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NMG, NOBLE MINERAL RESOURCES LIMITED
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post Posted: Nov 8 2012, 08:50 AM
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That Wayne Norris has not immediately resigned with the defeat yesterday by shareholders of his favoured deal with Zhongrun says a lot about how shameless the bloke is imo, (as is in hindsight the fact that the circus he runs goes by the name of "Noble"). Norris staying on at Noble now is a bit like Mitt expecting to get the vice president's gig on the basis that he ran a close second on Tuesday night.

The simple fact is that the current NMG share price says exactly what the market thinks of the performance of Chuckles Norris up till now and yesterday's vote says exactly what current shareholders think of the direction that Norris wanted to take Noble in the future. Both are a resounding vote of no confidence in him, and yet there he is, still issuing announcements as MD.

I guess it is some progress that a professional management team like Resolute has moved onto the NMG share registry but until Chuckles departs then Noble will remain an ongoing opportunity for him to display his rather unique management and governance skills...



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
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post Posted: Oct 15 2012, 05:35 PM
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In Reply To: denpal's post @ Oct 15 2012, 04:06 PM

Yeah mate I got a chuckle out of your comment on hc about Chucky's dodgey looking moe. I have to agree that it looks a ratty attempt at best but I didn't think picking junior resource stocks should come down to a beauty parade. Maybe amongst the rock kickers that style of facial growth, along with the flannelette shirt in this season's colour mix, is considered the peak of sheik. (remember Chris Cairns from Integra also has a version that looks like it could do with some nutrigrow and repotting). rolleyes.gif smile.gif

Anyway, I've taken the hit and now thankfully NMG for me is past tense. When it comes to goldies I've won some and lost some. Lesson reinforced hopefully, as in with junior stocks you focus on management, resources and the financial statements, but with management being first amongst equals. I recall an adage about better to invest in a company with average prospects that is run by a gun manager then in a company with exciting prospects that is under the control of an average performer. I have not been going to any investment conferences for some time now but will have to get back into them: there is something about being able to look someone in the eyes to make a judgement of them (I also recall marsup commenting on hc some time back that he regretted that he had not personally met with Wayne Norris before he invested heavily in Noble. He did not elaborate but I got the feeling that marsup was less than impressed with Mr Norris when he finally caught up with him at a presentation.)



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: denpal  
 
denpal
post Posted: Oct 15 2012, 04:06 PM
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In Reply To: triage's post @ Oct 15 2012, 03:03 PM

I've ended up with the options, worth nothing at the moment and expiring in July 2013 at 35c!!! duh!!!!!!

The only way out here is to double up at .005c to bring the average way down and hope that the comedy act can get going by then. He needs to be strapped down and have his mo ripped off one hair at a time.

 
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post Posted: Oct 15 2012, 03:03 PM
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In Reply To: triage's post @ Sep 27 2012, 11:09 AM

I started off thinking this outfit was under the direction of Chuck Norris and too late it dawned on me that the boss bloke is more like Chuckles the Clown. rolleyes.gif

The most recent brr spruik by Chucky was the last straw for me, just seemed to me like more of the same guff and bravado from him I'm afraid. In time Noble may dig itself out of the hole that Mr Norris appears to have gotten them into but it is less likely as long as he remains in charge imo. And they failed to introduce competent managers through the control change (I have no evidence of this but I suspect that one reason they sided with the Chinese offer is other bidders would have included the departure of Chucky as a condition precedent). So enough for me, time to move on.

Now NMG is just some goldie that I used to know...



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
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post Posted: Sep 27 2012, 11:09 AM
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The announcement out this morning has some Chinese outfit taking a 51% equity interest in the company, for not much per share. Given where we found ourselves I would have to say it is better than nothing: the company now at least appears to have a pulse and they can put the AED away for the time being. As the announcement says Noble is now unhedged unemcumbered and with more money to pour into the commissioning process (and even with the possibility of "inorganic" (sic) investments).

The worst of it for me is that the announcment did not include a line about Chuck Norris being shown the door. He really has to go, if not for the woeful commissioning effort then for the entirely inadequate way he kept the market ill-informed of the company's worsening travails (imo).



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
triage
post Posted: Sep 13 2012, 11:23 AM
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Reading the asx announcement released yesterday by Chucky for some reason reminds me of this exchange between the floundering John Hewson and the totally dominant Paul Keating:

QUOTE
Hewson: I ask the Prime Minister: if you are so confident about your view of Fightback, why will you not call an early election?

Keating: The answer is, mate, because I want to do you slowly. There has to be a bit of sport in this for all of us. In the
psychological battle stakes, we are stripped down and ready to go. I want to see those ashen-faced performances; I want more of them. I want to be encouraged. I want to see you squirm out of this load of rubbish over a number of months. There will be no easy execution for you...


