Well..well...and it came to pass...a massive cover up by Simon!!
Here is what I posted a year ago to this date when the share price was 5c
"I have been extremely disappointed with MLM ...The Board,Simon and the promises of production starting last year in the dry season I bought into MLM many years ago and later put in a lot of money on the promise of the bauxite mine starting last year...it was low cap startup..pay back period 5 months...and a strategy to achieve a 100million dollar MC within 3 years (that was 18 months ago) ...Sconi was also an attraction.I bought in as a part of my retirement fund thinking the price would double to 10c and later to 20c...the delays have caused me to re think and I needed to have a long term plan that I have concluded that MLM could not give me...so I have been forced to sell down.I naturally did do this a great deal of researching looking at all angles but it did not satisfy the criteria for which I bought them.On the researching a lot of things did not make sense...
the delays in the haul road being one,suspecting it may be coming from GCR I tracked down Richard,also the owner of Victorian Ferries who had originally 16 million shares in MLM and have all been sold...but the reason for this I could not ascertain.Anyway Richard was a very unhappy man with MLM...angry more exact...so it was hard to tell if his anger was a passing moment or perhaps that is the character of the man...sounded genuine...but then again he could be difficult to deal withThe conversation happened approx 6 weeks ago so a lot could have changed...perhaps they are friends again through the necessity of working together.Excerpts on the conversation,as far as I can remember,
1.He did not have a relationship with Simon or Peter Turnball...was not returning their calls (possibly different now??)..Angry with them
2.Said he had plenty of ore stockpiled waiting for the ships to come in and that MLM will have to wait their turn...I calculated that to be later in the year if MLM could sign off with him.
3.said he controlled the ships and the prices and that MLM would have to negotiate that with him...said the margins were thin and I got the impression that there was not a lot of profit in it...especially if one party is playing the other off...the smooth operating of the whole exercise ...the ships etc seemed to be in his hands
4.said then after I asked about selling GCR interest to MLM and said Simon had approached him but it was not for sale...pressed him more as his operation is smaller and there must be a price as he seemed very unhappy with the current situation...but no...sounded vindictive...like he had lost money on this whole venture or on the shares sold.
Anyway I write this because I see the frustrations of the shareholders as I was...it may be OK now but Simon needs to put a release to say it is all on track with the relationship with GCR...or some of you need to ring him to clarify...but please do not use my posting to press the sell button...I sold most of my shares at a price that is lower than the current market price...So clarify it with Simon"
