MML 2.41% 85.0¢ medusa mining limited

E15 Shaft, production guidance, AGM., page-2

  1. 6,756 Posts.
    lightbulb Created with Sketch. 122
    We need Management that is willing to push the envelope with this mine once the E15 Service shaft has been commissioned and they need to come out and put their plans in writing prior to delivering on them. The production guidance for FY19 is plainly ridiculous and should be replaced before the AGM if Management don't want a protest vote delivered.
    We are being told that the L8 shaft is currently used about 80% for ore/waste haulage and 20% for employee movement and that once the E15 SS is operational it will become 100% for ore/waste haulage. However we're being told that the E15 SS will be 100% for employee movement when it has been commissioned - again that is plainly ridiculous. Logic would have you believe that it could be 80% for ore/waste movement and 20% for employee movement being the same as L8 is now. I would settle for a 50/50 split. Management have previously stated in an Annual Report that it would carry 300t/d of ore but current Management have now gone quiet on that proposal.
    BT handed in his resignation in early June so AT has now had nearly five months to find a replacement. If no Australian CEO replacement has been announced prior to the AGM vote close on 20Nov then AT should not be surprised if shareholders re-act accordingly. Meanwhile AT draws both the Chairman's salary and the CEO salary even though there is only one of him.
    I'm sure AT has not forgotten the vote at last year's AGM when Raul Villanueva came up for re-election - it was 44.27mil for and 38.11mil against. This year's vote may well be even more vigorous without prior announcements.
 
watchlist Created with Sketch. Add MML (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.