Ann: OM Sarawak Production Update, page-15

"Great management would have 16 furnaces blasting productively away right now."

Its really not that simple, the furnaces do need maintenance and they've been pushed to the limit as very little maintenance has been done since the original construction of the project.
In hindsight some bad decisions have been made and I've already questioned Adrian on the original need of converting furnaces rather than spending the same amount of money on building new furnaces instead. Unfortunately once a path is decided its not practical to change the direction.
Frankly it would've been smarter to keep 2 x FeSi furnaces working for the 2 years that they'll be off line with the conversions and build two new Si metal furnaces instead.
Two FeSi furnaces producing at the rate of 60 tonnes/furnace/day each x 365 days x 2 years profit would not only have paid for the new Si metal furnaces but would've also saved the extra money spent on conversion.
Calculating FeSi US$300/tonne profit x 60 x 2 x 365 x 2 = US$26 million. Profits could well be much higher than this as last year the profit on FeSi was US$800/tonne.
On the bright side, I'd say that OM Sarawak would be one of the best ferro alloy smelter operations in the world.

"I will go so far to say that management hasn’t in the past managed for shareholders but for select family interests."

The comment is correct but I'd say that the fact that management have considerable skin in the game makes them more mindful of shareholder dilution as it directly affects themselves. Too many other Aussie companies raise funds at the drop of the hat with no regard to shareholders.
OM Holdings was saddled with a lot of debt due to high borrowings vs. minimal dilution. OMH management have managed this well over the years, its only now that the real benefits of cheap power is starting to shine and will become more important over the next few years as the margins will grow due to this power contract.
The 25% purchase of CMSB shares was a stroke of genius and will result in a 33% increase in profits that the market doesn't seem to realise. It may take some time to come to fruition but it will come to those who are patient.