Talked to Sally at MGAC.U today:
They are waiting on the prefeasability study completion. Expected by EO
March, however there could be delays into mid April before any news
release. Sally stated: "technical side is good".
They are waiting for the power numbers from:
a) Lavelin for the electricity
b) Need #'s for gas supply, and there is currently a supply to shore @ Pt.
Noire
Power supply may have to be underground wired due to potential for problems if surface supply.
The drill tests for solubility were all good. No technical problems with
Carnalite thickness or solubility. The drill thickness (length) of
Carnalite was more than expected and included Bishofite.
Weakness is the political instability in the DRC. Today there is news,
refer to the BBC site. I will post this article at the end of this report
with URL. There is gorilla (insurgents) activity cross border from Congo and other countries surrounding the Democratic Rep. of Congo.
They have a meeting with GM March 18th, this Thursday. Another meeting at the US White House next week.
They would not consign more than 75% of production by contract and never to one company, they are looking to get contracts from 2 or 3 companies.
Ron E. Comment:
I am assuming that the US has interest in securing a secure supply and interpret this meeting as an excellent move.
Financing of such a project as MGAC is proposing may come in various forms. In the case of GM, GM likes to have diversity of supply and work with a "buy off take - long term contracts" rather than equity involvements. Never-the-less, the financing would realistically have to have some firm contracts for sale of the end product(s).
Meetings are being scheduled with Daimler.
Ron E. Comment:
You may be aware that Daimler is about to make an announcement, likely tomorrow as to their hydrogen car progress. It has been speculated (this week) that Daimler/Ford/Ballard et al will be making announcement as to the car progress for production in 2004. This could be excellent as any car company that is to achieve performance will need to have light materials
employed. There was an article in the WSJ yesterday and there will be followup form Wednesday's expected announcement. Don't know if Bill Burton knew about the Daimler announcements, but he does now as I informed them. Ballard has moved significantly the last two days and is now just under C$45.
The last pop to 30 cents occured when Bill Burton was in England and just prior to the S Africa junket.
Hope this report works for you Rand,
Best regards,
Ron
note DRC article below:
news.bbc.co.uk
World: Africa
Zimbabwe denies Congo defeat
Zimbabwean soldiers are fighting in support of President Kabila
The Zimbabwean Government has denied a claim by Congolese rebels that its
forces suffered a heavy defeat in fighting in the Democratic Republic of
Congo on Monday.
Rebel soldiers say they have destroyed a Zimbabwean military battalion near
the town of Kabinda, killing at least 80 soldiers and the battalion
commander.
"The whole battalion was put out of action," a rebel source told Reuters
news agency.
But a Zimbabwean defence forces spokesman told the BBC that the claim was
was not true.
'Propoganda' move
Colonel Chancellor Diye said that the rebel alliance suffered 80 casualties
and a Ugandan battalion commander was wounded in fighting in that area last
week.
He suggested that the figures had been mixed up or the rebels were engaging
in tit-for-tat propaganda.
Zimbabwean troops have joined forces from Angola, Namibia and Chad to
support Congolese President Laurent Kabila, who has been fighting a rebel
uprising since last August.
Rwanda and Uganda have been backing the rebels, who accuse President
Kabila, whom they helped to power, of being undemocratic.
Duty to intervene
Efforts to end the fighting have so far failed because Mr Kabila has
refused to meet the rebels face-to-face.
In an interview with the BBC last year, Zimbabwe's President Robert Mugabe
said Zimbabwe and other countries in southern Africa had to support the
government of President Laurent Kabila when it faced "aggression from its
neighbours".
The government also says it is hoping for investment opportunities in the
Congo as a result of the war.
But many Zimbabweans feel that the government should concentrate on the
country's internal problems before getting involved in its neighbour's
conflicts.
Correspondents say that if the reports of Zimbabwean losses are confirmed,
they will increase pressure on President Mugabe to withdraw troops from a
war that has proved highly unpopular at home.
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