I suspect that yesterday Chucky in effect told retail shareholders that the state of affairs at Noble is a total mess and that the members of the board intend to sell off the company cheaply. However before doing so they seem intent on positioning themselves, through cheap shares and free options (there is a rumour around that the company has already been offered a change of control deal set at around 30 cents a share: if so the cap raising being done from directors at 16 cents plus free options is money for old rope), to benefit from this sell-off but to the disadvantage of retail holders. And what reminds me of Mr Keating's famous retort is that - and I may be totally wrong here - in effect what Mr Norris seems to me to have told us is that he and his merry band are about to do us over but slowly so as to have a bit of sport and profit along their way.

What differently could they do? Well if Mr Norris had any dignity and shame he would resign immediately, and the board would immediately sell equity and operational control to a party that has the competence and integrity to put the noble ship back on some semblance on course.

Ah well, such is life...



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: denpal  
 


WestWolf
post Posted: May 11 2012, 12:12 AM
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In Reply To: triage's post @ Apr 19 2012, 09:40 PM

Hi Trio,

Agreed you would think that Chuck would be looking after the plant refurb but he may have been dazzled and distracted by the corporate side of life. He left the running of the project and the plant refurb to the now departed COO who should have been in charge of the hands on day to day stuff with the plant. 9 months late, no wonder he ain't there anymore.

Same goes for the capital raising efforts, perhaps thats why the CFO has gone as well.

WW

 
continuum
post Posted: Apr 20 2012, 12:52 AM
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Interesting insights from fellow shareholders ... But as a non holder of the share it reminds Me of the the Benny Hill sketch where Benny says " to 'assume' makes an ass out of u and me" Being cynical in money grabbing business of shares i dont understand why the side kick merchant bestows all the parts will arrive for crushing machine in May when NMG makes a glowing announcement Today of how the ozzy side things are swell & the rest will cope in Africa. I smell alot of methane spin ...i'm out of here .... Adios hong kong here i come...

 
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post Posted: Apr 19 2012, 09:40 PM
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In Reply To: Loki1's post @ Apr 19 2012, 07:16 PM

Hi Loki

Good to see you back here, and thanks for sharing what you were told by the noble chap.

From what marsupial said on hc it seems he also is fairly unimpressed with Chuck's handling of things. They have recently taken on a specialist manager to run operations so maybe from now on Noble wont be so reliant on Chuck delivering (or not).

The bloody annoying thing for me is that given his background whilst I was a bit dubious about his capabilities regarding the finding and the mining of the stuff I assumed he would hit it out of the park regarding the refurbishment of the plant. I mean that is supposed to be where he got his badge of competency. As it turns out he has blown the budgets several times over, he is late in delivery, keeps promising stuff he is not able to deliver, and he keeps walking into brick-walls that you would think a capable operator would have foreseen and avoided. So if he is getting belted when playing his strongest suit I can hardly wait to see how accurate and honest he has been regarding the rocks.

I guess one good thing is that Noble has not gone into hedging to get where they are (though at a cost of massive dilution of existing shareholders). If they can actually start producing the 150k oz annualised sometime this year and the gold price kicks at all in the second half of the year then they should be a great leverage play. Down the road from Noble, Perseus seems to have top notch management who deliver on time and under promise and over deliver but they have the burden of over 200k oz of production hedged at around US$1250 an ounce. It is not hurting them with gold at around US$1650 but at US$2000 it becomes a real drain. Dare I say it but PRU must be thinking that if they can pick up NMG at a fair price they could use a year's production from NMG to cover much of their existing hedge.



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
Loki1
post Posted: Apr 19 2012, 07:16 PM
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In Reply To: triage's post @ Apr 19 2012, 04:58 PM

triage

Hi

I decided to have a look here to see if there was any more news/views, and noticed the issues that you see as important. I spoke with one of the senior managers at NMG today (not Chuck) to find out how things are progressing and covered some of the matters that also concern you.

1. I was assured that they now have all crusher parts on site and that it is planned to be commisssioned in May. I asked that they give full details of this in the quarterly report to ensure shareholders were informed. Today's press release was a bit vague about this

2. I did not check if the repayment of the loan is on time etc. I am assuming (perhaps in error) that this is on track - but one should not assume anything with this company

3. The power issues are ongoing but becoming less of a problem. It has been casued by a loss of electricity from a hydro-electric plant in a nearly country during the dry season when the Upper Volta does not carry as much water. Ghana is then supposed to use gas powered plants to generate the electricity. However as they have not been meeting their bills to Niageria (I think he said) this energy source was turned off. NMG is considering getting its own generator. Cost is around $5m plus another $5m for installation etc. No funds for this at present I assume. There have been blackouts across the country, so it is not specific to NMG.

So there is some progress but not enough for my liking. I have bought back half my previous holding and am already down 6%.

There are some other thoughts I have posted on the other chat site - my concern that they need to become cashflow positive so that there are funds to develop the main Bibiani pit - a costly project.

Perhaps the market will calm down a bit and NMG will deliver. Or perhaps not. I would like to see Chuck replaced by a competetent CEO.

Good luck

loki





i


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