Why is Tye still there? The big question is why is Tye Burt still in charge at Kinross. Many people on this board were screaming for Kinross not to buy RedBack for all the right reasons. Kinross was already in a great position with many mines to expand and Cerro Casale to develop. Sadly Tye and the other morons at Kinross went ahead and mortgaged the company to buy RedBack with the assurance that they had done comperhensive studies on the property and guaranteed Kinross would be producing 5 million ounces in a couple of years. We know now that if it does happen it will take at least 5 years and that Taoist grades are nowhere near what Kinross was intimating at the time. So we have wasted the big runup in gold prices as bad news at Taoist and the massive dilution has dragged the rest of the company down so far that the share price is one third what it was 3 years ago.
No other company would leave a CEO who has performed so badly in charge.
Kinross needs to hire a mining expert not a delusional banker to run the company. Kinross needs to clean up the whole company, sell off some of the high cost mines and buy back shares to put the company in any kind of shape that will allow the share price to move with any increase in gold prices. You can be sure that Tye will find a way to balance any good news on the profit front with news of increased costs and disappointing operations so that the company will be stuck in limbo ad nauseum.
Burt needs to be thrown over the side and soon.