I don’t agree that management deserves all the blame. I think a lot of the blame has to go to the individuals/corporate/media who were spruiking insane spod prices in the initial boom. This lead to PFS/BFS being completed with high inputs hence yielding better outcomes to secure high levels of debt.
In addition, there were only a handful of spod producers at that time and the technical difficulties of producing quality spod at the cost inputs that were used in PFS/BFS was simply underestimated.
Ann: Appointment of Voluntary Administrators, page-23
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