This is no WTNI was a proud holder of WTN shares, and was rewarded handsomely for being so. When I was deciding which coal company to invest in (prior to investing in WTN), I looked at some of the options - Cline, Western Coal, Grand Cache, etc. and ultimately decided on WTN because of its management team. Needless to say, glad I did.
Fast forward 8 months, and here I am stuck knee deep in Cline. I am in at $3.81 so, suffice it to say, I'm down nearly 50% at this particular juncture. The management of this company has proven its inability to navigate towards profitability. I acknowledge that starting up a mine takes time and will inevitably encounter hiccups such as regulatory approvals, infrastructure construction, permits, financing issues, hiring and training staff, landing sales contracts, etc. But give me a f*ing break - management explicitly stated one thing, and the results are the diametrically opposite of that which was stated (over and over again). I think we all know the list of deficiencies I am referring to, from no contracts in place, to disgustingly low production thus far (notwithstanding the lofty goals into the hundreds of thousands of tonnes), etc.
Mr. Bates, do society a favour and please resign. Before I vote you out at the next meeting. Retire already - God knows you've taken enough of our money to do so. And while you're at it, take the rest of your team, too, including your lousy PR personnel.
Unfortunately, I am not selling my shares because, quite frankly, I cannot afford to do so. All I have is hope and time on my side, so I will ride this out, even if it takes 2 or 3 years. That, and the fact that my paper losses are in my TFSA, so I can't even write the damn thing off against capital gains! ARRRGGGHHHH.
Sorry for my rant. I am frustrated to no end with this company's management.
May God save us, all.
Barisian