Did they lie? Honestly, do you believe they ever lied?
Sure they made mistakes but it is drawing a long bow to say they were ever lying. Its easy to say the project was mis-represented in hindsight, but given the size of management investment in the project, both financial and reputational, do you truly believe it was being deliberately misrepresented? If so who got away with the money? Where are the winners?
Mining is a risky business. Management made mistakes. Miners made mistakes. Investors made mistakes.
But I do not see any deliberate deception. I'm sorry but thats is a cop out. You can make it all one parties fault by saying they were lying, this may make you feel better but its not honest. No lessons learnt there.
How do you like the paradox in that! To put it bluntly, blaming the outcome on management deception is not honest.
The lesson is that underground mining is a risky business. The "West Perth shuffle" isnt risky. Jump on the next sexy commodity, raise some money, go to lunch but never EVER put a shovel in the ground. Far too risky.
They tried. How do you think they feel right about now? Would you rather be in their shoes or yours?
G'luck
Am watching too.......
BSM Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
