questions for wednesday's gm

I have been asked to tell more on my earlier: "I even began warning the MD of risks that have been omitted from ASX announcements". As a mining/exploration company, NMG's ASX listing has more onerous reporting requirements than other companies.

Under the 2004 version of the JORC Code [which is Appendix 5B to ASX listing rules], the definition of materiality is: "Materiality requires that a Public Report contains all the relevant information which investors and their professional advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making a reasoned and balanced judgement regarding the Exploration Results, Mineral Resources or Ore Reserves being reported."

As such an investor, I expected reports of how risks of more pit wall failures were being managed, particularly during re-start of mining in the main pit. The risk has not been disclosed but the 2011 Annual report included this announcement: "A master Bibiani project schedule was generated to assist in tracking the key project activities and to ensure critical path tasks and priority interfacing issues were covered, in readiness for recommencement of operations. The Preliminary 2 Year Mine Plan delivers 243koz for revenue of US$350M based on a gold price of $1450/oz." In July 2010 I had emailed the MD on the topic of: 'Bibiani communications & critical path mine planning and preparations'.

That [interim] Preliminary 2 Year Mine Plan included 27 million tonnes of waste to be mined from 'Main Pit North'. Because it goes to dumps, nearly all of this waste could have already been mined within two years - unless more pit wall failures interrupted and delayed advance of the cut-back. At the date of the September 2012 quarterly report, it appears that none of the 27 million tonnes of waste has been moved! The reasons were and still are material under the JORC code. So why the omissions?

In fact the ASX has not, and does not follow up if directors omit such information. It relies on the relevant JORC "competent person" to withhold consent to use of his/her name on such releases. If this happened now, I believe it would be a first since 2004!