I'll add another 2 cents worth. Taking a look at the ooperations...

I'll add another 2 cents worth. Taking a look at the ooperations at HIG, we see the three big resources are Ramu, Frieda and Star. Notice that all three are only 20% holdings in joint ventures with internationals. So HIG doens't have control of operations or need to contribute on a day-to-day operations basis. There are good and bad implications.
The GOOD: this set up frees HIG to go about what they are good at. (Exploration? see below)

The BAD: No control means that the partner can strip them bare. For example, at Ramu the exports are of a mixed metal product of cobalt and nickel. This product doesn't have a premium price - the premium price is paid for refined cobalt sulfate and nickel sulfate for the battery industry. Who is getting this premium price? The refineries in China, not HIG. That is the frustrating part. The past directors made deals with these partners which are destroying our share of rewards from Ramu. We are effectively paying off the JV partner for taking the spoils. Furthermore, I don't have to tell you how the JV partner with Frieda is dragging us through the mud.

So what to do? Leave the JV partners to fight over the spoils of previous discoveries, and cop the scaps of dividends from Ramu. Learn from past mistakes and look after shareholders for a change. The directors of HIG need to be proactive. PNG is a land of unbelievable resources. HIG is an exploration company, isn't it? Well, get on with exploration. Look for the next big Eureka discovery. Don't get bogged down with seat warming and administration. Get some people working on discovery - desktop and field work.