Ann: Chairman's Address to Shareholders, page-3

My favourite snippet with respect to Resources projects.....

"Some cost and productivity pressure onmining projects – needs diligent commercialmanagement"

My interpretation of this statement.....

"We are losing lots of money on these projects and we have no idea why"

I'd be most worried about the D&C roadworks project they are yet to start (currently in design phase). This project is way outside of their capability and I predict it will be a massive loss making project for them.