The Future, page-76

What ever you have said here means nothing if we can't make enough money to repay our debts and fund the expansion to 6 million tonnes. MMI release the rosy news but if you are aware of ship loading rates at present and look at what was said in the last quarterly there are some issues that need explanation. I buy and sell shares as I see fit but under the current circumstances my business cannot make an informed decision on either way with MMI and that is the issue. Take a look at the last quarterly financials and the potential for serious cash flow to be delayed for another month (Marine Traffic Ship locations) and the sell option is very compelling. We completed an unexpected and unplanned $17 million CR last year and are now looking at a tight cash situation with no forecasts given for margins or a simple cost breakdown. The company secretary, who was in charge of finances, resigned suddenly and this follows a string of resignations on site and at head office. The CEO comes out with the rosy guidance for tonnage but the margins are no where near forecast, terminate the SAB contract prematurely for no apparent reason and the resignation list continues to grow. Contract miners are there for a reason and if you have an operation that mines for less than 9 months of the year, the owner-miner model makes little commercial sense and its cost us an addition $0.5 million in the change over with discussions on the transition still continuing with SAB. The careful planning that the Bauxite Hills mine was based on, along with production rationale and configurations, were done for a purpose and that was to produce a lower quality bauxite product (compared to Weipa) for a very low cost considering the site location. MMI cannot even release the BFS to plainly show us what there actual budgeted site costs were. "Oh sorry that's confidential". Almost half way through this quarter and we are still stuck at loading rates that look to be less than 10,000t per day and the new barges and tugs were introduced to the fleet last month. If we can't ask these questions and get an answer that is not good enough. Down Ramping? No way. Concern? Yes as I need to make informed decisions.