Ann: Quarterly Report September 2013 , page-5

A terrible report for the Pacific ops. Management need to tell us when "the plan" shows Simberi and Gold Ridge will be cash positive and also into profit. For all we know "the plan" could be 1,2 or 5 years away, just saying they "remain valuable long term assets" is meaningless if they lose $100's millions in the meantime.

This FY, based on the sept qtr, Gold Ridge will lose $52M and Simberi $28M and be cash flow negative $32M and $21M respectively based on Au at $1450/oz. These are shocking potential losses so we should be told when these mines will be profitable at $1450 otherwise surely it would be cheaper to put the mines on care and maintenance?

Management appear far too laid back on getting costs under control. Why does it need an outside company to tell them to cut personnel numbers at Simberi?