Medusa Share Discussion Threads

[deka1] 17/8/2018 15:35

Hi guys, hope it brought a bit of cheer.

A big pinch of salt required .

[atlantic57] 17/8/2018 07:50

Hi Dek I hope you are well.I remember the Golden era when we all did very well with Gold stocks.Since 2013 I personally have taken a huge hit and have listened to numerouse gold experts who have all been consistently wrong.

My own view now for me is thenear term outlook for Gold is very bearish unless :

A Trump succeeds in preventing Jerome Powell from raising us interest rates.

B The dollar must loose its continuing strength,it is exporting deflation.


The next crisis will be a bond market crisis when governments have to face judgement day.If and when the average citizen looses confidence in the financial system,they may turn to gold.

Then again they may not maybe they will turn to bitcoin.

There are so many pundits predicting, there is no evidence to support their views and
Gold as you say has been a one way bet...

I would that Historically gold would have reacted positively to these events.

Political turmoil America v Iran America v North Korea

Trade wars America v China. V Europe

Currency wars strong dollar wrecking emerging markets

This time round the safe haven has been us equities not gold

[tightfist] 17/8/2018 07:47

Thanks deka. Another ray of sunshine - yesterday saw the announcement of the long overdue retirement of my other Chairman foe (at Stratex International). It must be AT's turn to leave soon from MML......

Cheers, tightfist

[deka1] 17/8/2018 07:38

HERE'S a touch of cheer in these sad days lol

[deka1] 15/8/2018 06:44

Gold dropped around $125/oz in the last 5/6 weeks, when will the pain end lol

[deka1] 10/8/2018 11:00

Thanks TF,

[tightfist] 10/8/2018 09:28

Hi deka,

I see there was zero reported volume in MML this morning. I checked a coulpe of other ASX stocks which both report volume, and there are plenty of announcements, so I deduce that the interest in MML was….. zero!

I belatedly have seen your post #37595. I also hope that the recruitment of a new Chairman is pretty swift. Andrew Teo has taken us through the lifecycles of a dodgy (PH-B) and two meritorious (BT, RG) COO/CEO’s; he has to go before he is allowed to inflict yet another hole in the MML ship. Sorry AT, it’s long overdue.

Cheers, tightfist

[deka1] 10/8/2018 08:11

Was the ASX trading last night/ yesterday ?

[deka1] 01/8/2018 06:58

TF hi, Lets hope the search wont take long .

Managing Director Mr Boyd Timler is retiring and Chairman Mr Andrew Teo will assume the role of INTERIM Chief Executive Officer while the search for a replacement CEO is undertaken

[tightfist] 31/7/2018 22:46

Hi deka,

IMO be careful with that thought!

FYI I am also a shareholder in STI (Stratex) where the Chair seems desperate to retain their position - after a disasterous CEO appointment and a ridiculous M&A proposal, the Chair (age 75) received just 50.2% of the votes at a shareholder requisition meeting 9 months ago - but is still clinging to power 9 months later.

My learning point is that there is no limit to people's ego, greed and temerity.

Cheers, tightfist

[deka1] 31/7/2018 16:38

When Andrew Boon san Teo joined medusa in 2010 he was 57 years old, so by my calcs that makes him 65 now, how long does he want to work ?.
I dont think he will be here much longer , retirement becons.

[deka1] 31/7/2018 16:28

Medusa Mining Limited

February 14, 2010 23:31 ET
Medusa Mining Limited: Appointment of Director

COMO, WESTERN AUSTRALIA--(Marketwire - Feb. 14, 2010) - The Directors of Medusa Mining Limited (TSX:MLL)(ASX:MML)(AIM:MML), are pleased to announce the appointment of Mr Andrew Boon San Teo as a Non-Executive Director of the Company.

