a bombshell, page-6

I do not know all the facts but I believe that at the most senior level RED decided to address the problem with the TSF via honesty and openness. There had been the recent problem with Apex (I think) and the very protracted problems that Lafayette had at Rapu Rapu. Both were marked by a level of distrust between the parties and step one was to find the truth about things.

To be fair the 'failure' is really just a slump and I believe that it could have been managed a number of ways. The dam is not a typical dam but really a large pond with a retaining wall and buttressing on the inside of the dam wall should have been enough (unless there were some issues below the surface of the old TSF that I am not aware of). Note that the TSF was used for many years by the previous owners and Greenstone were simply adding vertical lifts.

By being open with the MGB and self reporting the company likely was hoping that they could work with them in some level of partnership on the solution and would be seen to be trusted. This, along with the companies pretty good standing in the local communities, should have seen a return to some level of operations very quickly.

Unfortunately the strategy did not pay off and now there is this hardball. Something reported in the very local media can sometimes just go away. It is only something picked up by the national papers that really matters.

I have no idea about the engineer concerned. I googled him and see he is the regional director so probably knows a thing or two but the depth of talent within the MGB is deplorable. They try hard but there was no mining industry in the Philippines for 20 years or so which means that the people working at the MGB are very senior but with little true experience or fresh graduates. When they come on site you tread a thin line between being open and honest and actually teaching them what they should already know. They shoot from the hip in well meaning ways but often get things wrong when you point them back to their own guidelines or the signed off management plan for whatever is being discussed.

Anyway, I agree that RED have backed themselves into this corner and there is much they have reported inadequately.

I wish nothing more than for many many mines (including Siana) to get up and running and be successful. I want these to be mines listed on exchanges around the world where the businesses are answerable to shareholders on environmental and social matters rather than being some of the Asian neighbours or the locals care only about profit today.

Good luck to all and I hope by some miracle that you all get your money back.