Quite agree loki01. Although I don't hold at the moment, I'm hoping that NGF has turned the corner. I sold last year at mid-20s because I was getting frustrated with the Lehmann fiasco, but I would like to buy back in at some stage.
The problem with getting Mt Morgan into production is the capital expenditure required, and that fact that it will take about 12 - 15 months to get it up and running. I think that the goal at the moment is debt reduction, rather than taking on more debt. I'm sure that management and shareholders alike would love to see the company debt-free, at which stage they can look at developing Mt Morgan, and maybe look at other projects too. 2011 is probably the year to concentrate on steadily increasing production, trimming costs, and paying down debt as quickly as possible to get rid of the interest payments which are draining profits.
NGF Price at posting:
17.0¢ Sentiment: Hold Disclosure: Not Held
