Ann: Change in substantial holding, page-10

I rather have a below capacity operation then forcing tonnage through the mill and selling into a falling POG. That $7M impairement to the bottom line serves as a warning that they have to start cutting cost like every other gold miner and get proactive management involved. Trying to increase tonnage with a falling grade and POG does not serve the purpose of offsetting fix asset expenditure I would have thought. Just look at Newmont/Barrick with their operations in Aus.