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2,445 Posts.
45
06/04/11
07:00
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Please have a look at the numbers for Sept qtr
The production costs ( excl exp and admin) are horrendous
Maybe this explains the departure of prev MD
I have asked Mark Tory for an explanation but nothing yet
The Sept numbers suggest that they can't produce at a profit
( I hope I am wrong)
and the Dec and March 11 qtrs are a total disaster due to rain ( without the latest capital raising this company would , imo, be in receivership)
The major institutions all left at high speed, at any price, just to get out the door
I agree the appointmtnt of COO may help---the person currently in charge of production needs a bomb up his backside
Until I can be assured that they can actually dig this stuff, transport it to Barrick, pay Barrick and then sell it at a profit--I will stay clear
I feel sorry for the small punters who supported the cap raise---I would be very pissed and looking for heads
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