George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Monday 31st Jan….if MM can be bothered to meet a commitment and we know from his track record how bothered he is…
I am hoping today also, expecting in February but would settle for by the end of the week. Still can’t understand why Quarterly production numbers for this piddly little operation that is barely producing takes 25 days.
Bear in mind it is supposed to be an RNS for production numbers, which they presumably had most of the data for in order to do the RNS earlier in the month….maybe the carrier pigeon that MM uses to deliver his sign off from Australia got diverted due to the volcano in Tonga….
Pray tell who the people are who constitute the popular demand for two year old videos which have little bearing on where we are and how we got here…. Would far rather have drone footage of animals copulating in the wild as a more accurate depiction of where we are…..we being the poor animal on the receiving end…
How MM keeps to his promises (latest being an update before year end that never arrived).
Let’s play a game, they said in last RNS that the Q4 results will be issued before end of Jan, people please guess which date it will be…and post Jan is also acceptable as an answer but please specify when in Feb, March or April you expect it….
Blackrock, institutional investors and icd have finally decided to push MM to appoint a competent ceo to sort out this s#£t show….one can but hope…
Typical bad practice safety, this is supposed to be RNS for Q4 results not Q4+ results, if history anything to go by it’s going to be bad news! Hence waiting longer to announce, maybe wrong but what have they ever done to indicate otherwise….he may as well wait till April and give Q4 and Q1 results together….
“ the world is global m8
70% of FTSE comps are international,dotted all over the world
their managements,are also global.
the good old days,when the gaffer,lives next door....are bygones gone”
Your statement…what does that have to do with the price of bacon…and whilst you are at it what does it have to do with the Chairman/de facto CEO sitting in another continent, I ask you to support your statement and you give me a pointless response.
BTW, if I was the Australian tax authority, I would seriously look at the tax implication of having the key decision maker tax/Board member sitting in Australia, as there is a serious risk that is what is happening.
The issue is I fear that the proper due diligence wasn’t carried out, they saw an opportunity to go for what they thought was low hanging fruit in the new area so deviated from the plan without having done the proper investigation that would have told them it was unsuitable, hence having to revert back to the original plan after having incurred precious time and money.
That is different to what happens in a well run mine. Additional evidence is that the acidic water was not dealt with straight away and allowed to corrode the pipes, we kidded ourselves to believe that MM was delivering a world class mine with world class staff. The fact was, from choosing an incompetent EPC contractor ( anyone say steel) who picked incompetent subcontractors, to not dealing with issues in a timely fashion, they have shot us in the foot countless times. Doesn’t mean the tungsten and tin aren’t there, doesn’t mean that we wouldn’t one day get there, does mean it has cost LTHs a shed load of money and the difference between costing us money and costing MM money is that we have no control over it!
Regarding where they live, pls let me know another plc that is In production that has its chairman, who is running the company as there is no CEO, who is around 7:or 8 hours time difference and that person is a CFO of another company ( bearing in mind the CFO is Board level active executive), please support statement with facts.
He needs to step back and have a CEO in Spain, my evidence of his failings is clear for all to see, from the water being too acidic (and they knew and didn’t apply the remedial action on time) to supply chain failings which have gone on, to not coming through on statements made, to mining in the wrong area remember where they switched where they were mining and it ended up a farce so they had to switch to the originally planned area. Tro, buddy, you don’t come across as not having knowledge so why do you keep defending the indefensible. I am not saying that MM has to leave, just that he needs to be focusing 100% on Wres and that can’t happen if he has other executive roles and a 7 hour time difference. That’s why companies have a CEO.
As for the water table, aside from the fact that the dam was supposed to fix that and they promised us a second dam (which they never told us if they finished and if not why, by end of November, before the rain), unless you are an expert in this subject, and can produce the weather data for the mine, the best we have is the information I produced, which doesn’t support the defense that the awful results were attributable primarily to the rain. Could the rain have had a minor part to play , I concede that at the end of December ( after the 20th) it may have but for 2 and half months it did not and could not justify the abysmal production numbers of 105 for the quarter.
Tro, sad you didn’t read my posts with links that showed that the so called lots of rain in December was only for approx 5 days and wasn’t torrential. As I explained the best I could get was a combination of general and within 10 min drive but challenge anyone to find the rain for the exact location and not for The Whole of Spain.
Still no news on the damn, still no update that he promised before year end.
Tin can be 10x higher but if it is not being produced in sufficient quantity then it’s irrelevant.
Quarterly results still not issued, we know it’s bad but past experience has it the longer they take the worst it is.
I am a big investor here and over the years have been dumb enough to try to encourage others to invest but, what I will say, and you do your own research, is the BOD continuously over promise and under deliver and always have an excuse and rarely gives the real reason for failings or tries to bury it in other news, I wouldn’t put any more money here until I see two quarters where we have decent production without the multitude of excuses ( rain, supply chain, water too acidic etc). They continuously fail and the proof is in the eating and where the sp is tells you what we are eating these days.
I am hopeful it recovers as far too under the water to sell.
Also, contrary to what some may tell you their PR/Investor relations is awful, yes they may put out RNS but they don’t follow up (look at when they announced the second damn would be done by but we are none the wiser as to whether it is). MM promises in interview that there will be an update by year end….some are still holding their breath etc.
