So, none of the other issues that have been going on ( CEO left abruptly, no communications, looking for new directors, slow boat to China, future sales, are we on target & on budget, etc.) is just NOISE?Yes it is largely just noise.
1: CEO left abruptly for personal reasons and is helping with the transition...CEO's regularly leave for any number of reasons FMG are going through that at the moment...not ideal but hardly novel and you will never be told the reason unless there is an agreement between parties to do so. Guy is running operations in Quebec and expects nameplate to be reached this quarter. New directors or CEO can only be announced when they have bought them on board.
2: No communications, really, have you read the last one its quite informative , there will be an an annual report and a quarterly coming up in the near future, it updates projects and will give our first look at financials as a producer. If they have something material to update on its a requirement to do so so nothing material has changed except the price of Spod . This quarterly won't be a true indication of costs anyway as we are still in rampup mode but they may give some indications. The quarterly will likely update the previous guidance on production for the remainder of this calendar Year. I think it was 80-115,000t.
Management cant or wont update their way out of a bear market, regular updates are usually an indication of panic or interpreted as such.
3: Slow boat China?..boats are slow wherever they go and even more so if they can't use the shortest route due to droughts. We have been paid for 90% and freight is paid by the buyer. Do you want management to organize more rain in Panama or perhaps use a fleet jet boats. These are day to day issues for any company.
4: Future sales or are we on target and on budget?, that's why we have quarterlies. You won't get regular updates on financials or shipping movements beyond the first one or two . As the company has already stated shipping will depend on availability and size. The next Spot sale for the JV will be after PLL has shipped its 30,000t so probably Oct/ Nov.
HC is largely noise...
Cheers Whisky
(20min delay)