Rick at MBSL&S and the Southern Fried Scientist (mmm…chicken fried steak) beat me to the punch on this but that does take away from the moment. Nautilus (you can see this post on the company and their operations) according to press release
announces it has decided to adopt a more cautious
strategy and to preserve its strong cash position by delaying the
construction of the equipment for the Solwara 1 mining system. This
decision is driven both by the challenges and opportunities presented
by the unprecedented speed and severity of the global economic downturn
and the uncertainty in the financial and commodity markets. The Company
will continue to move forward with permitting for its Solwara 1
Project, as well as with various engineering and testing activities. In
addition, the Company will continue with its focused exploration
program to increase its resource base…As a result of this decision, the Company will today reduce its workforce by approximately 30%…As a consequence, the Board believes that the previously announced
timetable for first ore production at the Solwara 1 Project is likely
to be delayed beyond December 2010.
Of course Rick correctly asks “Is that code for nervous investors jumping ship on an untested,
unproven, and potentially environmentally disastrous mining process?”
As you reflect on this take a moment to also reflect on what may be at stake here.