Ann: FY25 Half Year Financial Report and Appendix 4D, page-250

i listened to this last night.

it was well done and valid points, but fear around the haul road is overblown imo.

someone may be able to clarify, but i am under the impression that the original haul road was only ever gravel/dirt and was 'good enough' to get the project off the ground quick.

can dispute if that was a wise call or not, but it seems like after the rain they are going back and putting bitumen over the whole thing (which probably should have been done to begin with but i digress).

a dirt haul road will have lower capex but higher maintenance (think graders and water carts etc). by bitumening the road this maintenance cost will decrease.

the fact they are still putting the guidance out they are says to me its a relatively minor slow down while this work is done no different to some roadworks youd see on the way to work.

i agree the haul road is the major piece that needs to work to get the iron ore to the port or the whole project falls over, but some of the fear about it by the mom guys is a bit overdone i feel.