From Century`s website (``updates/upcoming events``):
``Lamaque Gold Mine Operation & Site Analyst Tour
Century Mining's executive management team will tour the underground and the surface/mill infrastructure and review the operations and minesite with industry analysts.``
13 comments:
It will be interesting to know how many and who some of these analysts are? Last I heard 4 or 5 analysts. We will see. Hopefully something GOOD will come of it. Because of PK's past performance, meeting targets and on time, the market is not giving her any benefit. It is definitely a case of " Show me the money". PK et al. have taken the attitude " build it and they will come". Doesn't do much for the SP until such time the mine is up to speed and analysts can see for themselves that it is functioning near capacity. PK's word doesn't mean s#$%$%.
It isn't your opinion that I share. It may be that your own DD is lacking thoroughness, as your observations, while rude, are also utterly inaccurate. Are you being paid by some trading house to help drive down the sp? Or have you simply not applied an objective analysis to how far Ms. Kent and the CMM team have come in four months? Could it be that you simply have no education in what is involved in bringing a mine into production? Or is it that you pay no attention to the broader market segment of junior miners and explorers, who are all being beaten down (as usual) during this time of year by trading houses.
Before you go about insulting people who are working both very hard and effectively, perhaps you ought to examine whether you are simply out of sync with all of the facts, and a trifle impatient to take your money and run.
Chillby,,, obvious you are newbie here. I think you should have read my post a couple of times before posting. I have been and continue to be on the long side of CMM, in fact very long side and I have placed my money along side many here, so I am entitled to an opinion that may not match your beliefs or standards. I have followed PK's career a lot longer than I should have. I have seen her weaknesses and her strengths. Her strengths are in procuring
DEALS, not running a company. Yes, I know that a company that goes from an explorer to a producer there are always startup issues and of course the sharks come in and tear the SP apart. No more so, than when PK is at the helm. She is not well liked with the NA institutions. Most have only seen their investments go one way. I suggest you calm down and re-read my post before you start throwing personal insults. This board was not intended for that. Respectfully, Rhump.
Seconded. I have heard the phrase "untouchable" used in relation to Century and Peggy.
If you don't like that, it couldn't matter less. It's the reality of the situation. They have to deliver and be successful before anyone's going to take them seriously.
Chillby,, I forgot to answer about the broader market, especially the Jrs. Yes all is getting hit becausse of the uncertainty and of course the summer doldrums. Take a look at GNH, FAU, GBB. Not all companies are being pumalled like CMM. The reason being, PK has missed way to many targets and the market is not going to let there foot up off her throat until she starts walking the talk. She is a visionary person, but the reality is her visions have not come to fruition and thus the market is none believer until they can see for themselves the hard facts. I believe in the project but have little confidence in PK "blue sky" tactics. We need a new COB and PK needs to go and do what she does best, BUT NOT until Lamaque is profitable.
Respectfully, Rhump.
I'm just wondering if they are pouring once a week,or twice. I saw a trend of once a week in the begining,I hope they are ready for july 8,do a big pour,present a safe, well managed mine with the right equipment in the right places doing the right thing.PK delivers this,then people could lay off on the PK sucks posts and we can make some money.
I'll be happy to lay off the "Peggy sucks" posts. Always willing to give someone a second chance. But she's got to produce first.
You know, I did reread your post twice, but in the same ten minutes, hence same overreaction to the last line in your post. My post seems a little strong, in retro, and I mean you no insult, so long as none is intended. I enjoy this board's members, your insights and discussions. My apologies for the severity of my remarks.
Chillby,,, Accepted. PK's has lost an enormous amount of respect with institutions here in NA. The market does not take what she says with any validity. The validity will come with the 2Q's of bottom lines. I wish it was just me, but I know many who think the same way I do about PK. I believe we would be at a much higher price if someone else was in control. A new COB ( which was promised) would be a good start. Of course, all IMO. Cheers!
Don't expect to see a new chairman of the Board anytime soon. I was very disappointed to read this in the Management Information Circular issued prior to the AGM:
The Board believes that given Ms. Kent’s detailed knowledge of the Company’s operations and her many years of
experience in the mining industry, she is the most appropriate individual to be Chair of the Company, set the agenda
for meetings of the Board, ensure that adequate information is provided to the Board and chair the meetings.
Individual directors are also able to submit particular matters for inclusion on the agenda at the Board meetings.
We can only hope that the new BOD will not permit PK to over-promise and under-deliver. If Century makes its production targets, then investors will be a lot more forgiving of past mistakes. If not, then the BOD has to make a change. Therefore the pressure is on PK to perform. This is her last chance because no one else will give her another one.
