Youre leaving out all the RC rig drillers, supervisors, machine operators, lab personnel, administrative staff, delivery drivers, etc. Some of which are presumably living in dongas onsite with nothing better to do than drink, tell stories and visit Mrs Palma. Its not necessarily management.
I was on the construction of FMG Cloudbreak under C45 (a somewhat failed experiment of construction management - every conny brought in more and more of their own supervision teams by the end) but left before it moved to Christmas Creek. The rumours and scuttlebutt were rife. The information tricking back from the sites and exploration teams down the road was thick and fast. The SP had risen from 2c to $110, allegedly netting some of the surveyors a pretty penny after they all dropped tens of thousands whilst watching the drilling cuttings come out of the rigs (said surveyors were all surfies too, hence why all the pits are named after famous surf locations around the world ;-)). I too almost jumped on around the $12 mark (after the 10 : 1 split) after hearing about magnetite etc and the vast resource at Mt Solomon which was to be NIL after Xmas Ck. I didnt and Im lucky as they crashed to $3 to $4 after that.
Long story short, its not only management pumping SP all the time. It could be anyone on the ground. It could be FMG, MIN, PLS trying to get a stake after being passed over by GAM. It could be insto's playing games like they did with PLS.
WC8 Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
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