RE: Change In LOM Plan (circa June 2015) Cost To Shareholders29 Mar 2023 11:44
Spoonington,
It was very good of Cowinchan to expose this unfairness or weakness n the original Sukari concession agreement which appears to give EMRA an unfair financial advantage over other shareholders .
As we are all aware the original concession agreement was negotiated by the original management including Sami El Raghy and family who were either well aware of this inbuilt advantage to EMRA or ignorant of it in their desperation to get a concession!
Knowing what we do now it it is very hard to believe that the El Raghy family were guilty of the latter and so the the previous management appear to have chosen to hide this potentially expensive inherent disadvantage of the original concession agreement by applying an irresponsible work around of high grading, this deceived the market and shareholders by amplify the guidance and profits for as long as possible,or until the inevitable near disaster, that being the crack in the open pit wall forced cessation of this irresponsible mining practice!
I am sure that most shareholders are as surprised as you at this exposure of such unfairness which does appear to give great power and advantage to EMRA!
However to be fair and face the reality of a very bad situation, the open pit had become too unstable and dangerous to work and the amount of uncleared waste made access and egress to the underground workings very difficult or hazardous.
So it seems the choices were either declare the Sukari operation no longer safe or commercially viable, or admit the errors of the past management and set about clearing the waste.
As I previously suggested why give not put your concerns in writing to Martin Horgan?
thers has nbeen some unfair critisism of Cowichan reagrding his challenging of the manement but in my view he is to be applauded, its a pity more other share holders don't follow his example, the manegment shold welcome the interest from their share holders!
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