Reincarnation, page-96

AOH had $30 Million in cash but still needed about $300 million to develop the mine
and most likely that would have involved dilution in some form or another

Oh yes, let's be grateful for small mercies!

AOH had a functioning mine at Finland, producing cobalt along with Cu. It sold that. WHY? To placate angry investors furious with the Xstrata deal falling over. AC acted out of fear.

If AC had the balls he would have stuck to his guns, and crashed through the unpopularity and actually been a leader to his shareholders. He's paid the big bucks to lead, not act out of fear. But he did that the whole time.

Fearful, he grabbed the only deal that was going: SRIG. Had he not sold Finland, we could have mothballed Roseby and been in production by now.

The genius moves he made, meant he painted himself into a corner.

Imagine raising capital based on the equity in Finland? A producing mine? The very thing everyone admires CMMC for being? They were only too happy to relieve him of his 'burden'.

AOH shares were smashed with all this nonsense. They should have been 70 or 80c if Xstrata deal went through. By now it would be $3-4 minimum.

Ask yourself: would raising capital to build a mine, given the massive increase in Cu finds, have meant a 90% dilution in the value of AOH shares?

Meanwhile after this mismanagement, AC has a nice job at CMMC, and LT shareholders have been smashed.

WE SHOULD BE GRATEFUL?