Ann: Activity Report for Quarter Ended 30 September 2019, page-17

Hi MW,

In relation to your comment.

"In my view laying off the mining risk is a good idea. But last time they tried to lay it off it majorly backfired costing $20 mill in contract termination fees so presumably laying off your risk may not be that easy."

I thought Steve had made the decision to walk away from that mining contract but it seems it was terminated by mutual agreement in July 2013 before Steve's time.

I can't find any details about that contract or any details on the termination settlement and the $20m penalty you mention.

It is evident however that we have been exposed to all the mining risk since July 2013 and Steve's involvement was successfully getting Andy's to reduce their rates when the curtains were about to close in 2015.

In looking back I was reminded of the catalyst that got me involved during the first half of 2015. I'm hoping that history will repeat itself in reverse and I will be able to exit when HGO is readmitted to the All Ordinaries Index in the not to distant future.