monday morning blues, page-66

Strewth just got back from Bingo - me missus call it and dragge dme down tonight coz she was off - blimy they take it serious. After today wasnt in the mood for thinking more ended up just boozing on.


Anyway to the Q about new board - yep most had departed before WE got to know of the problems.

Oxide project approved by board Jan 2006

Browns was supposed to commence production by end of 2006.

RS only came on board half six months later after muchg had been put in train for suposed start up end 2006.

31 Jan Qtly advised Len Spencer appointed General Manager and Andrew Mooney appointed financial officer

Same qtly also advised the recruitment of team Browns project team had begun and allowed flowsheet to be finalised so final engineering design could proceed.

March 2006 QTLY advised Board had secured Cawse plant etc (although we knew it was comming already)

Same Qtly also advised project construction control +-15% project conrol estimate initiated - Len Spencer Bemex Engineers to oversee/direct same.

As I understand it Elvish had some input there too -

RS Not appointed till six months later July 06 - six months before we were sposed to start up - after a lot of stuff had been set in train

As at the last agm RS had only been there 18 months and I think he said only ONE employee had been there longer.

Truth is - many things including managers, equipment purchase, design plans (or absence of them) towards setting Browns up had been put in train months before RS got there.

Now I don't know the bloke well enough to comment but it is my experience that the CEO which he basically is - has a lot of influence over a board.

If I was put in to his job and realised things that were put in place before I got there were crook what would I do.

I reckon you'd have two choices - walk away - or fix it!

If I thought it was beyond me I'd probably walk away because in a few years time when all had gone to hell in a hand basket the part those before me played in the planning stages would be forgotten and it would be my name that was branded on the ultimate failure.

If I thought I could sort it - then I'd probably seek the support of the Chairman - tell him who needed to go as a staring point - then roll me sleeves grit my teeth knowing Im gunna cop a lot of flack up and start doing it in an effort to come out the other side like a hero.

At some point you would realise holly hell - I've now made so many changes and can't tell shareholders what was actually wrong coz many of the people involved may still be in the the wings that if it stuffs up now - I've made so many changes no matter what happens it will be blamed on me!

That would give me enourmous incentive to make it work.

I am not pointing fingers here but Browns was supposed to start up by end 2006.

RS came on board half way thru 2006 - sonce then some people have moved on -

Oct 2006 - 3 months after he came on board - Elvish is goorn

Dec 2006 MH advised of intention to retire - Gooorn

Chappel since Goorn

Finacial officer Mooney Goorn

Paul Chare Goorn

Spencer Goorn - Jan 07 Bob Young Appointed agm operations

PC goorn

As at last AGM RS only been there 18 months - only one employee been there longer - just 2 months longer.

Its not just a new board - its a new company - yes delays occurred after he came on board - did he cause the problems that led to the delays or did he identify the problems and realise the needed fixing to get it right.

I dunno - I havebannged the hell out of him myself and argued with him in person - am now thinking maybe I did him a dis-service