Cutfield Freeman and why would...

  1. 3,647 Posts.
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    Lots of theories about Glencore, Cutfield Freeman and why would Toronga be accumulating. And the usual run down of the MD.

    Firstly prhb, if you want to know why some of us support JD, maybe it's because we've followed the progress more closely and gained little nuances from conversations with him, e.g. why has it taken so long for the Chinese to do their re-engineering, due diligence etc. Not that he can disclose anything material obviously, but in talking to him from time to time, one can get a better idea of why these things can take so damn long.

    In hindsight, JD might have appointed Cutfield Freeman earlier. One of my gold bolters have just appointed them and they are only releasing their Feasibility study this quarter. We had that MOU with NFC and could have looked for alternatives sooner. The Glencore issue is a nuisance, and matters little who is running IBG. Glencore is looking after Glencore. But in this instance they have little weight in arbitration, because of their diminished holding.

    But some more possibilities to add to those above:

    o Perhaps financing offers have been received, but were rejected because they were not in the best interests of the long suffering shareholders. Note, JD has considerable skin the game, having taken shares instead of bonuses from memory.
    o Maybe there are prospective parties who don't want Glencore involved at board level. I can think of different reasons why that may be, especially as we're looking for a strategic partner - this from the last quarterly....

    "The equity requirement,with respect tot he current relatively low market capitalisation, remains the largest challenge and Ironbark is aggressively seeking a strategic investment/joint venture partner at the project level. Ironbark has recently been advised that the appointment of a lead bank will require further clarity around the equity financing pathway or support regarding a joint venture/equity component. The overall equity number is considered reasonable in the context of the project."

    The project is way undervalued IMO based on the progress made and previous metrics, comparisons with peers etc. Perhaps is due to the lousy sentiment for developing miners in general, the volatility on the price of zinc being so hard to nail, and maybe some games being played to deliberately suppress the share price, though I'm not a great believer in that stuff.

    I'm just hopeful something has to give soon. Be good if JD can redeem himself before the end of this quarter, if only to silence the naysayers. Best of luck to the faithful. And I'm not referring to the Folau/Morrison/Shorten antics.
    Last edited by Upmarket: 15/05/19
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