KIN 3.57% 5.8¢ kin mining nl

Ann: Resignation of Managing Director, page-225

  1. 3,011 Posts.
    lightbulb Created with Sketch. 195
    Yep ,

    Just need these guys to start making good decisions and accept they don't know everything .
    I maintain my opinion that I'm not convinced that Como are necessarily the guys for the job (my opinion only) or of the calibre of the GR Engineering , Ausenco or Sedgman's of this world and if they continue penny pinching this project will be very expensive in the long run or not even get off the ground.

    They've done the good buy and saved sh#tloads buying 'what we were told" was a plant in good condition , so now they need to spend a bit more on design to ensure those savings don't go out the window which on a brownfield rebuild is quite easy to achieve.

    Try and go cheap on the most important stage (process and plant design) of the project and they could end up with a very expensive plant , it's happened before ?

    There is an old saying in the industry that the first 5% of the project is the most important and the last 5% is the most expensive . Not financially speaking but in terms of actual progress vs scheduled progress.

    There's the positives Gracie , now for the what appears to be the reality based on announcements prior to this and what we were told in media statements :

    It is quite obvious that the appropriate milestones , checks and balances from a proper project design management perspective re: metallurgical , process design and contracts administration have not been ticked to end up so quickly in such a mess as KIN have ? Did they even do a HAZOP , etc., before going from "design" to construction ?

    If industry standard procedures were adhered to , there is no way you could end up with such a clusterf#ck in such a short time and have no way of getting it back on schedule if the original information was correct.

    It obviously wasn't , but shareholders , financiers and other stakeholders were led to believe that everything was on schedule and under budget .

    To be spruiking this project up in the media as "on schedule and ahead of budget" the way they were and then come out less than 2 weeks later and say we've got a showstopper and what we said was bullsh$t , must be verging on non-disclosure of actual progress or deceitful activity on the part of those involved or total incompetence surely ?

    It defies belief to any "reasonable person " (to quote the ASIC term) that within such a short period of time the project can go to the diametrically opposed extreme of actual vs planned progress , either that or KIN were not monitoring the project appropriately and just "thought" they were on schedule ???

    That's a FAIL , I'm sorry !!!
    For the sake of all stakeholders , make the next decision correct and informed ! You have cost us a lot of money and yourselves an even a larger amount of credibility.

    My opinion only
    Cheers
    Last edited by coalboy: 09/05/18
 
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