NIUMINCO GROUP LIMITED (ASX:NIU) - Ann: General Meeting - Nomination of Directors, page-84 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by The Mole ↑

There has been a lot of questions on HC with people looking at charts and other things.

Before I make some comments, the reason the directors resigned in May (?)

The primary issue has been that there has been much "attempted work" by the recently dismissed BoD ("RD BOD") , however they have been disadvantaged by the restrictions on mains power for 18 months. This has curtailed the production of gold.

But it appears that the RD BOD has put in place (or are trying to put in place) the infrastructure which will allow for greater gold production.

What we shareholders have to remember that this enterprise is being undertaken in PNG. I had a friend build a small floor mill years ago in PNG and it was a major undertaking because the basic mechanical and technical skill sets were not found in the population.

I think you will find that this has been a major problem - simple things like bolting steel members together is probably unfamiliar to the locals. The NIU site is in the back blocks. Installing complex gold mining equipment would be time consuming and fraught with errors.

I think this is why the locating of a manager at the site has been critical.

But then you have to understand the "culture" of the PNG population. I had another associate who worked in a bank in PNG and bank tellers would be approached by relatives to give them money from the bank and they would give the money. They have a different cultural mores.

Based on this and I am not making any aspersions, but one wonders whether NIU are getting all the gold that has been processed. Again another reason to have a local manager.

With everybody's comments on share price - I don't two hoots about share price - gold production is more important than share price. Increase gold production then the share price will go up. Plain and simple.

Now who is best situated to do that?

Some who has experience in mining and geology or a company that is into investments without any skills at running an actual gold mine.

Pretty simple actually.

I think the vote at the last AGM was one of disappointment in the pay the directors were taking in comparison with the results (very poor).

I think we need someone from AMG to balance the RD BOD so it appears that Mr Alistair Rogers (AMG nomination) may have some experience in that area.

I think will be voting 1, 2 and 4 - BUT we want their remuneration to be tied strictly to gold production.

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Remuneration tied to gold production is a good call....

One gets the feeling we on the real cusp of a big reversal....I will raiding the cookie jar soon....