Ann: Retirement of Managing Director, page-31

my reading of the tea leaves is that existing management would not be able to get the support of strategic investors for the next phase of work on the update case because of what happened last time. So time for new management.

The current case is more or less the same as the earlier PFS done by previous management except. rail loop to mine, not a pipeline to railhead at Broken Hill AND Port Adelaide not Port Pirie.

That is the one junked by current management after raising $40m to do the BFS study on it for the 20mtpa case and we know how that went….

More seriously when HIO changed back from 20mtpa to approx 10mtpa after HIO lost all that value, management didn’t go with the rail, said it wasn’t best and kept the pipeline….yet now with a new Chair the board has finally ditched the pipeline.

So in short, after 3 yrs and $50m we are back where we started. this is why i say that strategic investors would want to see a change in management.