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Gold/Mining/Energy : JAB International (JABI)
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To: gtoland who wrote (3503)4/17/1998 9:10:00 AM
From: Brian Pastor  Read Replies (1) of 4571
 
If BCMD is using the newly raised money to open these mines, then the JV does not get a piece of it unless they pony up some additional money in an amount related to the costs of opening the new mine. Kind of like a free look. Also, at some point, BCMD has the right to convert 19% of the JV's profit sharing back into equity but this depends on the company's cash float at the time. The company appears to be going in the right direction. Yes events are taking longer than many day traders expected. But it is a company in the ramp up stage and mines are not re-opened overnight. Whence this company ramps up fully and starts showing some numbers, it will no doubt be the subject of takeover speculation. Had the liners been in and the company up to 60 - 120 tons per day production, I would have said watch 2d Q numbers, but it looks like the liners will not be on line until middle of may. In the meantime, my guess is 20 - 40 tons per day on the mill. Right now, the company appears to have about at least 1100 (800 from the winter and an additional 300 recent if I read the press releases correctly) tons of material waiting to be milled. Once milling capacity is up and you have the two mines open, tail end of 2d Q should be exciting as well as 3d Q which should be in full swing ramp up.
BBP
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