Apollo Global Capital might actually be doing something
Over 780 days since Apollo Global Capital [APL 0.23] initially said that its off-shore mining vessel (MB Siphon 1) was in-place and ready to begin operations, the company declared that the MB Siphon 1 was “all fired up for operations” and has started “magnetite iron stockpiling” in the area near APL’s on-shore processing facility.
APL’s update [link] said that the operation sustained some damage (its tugboat sank) as a result of the last typhoon, and that they’re still in the process of trying to find a new tug.
The update also said that APL has negotiated with the Cagayan Economic Zone Authority to expand APL’s mineral extraction rights to include some portion of the area surrounding APL’s on-shore processing facility (where the MB Siphon 1 is allegedly “all fired up” right now).
The update ends with a note saying that the company is “expecting more equipment to arrive to ramp up/boost our production capacity”.
MB BOTTOM-LINE
To lay out the timeline of what has happened to go from “imminent operations” in February 2021 to now is not constructive.
Everyone knows the story. I’m not an expert in mining, and I’m even less of an expert when it comes to doing that mining underwater, so I’m not even sure if what the MB Siphon 1 is doing right now qualifies as “commercial operations”.
It seems like it, and I’m excited to finally get a chance to see what this operation looks like at full throttle.
Or, I guess at any throttle. Investors have dumped this stock with a vengeance since the first delay; it’s down over 90% since that infamous February 2021 announcement. APL’s new President, Bonner Dytoc, wasn’t responsible for any of what came before, so let’s see if this past-life technical analysis guru can read the charts and make some magic.
If anything, we should give him some slack because I think he even has some anime Tagalog dub credits.
That Google hit made my day!
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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