Loki, it's not not wanting to face facts at all it's just differing opinions on the Chinese investments. My opinion is that they JV'd some licenses that were well down on their list of priority targets and this expidited their exploration. The buying of the 10%odd of the company I suspect was a caveat to the JV agreement. I think Nick Garling sold to the Chinese to fund his converting of his options probably after other major holders decided not to participate leaving Nick like a shag on a rock!! My main concern with MCO lies at the minesite where I suspect bringing old old mine back to an efficient production state is proving to be more expensive and time consuming than anyone expected. Not a company killer but it has led to time and cost blowouts that were obviously unforseen. It goes back to a problem I have mentioned before about availability of suitable staff experience and knowlege wise and getting them to move to Woods Point. I also wonder if Gekko has found putting trial batches of or through a mini plant has proved vastly different to the real thing. I also wonder whether putting Dickensons development ore through the mill has proved problematical due to it being higher in sulphide content than other reefs. I am confident MCO will make the grade........eventually!! I also reckon management needs to really get cracking regarding their responsibilities to file all necessary paperwork and keep the market adequately informed. If there are valid reasons for delays they need to be communicated otherwise people will come up with all sorts of bizarre scenarios that are probably far from accurate.
Cheers Mal
MCO Price at posting:
45.0¢ Sentiment: LT Buy Disclosure: Held
