RE: RE: RE: From the Yahoo Message Board December3,
I do agree with you that looking backwards, CRJ management hasn't delivered. The stock price certainly shows that as well. Great developers like say a Rubicon, a company with 185M in cash to cover mine development costs, is getting hammered in this market. This market only wants to hear about production. Skip the rest.
I think CRJ also recognize their past failure to deliver. I see all of the outstanding options are now out the money. If CRJ had the nerve to reprice options, I'd sell on that news and never look at them again.
I believe that CRJ has made some significant changes in 2012 to management.
Brian Skanderbeg, Chief Operating Officer Senior Vice President (Sep/12)
There is a link to Brian presentation a few days ago. Worth a listen. He sounds good. Profile on Linkedin looks good as well. Other changes include (from current presentation):
6 New Leaders with 75+ years operating experience from other operations
– Peter Longo, P.Eng., MBA, PMP, Vice President, Operations: 12+ years , Inco, Areva and Cameco
– Chad Ireland, HSA, CSO, Manager Safety & Training: 10+ years industry at Claude, SNC Lavalin.
– Trevor Cooney, SPCM, Manager Supply Chain: 10 years experience, 5 years in Northern Sask mining operations.
– Nicola Banton, MSc, P.Eng, Manager Environment: 10+ years in industry working in base metals, uranium and potash milling
operations and projects.
– Lane Maxemiuk, P.Eng: Technical services: 15 years experience in mining operations including Diavik mine (Rio Tinto) and
consulting firms (Golder, SRK).
– Kerry McNamara, P. Eng, Manager Capital Projects: 20+ years industry experience in operations, engineering, and projects
in gold and uranium at Goldcorp and Cameco.
So, bottom line, I think the CRJ board and CEO also recognize they have failed to deliver and have taken turn around steps. Of course, it takes 10 years to build a mine ( or 3 years if you are Alex Black) so the CRJ turn around is going to take some time. But so far the quarterly numbers are suggesting that the turn around is happening. Next two quarterly report are going to be critical.
Sorry for the long posts but I wanted to respond to your comments and await your considered replies.
Cheers and thanks