I got my Christmas spanking from my youngest son yesterday for showing insufficient respect to his brother. As a fossil from another age, I muse whimsically that if Jesus of Nazareth lived in Melbourne thinking "forgive us our trespasses as we forgive those who trespass against us" he would be surprised at being dragged before the Victorian Equal Opportunity and Human Rights Commission for attribution of pronouns for compensation. If one is an employer, one has greatness thrust upon one. People are not as robust as they once were.
Hopefully, the timetable that was laid out at the AGM will be accurate. However, as a resident of Melbourne, I am familiar with cost overruns, and my state just spent another 13 billion dollars which will be transferred to government sponsors two weeks ago. Even before that money was spent my state was an economic basket case. In contrast, I am comforted by the efficiency of the company in the renovation of plant 2 and hope that it will be repeated with plant 1, even with different personnel.
That said, the opportunity costs of holding shares in KCN is highlighted as the share price sinks and hard-earned funds evaporate. If there is any gearing the experience can be cruel. This experienced is not shared by employees of the company who do not hold significant quantities of shares. As such it is to be expected that this kind of loss cannot be fully appreciated by those who receive salaries and bonuses from the company. There lies a source of conflict between investor and invested. On the other hand, the investors have no idea what is required to build and run the only successful gold mining business in Thailand, but they are greatly blessed by having a management that has done it successfully for years. They do so in Thailand, not Australia, China or Europe, and this carries with it obligations of legislation, custom and social obligations that are unique and compulsory. Some shareholders have forgotten Mike Diemar's golden rule: "Never forget that you are a guest in this country." Mike Diemar retired in 2003 and in the last 10 years was Managing director and Chief Geologist of Kingsgate Consolidated. It is important to remember that this project has been earning money for Thailand and employed Thais and has been backed by Australian capital and Australian lawyers for a very long time from the very beginning to the benefit of Thailand and Thais and Australia and Australians. Mistakes will always be made as to err is human. However, if Jamie can see further, it is standing on the shoulders of giants.
The evaporation of the share price I attribute to the manipulation of the stock which as others have noted, is widespread on the ASX. It is no coincidence that the better the news published the more the share price sinks. Neither is it a coincidence that at these sensitive points in time the site is flooded with paid shills disparaging the management, even if it is disguised as less than helpful "comment". The scheme relies on the manipulation hiding in plain sight. I know that they are avaricious consumers of information on this site. You have been noticed and will not be ignored.
Thanks also to don, gymjunky, danbradster, LoveGod, denial, oldfolk, wary, CHN, subi1, wary, Hyphen, thedoors, Dalts and others too many to name who have made this site such a valuable resource.
Merry Christmas to you all and Happy holidays GLTAH!
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