project timeline/management salaries

Longtime lurker, first time poster.

GGG has been a disaster in terms of accurately forecasting the project timeline for their mine in Greenland.

Prior to the mythical "pre-feasibility study" in 2010, they had construction slated to begin in 2012, with first production to start in 2014.

-Prefeasibility study in 2010 has a mine construction start date listed of 2013, with first production in 2015. They planned to begin construction mid-way through 2013, immediately after applying for an exploitation license.

-Fast forward to 2012, GGG announces that they will be applying for an exploitation license in early 2013, receiving a mining license in early 2014, beginning construction in late 2014, with construction completing in late 2016

-The last timeline I have seen shows GGG applying for an exploitation license late in 2013, expecting to get the license over a year later in Q1 2015, construction beginning in a few months later, and completing in Q1, 2017.

I think the slow bleed in the SP is a result of GGG failing to achieve performance milestones, while management salaries get bigger and bigger.

In the 2010 annual report, Rod Mcillree made $162,000/yr cash, with a total remuneration of $234,000

Management made 1.2million in cash in 2010, with a total remuneration of 2.9million. Market cap: ~$270million

In 2013, Rod made $520,000/yr cash, with a total remuneration of $1.9Million.

Management made 2.3million in cash in 2013, with a total compensation of 6.6million. Current market cap: $114million

Something is broken here....