July 28, 2010 .... Century Announces Resignation of Chairman, President and CEO Margaret Kent
Thereafter, there was numerous commentary from CMM, Peter Ball, Keith Hulley et. al. concerning an extensive world wide search being carried out for a new President and CEO
Jan. 4, 2011 .... Daniel Major was announced as the new President and CEO of CMM
However, during the Feb. 4, 2011 CMM conference call, Daniel Major indicates..."I am a Mining Engineer"....... "some involvement over the last year"...... "I was on the operating committee" .....(ie. during the tenure of a sitting President and CEO) Retail investors were impressed that the new person at the helm already had experience in CMM's operations and culture. (and Retail Investors were prepared to set aside his other related exposure and alliances)
March 8, 2011, (32 days after the conference call) Daniel Major issues a news release during the PDAC of a "9 day mechanical breakdown" that so alarms the marketplace which causes a 33% decline in the share price.
Are we to believe that a "9 day mechanical breakdown" of one item caused
- "an adverse impact upon the Company's cash flow and its available funds"
- "severe constraint on funds availability"
- "halt the operations of the contractor ....... development of access to the North Wall mining area"
- "expected to delay mining in this area until May at the earliest" and "subject to funding availability."
- "All other capital projects have also been placed on hold..."
- "considers its options.........meet its obligations..... debt repayment..... working capital payments....."
- "....will slow the ramp up process .......extend the period ..... on a cash negative basis."
To repeat.... "Are we to believe that a 9 day mechanical breakdown of one item caused" .... ALL OF THE ABOVE?
While all the time saying:
(.....the operating staff .... ingenuity and speed in responding........contingency measures and minimize the production downtime, avoiding further delays and production losses.)
While preparing this submission I relistened to the Feb. 4, 2011 Conference call and Daniel Major's commentary.
I STRONGLY RECOMMEND THAT INVESTORS RELISTEN TO THE CONFERENCE CALL as accessed thru the CMM website. I conclude in a state of dismay.
