The company has already started clearing the Forrest for access roads etc!! All the arrangements are in the final stages - it is the lack of corporate experience in managing expectations, delays, disappointments and even improvements with the project...
(I don't know why, but the upside is being kept very close to the co's chest.)
Look at the shift in milestones schedule - not even a mention about why!!!
I believe this is more to do with clearing ground for more drilling.....
I hate the way the co has managed keeping shareholders and the market informed, but it looks like we are in for some pretty big (and long overdue) progress over the next 3 to 6 months - exactly as the presentations have suggested (- finally we hit some targets). The full resource will be firmed up over the next 6 months parallel with construction.
The share price performance has everything to do with poor investor relations/weak corporate expertise and a distinct lack of operations experience at the top and less to do with the collapse of the coal price.
Many posts have been made over the years about hp in for the long hall, and it is true.... When construction finally (officially starts) we should get traction again provided they smarten up the corporate side of the business.
Rather than appoint gill only as the ceo- what the company needed was a seasoned CEO with a number of projects under the belt. Gill and an operational appointment should have been made, the two reporting into the CEO... (Eg someone like Gene and Gill) The CEO would have kept the sp on track and understood what it meant to keep shareholders and investors on side as well as attract some serious backers.
I suppose HP chose a CEO/gill on the basis that they could groom her into the type of CEO we needed now. Problem is we as shareholders are helping to build gills future- as a shareholder I would rather that they gave 5% of the company to someone like Mark Cutifani (new Anglo boss).
Just look at Gills remuneration- it's a trainee salary!!!! Don't get me wrong, I don't have a problem with gill- just the corporate org structure they set up. Hp are investing/building management for their next project at our expense. If the sp was where it was supposed to be no one would care.
The board MUST address the corporate/investor rel side of the business and strengthen it- otherwise we will continue to be underrated despite the quality of the asset.
I have heard whispers it may be addressed- lets hope so.
For now I continue to hold
CPL Price at posting:
85.5¢ Sentiment: None Disclosure: Held
(20min delay)