Look.. they have a few smart people, but some are way too smart for their own good.
They think that they actually know what they are doing, even some (from discussions I have had at Board level with other companys) of the technical people on the Board seem to have gone off the deep end, with delusions of grandeur.
The whole problem with this company has and always will be, the Board. The driving motivation behind every decision rests solely and squarely on the shoulders of 3 people.
Wayne in the yesteryear (and with a lot of interference to previous GMs with the 1pm daily phone conversation), Keiren, from all appearances a decent Metallurgist 20 years ago, and Peter. Who is possibly the worst of them all, because he knows what the deposit is and he feeds to the wolves, people who have told him repeatedly the best way to run his business. (even with people who weren't qualified for their positions, they did have the best intentions and try to solve the issues the company now faces ie Dave W)
It is a very inbred nepotistic company, that has no other alternative but to fall over on a sword and become a failed legacy of massive cloncurrian ego.
I gave it 3 months 6 months ago.. but there is no end to the depths that this company can fall into, so as long as they are siphoning money from one bank to another, they could probably afford to pay the Board and its sycophants for another 6 months before the lawsuits start gaining momentum in my opinion.
Not sure how much further they can say previous management, or poor planning, or poor construction, or changes during commissioning, or "we didnt know that was unsafe" can hold up.
CDU Price at posting:
33.0¢ Sentiment: Sell Disclosure: Not Held
