OTCPK:LGCUD - Post by User
Comment by
Streicheron Oct 25, 2014 8:26am
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Post# 23060610
RE:playing silly games
RE:playing silly gamesHave to agree. Clearly all offshore costs are excluded. As to income, it is less than $1100 per ounce at the current gold price after the Sandstorm offtake.
What about the much vaunted expansion project which was designed to increase production and lower unit costs? How much has been spent on it with no result? I believe the original project which was designed for the current production of 80k oz, had a total cost of around R$100 million. and that was from point zero in bush with no infrastructure at all. I'm pretty certain a lot more than that has been spent on an "expansion" with nothing to show except debt obligations.
Now there is a special committee to look at strategic alternatives and a Chief Exec that is a PR man by trade. What has happened to good practical mining men who know how to operate in Brazil?
Seems to me that this company needs a clear out of directors and expatriates and needs to get back to the basics of being a good and efficient mining company using the talent it once had.