Happy to continue with my view that PC has to a degree been a victim of circumstance and the management is in no way as inept as you portray.
I don’t see the list of struggles as excuses … Covid, border closure, labour and equipment shortage, contractor delays and cost increases are all well known occurrences across all projects in WA not just PNR.
The mill infrastructure failures were accepted by the manufacturer as a legitimate claim negating any fault of PNR.
The contractor clearly failed to keep to the required timeline ( some of which was new equipment mobilisation out of their own control ). When you ultimately get replaced with only 9 months to mining completion speaks volumes for the performance imo.
All the above was a pre cursor to the additional funding and cap raises … something that once again hasn’t been isolated to PNR alone.
It’s easy be to be critical but it was a very difficult time in the industry.
I have spoken to Paul twice, he’s no CEO spin doctor or marketer, I was impressed with his level of understanding of day to day operations. I also sensed the level of pressure and scrutiny he was under in the first call compared to our recent discussion.
I actually rate him and as you know I am not one to be that praising of management at times.
I would start with the resource grades …you did point out yourself small mills need good grades.
Some of my best investments weren’t necessarily the best companies but ones that presented a window of opportunity at a point in time … my view is that it’s much more important to understand value forward then dwell on the past as that isn’t part of your own investment journey. Hence why “timing and time in”mining investments is more important than the wider picture.
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