With just 4 months left for 2013 PLV languishes at levels that once would have (and were) laughed at.
New personnel changes in the company. More expenditure on more people. Thats fine if that is what it takes to add value for shareholders. But is it - and will it?
New drilling projects planned away from Cockatoo Island despite the now massive quarterly admin spend already, and the fact these projects are not related to maximising the drilling production potential of iron ore in the short let alone medium term.
How tight is the ship being run with the current admin spend, and in direct relation to the shareprice and the destruction of shareholder wealth, just how diligent is it?
I ask these questions because clearly and demonstrably, we have had a raft of things go horribly wrong for PLV - is throwing more money at peripheral projects the answer?
Its been said in life to not mistake activity for purpose. Right now I am watching to see real intent and purpose - not just activity.
As a long term shareholder, I want to see real purpose and I want to see a Cockatoo island focus with a drilling campaign exclusively focused right there.
Spending money elsewhere on peripheral greenfields projects benefits who exactly?
PLV bought an island producing iron ore. Where is the intent and the purpose to aggressively drill it and extend the mine life? Every single cent (left) should be going into Cockatoo and with a focus to synergies to Irvine
The time for PLV shareholders tolerating another long term project is over. Who wants another drill campaign telling shareholders theres IO in the ground somewhere where immediate funds and resources are required in a tough market?
Theres a handful already and most of them are gathering dust. Want another one shareholders?
I'm waiting till 2014 to again reassess where this company appears to be at.
Who would know?
PLV Price at posting:
8.0¢ Sentiment: None Disclosure: Held
