I will give Scott his due, at least he had the guts to sign his name to this announcement, unlike the now former acting CEO (still COO) or anyone else at FFX before Scott came along. As a result, I'm tempted to allow him some breathing space for a month or two, just to see if anything positive transpires. However, at the same time, for some insurance, I'd be joining any group that wants to form a greater than 5% cartel, just in case it is left up to some retail shareholders to try and save the company.
Personally, I don't think it would be that hard to resolve, because you just sack everyone at Morilla, then shut down all operations, except for a couple of cleaners, and then sit back and wait for a couple of years until gold hits USD $2,400 an ounce, or until you get an offer.
Do this, while there is still money enough in the coffers to see out the next 18 months - why not.
Sure, the locals won't be very happy, but what the hell, they've been ripping us off for years, building them schools and farms and hospitals and everything else, as well as paying tax to the government. At last count I think FFX paid for training 248 teachers - WTF. They've been draining us of every cent before we've even made a profit to pay for all their demands.
Just shut Morilla down and sack the lot of them, if they want to protest and smash down the gates, then so be it, just declare force majeure, and get the insurance companies to them pay out for the damages and also for the amounts due to the Morilla creditors - surely the company has "force majeure" written into their insurance policies, so that those policies will pay out creditors in these circumstances. It would be a similar policy cover to that of a gold mine being taken over by extremists, when operating in Mali, you would surely have to get this kind of insurance cover.
Gw
Expand
