There were a lot of fundamental investors when the share price was a lot higher and got things wrong, as they so often do. My above view about this company being a lemon set for problems from when it commenced waste stripping and mining stands. The big boyz should have picked up the issues and forced changes to the BOD a long time ago, but they are just as big fools as me, or they do not mind losing other people's money - they will still get paid a percentage of the value of their portfolio.
I am not seeking any damages from RED or its BOD. I was stupid in not following my analysis - I lived in hope and kept noting that they seemed to be in a position to actually become a very low cost producer if they could get a clear run at mining. I certainly did not trust the management, I stuck around because the company seemed to be able to run on the smell of an oily rag, but I took most of the punishment for my mistake fairly soon after the share price broke below $1.00 this year because some degree of sanity came over me.
I have one other concern. I am not sure if I can trust the JORC reserve and resource (excluding what GE said about these now that the waste dump is inoperative and there is a CDO). And I have little confidence in SN, the BOD or their ability to safely mine underground given the water issues.
If the mine gets flooded it will take a long time and more money to clear the water and sludge, just like last time.
loki
RED Price at posting:
8.4¢ Sentiment: None Disclosure: Not Held
