Inaction from the Board - why???
From what I can piece together, it will take 18 months for the full ramp up of the mill; in the meantime the company is locked into expensive logistics contracts and other fixed operating costs. The only external factor that has negatively impacted the operations is the SEK:USD exchange rate, the rest is a result of internal mismanagement. So the company goes into reconstruction protection until they can renegotiate the logistics contracts and reschedule debt payments. And they will borrow more money to cover their negative cash flow until they can get the various moving parts to work together, with the whole operation becoming more leveraged as a result.
And the Board decides to keep in place the management that created these perhaps insurmountable problems in the first place – how does that make sense? Seriously, how does that make sense? There must be something that explains their lack of action – which could end in legal liability to themselves. I just don’t get it – are we missing something here?
Because if I was a Board member I would be out hunting for the toughest son-of-a-b**ch mining guy I could find to come in and clean house and turn a critical eye on everything that has gone down here. Why haven't they???