"Mr McGlinn was obviously originally approached for a reason."...

"Mr McGlinn was obviously originally approached for a reason." Teo got him onto the BoD, and I doubt it was intended to change the arrangements in the Philippines. Teo was very careful how he dealth with the locals, even though I think he knew the mining operations were being milked.

GcGlinn set the whole sh2t show in motion by bringing in Welker and shafting Teo who knew how to "work" with Raul and keep the public facade of a somewhat reputable company in place for public comsumption on the ASXCasino.

You can blame McGlinn for what has happened.

There are interesting comments here about the lack of reporting on revenue from silver being produced as a by-product. Perhaps if there was any (I recall some years ago there was a question posted here about the silver production level but no response by anybody.) then maybe Raul could answer this question. There may be a clue about this issue from the early annual reports that could indicate silver production ounces relative to ounces of gold production, but I have not checked this out.

For X64 to have gone into administration control there must have been a decision made by Raul that he was not being offered enough inducemenet to co-operate and he would be able to make greater gains by keeping control of company revenues while they mine out the deposit. By the time any decision is made by the Philippines courts on Raul's position there may not be much if any mine life left for X64 to profit from, if the decision is favourable to X64. RTG had a legal battle with its partner there for years, so do not expect any early resolution without a huge windfall to Raul to gain his early co-operation, if possible.

I wonder how much money X64 actually has on hand to pay its CEO, directors, Joseph, PwC and legal fees - there is a long silence on this.

Sorry to see things get this dire for shareholders. I really thought Welker had some workable plan, but it seems he will also lose out and all that may be left to X64 are the QLD moose pastures with no funds available to drill them.

GLA. I hope shareholders recover any losses from their other spec plays.

loki