I find this extraordinary. We need $30m-$40m to bring ATC to...

I find this extraordinary. We need $30m-$40m to bring ATC to commercialisation. We have $16m in cash and investments (hate to think what they might be) so decide to spend $10m of that on a mothballed coal mine that was making losses, and underground to boot, in one of the non-main mining areas in the US.

If the mine is so easy to reopen what happened to the previous marketing agreement that caused it to close before?

AVX is supposed to undertake management and financial control of the mine. From Melbourne?! Who will do it?

What is AVX's experience in coal - none. I do and there would be numerous risks in reopening an underground mothballed mine, especially inside 9 months. The confidence with which the Chairman reckons the returns will flow like a waterfall in 18 months sounds like he's been sucked in by someone (maybe Jimmie Ryan who gets to sell down his holding in Coal Holdings and get funding - if it fails he's no worse off). At the same time big companies like Alpha are closing some of their small, complicated to operate, coal mines in the US.

I can't get to the AGM unfortunately but will certainly be voting NO

This Board have done well to get ATC back in focus after the Droga debacle. We've got $16m to keep things going so start spending it on ATC which is what we invested in. We can raise or JV later when the markets inevitably crawl out of the hole they're currently in. I'm patient.

As an aside maybe Worthington should be voted IN to get the focus back on ATC. Let him have shares in lieu of fees.