Why oh why do people continually blame others for their own mistakes. If you listened to someone providing advice it is your own fault. People always look for others to blame. If you invest all your net worth in one stock then quite frankly you're an idiot and just plain lucky (or informed) if it is a winner. RDD may well be choking on his wine but from what he was saying he will be sitting on a stinking loss too. Btw, I made a number of posts on RDD purely thinking out loud trying to understand what he was talking about. I never once made an investment decision based on anything he said or what Kevcranes said. I say that with regret because they both stated delays before they became public knowledge and I should have sold.
With regards to this plant (as I have stated before), if you procure a machine to process 2.5 billion tonnes of lemons you will most likely get a machine that will process lemons. It may process something like oranges because they're also a citrus fruit and may be of similar size. However, if you feed it watermelon, rockmelon and bananas your sure as shit not going to get lemon juice.
I cannot see that the designers/construction mobs have much blame in this whole debacle. They definitely have share of blame for any delays/overruns but not the plant not working. I have never seen any statement from KML/GBG about the mined ore quality, how is it performing against their assumption. I blame myself wholly and totally for not picking up on the fact that the ore body, all 2.5 billion tonnes of it was considered uniform for the plant design. KML has never confirmed anything but I would bet the lot on the fact that once the got bulk mining they didn't find a uniform body of ore. I have seen mines having to spend hundreds of millions to completely change the processing method but not from the get go. Normally enough drilling is conducted to understand the mineralogy for the first few years and then you adapt the process after that if required.
This whole thing stinks of something that was rushed through on poor assumptions and we the shareholders are feeling the pain. The blame ultimately lies with us (for chasing a multi bagger) and the quality of information provided on which people made decisions. Blame the management if you like on quality of information, for a shell company that is about their only purpose.
Anyways, it is a shame that some people will find themselves in a bad situation because of their investments and hopefully some day the sun may shine on GBG.
Good luck everyone.
GBG Price at posting:
11.0¢ Sentiment: None Disclosure: Held
