Hi all,Just sitting down for a pre-sundowners on this beautiful...

Hi all,

Just sitting down for a pre-sundowners on this beautiful Saturday.
A nice drop of Jean Claude Bessin's chablis.

A few thoughts to add to the discussion:

* there are times in cyclical businesses when no-one can make a dollar and other times when its difficult to impossible to fail.
* its not possible to buy good assets cheaply unless they are held in a listed company which is smashed by difficult market conditions and or poor management. Both are temporary or can be fixed.
* finding those opportunities and seeing the possibilities for the future while not being blindsided by the past has served me very well.
* Having an asset stripper as the major controlling shareholder is never going to be good for a business.
* ARA 's desire to get their money back quickly (the PHES sale) rather than support ongoing mining is to a large extent why we were not on the path we are on today when we should have been 3 years ago.


Sure our new board and management are yet to deliver on the promise but we are heading into a period where it will be very difficult to fail. Lets hope the inevitable set backs are over compensated by the surprises on the up side.

Now that Lachlan and the board are gaining confidence about the future and HGO's ability to fund a bigger vision, I'm hoping that, not too far into the mine plan, Emily Star will be added to hopefully fully satisfy the old plants appetite if the forecast high prices allow cut off grades to be lowered a bit.