Ann: 2017 Full Year Results Presentation, page-38

The US based management adopted the same debts loading formulae, and fail shareholders 3 times. What make you think it will be any different this time ?.

They claimed to be experts but couldn’t anticipate the down turn in the mining cycles and take appropriate measures for the 3rd time.

Load up debts for wild spending on the boom. Recapitalize to get rid of equity holders, firing staff and sell assets for crap metals on the down turn.

The US management repeated this American cowboys management style 3 times. I don’t think any lesson learnt from the previous cycle.

By all mean. Buy up if you think it cheap and Gluck man !