Ann: Commencement of Granville Expansion Civil Works, page-72

I'm not grumpy, just realistic and have some clear questions that ANW hasn't answered yet. Besides, I really do hope you are right and the recovery is better. Once I get back home I will review my doco for the various project grades. Ultimately we can only go by what the company chooses to tell us and unfortunately the only reasonable assumption that I can make is that grades are going to be lower, it's going to be more expensive to make the product and it's going to take longer to reach production. That much is stated in black and white. I think the market has seen through the "on the surface" positive Ann and called their bluff. Based on the figures that we have in this Ann, the economics are at least 15-20% off for the worse than we thought they would be even 3 months ago. That's probably why the SP hasn't moved all that much today. Not sure I completely understand your point about the tainted perspective. Can you explain please? I still hold - not as substantial as you, but still have skin in the game and want this to succeed. Being so close to production is obviously a good thing but today ANW provided a bunch of negative surprises. You can deny (even looking at ANW through the most optimistic lens) that you like the fact we just lost around 20% market efficiency. It doesn't take a lot to work out what will happen to the business model. Especially if similar issues affect Taronga. All this without even a hint of explaination.