Re: You have to love this quote
in response to
by
posted on
Nov 16, 2011 03:08PM
Edit this title from the Fast Facts Section
Perhaps you can contact STAMICO or Joseph Kahama at Tanzanian Royalty Exploration for the list. At least 8 of the 36 other companies meet the criteria for being awarded the project and none of those bid more than $3 million. The two points are that there was broad participation in the bidding process and that none of the other participants bid more than $3 million.
It is evident from the post award press releases and news that the bid criteria involved the use of locally sourced labor and materials and the willingness to employ STAMICO for mining and drilling. If there were other ciriteria such as experience or capital then the main one must have been bid price. TNX has no experience developing or redeveloping a mine. At the time TNX only had around $10 million in cash. TNX was clearly not adequate capitalized to complete the project, as evidenced by the need for a secondary offering over the summer. So, I doubt TNX had some unique characteristic that allowed it to secure the property for a discounted price.