Firstly, the present informal arrangement that SOPerior has struck with Lippo Group-backed Tamra Mining in Milford is unnecessarily opaque. Secondly, the dearth of updates from the company over the last year regarding pilot plant debt financing is shameful. In light of these factors alone, SOPerior’s recent down-rating is justified.
Getting into bed with the Lippo Group, firstly, is a generally bad idea, as Lippo is known for its rapacious business practices. If financing is secured by SOPerior over the next handful of quarters, one must pray that it isn’t from Lippo. That financing would likely result in a management appointment, total financial control, bankruptcy and the acquisition of Blawn Mountain by Bill Clinton campaign fraudster James Riady’s Lippo China Resources (LCR).
This isn’t to suggest that SOPerior is in any way presently in cahoots with Lippo or any of its affiliates, but Riady is on the prowl in the neighborhood and has already demonstrated suction in Milford and environs.
Regarding SOPerior’s proposed pilot plant: LCR currently owns the plant’s debt, which it bought in 2016 at a hefty 31% discount, and which gave it a 28% equity interest in the Waterloo-owned plant (LCR subsidiary!), which would clearly enable LCR to exert undue and likely detrimental influence on SOPerior. One can surmise that it was the intention of LCR to lure SOPerior into the same trap in which CS Mining found itself ensnared in 2011.
We are of the earnest opinion that it is of paramount importance for SOPerior’s Board to reconsider its proposed partnership with LCR, presently masquerading in Milford as Tamra Mining. We believe there are safer means by which to secure debt financing, and that Blawn Mountain — a true national resource treasure — should remain out of the reach of foreign hands.