The dog sleeps. Like many old names here I lost 100s of thousands on this, got out around $0.14-0.18 in 2013. Can’t remember exact amount and switched to gold to recover the losses. I knew everything back to front about this company and followed big names such as George Jones who admittedly lost most than I, as he put in millions of his own money through on market purchases.
The key issues were:
1. Significant and continual cost blow outs. 2. China 3. Poor Chinese equipment that didn’t work as intended 4. Operating costs nowhere near the BFS 5. A marginal operation even at long term average IOP (this was probably where I should have never invested believing in high prices forever). Although I thought a lower aud in such an event would offset.
This stock balls it up the moment it began construction. I considered selling after the first cost blow out was revealed back in 2011 via a presentation slide (not even officially announced). Big mistake. Should have got out at $1.20 with a large profit then. Went to hell from there.
Luckily I have a large portfolio outside this, and recovered my losses through gold (NCM) within 2 years. I know many wouldn’t be so lucky. Now this is a distant memory and I’m back to my old strategy of blue chips only and compounding. Works much better and I can sleep at night.
i remember several names from 9-8 years ago. Hope you’re all ok from this horrid investment.
Dog company and all names involved in running this mess are poison to me.
GBG Price at posting:
2.9¢ Sentiment: None Disclosure: Not Held
