Gas Goggles - ON
Nose Clip - ON
Thumbs lodged firmly in ears - DONE
Now sing loudly - La la la la la la repeatedly
Seriously guys - that's what you've been doing for years, some of you more than ten years, and how has it worked for you so far?
You CHOSE to ignore reports from companies that attempted mining operations in the NR which stated that local opposition to any mining probably made operations impractical.
You CHOSE to ignore the historical opposition to mining in the region - ask Ross Mining about that!
You CHOSE to ignore local opposition from the day of listing (
http://m.northernstar.com.au/news/apn-locals-in-the-dark-on-casino-gas-drilling/19432/ ).
When locals posted on here about their knowledge of local opposition you CHOSE to howl them down and have them banned from posting.
When you were planning to subscribe to CRs and wise investors posted here that local opposition made this a dubious, high-risk, speculative investment you CHOSE to ignore them and plunge your hard-earned into another issue.
Again, how is that working out for you so far?
The undeniable FACT is that while Metgasco may have had some local support at the time of listing, today it has minimal support in its area of operation and that support has been steadily decreasing since listing.
There is a reason the mining industry developed the concept of a Social Licence and there is a reason why mining companies of greater stature than Metgasco feel the need to have one - why has this company steadfastly REFUSED to engage with the wider community? Why has the management REFUSED to even attempt to gain community support? (NB Drinkees at the club with a handful of shareholders is NOT community engagement!) BHP, RIO and the like don't believe in the "Mining by Martial Law" approach (any more?), so why exactly do Metgasco management, and many of those posting here, think it is appropriate?
Ask yourselves if, following serious analysis, you would invest in this company today? (other than as a short-term punt). Community opposition at between 80-97% (depending on your sources - 80% in peer reviewed studies, 87% in the plebiscite, 97%+ anecdotally); no apparent means of commercialisation has meant reserves have been written down to zero - (the presence of local opposition presented a golden opportunity for that long overdue move); management determined to attempt mining by martial law.
Do ANY of those factors suggest this is a good long-term investment? If you were a licensed investment advisor would you recommend this stock to a client, especially one with a low-risk profile? In good faith could you recommend it as a suitable risk for someone's life savings?
Nothing has changed for the better for this mob in years - it has been steadily downhill, from the initial local opposition I cited above, through a growing social movement as the problems in the Keerong became obvious, to the small blockade at Doubtful Creek, and on to Bentley - a phenomena in community action.
And what has management done to address this? Refused to attend community meetings; refused to engage with the broader local community; set up a stall at the local show and then left it unmanned; etc, etc! And has that helped with obtaining Social Licence?
I very much doubt you'll be rushing to give this post a "Thumbs Up" but that's indicative of your stubborn refusal to see the reality of this company's position.
So, once more:
Gas Goggles - ON
Nose Clip - ON
Thumbs lodged firmly in ears - DONE
Now sing loudly - La la la la la la repeatedly
