Paulsons is a distraction and waste of time, always was.The coal...

Paulsons is a distraction and waste of time, always was.

The coal thing doesn't look much better. Brought back on board as another distrtaction to keep investors interested while the main event is worked up.

Trouble with the little pissant projects in this market is they are of little or no value to the share price. No one cares.

SRK would be best served working up the Peruvian IO project if it is world class with a view to being first cab off the rank when the economy turns in a few years time. After all it was always going to take a few years drilling, permitting, getting land-owner deals done etc so nothing has changed except finance has been delayed and will no doubt be more dilutionary. The IO is of extremely high quality and should be in demand for blending the large amount of cheap poor quality rubbish about.

What I don't want to see is the company bloated with a whole lot of time and money wasting distractions that add virtually nothing while management bleed the cash.

As for management credibility, the resource sector is full of crooks and they all get very well paid and set-up with free vend shares while having a crack with your money. Sometimes they actually stumble on a real winner but usually it's just a cycle of feeding the ducks when they're quacking.

For mine the buy-back announcement was scandalous given that there was always a very little chance Ghallager would stump up more cash. It was thrown out as a prop without disclaimer giving insiders 2 weeks to lighten their load having been no doubt caught out by the severity of share price fall. Then again I'm bitter because I was looking at cut some losses but instead thought they had drawn a line in the sand and averaged down. Of course a week after the announcement when the buy-back didn't come it was obvious something smelt but too late.

I am mulling over their credibility myself and wondering if it's worth the wait or will they end up gouging out the money.