Ann: Shareholder Update, page-33

A “substantive West African mining contractor” sounds to me to be very much like the opaque Mali-based “IM” part of ME-IM, if not Inter-Mining’s JV with Mota Engil itself. Who else already has “control” of the Morila employees that we don’t, and the asset itself in our absence?

Yes, there’s always a chance of course that the bidder is someone completely unrelated who will have to navigate this same rocky road, but imo this whole thing still smells like a setup by Malian interests from the get go.

Something like:

• our fools in Perth “remotely” manage and pay the bills until we are drained dry;
• they drag the chain on the ground, withhold info on breakdowns & production failings and become increasingly inflexible;
• they refuse to take further direction when the cash dries up;
• our senior managers go awol while they submit claims as a creditor, all the while striking some arrangement to get staff back working so they can also reap rewards from whatever they’ve mined & sold for the past year for interests unknown;
• they refuse to give us any further info;
• and we get the final honour of handing them $250m+ in assets for something like a buck. All the while paying large legal fees and commissions to do so.

The whole thing is a failure of corporate governance and subsidiary management in the absolute extreme imo.

And as far as I’m concerned the buck stops with the directors of FFX, past and present, for the past 3+ years they’ve been paid to have oversight.