George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
@Divan
Interesting that cost of running automation/AI is so high.
Not knowing the figures I would have assumed savings were greater than 1/3 of a salary bearing in mind no need to pay holidays,pensions,sick pay, National insurance, Human Resources etc
I understand the scepticism re CPI & having believed that JI was an upfront guy & being disillusioned on that I also have a worry re AH. So far everything is pointing in the right direction & if JL wasn’t his predecessor I wouldn’t be concerned but having been led up the garden path by JL I’m just very wary
@Trenners I decided to trade around 100k shares whilst keeping the majority for the long term (& I’m now resigned to waiting until August 2025 for a meaningful upgrade in the SP)
If I can make a few thousand every few months it’ll take the sting out of the long wait
@Trenners If you thought CPI was good value (which I & many IIs did) at 25p or higher with JL at the helm think how much better it is with AH at the helm & an even lower entry price for those topping up or lucky new entrants
Presumably CPI have to buy shares in the market to give to him?
Rather than wait for the various dates to arrive CPI would do better buying them now (@ 13p (a good discount to the 19p calculation) & handing them out on the respective dates.
(When prices will hopefully be much higher)
Or have I misunderstood things? No doubt someone will tell me!
@Wildcat yes I think that sums it up pretty well.
Unfortunately in the meantime because of the false financial picture painted by JL trust has been totally lost in management statements & until projections are demonstrated by results I think we will continue to flounder.
This looks to be. August 2025 (not 2024 unless AH pulls off a miracle).
I think we’re all so p**** d off with JL that AH is getting tarred with the same brush which is totally unfair. He’s been here a couple of months announced £100m cost cutting, made an investment & indicated he has plenty of ideas to make CPI a profitable business. The fact that it’s still 1-2 years off isn’t his fault it’s JLs who just dodged any cost cutting , apart from a £60m exercise which I suspect was partly on AHs initiative
After JLs disastrous management I’m reminding myself of the positives which unfortunately aren’t really going to show for 12/18 months
£60m cost savings JL
£100m cost saving AH
£20m not needed in pension from 2015 on
£25m not needed for data leak from 2015 on
£30m (my guess) from improving margin on turnover by 1%
So a £235m saving with hopefully other improvements
I must say I am livid with the way JL has handled affairs over the years. In particular he has (to be generous) misrepresented the overall position of the company in the last 18 months or so. He has indicated debt would be nil, FCF would be achieved & dividends would be on the cards for 2024. Instead he has squandered cash from sales, increased the debt & FCF + dividends are way off in the future. I had believed that he was a straight guy but that belief has gone.
The one positive note was AHs identification of £100m savings (& hopefully that’s just the start) after only just over 2 months on the board. Makes you wonder what on earth JL has been doing all this time
The lack of figures in the Dec Y/E announcement pointed to a disastrous set of results
I wish I’d followed my own advice to sell half.
This looks like a 2/3 year wait & certainly we won’t see any really good figures until Y/E 2025.
Potentially they could look very good with no more one offs ( unless AHs cost savings cost even more than they save) pension liabilities stopped & AHs + JLs savings of £160 m coming to fruition