JRV 5.26% 18.0¢ jervois mining limited

bullabulling

  1. 162 Posts.
    At the last AGM the Chairman stated that the gold mine at bullabulling was now paying its way.
    In the few years I a have had association with this Company as a shareholder there have been continuing statements made that the mine is loosing millions of dollars each year and the questions asked, why keep a loss making operation going.
    It is my belief that the mine has always made a profit as an entity on its own and the losses have occurred, not from the mine but from other tangents that the board have happily followed the CEO on.
    It is the Company that is making the losses and the board have been happy to follow the conjecture that the mine is the problem and should be closed.
    At the last two AGM,s (excluding this years) the CEO has repeatedly stated that the mine will be sold, further allowing the belief of its failure to continue, while ,I believe he had no intention of doing so. Now what has this falsehood led to, Insinuations of gold STEALING are rampant, a fact stated after the last AGM by one of the directors in saying he has been accused of stealing the gold. The question has also been asked a lot as to why the CEO must be present each time the gold is extracted. A flight from Melbourne to Perth and then on to Kalgoorlie and return on a fortnightly or monthly basis, this has aroused much suspicion, are there not enough honest security companies there to handle this. Fuel has become very expensive was one excuse for part of the losses, maybe some of that was not used for what it was supposed to be.
    The financial statements do not separate each entity allowing for this conjecture to continue.
    What would be the chances of examining the books and separating each field of activity to try and see just where the losses, and by how much each activity accrued. A set of new faces would, I am sure, see this matter as a priority. Imagine where this Company would be now if it wasn't for the $1,544,060 taken over the past year and similar amounts over previous years, was deleted from the statements.
    Sure, exploration companies explore, that is not to be disputed but at what cost, do we need the excuse of a loss making operation to keep the whole family employed in a public company, much of which has no bearing on exploration, I refer to the Young Office still operating and staff still being paid a full year after any chance of its needs shattered with the exit of the Chinese last year.
    The reasoning that the Chinese had asked for this and would be paying for it, in fact are paying for it from the one Million plus deposit is difficult to understand seeing that they have issued a demand for it to be returned to them.
    All this has continued on without any perceived concerns of the shareholders who last year soundly voted to dismiss the entire Board at the last EGM, only to be thwarted at the last moment by some questionable deals.
    I find it unbelievable that anybody with enough nous to be on the board of a public company would knowingly allow false and misleading reports to be presented to the ASX, and on this basis, and the reports issued over the past few years JRV holds some great assets and little or no debt to service so therefore should be bounding along in the company stakes not languishing so far behind as it is.
    Therefore a NEW BOARD is required to take this Company forward, remove all association with loss making operations, or at lease curb the losses to something reasonable, so that the continual issuing of further share's thus diluting shareholders holding's would no longer be required.
    And this is the reason that I will continue to push for a new EGM and the eventual removal of those who have for years allowed this company to operate as a cash cow for a few. I call on any shareholder who wishes to regain some of their losses in this company to support the call for change so something can be made of this Company.
 
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18.0¢
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Mkt cap ! $115.6M
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