RE:RE: First quarter resultsI'll take first dibs. I'm flabbergasted at this management team!!!!
How can this company continue to be so wrong on the cost side of Magino in such a short period of time!!!! The company provides a cost update in December and gives confidence levels and then 5 months later they think costs are likely to be 15% higher than the $800m price tag. It is important to remember that this is 15% higher than the total cost of the project. If one factors in what was already spent prior to December and therefore not subject to an increase then the increase is closer to 30%-40% on the costs remaining to complete the project. So Argonaut provided assurances ranging from 75% to 90% accuracy as to the cost and then this. Time to move on management. Sell the company for the price that this stock wil open tomorrow (expect this to be a bloodbath) to a competent mining operator!!!!
And subcontractors are threatening labour actions. Time to tell these people to f*** off. I'm invested in B2gold which have a mine build team. Time to step aside AR and let others finish this disaster!!!
Wow, wow and more wow!!!!
Good luck to all us bagholders because tomorrow is going to be brutal and I would not lend these guys a dime at any interest rate!!!!