ECT_Rep - Q&A - India, page-34

Hi Ruslah,
I wouldnt typically answer comments where questions arent clear, but youve taken the time to outline your thoughts in detail, so I'll do my best to answer.

ECT has learnt a lot over the years about how fast or slow things occur, especially in India. We continually look back at those statements (as you have done) and we recognise that we jumped the gun a bit on certain statements, not because we didn't have a reasonable expectation that they could be achieved, but because we lacked the lens of experience in India to temper other's enthusiastic statements for a reality in India that carries a lot of aspiration but these aspirations are more difficult to achieve in reality. We own those statements and in owning them, we strive to not repeat them.

First of a kind construction projects is very different to standard construction projects. In terms of your reference to the Matmor designs not being ready ahead of statements about pouring concrete. That specifically referred to the fact that the Coldry component would be built ahead of the Matmor part. Our design work for Coldry is well known and our increased knowledge as a result of running Bacchus Marsh had us confident that we could start Coldryof Matmor. This is still the case, however, the passing of time has seen Matmor designs start to ctahc up with the Coldry designs for this project. This identuifies that despite the delays in signing off of the project by NMDC, we are still running initiatives in parallel to ensure that we can shorten the lead time of the downstream project items.

This may not answer all your questions but I hope this helps.