Ann: Taronga Tin Project - Stage 1 Fully Permitted, page-561

while i agree the NM is pretty sketchy and has become incredibly wealthy in a manner that doesnt correlate with those that have invested in the same ventures. i would also caution against measuring success based on ipo price.

mining companies tend to live 9 lives and ipo under a range of prospective tenements or semiproven resources and often change focus throughout their life. this can happen as a result of the market, ground not being viable or more interesting targets present themselves. then add in dilution to keep the dream alive, the ipo price is often a tough short term target to reach.

think of it mining ipo like a new car. the minute you buy it (ipo) it starts going backwards in value.... but every now and then you get a collectable classic that goes up in value... just takes time.

in short I've never been impressed by NM and his personal reputation and wealth has always appeared to be a priority. hard for him to loose when he gets a salary and fee for shares along the way. but ipo price is irrelevant imo.