Mr Teo is an accountant with 33 years of extensive and diversified experience in accounting, treasury, corporate, legal and business administration across several industries. He is currently the CFO/Executive Director of BGC (Australia) Pty Ltd, one of Australia's largest privately owned companies, with annual turnover in excess of $2 billion and 7,000 plus staff (including sub-contractors).

Mr Teo will also assume the Chairman's role of the Audit Committee and serve as a member of the Remuneration Committee.

In further developments, the Board of Medusa is currently in discussions with several candidates for the role of Non-Executive Chairman and Mr Hepburn-Brown has agreed to act as Non-Executive Chairman in the interim.

Geoffrey Davis, Managing Director of Medusa, commented:

"The Company is committed to ensuring the highest standards of corporate governance and we are positive that the appointment of Andrew with his business acumen and proven financial track record across several industries will complement those of my fellow board members.

The Company is currently in an exciting growth phase and we look forward to Andrew's valuable contribution as the Company embarks towards further expansion and growth."

ABOUT MEDUSA MINING LIMITED

Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focussed solely on the Philippines.

With current mineral resources comprising Indicated 580,000 ounces of gold and Inferred 1,310,000 ounces of gold, Medusa's corporate strategy is to become a mid tier 300,000 to 400,000 ounce per year, low cost gold producer.

The Company is currently expanding its high grade Co-O Mine operations (Indicated Resources 580,000 ounces of gold inclusive of a Probable Reserve of 500,000 ounces of gold, and Inferred Resources 660,000 ounces of gold) to increase its forecast production to 100,000 ounces per year in 2010, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are approximately US$190 per ounce.

A pipe-line of deposits is now being established with the Bananghilig Deposit (Inferred Resource of 650,000 ounces of gold) recently added and which is expected to expand, potentially in conjunction with nearby discoveries.

Further potential upside exists in the discovery of substantial copper deposits within the tenement holding of > 800km2.

ABN: 60 099 377 849

[rhuvaal2] 31/7/2018 15:25

I suppose t'other Directors see some wisdom in having a Philippino in the chair, being politically correct etc... as that country isn't totally 'solid' if I may use that word

[tightfist] 31/7/2018 14:18

Hi RT, deka;

I totally agree with RT, except your last sentence. To my mind it is long overdue to replace AT in the Chair by a seasoned mining person. AT is far too risk averse and uncommunicative to successfully Chair a mining company, especially off-shore Oz.

My wish is that AT goes rather quickly and that BT returns to the CEO role - I was rather warming to BT and his longer-term horizons were showing through OK.

E15 Service Shaft must surely be commissioned in calendar 2018 - but unless AT is replaced there will be little skin-in-the-game and the uncertainty of return on where OUR money/cash is re-invested is likely to mean limited re-rating, in my view.

Cheers, tightfist

[bomber13] 31/7/2018 11:51

Despite his risk aversion AT has not proved to be a shrewd investor in Medusa . He holds 120/- shares , and has bought stock slowly but steadily in small tranches over recent years at the wrong prices , including 20000 shares at an average of A$4.15 between 2011 and 2013 . He last paid 62c for 25000 shares in November , 2016 .

[deka1] 31/7/2018 11:26

Well said RT

[roguetreader] 31/7/2018 10:21

Hi TF
my thoughts as per my posts pretty much in-line with yours above. IMO we need a 'qualified' Mining CEO leading from the front with transparent updates to shareholders, without a Machiavellian chairman pulling the strings from behind and tripping him up. Let's hope the II's have a similar view. I do really believe the next quarter will be the tipping point ( yes has been said many times over the last couple of years), but as far as AT IS concerned he really has to 'stand up' and produce the goods or 'get out' IMO.
RT

[deka1] 31/7/2018 10:00

Hi TF, thanks for your opinions , I hope you are right about the IIs,i to think they will make their feelings heard , and hopefully force a change at the top.

[tightfist] 31/7/2018 09:52

Hi Bomber13, RT, deka;

I would have thought the sharks have been circling for years!

