I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades??My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.
Yeah, you're right. I was presenting the good and bad and advised I sold when I did which was a long time ago. I think shareholders have been let down by the company actually. Maybea takeover and the new owners can get it right...Good luck long termers.Mate,
I don't really think you can be held accountable for your views on this stock. I seem to recall relatively recently you said you "were not convinced by the fundamentals of this stock", or words to that effect. At the end of the day, it is up to each individual investor to make his or her mind up as the merits of a particular stock, DYOR never rang so clearly....
jman
Good luck long termers.
I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades??My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.
This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...SA suspends Marathon mining operation
February 12, 2008 - 5:04PM
A uranium mining operation in a wilderness sanctuary in South Australia's Flinders Ranges has been suspended indefinitely after the unauthorised dumping of waste.
"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."
Full story here
Just a few snippets of the full story.
This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...
This is going to be real, real, real, real, real, real, real, real, real, real, real, real, ugly tomorrow morning...
SA suspends Marathon mining operation
February 12, 2008 - 5:04PM
A uranium mining operation in a wilderness sanctuary in South Australia's Flinders Ranges has been suspended indefinitely after the unauthorised dumping of waste.
"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."
Full story here
Just a few snippets of the full story.
"Some parts of our state are just too precious to mine - Mt Gee is clearly one of those."
What does the illegal dumping of waste have to do with mining? Sounds like someone with a bias against mining at Mt Gee was all too happy to revoke their licence.
I hope that I am wrong and if I am does this now mean someone else can swoop in and take out a licence on the same area? Could MTN? Indefinite is a long time, but in this day and age where life is a few years behind bars, indefinite to me means 'no time frame for renewal, but it could happen'.
"What does the illegal dumping of waste have to do with mining?"
Aaaah....at a guess I'd say "how about everything?!"
Mate, you can't be serious, even myself as a pro-mining lobbyist know when the line in the sand has been well and truly crossed. There is a time and a place for uranium mining, and clearly the Flinders Range is not it. I don't particularly want to be taking my grandchildren for a walk (when I'm grey and old) in a environmentally protected area and then around the corner fall into a disused mine shaft, or be skirting around contaminated waste dumps.
If companies had such a blatant disregard for environmental codes, then every gold company between Perth and Halls Creek would be running of their cyanide-contaminated tailings into the bush...clearly not an ideal situation. Don't underestimate the power of environmental opposition, MTN did and they paid the price.
jman
Check the last MTN ann Grace. That's how the company have spun the order by the Gov to cease drilling until they've cleaned up etc etc. Hard to tell the truth from spin here...Can someone tell me why there isn't an announcement this morning about the licence being revoked? News report also by ABC online. Is it truth or fiction, or have I missed something?
ASX STATEMENT
MARATHON RESOURCES – MT GEE PROJECT UPDATE
Marathon Resources Limited (ASX: MTN) provides the following update on operations at its Mt Gee uranium project in the northern Flinders Ranges, South Australia.
Marathon Chairman, Mr Peter Williams, said the Company had essentially completed currently authorised drilling activity at Mt Gee, and following discussions with the South Australian Government, had decided to demobilise the four rigs currently at the project.
Two of the rigs have already completed operations and had been released from the site. “With our normal exploration cut-off looming, we have completed sufficient drilling to enable us to conduct the next exploration phase, including environmental and other studies, and we have assembled
the required technical details for continued mine planning work,” Mr Williams said.
Mr Williams said Marathon recognised the concerns expressed by the State Government and others into the manner in which the Company disposed of exploration materials at Mt Gee, and would suspend drilling operations until the matter was clarified.
MARATHON RESOURCES TO REMEDIATE DISPOSAL SITES
Marathon Resources Limited (ASX: MTN) today accepted the restrictions imposed on the company by the State Government after investigations conducted by PIRSA and the EPA.
//rant on
I'm talking about this particular persons statement in trying to take it from about one company's actions into an issue about whether any part of Mt Gee should be mined/explored or not. not illegal dumping in general. Just because one company has broken its obligations to take care of waste in accordance with the law it shouldnt mean that all mining/exploration at MtGee should be banned which is what somebody was trying to turn the event into.
But I now see who made that statement and I'm not surprised that he said that.
The issues at hand are:
what MTN has done and what effect it has had on the environment (long and short term). What measures have been taken to prevent this from occurring again? What needs to be changed and who will take responsibility for this?, punishment and corrective actions to recover the waste etc.
Whether Mt Gee should be mined/explored at all is a completely separate issue and should not have been in the article. Again, one company's actions at Mt Gee does not represent what everyone else in the area is doing.
It is a bit extreme to say all mining in a area should be banned because of one company breaking the law, and if he held that opinion long beforehand, (which it sounds like he does) I think it was inappropriate to have it in the article. You know what hes going to say anyway. What was the point of having his third party opinion in there anyway? To shore up his support at the next election?
//rant off
I'm surprised at how robustly MTN's price has performed today. It only dropped a bit and then rallied back up towards the end of the day. I don't think the full story has got to everyone yet.
//rant on
I'm talking about this particular persons statement in trying to take it from about one company's actions into an issue about whether any part of Mt Gee should be mined/explored or not. not illegal dumping in general. Just because one company has broken its obligations to take care of waste in accordance with the law it shouldnt mean that all mining/exploration at MtGee should be banned which is what somebody was trying to turn the event into.
But I now see who made that statement and I'm not surprised that he said that.
The issues at hand are:
what MTN has done and what effect it has had on the environment (long and short term). What measures have been taken to prevent this from occurring again? What needs to be changed and who will take responsibility for this?, punishment and corrective actions to recover the waste etc.
Whether Mt Gee should be mined/explored at all is a completely separate issue and should not have been in the article. Again, one company's actions at Mt Gee does not represent what everyone else in the area is doing.
It is a bit extreme to say all mining in a area should be banned because of one company breaking the law, and if he held that opinion long beforehand, (which it sounds like he does) I think it was inappropriate to have it in the article. You know what hes going to say anyway. What was the point of having his third party opinion in there anyway? To shore up his support at the next election?
//rant off
I'm surprised at how robustly MTN's price has performed today. It only dropped a bit and then rallied back up towards the end of the day. I don't think the full story has got to everyone yet.
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