Let me first start by saying that the last two years have been hell for me investing in the miners.  So I do empathize with the terrible pain that my fellow investors are now experiencing.  The devastation has been lifestyle changing, and sometimes depression inducing.  

That being said, almost every PM miner out there has experienced a devastating decline.  And on almost every board investors are blaming the management action that just happens to be occurring at the time of the most precipitous decline.  According to my fellow shareholders, the steep declines wouldn't have happened if only Management:

-didn't announce a share roll-back to list on a higher exchange

-had tried harder to list on a higher exchange to get more large shareholders the ability to buy shares

-had not tried to raise financing during the worst period (name the period, they were all bad)

-had raised financing earlier - they would at least have had the cash now when the market is at its weakest instead of being forced to raise it now

-had bought shares back or declared a dividend

-had bought some explorers dirt cheap as they were going bankrupt; they would then have extended the life of their mines very cheaply instead of giving money back to shareholders

The bottom line is almost EVERY miner is down, and trying to find logic in Management's decisions, and trying to find a cause and effect is pretty useless when the truth is that the macro technical picture has been very weak for a long time and what we are experiencing in this hated sector is overselling that will only stop when some of our companies get to a laughably cheap level.  Cursing Management and second guessing them is not onl a waste of time, but also unfair.  Most of the Management teams I am following have a huge amount of their wealth tied to these companies, and therefore have a lot of skin in the game.  

I hope that this shake down completes soon once people realize yet again that the Fed is not going to suddenly stop stimulating the economy.