Thank you for the link. However this is the duty of the directors to disclose in a timely fashion.
In case our directors are at a loss on how to do their job, and for those still wondering whether to buy, sell or hold...let me assist...as per the reference above...the following bill...
Railway (BBI Rail Aus Pty Ltd) Agreement Bill 2017
contains 19 specific references to the wholly Flinders Mines, PIOP.
Ref 1:
A. The Guarantors and the Company are investigating the feasibility of the Company constructing and operating a railway from the PIOP mining area loading point to within the proposed Port of Balla Balla on the Pilbara coast of Western Australia for the transport by the Company of iron ore products to the Port with such railway having an initial design capacity of not less than 50 million tonnes per annum.
Ref 2:
D. For illustrative purposes and without limiting the terms of this Agreement, the anticipated route and corridor for the railway and associated facilities from the PIOP mining area loading point to the Port is described by the indicative plan in Schedule 1 to this Agreement.
Ref 3: This reference is useful to our directors if they have any doubt regarding the reference of PIOP, it's lease, and therefore Flinders Mines' ownership thereof...
"Pilbara Iron Ore Railways" means each railway constructed under a Government agreement which is located wholly or substantially in one or more of the local government districts of Ashburton, East Pilbara, Port Hedland and Roebourne at the date of this Agreement; "PIOP mining area" means the areas which, at the date of this Agreement, are the subject of Mining Lease 47/1451 and Exploration Licence 47/1560;
Ref 4 and 5:
"PIOP mining area loading point" means the proposed northerly end point of the conveyor system intended to be constructed upon the land the subject of application for Miscellaneous Licence L47/733 and application for Miscellaneous Licence L47/753 by or for the benefit of the PIOP mining area proponent;
Ref 6 and 7:
"PIOP mining area proponent" means one or more project proponents undertaking, or who propose to develop, an iron ore mining project within the PIOP mining area;
Ref 8:
"Railway" means a standard gauge heavy haul railway initially from the PIOP mining area loading point to the area on which the Port Facilities are or will be located for the transport of iron ore products to the Port together with all railway track...
Ref 9:
"Railway Operation Date" means the date of the first carriage of iron ore products over the initial railway line from the PIOP mining area loading point to the Port Facilities (other than for construction or commissioning purposes);
Ref 10:
(b) is liable to any person (including the Company, a Guarantor or the PIOP mining area proponent) for any loss or damage of any kind whatsoever and howsoever arising out of or in connection with the failure of the Port to be so established.
Ref 11 and 12: i.e. they need FMS for this whole thing to succeed and lasts a generation...
(iii) the Company having a binding agreement or agreements with the PIOP mining area proponent or proponents (as the case may be) for the transport by the Company upon the Railway to the Port, for not less than 20 years from the Railway Operation Date, of not less than 25 million tonnes in aggregate per annum, commencing from the Railway Operation Date, of iron ore produced, or products derived from iron ore produced by such proponent or proponents, after the date of this Agreement from a project or projects (as the case may be) within the PIOP mining area, which agreement may be conditional upon the grant of the Port Railway Lease and the Special Railway Licence;
Ref 13:
(i) the PIOP mining area proponent(s) being ready to embark upon and to proceed to carry out its or their abovementioned project or projects (as the case may be) in a timeframe consistent with the commencement of the undertaking of the Project, including:
(A) evidence of there being in place a binding agreement or agreements which assures to such proponent or proponents access as and when required to capacity within the Port for the handling at and shipment from the Port of iron ore products that may be transported upon the Railway under the agreement referred to in paragraph (a)(iii) above, which agreement or agreements may be conditional upon the grant of the Port Railway Lease and the Special Railway Licence;
Ref 14:
(B) evidence that both Miscellaneous Licence L47/733 and Miscellaneous Licence L47/753 have been granted and remain in force and of any consents required to pass over any Pilbara Iron Ore Railway in order to transport iron ore to the PIOP mining area loading point, which consents may be conditional upon the grant of the Special Railway Licence; and
Ref 15,16 and 17:
(C) if the PIOP mining area proponent(s) is not the owner of the proposed conveyor to the PIOP loading point, having in place a binding agreement for the transport of iron ore products to the PIOP mining area 31 loading point, which agreement may be conditional upon the grant of the Special Railway Licence;
Ref 18: (If director can't notify shareholders of this significant act of parliment, then how do they propose they can mee this requirement to notify the minister of somthing they seemingly know nothing about)
(1) The Company shall on the Railway Operation Date notify the Minister that the first carriage of iron ore products over the initial railway line between the PIOP mining area loading point and the area on which the Port Facilities are or will be located (other than for construction or commissioning purposes) has occurred.
Ref 19: This last reference is a map to the PIOP, in case our directors get lost...
INDICATIVE PLAN OF ANTICIPATED RAIL ROUTE AND CORRIDOR FROM THE PIOP MINING AREA LOADING POINT TO THE PORT (ILLUSTRATIVE PURPOSES ONLY)
Note: There are an additional six references to PIOP in the Bill's explanatory memorandum.
Dear Directors,
If you can't perform your most basic duties as required by law, let alone be strong advocates for the company and it's shareholders, please resign.
It is a shame, that the Western Australian government has provided the shareholders of Flinder Mine, who own the PIOP, a plan to market, while you remain silent.
You still have time to redeem yourselves and discharge your duties to maximize shareholder value.
I duly await the outcome of maturation work. I understand there is a shortfall of funds to complete this work in early 2018 and eagerly await the CR to participate and continue supporting the company in becoming a producer.
Yours cordially,
Long time FMS shareholder
P.S. I'll take the opportunity to continue filling my stockings with FMS shares while they remain an absolute bargain....one still needs to find the silver lining in these situations.
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