It beggars belief not to have had some word on the company’s plans for Ollachea this week, now it is free of all legal gags.
Is there a plan? Or did Benavides think we shareholdering serfs would bow down to his greatness when he delivered that nothingburger confirmation last week (after no end of delays and whining excuses), leaving him free for yet another SCUBA diving vacation somewhere? Is there a plan, Diego? Are there financiers waiting in the wings, as you’ve assured us for years, or has it all been a big front to maintain your ridiculously expensive salary? Put up or shut up.
PS: What frustrates this desk the most is watching yet another opportunity go begging. This stock should be 25c minimum this weekend, if the company came forward and showed its wares and plans there would be plenty of interest at these prices. But no, we flush another opportunity to be shareholder-friendly down the toilet, thanks to its entrenched CEO.
Anyone here speak to the company? I called their number only to get another number that’s out of service (or I’m typing it in wrong).
Shambolic.
Didn’t take him long to revert back to his old ways. Can’t say I’m shocked. Otto, how do we vote this waste of space out? Must be a sizable block of shares that follows you?
He’d buying the dip right?
You were not content with the Tinka CEO promoting his plans and now with the MIRL CEO keeping silent.
How can a CEO avoid your criticism?
By doing two things:
1) Telling us what they will do.
2) Doing it.
In other words, basic decency.
MIRL have been issuing more news releases lately. Hopefully thats a trend that continues. This company/stock is beyond frustrating.
At this rate, I’ll never get my shamrock shake. 🙂
Call a special meeting
I believe their credit-rating with the “deal” is beyond bad…>100 US Mios to pay in 3 years…to finance Ollachea they will either drown in expensive debt or sell equity. COFIDE was unforgiving.
As a new investor of this company I do not carry the same frustration as long term holders. I have to say I have been in constant communication with the company for the last few months and getting feedback to my questions and concerns almost immediately. Last I heard, as of last night news has been held up with the suits in Toronto and should be out Monday or Tuesday providing some of the answers Mark has been asking for. Keeping my fingers crossed this will happen.
Dog ate homework.
It’s never his fault, you see. There’s always one little thing left to do and then it’s okay.
Every time I’ve spoken to him it’s the lawyers fault too. For years.
Benavides is likely thinking he only has to keep Rio on-side through the AGM and I expect his communication with Rio is a whole lot more informative than that for the rest of the shareholders.
With confidence in him and the board eroding, it is in their interest to be transparent about plans that they would be accountable for. So far, their actions appear unprofessional and self-serving.
What he said. All i’d like is info on which to base an informed decision.
FWIW, the 3yr terms are irrelevant (or should be) as the eventual deal pays off COFIDE. What irks is we’re offered no alternative. I’d like to explore changing mgmt, flicking COFIDE the bird and renegotiating a decent haircut (why Cofide is gets the 31m interest on a 70m loan they deliberately scuppered is beyong me). If Cofide threatens foreclosure, bring it. They won’t like the scandal and do a deal
If u accept <500000$/year you have my votes. Your agenda sounds at least more entertaining.
Is there any viable option for us shareholders to have an impact?
From what i understood they are planning to raise ~80 US Mios, build the mine and pay COFIDE via a bullet payment.
I am in Toronto and can attest to the fact that there are multiple bankers here that want the deal. Unless management intentionally wants to destroy the company there’s absolutely 0 chance they don’t get the money.
What I’m trying to say is that I suspect they won’t need to go to the lenders of last resorts. There will be decent offers to pick from.
Resort*
I agree the deal isnt great but renegotiating means more delay and thats already cost us enough. We shouldve been producing now at $1900 gold. I wonder if that was factored into the deal math? Cofide is earning no return on $70M they lent out. A new deal wont bring enough $$ to justify further delay imo. Let’s just move on, get financed and built.
Enjoy lockdown Mikey. 🙂
Unless you think gold is going higher. In that case, party on Garth. 🙂
MIRL press release
https://ceo.ca/@nasdaq/minera-irl-provides-corporate-update
Summary: we’re working on it.
They’re trying to finance a mine, not build a widget. It’s not an overnight affair… you don’t get 160M USD just because you have a pretty face. Despite the fact that there is significant appetite it still takes more than a single week to get the show on the road. I appreciate the fatigue but give the guy a break. At least he updated investors with whatever he could have… communication has improved.
Shhhh! Don’t let MIRL’s lawyers hear you to say that.
It might cause further delays. 😂
One thing I have learnt that some people will never be satisfied!!
People satified with the latest PR?
I Certainly am