quarterly conf call, page-36

Way back when everyone was saying that this was a state of the art plant, designed to the highest standard by people who really knew their business, nothing was being left to chance etc. etc. I said there would be problems on commissioning. I was told that I had not got a clue what I was talking about, unqualified to comment, baseless downramping and all the rest. No plant, especially one of this complexity, ever goes when you turn the key. And this is the first of its type.

So, problems were entirely to be expected. I am surprised that they were of such a basic mechanical nature. That's bordering on negligence. Or, actually, I am surprised that the ONLY problems are of a basic mechanical nature. And yes, they should have informed the market immediately. Nothing to be ashamed of.

What puzzles me now is how they could say that the plant was running at nameplate, but they have only produced 144Tonnes REO eq. Ah yes, the REO eq, by which they hide a multitude of information from us. We don't know how many tonnes have been processed through the cracking/leaching circuits "at nameplate capacity". Perhaps it only ran at nameplate for 6 hrs?

As you say omg, no trust left in management now. This is another company where what they say in the announcements is now irrelevant. Ignore what they say. They only print what they want you to know. Oh, it is all true, I'm not suggesting that they are lying to you, not one bit. What you have to do is read the announcements carefully, and work out what it is they are NOT telling you.

Invoiced sales; REOs produced, grades and quantities; recoveries; COP; forecast production for this qtr ..... and then ask yourself WHY they haven't announced this rather useful info.