We still have a Chairman of a company that is producing, who refuses to put in place a CEO but attempts to do the role whilst holding two other senior roles in other companies including as CFO and is based in Australia…you can’t make this up.
Long story short, I wouldn’t try to catch this falling knife, wait for some actual delivery of production for 2 quarters, and be wary of false starts and critically don’t believe a word that MM says, wait for production proof.
The results were issued on the 21st Jan. Have found that the later they issue quarterly results the worse the news is, so fingers crossed they issue the results today, we know they are going to be horrendous so just want it over with.
Ebitda calc for comp valuation is rather basic and is worse when company has so much debt. So to answer your question…trying to use that methodology is like a broken pencil (blackadder fans will get it)
Given a 60m debt pile what universe is your statement that;
“ ok bud,instead of profits,we'll use ebitda,not that there's much differance,unless your nitpicking” true …..you are aware what ebitda stands for and that debt is usually accompanied by interest and 60m debt for us carries a shed load of interest.
I laughed my butt off at statement that the bod good at updating us….
MM in interview said September was a better month….Found out was the worst.
MM in Nov said we would get update before year end…found out in Jan it was a disaster in December
The truth as to the disaster in December is not truly known, implied weather had a large part to play, reality is that it was bad management of maintenance and supply chain….not saying they are worst but they ain’t honest…
If you read all my messages I put in the caveat that I tried to find the data for the mine area specifically but to no avail, i looke dot the north and south and general data that did not show a torrential month for rain in December but rather from the 20th December onwards, now pls feel free to help and find more accurate data but what I found combined with MM’s propensity to spin and speak half truths leads me to the conclusion that he is once again using it as a cover. Also pls feel free to share your thoughts as to why we couldn’t get to the high ore as the RNS, if their grammar is any good, doesn’t seem to attribute it to the rain.
It’s a fact that Ian Rush and John Barnes were great footballers…doesn’t mean they still are, much the same with management in this company…I suspect MM rode on the coat tails of others in his previous companies.
But you didn’t answer my questions and concerns about their emphasis on rain fall as an excuse for their abysmal results, did you look at the links I sent for yourself?
Also no thoughts about why we are back to low grade and mid grade ore?
Finally thoughts on poor maintenance and if that is not managements responsibility then whose is it?
Erroneously inferred that access to high grade ore was denied due to rain, if you read my messages below you will see that only accounts for a week ( if you are being kind). What they actually said was;
“Heavy rains in December led to production stoppages caused by wet crushed ore blocking the silo. This was compounded by only having access to mid to low-grade ore, associated maintenance issues and supply chain bottlenecks for replacement parts. All of these challenges negatively impacted production during Q4 2021. However, were it not for these challenges, the Company believes production would have been very close to the lower end of the previous production guidance issued.”
Well I have disproved the heavy rain excuse by giving links to rainfall, including actual rainfall that would barely get cardboard wet (ok am being flippant but there wasn’t a day that showed over 1cm of rain all day from what I can see.
Critically they put a full stop after their pitiful rainfall excuse before, without a reason as to why, they say they couldn’t access the high grade ore, bearing it mind rain didn’t happen till around the 20th Dec and it wasn’t severe, what was the reason they couldn’t access the high grade?
But this quote is the most insulting
“ However, were it not for these challenges, the Company believes production would have been very close to the lower end of the previous production guidance issued.”
I could say, without fear of contradiction…..however were it not for my uncle having a certain appendage he would be my aunt…the point is that rain wasn’t what messed up Q4, I showed that by independent data that showed exactly how much it rained in the area 10km away. Bad management of maintenance ( they said associated maintenance issues…assume their inability to access high grade ore but we don’t know why they couldn’t and is this an ongo8ng thing or likely to be repeated) and Supply chain (what the f£&* does that mean in this context, is it all fix3d, we were led to believe it was before. So not try to imply that what went wrong wasn’t your fault, the buck stops with the management and our part time Chairman.
Wonder if the Tro, safety or GIT have better intel on the rainfall in December and can provide the link. Otherwise do they agree that MM should put on his big boy pants and come and have a call with all of us who he has failed so spectacularly and he can perhaps explain who taught him the importance of ensuring you don’t get caught if you are being economical with the truth…though wouldn’t surprise me if he and Bojo the clown weren’t chums…
So found the closest place to the mine, 15 min drive, place called Santa Amalia and found this site, look at the historical day to day data and look at the mm rainfall for the days it rained….spoiler alert, nothing like torrential rain they had us imagine, if this amount of rain is enough to stop production we are in serious trouble.
Had 2 days of heavy rain, 23rd and 25th….
https://world-weather.info/forecast/spain/merida/december-2021/
Let me ask, did you feel the RNS gave the impression that Dec was a washout, hence abysmal production numbers….
As you like links I refer you to this link province it is in….it only started raining on 20th December, so we should have had 20 odd days of good weather for production, I checked November, it was fine. So we had 105 based on 80 out of 91 days with no rain disruption….once again MM and the Board are hiding behind the cover of rain…
https://world-weather.info/forecast/spain/caceres/december-2021/
Disclaimer…I couldn’t get the weather for La Parillia exactly so if some has it pls share and if I am wrong will put my hands up