Anything is possible depends how competent the new guys are at running the company , my guess is the current crew do not have what it takes , and there will have to be further changes both from the mine contractor , the board and the management.
Pretty tough for the guys on site who are the workers , coming onto a supposed long term job , and then finding out they may not have a pay cheque in a month or two because of recent stuff ups by their bosses .
I am holding just based on the potential NPV , and HOPE that there is enough time for management to get their act together .
Quite surreal what has occurred , but not unexpected , in WA mining operations seem to be run by remote control from the Head offices in Perth , with the MD only flying out once a week or fortnight for a day to the site , I do not know if that happened here , but it is not the way to keep your finger on the pulse when commissioning a new operation , instead you should be onsite for 2 weeks on 1 week off initially .
I was close to driving up to Mt Magnet and having a look around as something just did not add up , and I thought I could work out the tonnage throughput easy enough , but would not be able to work out the grade so would have been a pointless exercise
GCY Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
