STORY BEHIND STORY – PART 2:STORY BEHIND STORY – PART 2:
Shareholders, my sole purpose in sharing the following information is to provide you with some insight and useful information about what is really going on behind the scenes.
Having worked in the mining business for my whole business life and being very familiar with mine construction projects, I’m predicting that the construction overruns are going to be horrendous as well as their estimated completion date. These Management/Directors are outside of their area of expertise in managing a major construction project. As alluded to in the TD Report, a good portion of the contingency fund of 1 Billion dollars sitting idle in the bank was always a contingency fund that was earmarked to cover the significant construction overruns on the Cote project. Needless to say, a good portion of these funds were accumulated at the expense of the shareholders. Shareholders, I’m not here to make bold predictions about the construction costs overruns but rather to inform you about what to expect over the next two years and the picture is not pretty. It’s going to be another fiasco similar to Westwood.
Incredibly, there are still some shareholders that a have a pipe dream that the BOD will change their stripes and do a share buyback or declare a dividend! It isn’t going to happen. Just look at their track record for the past 10 years, they have never focus on growth or endeavored to support the share price. At this stage of their careers, they will say and do anything to cling to power and protect their vested interest and accumulated wealth.
Sometimes, I get the feeling that I’m a lonely voice in the wilderness and the shareholders have abdicated their investment in IMG/IAG. Please do not surrender your shares at these low prices to the predators like the Large Edge funds, Bullion Banks and the Shorters.
I realize that the gold price has taken a big hit, but their peers Yamana Gold, B2Gold, Kinross Gold and Alamos Gold are doing much better from a share price point-of-view. Despite all the shenanigans going on at head-office, I’m all in for the long run. I firmly believe that IMG has valuable strategic assets and some of the best mining exploration properties in the gold mining sector. All I can say, shareholders, during these turbulent times, protect your investment and “Be patient, Sit tight and be Right!!