Recent events-explosion (not just a fire as it set fire to the magazine), grade reduction at Ridgeway (from 2.5 to 2.35gt-small but adds up), and the metallurgical issues-are purely management related and cannot be blamed on third parties, ie not a subcontractors fault, act of god in terms of cyclonic floods etc.
The company has churned through MD's of late-all of whom appointed with heavy input from Ian Johnson.
Rumour of uncomfortable relationship between current MD and Johnson . If you want to shoot someone who is it, or both?
Profit downgrade was $20m below the lowest call-is it the board protecting bottoms, or do they really have a loss of confidence in senior management?
net net net, not happy in the short term.
The second half should see significant improvement from Telfer, not such a great performance from Ridgeway (marginally lower than expected).
Is it a buy-I am still waiting for the great resource recovery on the 28th June. Will simply watch until then.
Cheers,TAS-the eternal resource optimist!
NCM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
