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Correction: Lawrence, that must be Someone who already is reading the annual results, because corporate expenses are again going have red herring
Lawrence, that must be Simone who already is reading the annual results, because corporate expenses are again going have red herring
That's a silly comment from someone who started the discussion on whether POG was over staffed? I'm sure most workers love being overstaffed means you have an easier day. All those that have suddenly taken some imaginary moral high ground on the defence of the Russian people do realise that if staffing levels are cut then the remaining racially abused Russian work force will have their exploitation levels greatly increased; why it could lead to a socialist revolution.
But you are absolutely right, lets not have any comments about Russians in general here please.
And that is not the fault of the staff, its the management who allowed it to become so.
Shedulike,
I am Russophile. They are tough as nails and practical as hell. I think they have an ok judicial system and have a good future as a country. With POG we need to separate what we think about the Russian people from what is true about this company. It has a bloated headcount, which is why the break-even point is so high.
Ah now comes the faux outrage, don't escalate it Lawrence you know very well I didn't accuse you of that. I simply questioned in a level headed manner your logic for investing in a Russian operating company when you have such low expectations of workforce productivity. You have related the situation today to the Soviet past so I guess nothing has taken you by surprise with POG? Anyway I confidently predict you won't address the anomaly of putting your capital at the mercy of a company in which you distrust the staffs work ethic...... anyway having seen bulletin board ding-dongs go on interminably that's my last on the matter.
AISC 1220 in H1, can drop significantly in Annuals. Plus Gold in circuit must have achieved really good sale price by mid Feb at least 60-70k ounces IMO.
I typed rac ist and the word censoring software blanked it out. What sort of a world are we living in now
Shedulike. To equate what I said
"with such a low opinion of Russia and its people"
is an absolute disgrace, its like shouting '******' if you criticise anyone of colour.. Outrageous remark.
I was actually told that joke by Russians from St Petersburg (Leningrad at the time) in the early nineties. Slavic folk have been through awful times since people first migrated there. In fact the whole global population has lived in abject misery until the 20th century but Russia have had it pretty bad . dire living conditions, invasion by the mongols, the swedes , the germans and then Stalin . Terrible relentless time for them. So of course its deep in the psyche
polyus mkt cap 25b. Can we extrapolate our mkt cap from that? They do have a very low cash cost.
Yes
Page 15 of the presentation is a monster. I was looking over to polyus and they seem to be raking it in too.
I'm surprised that with such a low opinion of Russia and its people you both decided to invest in a Russian operating company... or did you think it was Peter Hambro and Eton chum Roderic Lyne digging up the ore with their bare hands?
Sounds about right I would think.
But there is a mentality that leaves a hangover from the corrupt stalinist state. I remember my now deceased brother in law of how he traveled by train across the old USSR in the 70's and how dreary and drab it was with endless ugly concrete towns with people dead drunk in the middle of the day. There was no incentive to work hard as everything was taken away by the state.
There was a joke about a man in Moscow 1976 decides he'd
like a new state Lada car. So he phones up the state office
Q Morning comrade I'd like to place an order for a new Lada
Reply: Hold on comrade let me check the waiting list..............ah yes five years time
Q: Five years ! is that the best you can do?
Reply: You were lucky Comrade someone died waiting and I was able to fit you in.
Q: Okay then 5 years time.......what month?
Reply: hold on ....... right July 1981
Q: what date in July?
Reply: Come on comrade what date okay then then hold on.........................right the 10th of July 1981.
Q: thanks comrade morning or afternoon?
Reply: Morning or afternoon comrade , are you taking the **** ; why do you need to know?
Q: Because I have a plumber booked that morning....
Good to see commentary on the company not other contributors returning today.
My main takeaways from the presentation were the concerns voiced by the Credit Rating Agencies (although I don't generally have a high opinion of CRA as being able to detect risk even if it hits them in the face) ... so I don't think we'll be getting a divi any time soon. I was also disturbed by the v.high AISC at Pioneer (our growth mine) vs low AISC at Albyn (in decline). However the projected mine output for 2022 at 40% above 2020 actual ... and mix towards higher margin own concentrate ... really could make for a very profitable next 18mths. With reasonable margins on a 2022 production of 750k oz I'd say we could double in price from here. So I'm a HOLD for now with a bit more top slicing at 35p & 40p.
Oh and Rusty I still think you have plenty to gain from investing in THS ... it is trading barely above the high it hit in 2019 pre the Feb/Mar 2020 Covid selloff and with PMG prices substantially higher.
There is nothing socialistic about the autocratic regime in Russia. As a small POG shareholder, I don't think that running a successful company and sharing some of its fortunes with the local community are mutually exclusive.
Hi 1noise yes good to see some discussion here, the POG board can be very quiet at times. I don't find Petra's comment either helpful or factual but everyone has a right to an opinion.
Remember guys, Russia is a socialist country and I have found in life that socialists rarely ever do a full days work, therefore you need to employ double the staff to get the job done.
1noise, allways feel free to contribute....
Hi, 1noise, thats fine. At the end of the day, we hopefully, all want the same thing. An increase in the share price.
“Have you seen exactly what those employees do.”
Not nearly enough, just look at ASISC and AU/employee, lack of profitability. That’s the clearest evidence of their structural problem.
POG doesn’t make money if the Gold price is low. They can either double their volume or cut their headcount, or better still do both.
Rusty, Shed, UDF, Laurence, SmallT,
I am invested but haven't got anything to add to what you have already discussed I'm afraid.
But I must say that today has been the best read on this BB for a while.
This is how it should be - other BB's I'm invested on are spoilt by people with attitude problems and many green bins.
Time will probably resolve POG's issues and so I am definitely holding because I remain in profit at present and positive.
1N