Thankfully most of the mgmt involved in the deal have moved on. Nifty as I recall was run by “cowboys and Indians”.. Indians because aditya birla owned the mine and cowboys as that was the nature the workers there (hence the culture problem DM goes on about). Everyone took shortcuts.. and hence the mine has suffered.
I wouldn’t accuse (current) management of failing per se, how were they to know the damage done by the prior owners. But they need to recognise when they are beating a dead horse and when to fold up and reassess. I imagine the review will be relatively short - perhaps 2 weeks / by end of November and I suspect it will be placed on care and maintenance. This is a business not a charity so whilst no body wants to see workers out of pocket the money needs to flow to profitable ventures. Renison looks fantastic.
MLX Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
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