The company is (has been) in production. But as Eastwest said (non verbatim) you cant polish a turd.
I dont feel however, that it is entirely the CEO's fault. There is blame all across the Board.... (pun intended).The CEO must provide direction to the GM/SSE based on communications with the Board in relation to what is best for share holders and profitability of the company, and it is hard to do that when you have a Board that contacts the production team to give them direction. It was like this even before the company appointed a CEO. The previous Managing Directors (post construction) had the exact same problem, yet people blamed them and ignored advice about other issues. They sacked the MDs and GMS who erent doing a terrible job, on the face value of what the shareholders were being told by the Board.
In saying that, the personality of the CEO has changed since being appointed, the CEO and the Chairman never saw eye to eye during construction or commissioning, but one of them learnt from WM and has the ability to shark anyone...and the other is an engineer with little operational experience trying to do whatever it takes to impress his (technically) bosses overseas. The new SSE will have to battle both of these inputs to make this place work as he sees fit, which is the role of the SSE, to provide direction for the day to day madness and make it work.
At the end of the day, the CEO is appointed and must take blame for any major company stuff ups, however do you guys blame the CEO of a bank when your keycard breaks? or when it gets lost behind a couch? or when your pay doesnt go in...That bastard CEO..its his fault.
The new "team" consisting of the SSE and Process Manager are the only new faces in the production team. There are some real special cases working under them that I would not have working for me in any capacity.
So the major problems for the production values and (low? based on what headgrade???) recoveries are
* Board input superceding management with ingrained personnel placements reporting to the Board not the management.
* Terrible head grade based on possibly flawed models (if you put in 5000t of Cu, and say its 8000t and only make 4000t, of course it will say 50% recovery, not 80%...I believe there is no sampling of Feed to correlate mining and geology..which was actually suggested)
* Plant performance due to previous poor maintenance
* Previous attempts to get production at target too quickly before proper commissioning was completed caused ongoing downtime, that no processing manager or GM would stop production and fix (leading to longer and longer downtime) even at the advice of people saying it needed to stop production for a few weeks to repair the plant.
* Really lazy staff who have been assured of a job as long as certain other people are working at the top levels. Even after being attempted to be fired 3 or 4 times by previous management, they remain...and the management are gone.
So, as I have said all along. Who is to blame for the SS titan.....i mean CDU over the last 2 years?
CDU Price at posting:
23.5¢ Sentiment: Hold Disclosure: Not Held