The quarterly makes for depressing reading.
The board and senior management have burnt cash through their mindless spend-thrift ways and also through poor management.
Why do they keep most of their cash in AUD? The company reports in USD and surely a want-to-be miner in Zambia has a significant cost base in USD??? My guess is these guys wanted to park the cash in AUD so as to receive the highest interest which they could "offset" against the reported quarterly administration expense numbers (notice how these numbers are always reported "net" of interest received)....and make it appear as though they are spending less money on admin (ie themselves) than what is really the case.
When voting...think about the $20-30 million management have burnt through FX losses alone.
The quarterly makes for depressing reading. The board and senior...
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