Ann: CEO Transition, page-44

The approach to 'iteratively' develop the mine/business doesn't work, especially in an immature or cyclical market. It's also become a problem for AGY.

The genesis of CXOs problems were overseen by Baggins, but GM was meant to operationally right the ship. This never eventuated. The project was never truly fully funded and combined with a falling price environment, it was a recipe for disaster. This quick to market approach just doesn't work. Oz mines are not subsidised and funded by SOEs as is the case with some of the African and Chinese projects which have adopted a similar model.

The qrtly is going to be an interesting read and will determine whether CXO can survive or not given group costs would be over $2k/t (per 1/2 report). You'd expect at least $500/t to come out of the cost base as mining has ceased.