1) Everything from the NR would suggests that Finskiy and Scola liked what Peggy accomplished with the early stage Lamaque start up, at least operationally. Her being with the company for another 12 months (as a consultant) would further suggest this. My guess is that the move is being made strictly due to feedback from the professional players. Century had 14 analysts go through Lamaque recently and it sounds like it was very positive. Century likely met with a lot of institutional types recently also. It`s not clear what type of feedback Century received about what it would take for more analysts to initiate coverage on Century and for institutions to take up shareholder positions in Century. I have absolutely no inside information. However, if one was to add 2 plus 2 together, I`m sure one can conclude what type of feedback the analysts and the institutions were likely giving Century as to what it would take for them to finally be involved with Century Mining.
2) "The Company has a dedicated management team in place and noting this key period of operational expansion, Adrian McNutt has been promoted to Chief Operating Officer from VP Operations. Mr. McNutt has played a key role in the successful early startup of the Lamaque operation in Quebec and in the excellent operational statistics seen at the San Juan operation in Peru over the past four years."
This can only mean one thing: The Lamaque start up is going extremely well.
With no longer having Peggy to protect him, I don`t see how they keep him with the company without the Lamaque start up being hugely successful thus far. Not only are they keeping him, but they have promoted him to VP Operations for the entire company (Lamaque, San Juan, future organic mines and future acquired mines.....).
This is probably a huge statement of the positive state of Lamaque.
It`s scary having Mr. McNutt in charge of all operations at Century, but maybe he has turned the corner (we have no say in the matter so we can only hope). He seems to have done a good job with San Juan. If Lamaque is in great shape, and worthy of such a promotion, then maybe he deserves a second chance. Let`s hope that Mr. Hulley has his full pulse on the situation as there is no room for such errors with Lamaque.
14 comments:
Prod05
I share your deduction on the possible reason why PK has to resign in spite of the fact that things are apparently going on well.
Give me the impression that it is a no nonsence management and very unpresent and tough decision do get made
Best wishes to her for having brought on CMM and ran it so far against so much odds.
I personally have a great deal of faith in Mr. Campoy. I am assured that Mr. Hulley is very much on the job, and has been. One may disagree with Adrian's pesonality, but the fact remains that he has done excellent work over the last 8 months.
Frankly, I will miss PK. At the same time, no amount of gold can replace the time spent with one's children. I am very glad that she is getting some much-deserved R&R, and that she will still have her finger on the pulse of CMM.
Your inferences are right on, as usual, P05! Tally ho!
I didn't know her so well as those of you who've been in the stock longer. We'll see how the market responds.
I was a bit surprised that Adrian MCnutt was promoted to COO prior to the appointment of the new CEO. In one way this move ties the new CEO's hands as to the structure of senior management. As you suggest P-05, Mr. McNutt must have done a superb job at Lamaque & San Juan.
Obviously, Mr. Hulley signed on to this decision.
GLTA
I think we will find out if McNutt did a good job with Lamaque from the July progress report. Can't wait to see if the ramp up continues?
I didn't realise how much some people seem to hate Peggy, what was the background with the Peru investigation?
http://incakolanews.blogspot.com/2010/01/century-mining-cmmv-raises-enough-cash.html
Finsky and co. came up with the cash for Lamaque didn't they? I'm a bit stunned, this seems to be a bit of an over the top slander.
It's amazing how quickly they removed Peggy's name from the list of Management on the website. It makes you wonder whether there is more to her resignation than meets the proverbial eye. I may be wrong, but my gut instinct tells me that she was pushed.
Hi Pepito;
IKN is one of those blogs where you can get "another side" of the story.
From reading the original [posted at IKN] document (which may or may not be genuine), one gathers that Sulliden Mines was included in the investigation, as it had (if memory serves) another suitor in the person of Perciles Sanchez Paredes, who was a prime objective of said investigation. Since CMM was also, at the time, attempting to acquire Sulliden, it stands to reason that we would be included in those questioned. The body of this report, in which the suspicions are laid out, does not mention anyone connected to CMM. The report is at least 2 years old (no date on the report, hence I have doubts about its origins - anyone can cut and paste a letterhead).
So much for hatemail.
just a note: the spped with which PK's name was removed from the masthead is normal. Regulatory requirements, and after all, this isn't "news" at CMM - the decision was likely taken sometime during the last week.
I think she was pushed out my Scolla and Finsky(own about 36.43% of century). You need a good name in this business and hers just was not good enough. I give her credit for raising over 60mil when it was damn near impossible to do so. I think a change in CEO will do the company and the share price some good. I have spoken to Mrs. Kent many a time but it is time for her to go and focus on her TAM project for the time being. She has a great reputation of getting things started up but from there things sometimes get sour. The CTO that happened should have never happened and the market will NEVER forgive her for that any time soon.
Now that she has resigned, looking ahead, hope to see that the new CEO is someone who has the right experience and temperament, a producer of results.
Though I prefer a co with a big share holding who can amend mistake decisively and influence direction speedily rather than having splintered share groupings, such a major decision taken only after a few months of being a 40% plus shareholder, do surprise me particularly coming in at a time when all the positives are happening in the operational front. Hope all these bode well for the co.
On the other hand, could it be that this is actually what she wants? After 35 years in the industry, she must have known her passions, talents, capabilities and limitations. After all, in mining, there are the explorers, developers and producers. From her career trial, it seems that she is especially good as a finder of opportunities, an acquisitor of par excellence and a developer of sort. Think she may just want to repeat this cycle of which she is a master.I do hope this is the case. Anyway, no one can deny that she had already proven what she could do for CMM and above all her tenacity to get the most difficult things done for the co.I wish her all the best in her future endeavers.
Thanks Chillby. I guess if you do business in LatAm then at some point you get dragged into the drug story!.
Anyway the Peggy chapter is closed now, so we'll see if things begin to pick up from here. I imagine a few shareholders are happier now.
Pepito
I am neither happy nor sad. In fact upon reading the news, I was apprehensive. I kept asking could it be that I had waded into another company-tearing power struggle? Seems market has voted and the verdit is share-price positive. Hope it does not change its mind
Post a Comment