Post by
Nick2021 on May 17, 2024 12:47pm
Thank you, Mr. Duffy
Hey, and I just wanted to add one last thing -- my sincere and deep appreciation for the job that Dominic Duffy did when he took over as CEO. The company was not in good shape when he did that, the share price had cratered after two deaths at their Chile mine, production had crashed at Bjorkdal because of hauler difficulties (though that mine is always troubled), and mining in the Brunswick lode at Costerfield was not working out as planned. The company had a big debt repayment coming up that it wasn't going to be able to manage and the share price went down to 45 cents. I was going to take a massive financial hit when MND went bankrupt, and the amount I would have gotten back from selling out at that point wasn't enough to make it worthwhile, so I gambled on staying in.
Duffy arranged for the company to be recapitalized (when the alternative was blowing up), presided over some extremely successful exploration (which with his background I am certain he was closely involved in), arranged for refinancing when necessary (as Covid was spreading and the financial system was seizing up), and saw the stock go up to its high of around $3.80 afterwards. The fact that I'm divesting the stock now at a profit, and not experiencing a total and devastating loss is entirely due to what he achieved against serious odds. I hope that he retired for personal reasons and is enjoying it -- it would be totally unjust if he got the boot just because the gold market entered two years of doldrums after 2022. I personally am deeply grateful for the job that he did for the company.