I am still lurking in the background reading this thread.
My adviser said this mine might be a goer, but it will take a lot more effort.
It seems many holders had a much better idea than me of the difficulties and sold off well ahead of me. I am a bit shocked about the problems with the winder. It is solveable but shows how badly MCO is in need of competent management. I hope the new CEO fits the bill. They better give him a reasonable number of cheap performance share options as an incentive.
As for Peter Hepburn-Brown, it appears he did not provide much useful advice to MCO. Not sure if the winder problem can be sheeted home to him. PHB is a mining engineer, so this is his area of expertise. An ex-WMC geo I spoke with did not think PHB was much chop, however MML thinks otherwise.
Lets hope things turnaround and make shareholders happy, eventually. But there will be no divvies for a long time. I think they should use their intial operating profits to fund a decline to Morning Star or to develop one of their other mines, whichever is likely to provide a quicker payback.
loki
MCO Price at posting:
26.5¢ Sentiment: Hold Disclosure: Not Held
