Where is the damn high grade feed? The mine plan had costs way below even $1400/Oz as I recall and this is after cost reduction techniques etc.
Of course everything will be heaving when the central banks give up the fight against inflation and torch the currencies, the increasing gold price will make this mine fantastic. But a) that's living on hope as there's no telling how long the can gets kicked down the road and b) we won't own much of the profitable mine due to dilution anyway.
I can't even be bothered getting the calculator out and feeding in the new far more depressing SOI figure to calculate it > but the Morila mine with this deal is surely valued less than when it was bought. That's having had a hundred + million dollars run through it, the pit cleared and drilled like Swiss cheese for an extra million + ounces.
Just a total mess.
As for Anderson and gang. Even if nothing wrong was done by the letter of the law, how these dudes can shamelessly nuke real people's money with wanton ease and still accept severance payments and then continue accepting payment pretending to be competent in another similar job is beyond me.
I would be embarrassed and ashamed for the rest of my life. I definitely would rethink everything I was doing. These guys don't have a scrap of virtue.
FFX Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
