Ann: Annual Report to shareholders, page-36

"It is simply the biggest and best in the world."

At the moment it is the biggest and best white elephant in the world. And after the Collins class subs, probably the most expensive. What happened to the $6.20/kg costs? Even $19/kg would look good now, let alone the $15 with both phases running. Or did those fantasies leave the company with Eric?

Write-offs are only done if there is something wrong. I don't care how you interpret the note, the write off is an indication of the failure, massive failure, of design or construction somewhere along the line, IMO. Yes, Phase 2 was always a bit behind Phase 1, but as two was mostly complete when one started producing, there weren't any opportunities to alter two as a result of experience gained with one.

Personally I think there is a major chunk of one not working for some reason, hence the w/o. Perhaps we'll never know, but a clear statement from management about the status of each part of each Phase would be gold atm. Where's this transparency people talk about?