Hi Pilatus, Sure ... things could be better and i am not across...

Hi Pilatus,

Sure ... things could be better and i am not across the minutiae from years ago. However, you think that having HIG controlled by GRAM would improve the situation now?

To me, it looks like RAMU is now experiencing the very first tailwinds since it was commissioned in 2012 with Co prices soaring, Ni prices slowly grinding higher and the plant finally operating at nameplate.

This appears to be occurring just in time, before the debt and capitalised interest reach the point of no return for the JV (interest component spirals ahead of operational cashflow despite rising commodity prices).

I will certainly be voting against this GRAM initiative as this gives me, as a shareholder, the prospect of a turnaround at RAMU and further, possible upside from either the sale of Frieda River or eventual development (at an appropriate scale) and the other exploration assets.

From my (long) experience, it is better to have a less than capable Board (if this is the case here) than a Chinese controlled one. As a shareholder, you may lose money from incompetence but at least it is not by design.

Very interesting to see that HIG's 20% of Frieda River is in play. It would seem that GRAM don't want to pay for this and would rather 'take' it for free by controlling HIG. Even if HIG can offload their interest in Frieda River for 1/3 of Morgan's midpoint valuation of A$150m that would result in A$50m into the HIG coffers, or about its entire EV.

Cheers
John