Official Severstal strategy (Sep 2008)This may be "recent" information but it does describe Severstal's gold strategy. Look at pages 21-23
https://www.severstal.com/files/219/Mining%20Section%20Final.pdf
Roman Deniskin (our former board member) was also the CEO of Severstal Resource, he left Severstal recently or was pushed, jumped, or slid, take your pick. His was clearly driving the strategy, so my guess is some pretty big doo doo hit the fan and he got tagged out. Lord knows I have not been a happy shareholder, HRG and its board have so far been a complete failure in terms of disclosing to its shareholders what steps have been taken to both protect our interests and getting the financing in order.
But if I were to look at the flip side, HRG was moments away from zero cash, the only lift HRG received as with a higher gold price, nervous bankers, production problems etc, yet somehow they are plowing through it. I do not think this is over by any means, and if the market begins to get some positive developments, you bet we will go higher. Just my opinion, but look at BWR, QUA, MAA, all were having cash problems.
CJ