“There’s been a lot of talk about this next song, maybe, maybe too much talk” (*)
I know “Otto” at IKN personally, consider him a friend. I know he’s been telling the story of Minera IRL because he feels like it’s the right thing to do, and it’s fascinating entertainment for someone like me outside looking in.
Bad stuff happens in business: someone made a bad bet, the economy goes sour, a competitor comes out with a better product, you name it. None of that is the case in this Minera IRL saga, it’s just complete organizational dysfunction. I said a few months ago “the Board has no choice but to clean house” but obviously the problems don’t end at the executive level (do they have any executives left?).
Even if only 10% of the information that is publicly available is true, there can only be 3 reasons any publicly traded company is so dysfunctional:
1) The Board is incompetent.
2) The Board is acting in violation of their fiduciary duty.
3) All of the above.
If you’re voting on the EGM resolutions, that’s really all you need to know.
(*) How U2 used to introduce “Bloody Sunday” when U2 were still cool.
I’ve been casually following the Minera IRL (MIRL.L) (IRL.to) saga on IKN and at this point there are 2 thoughts I just must share:
1) IT NEEDS A LOVE TRIANGLE!!!
Seriously, if there was a love triangle in this story I would never need to watch another soap opera again (*). The Minera IRL (MIRL.L) (IRL.to) saga has intrigue, deceit, money, power struggle, exotic (sort of) location… everything a soap opera needs except the love triangle. Come on, somebody please get on with it on the romantic slopes of the Andes.
2) IE9?? Seriously?? That lawyer outfit uses IE9? What freaking year they think this is?
In all seriousness this saga isn’t funny, it affects real people, real lives, real investments. There’s no way the Minera IRL (MIRL.L) (IRL.to) board has any choice other than to clean house, start over and fix the community relations at Ollachea – fast. This far up in the Andes mountains the Peruvian gov’t has very little practical say, the local community leaders call all the shots. Lose the support of the community and you’re screwed for a long time.
(*) I don’t, really.
Not too far from Ollachea. In these parts the locals live a hard life. Treat them with respect.