I try to stear clear of CEOs that are geos in mining companies they tend to spend all the cash proving up resources and never mining like Johm Williams at AAM or the guy runing integra.
BJ while great at executing the mining at Tailering Peak with MGX seemed to have trouble with all the other parties involved outside of his mine, the railway owners (not enough railcars) use of the ship loader at Geralton and port access, Chineese off take partners giving him the run around , there was allways some third party he had trouble dealing with. If it hadnt been for iron ore prices doubling he would have gone broke as from memory OPEX was around A$50 a ton hematite which was around the price he was getting for it but in $US. Expansions came but with sp dilution which many of us investors at the time were annoyed with . Similar situation has happened here to a point. This has been dead money for me for over a year. While I admire BJs tennacity and true grit I find that same grit has a way of grinding itself the wrong way with others he is involved with he needs to learn to romance his partners in business after making water tight agreements especially important in Latin America.
EVG Price at posting:
8.3¢ Sentiment: None Disclosure: Held
