Following the last positive announcement i decided to stay in...

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25/11/19

16:31

Post #: 41619446
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Originally posted by Gwaihir: ↑

Management Comment on 22 Oct, 2019 - one month ago.

Millennium Managing Director Warren Hallam said the additional funding provided by IMC would strengthen its working capital position and ensure it had adequate liquidity in place to complete the delivery of a number of key optimisation and improvement projects.

“The start of mining at Golden Gate establishes an important new source of high-grade ore which will have a positive impact on our production and cost profile in the December quarter,” he said.

“At the same time, the transition to an owner-operator model for load and haul operations is a pivotal development for the Nullagine Project, and we are very focused on entering into an agreement for and completing this important changeover during the December quarter.

“All of these initiatives are aimed at repositioning the operation to a sustainable quarterly production level of ~20,000oz with strong operating cash-flows, as outlined in recent announcements.”

Do we add the names of these directors to the "Black List" of those people involved in mining that you should NEVER invest with?

Gw

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Following the last positive announcement i decided to stay in the stock, however following the drop in gold price I decided to sell half. Glad I followed my investment rules. Down 15k

How did Management get this so wrong?

Suspect IMC pulled the funding and they had to call in the Administrators.

Sentiment Pisssd offff

MOY Price at posting: 5.1¢ Sentiment: None Disclosure: Held
8 Upvote

0 Great analysis

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