I went to the shareholder briefing on Tuesday,and had an interesting talk with Mr Callaghan afterwards.Mr Callaghan seems like a nice chap; he comes from a legal rather than a geological background,and to his credit,was associated with the launch of Riversdale,a company from which I have profited. I formed the view that TMR will not go broke,but will after giving us all big tax writedowns,re-establish itself a viable Chilean copper producer.They claimed to have @7 million in cash on Tuesday.They have debts,and will try to sell mining plant and projects into a dreadfull market to reduce these. The Iberian takeover was a mistake, and demonstrates the board and management's lack of critical thinking and street smarts.Armenia is tough,and as corrupt as,say the purchasing department of NSW state rail.Practices at Lichkvaz were rotten,the gold ore was refractory,and the leadership was unrealistic in its' optimism.Mr Fischer,has left the board.and I didn't have the heart to ask what happened to the "General Manager of business development".What part did he play in the Iberian debacle? As is the case with many Australian mining juniors,the board/professional staff are too small,drawn from too narrow a circle,and lacking in a critical awareness of some of life's dangers,to protect shareholder wealth.Readers should support the elevation of your own Goldilox(BSc Geol,Syd)to a position of leadership as soon as possible. The management and board of TMR have proved unequal to recent opportunities and temptations,but for the sake of continuity,they can't all go.Copper extraction is our only realistic hope,and unlike those at the helm, the Chilean workers are down the mine as we speak,doing their duty,for meagre pay.To the miners of Chile,brothers,I salute you!
TMR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
