re: Ann: Notice of Annual General Meeting/Pro...
What i gleen from the annual report and subsequent company presentation recently is this.
The current board is the razor gang that are cutting costs and improving the mine site operations and this has shown up in the last 3 quarters and looks set to continue.
The previous board was top heavy and paid way too much money for what they did. karma bit them on the bum with their shareholdings getting murdered. Those responsible for overseeing the carnage are now gone.
The new board has torched staff numbers and opted for smaller offices.
A sure sign the right people are in place is that they havent enriched themselves with truckload of oppies at the bottom of the cycle.
The bankers have put their own man on the board and who would argue with that.
The impairment charge they took of $150m was real smart. Smash out all the bad news in one year. The bankers got spooked and from my perspective bent over backwards to accommodate this company. And why wouldnt they, with half decent management this copper operation will be very profitable at current copper prices and even more at higher prices.
But I digress. By my reckoning they have written that disaster Mt Muro down to somewhere between 0 and $8m. Why this good. Well the boys will line up a capital gain in the same year 2014 that the copper operation posts a profit.
Add the $6m a year they saved by torching the fat cats in the company and you start to get the feel 2014 is gonna be the year of the pheonix.
Flux
SRQ Price at posting:
0.9¢ Sentiment: ST Buy Disclosure: Held
