News

November 20, 2008

Formation Capital Has Kept The Lawyers At Bay And Now Awaits A New Environmental Decision On Development Of The Idaho Cobalt Project

By Charles Wyatt

Patience and persistence are the two prime qualities to be sought in the chief executive of a junior mining company in which it is worth investing. Such a chief executive takes problems on the chin and finds ways of solving them. Not for him, or her, the whinge and hide tactics adopted by some peers. Such a chief executive fronts up and discusses the pros and cons of events applicable to their companies rather than burying his or her head in the sand and hoping the financial scene will improve while he or she remains in this inelegant position. Names such as Michael Carvill of Kenmare Resources, Colin Loosemore of Archipelago, and Josef El-Raghy of Centamin Egypt come to mind among those whom we have written about recently as meeting these qualities. They are now joined by Mari-Ann Green, chief executive of Formation Capital.

She thought she was pretty well home and dry in assembling the mass of permits needed to bring her company’s cobalt mine in Idaho into production. Then she woke up one morning in October to find that the positive Record of Decision granted by the Regional Forester in June had been remanded – overturned is a better word – and that it will now be necessary for the Salmon Challis National Forest authority in Idaho to issue a new one which – hopefully - would be upheld by the Regional Forester....