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16/02/20

13:48

Post #: 42959726
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Originally posted by Pointyfigures: ↑

There have been a number of mines taken over and become privately owned.
Directors are often associated with the takeover companies.
This is a form of insider trading.
PGO is a classic case where the now Chinese owned mines were purchased after receiving mining approvals and were cash-strapped.
If you consider the resource size, it was purchased for $17/oz with mining approvals.
What happened to PDN was a disgrace.
Someone is funding the constant attacks on LYC.
I fear for a number of other companies that have gone to bed with Chinese financing.
This leads to another issue.
Truth in reporting.
Australia is the largest or near largest exported of LNG, coal, iron ore, gold and a few base metals.
The prices of these commodities almost always fall during Australian market open hours.
Even worse, they do not quote price moves from the previous Australian market close but US market close.
A price may gap up with this type of reporting but not be shown.
Prices are always quoted in $US which is irrelevant to the health of an Australian company which reports AISC in $A.
If investors regularly see red ink on the MSM screens for commodities, no wonder Australians do not invest in Australian miners.
I believe this is deliberate and makes our companies patsies for foreign investors.
If anyone thinks that the largest and most profitable mines are Australian owned, think again.
I believe the US owns more coal in Australia than Australian companies do.
Our largest base metal mines are foreign owned and apparently operate at no profit. Have a look at tax recipts.
Glencore had a fire sale of non-performing assets because of the debt load.
Tax receipts suggest almost all Glencore Australian operations are marginal. Not marginal enough to dispose of.
There is a lot of shonky business going on.

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SAR Price at posting: $4.13 Sentiment: Buy Disclosure: Held
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