I do not see the wisdom in actions made by this company. I must've had stars in my eyes when I made my first GBG purchase sub 90 cents in 2012. I worked on this project from the start and thought it was going to be a winner. Stupid STUPID me for thinking that.
Then there was the issue that Karara had by allow Ansteel to be the fabricator of the mine and other companies were priced out. That got swept under the carpet pretty quickly.
Today I sold all my shares for a $110k loss. I had to get some money back before something happened further.
This was supposed to be a share that I could look forward to retiring on in 10 years. Sadly mistaken.
I am very disappointed in how we got to this stage and think that the management (past; present; future) really need to have a good look at how this occurred. I don't think the information from the company has been forward enough - but I don't blame them - better to say nothing at all than cause panic.
I think GBG's issue with the design of the mine should've been better catered for when the first exploration of the Karara field was done all those years ago. The shortcomings of the tailings and subsequent delays to get the mine to nameplate have killed this project. You can't borrow $2b and not have it fully operational and expect to keep paying the bills.
Whatever happened to the issue with some contractors not getting paid?
Good luck to all those hanging on waiting for a miracle.
It looks like the second consecutive non-payment will occur and the company will be controlled by the bank. The bank will then try and get as much as possible and sell it for what it can back to Ansteel and the Bank of China.
Well done to Ansteel in setting up a project that they soon will have 100% control over.
These ramblings are solely based on my own thoughts and disappointments.
"Such is Life" - Ned Kelly.
GBG Price at posting:
7.2¢ Sentiment: Sell Disclosure: Not Held
