SUBSEA RESOURCES: A possible Treasure Trove

Here is just one example of a statement made by SUB (as posted here by Bello, Thanks)

“The wreck Ancona and the wreck Kohistan were found within 36 hours and Comex removed a significent amount of cargo of wolfram ore from the wreck of the Kohistan at a depth of 350 metres.”

Published information suggests that just 40 tons of 530 tons of Wolfram ore was recovered out of the other 10,000 tonnes of cargo.

So, just 7.5% of some of the valuable cargo was recovered. Is this “a significant amount”?

Taking the average of 2002 wolfram (unlanded) prices of $38 per metric tonne this equates to some $1600. Is this “a significant amount” in the context of the costs of an offshore operation?

However, SUB’s lawyers would argue that as none of it had been recovered prior to that it was “a significant amount” in this context and 40 tons, if dropped on your car, would be significant amount.

So, with that information before you, you see my point. Whatever the balance of opinion, the fact is that SUB have chosen to present investors with “significant”. Shite, actually.