Hippo,
The main problem is the management and the way the company is being run. We have seen and heard for years how they have been spending conservatively, this has done nothing for shareholders but it would seem it has helped management keep themselves in a job with reasonable salaries for to many years.
In the notice dated 17 August 2010
"It is anticipated that a stronger partner, both in
mining skills and international dealings, will help ensure the initial re commissioning of the City Mining area in a time efficient manner."
This sort of statement only re-enforces my lack of faith in the management and the way the whole operation is being run.
They certainly have proven they do not have the skills sets to make this a profitable and efficient mining operation.
I read this as "we can't do it, tried for years and still failed so now we will try and find a partner that knows what they are doing"
DYOR My ramblings only.
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