You may recall from some of my previous posts that I wanted both groups out of the MML/X64 barnyard as I do not trust either McGlynn or Welker to run this company.
Over time I have mentioned here that the operations were being run as some sort of a welfare system for the locals, especially when you consider the head count and low return to shareholders.
One thing that I noticed was that Raul Villanueva was being paid more that the CEO or any one else in the company for what seemed to me to be a figurehead position, ie President of the local company controlling the mine. The 2022 annual report indicates that his total remuneration was $1.033m (not sure if that is AUD or USD).
Clearly RV must have a lot of clout for him to get such a sum as there would normally be qualified people to actually run the operations. Perhaps RV may always have had a central role in ensuring that MML/X64 could operate within the country and get any surplus money out given the quirks of the mining laws there.
It is possible that by dismissing RV there could be serious consrquences for X64's continued mining operations, but I am not against a clean out of the mining operations and his removal. Andrew Teo was mindful of ensuring that the locals were not pushed too hard by expatriates working in management positions.
I hope this ends well for shareholders. There are not a lot of goldie producers left on the ASX for goldiebugs.
loki
X64 Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held
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