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AUZ - AUSTRALIAN MINES LIMITED


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Well those rumors were wrong Hayboys (new qtr report just out)...looks like the mining contractor was given the order of the boot for poor performance...regardless the slowdown in output during the changeover is a bit of a spanner in the works, and one that is going to continue over the next few months till they appoint new staff etc. Good news in the long run with reduced costs but a bit painful now. looks like the share price will drop below 10c untill they return to positive cashflows....
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  • 2 weeks later...
Well some good news at last..Ann today that the MD has aquired a reasonable amount of shares recently in an on-market trade. That has to be a vote of confidence that there is some life left there yet and that the share price slide may be coming to a halt...I doubt he would have bought shares if the changeover to owner opreated mining was a disaster and the current problems looked like continuing..Funnily enough the price dropped following the announcement. Now at 9.6c
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In reply to: MrGreedy1 on Thursday 10/02/05 12:06pm

McGreedy

 

I am still a bit perplexed as to why the MD bought shares back in early December as he obviously had a clear idea as to the production issues the company was (and is) facing. From memory it was a sizable buy of around $80,000. Surely he could have anticipated the fall in price and bought the larger portion now.

 

I think he has spent around $200,000 all up so he must be confident. More confident than me thats for sure! Let's hope he has some information up his sleeve.

 

 

Mookie.

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  • 3 weeks later...
Looks like the share price has declined further than the mine!! THe MD should be buying shares now. They are either are an incredible bargin or .........I would love to buy more but have lost rather a lot on paper so far.....picking the bottom of this one (if there is going to be one) is goig to be interesting. v THe explorers presentation did not show any recovery in the immediate future!!
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In reply to: scott_reeve on Wednesday 23/03/05 11:28pm

More good exploration news, more sliding SP! The latest results at around 0.8% nickel in sulphides are mined economically at other mines in the area so there could well be an additional resource base emerging on top of excellent gold exploration results. I guess all of us are more concerned whether Blair will continue to be cash negative, rather that focussed on the exploration results. Hopefully the next qtr ann due out in a few weeks should enlighten us.......

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  • 3 weeks later...

A director resigning, company sliding into the red.....looks like they have only got the next quarter to turn this one around or it will have to fold. No wonder the share price has plummeted. I'm still holding in the vain hope that the move to owner operated will return things to positive cash flow in the next quarter...but I must admit I was expecting a much smaller loss this quarter than they announced. Will be a nervous three months (assuming AUZ lasts that long!).

 

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In reply to: MrGreedy1 on Monday 02/05/05 03:43pm

If you can not make money with Ni @ US $7.00 a # you have not got an economic reserve IMHO, I sold 3 months ago after the last dismal quarterly I could see the writting on the wall then. I suspect its more poor management than the mine being a dud, reserves dont just disapear they are not like a resource which can have a large variation in grade and size, therefore they are somehow mining the gangue instead of the Ni here not to bright me thinks. i suspect another miner will take over after these guys quit and turn the reserves into a profit.

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