Ann: Director Appointment/Resignation, page-10

Obviously they've got to close a few minesites - trouble is which ? There's none that are outstanding in grade, tonnage, or accessability. But running 4 small, dispersed minesites just results in massive duplication, high capital investment, and absolutely no economies of scale to reduce unit costs. You can operate your little gold mines this way if prices are good, but small, low grade iron ore mines don't make money at $70/tonne.

They'd be better off moving into one of the hundreds of empty, 250m2 - 300m2 offices in Subiaco, ranking their best employees (not necessarily their best friends), and getting rid of anyone they don't have space for. KB will still be on $595kpa which is still a good wicket for a stock that's gone down 96% in 3 years. The business development guys, well, clearly things have gone their way so I'd have them first out of the door.