What an absolute debarcle. Operators haven't been paid for 6 weeks. Management now reportedly not being paid their May salary.
A decent resource. But way overhyped. And woefully mismanaged. At 1Mt contained copper, oxides and sulphides littered with interbedded waste, this was never worth more than $500m net costs but got flaunted by Wayneo as a $5b asset.
The whole "buy the Hitachi excavators and heavy rigids in the bottom of the cycle" was flawed too.
Theyre equipment matching was woeful for this style of deposit. See threads circa 2010/11 on this. A real laugh.
I'll repeat; a geologist might find a decent resource but can absolutely ruin a mining co.
Where are the hundreds of bulls that were wielding the rusty shorter vice at $4?
CDU Price at posting:
23.5¢ Sentiment: Sell Disclosure: Not Held
