Bullish Chart, page-15

From an outsider looking in ORI look to have structural problems with management and how they perceive themselves as a contractor.
ORI have some gun operators and plant managers at the site level but from my perspective they have seemed to ignore their decent guys and promote guys that get by on being the boss's mate to middle management, IMHO this started early 90's and is a cancer for them. Sometimes when you ring the for a quote they don't even bother to get back to you, this has happened more than once to myself and others I work with.
The large company politics and arrogance seems to have been embedded in their management culture, even there guys on the ground have a tendency to tell you they are the only people that could possibly load bomb. (roll eyes).
This impairment is quite common for mining contractors, they seem to fudge the numbers hoping to make it back on a future contract but most often it doesn't happen unless the industry is booming. I've seen mining contractors write off impairments against jobs when you know they are making money or at least breaking even on the job. You can only fudge the numbers until a downturn hits then oops.

Might be time for you ORI guys to sell up and head over to IPL. They went through the pain after the financial crisis and restructured their business, should continue to improve earning for the foreseeable future with the favourable AUD and new US nitrate plant coming on line in 2016. The cost of the plant is fixed and turnkey and IPL have hedged the USD in there favour to keep total AUD cost the same.

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