Hi Carib,
Here is my take.
It sounds to me like the plan is for Peggy to be the Executive Chairman of Century (and lose the CEO tag eventually), with her focus then being almost 100% on working with Finskiy, Scola and Rich (the Corporate Development guy) in going agressively after mergers and acquisitions. Once Lamaque reaches a certain comfortable start up stage I believe Finskiy and Scola might want Peggy to change her focus 100% towards searching out opportunities to aggressively grow Century into first a 300,000 ounce producer, then 500,000 and then 1,000,000.
She cannot do that aggressive M&A role (executing that vision needs 100% dedication) and the CEO role at the same time. They chose Peggy for her company building skills (via M&A). That is why I believe that Finskiy will eventually bring in a new CEO (to allow Peggy to focus 100% on growing the company).
(assuming this direction) my guess is that the new CEO might come from a future M&A partner. If no one from the M&A company is appropriate then Finskiy and the BOD may do a search (if they don`t already have someone in mind).
I hope Finskiy, Scola and the BOD are thinking along these lines. It is crucial for the two jobs to be done by 2 different people due to the dedication and aggressiveness that is required for a fast pace company like Century.
production05.....as important as PK being able to use her exceptional talants in promoting CM's longer term corporate goals, i can not stress stongly enough that a GM is required at the Lamaque operation. The question must be asked that,if the tonnes are increasing from 490 tonnes per day in May to 750 t/d in June why are the grades remaining well below the reserves. You would expect with the new efficient jumbos and scoops, grades would increase and in fact, tonnes should be much higher than they are.A jumbo should drill a panel(18 ft wide by6.5'high) in 2.5 hrs. With 7 effective hrs in a 10 hr shift,one jumbo should produce 2rounds totalling 300 tonnes(10% overbreak.With 2LP jumbos on-site,they alone should be delivering 600 t/d.If CM was producing 490 t/d without the new equipment,surely 900 to 1000 t/d can be achieved through the "flats" and anything from the BD ore development is a much needed plus. So,what's happening? Why is the mine operation Blogger so upset and is his comments on the management part of a broader feeling with the employees?
Hi justwondering,
Firstly, thank you for sharing your mining expertise and your thoughts on the blog.
Unfortunately, I don`t have any answers but I can probably try to comment on a couple of items. I think the end of May was 420 tpd (as oppose to 490). Perhaps that difference of 70 tpd helps a bit with regards to the increase. Also, the avg for May was 304 tpd. It`s possible the maybe some of the low profile equipment had been deployed (and contributing a tiny bit) just prior to May month end, thus maybe the 420 tpd had already included a tiny bit of the low profile performance.
Let`s go ahead and assume that they do 750 tpd at June month end (strictly for analytical purposes). Let`s also play around with the May number. Let`s say that May month end was 380 tpd prior to low profile impact. In addition to low profile impact on existing stopes in June, they might have also opened up new stopes (at the end of May, they showed 4 stopes in production and 3 additional stopes in development).
If we play around with the numbers, perhaps between the new production stopes in June and impact from the low profile since just prior to May month end, maybe the increase is around 370 tpd (750 - 380).
I don`t know enough to know if that is reasonable enough progress. With any job, there is typically a learning curve. I imagine that those numbers will continue to increase in July and August as the operation becomes more adjusted to the Room and Pillar mining with low profile equipment (as they find ways to optimize the low profile equipment to the Lamaque environment).
To your point, it would be good to see them get at least 900 - 1,000 tpd from the Lamaque flats alone. Then, on top of that, I would like for them to do at least 200 tpd from the Bedard dyke bulk sample program (perhaps the BD ore will be 5.0 g/t, thus raising the blended avg up a little bit - we`ll see how they decide to mine it).
In the last Lamaque video, I think they said they are looking to reach 1,200 tpd by year end. I think the key to moving the Lamaque operation to the next level will be long-hole stoping of the Bedard dyke. It would be good if we can get the long-hole stope permit in about 3 months times (all depends on how the crown pillar study is coming along).
With regards to the GM position, I think they are doing an overseas search or something along those lines (per the last conference call). It sounds like they are trying to leave no stones unturned in order to find the best possible person for the job. I don`t think any of us long time investors are comfortable with McNutt being there (even temporarily) as it brings back bad memories of the open pit nighmares. At least this is underground mining (with 70 years of so of successful u/g mining at Lamaque - they didn`t even have efficient low profile equipment to use in those 70 years). Plus, McNutt and Peggy are not operating alone anymore. There is an operating committee in place, which includes representatives appointed by Finskiy and Scola.
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