The payment of $7,500 bonus's to PRC workers is a disgrace and a fundamental conflict of interest with shareholders interests.
PRC's performance by any realistic measure has been an absolute debacle. That the board approved payment of these bonus's to allready well paid mine workers shows how upsaide down management's thinking is in PRC. These guys are well paid, their performance has been woeful and they finally extracted 1000 tonnes of coal through hydro, big farkin deal. PRC is on its knees for cash yet again, how many times is it now ?
PRC has never ever met a target, EVER, so who in their right mind thinks they will meet their new substantially lower production target for the 2011 year and what realstic basis is there for saying hydro production will ever attain a rate of 80,000 tonnes per month ?
Why am I posting all this on the NZO thread, you may ask, well its simple, without NZO PRC are bankrupt, when are NZO management going to start holding PRC management accountable for the appalling manner in which they consistently fail to meet production targets ?
Do NZO as the major shareholder support a company paying employees bonus's despite missing the target date when the company is on its knees for cash yet again ?
I predicted earlier this month that there was no basis behind the move in PRC's price to $1.22, now I'm calling it a sub $1 share until, (if ever), PRC can prove they can extract the resource in a timely and efficient manner.
I reckon its high time NZO kicked some serious butt over at the coal mine.