I suggest you take a look back to the posts in December 2015 (notably #35271) and what has changed?! It seems AT has increasingly surrounded himself with known and non-threatening old wood (OK with RD, but PH-B!!) and is back for the second time as Interim CEO having seen-off anyone who is competent and worthy such as GD, RG and worst-of-all BT.

AT is totally risk-averse as befits an accountant; he told me he actually refused RG’s invitation to come to London; clearly keeping away from commitments is more important than shareholder communications – and now he has defined the role of PChang as an investor insulating layer?

Finally we have the Cambodia project rejected – and now replaced by an Oz. project.

What do you think? Our hope and my belief is that the increasingly powerful ii’s are very soon going to run out of patience – hopefully AT is finally ousted at/before this year’s AGM? Then true value can be gradually appreciated.


Cheers, tightfist
PS: Not to mention last night’s further share price lurch….

[roguetreader] 31/7/2018 08:00

So down roughly 15% overnight with no additional news forthcoming, suggests shareholders not getting the full story from management? I hope those with influence Arbiter and Ruffer, are on the phone to AT and putting him on the spot for an explanation and a further news update. IMO At these prices they will also be v unhappy. If by slight of hand as has been suggested on Hotcopper AT has managed massage negative news out of the Quarterly re E15, then it reinforces my view he is past his sell by date.

[bomber13] 30/7/2018 13:06

My guess is that the Investor Relation's role has happened for the right reasons , and is the direct result of pressure from the two large institutional shareholders , Arbiter 13% , and Ruffer 13% , whose shareholding values are now threatening to turn negative .

Mr Chang would have known that putting his name to the June Quarterly , his first press release for Medusa , without production or cost guidance for 2018/19 was to effectively fall at the first hurdle . I therefore hope that this glaring exclusion is because , for whatever reason , they did not have 100% certainty on the timing of the E15 shaft commissioning , as yet .

Not surprisingly , the shareprice is already pricing in another delay , and this presents any new CEO with the most fantastic opportunity of arriving with the decks clear of uncertainty , and with the ability to increase production almost immediately .

With the EV now around A$70m , the EV/Resource oz at US$52 , the EV/EBITDA going forward potentially under 2x , they had better hurry up with some clarity because surely to goodness the sharks must be circling ?

[roguetreader] 26/7/2018 10:33

Hi TF

Like you I hope the Investor Relations role is more than just window dressing, lets hope so but at this point its a wait and see.

I have to say my patience with AT is more or less at an end - his lack of commitment to keeping shareholders 'Fully' informed under his previous stewardship as acting MML CEO, is IMO again reflected in this Quarterly. I question his commitment to MML as a part-time director carrying out both the CEO and Chairman roles, whilst he is also an exec director for BGC in Oz, a $2B company that has had lots of issues to manage over the last few years. I don't want to be continually looking in the rear view mirror, but losing Rob Gregory I can put down to personalty clash / management style etc...., however given the Boyd Timler has probably spent his entire working life working all over the world, I just don't buy the retirement angle due to travel, especially when by all accounts on LinkedIn he is now self employed and looking for work. Hence my conclusion is that AT is now the problem not the solution and needs to go, I just don't believe it will happen.

To finish on a positive IMO MML ever more a bargain at these prices as the fundamentals still look on track once the E15 is finally put to bed, will wait for the 2017/18 financials next month to get the full picture for the year.
RT

[tightfist] 26/7/2018 09:03

Hi RT,

Agree with your take on the results - pretty much as expected and on guidance.

I don't accept the lack of any commitment to E15 Service Shaft completion timing (surely by now there should be INCREASING certainty?) and the lack of confidence to produce 2019 Guidance, hidden away in two lines on page 12. On that basis a 9% fall is to be expected. - and more to come?

The brighter news is the appointment of an INVESTOR RELATIONS role. At least there is recognition of the need, though the role and scope is unclear and may be more of a lipstick job whilst AT remains in the Chair and commitments remain ultra-conservative?

Cheers, tightfist