The problem with this company has always been very poor senior management, in their roles for way too long. They had good leases, fairly good coal and enough of it. They made unsustainable use of contractors for most functions that could have been performed in-house and also paid ridiculous fees to them. They knew this but persisted due to the 'mates club'.
They spent a fortune exploring their worst coal, and managed that very badly to boot!
I have lost a lot on this one and expect to get nothing back... another case where impoverished and egotistical management has ruined a company; NOT the current coal price alone.
I see that they have now moved them all on - this may be good for us shareholders.
The problem with this company has always been very poor senior...
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