Ann: Portal Cut for Kanmantoo Decline Commences, page-13

Quite right - many reasons for downsizing a holding or exiting a holding other than just a loss of faith in management. To a degree since ARA has dominated proceedings for a long time (a fact which is beyond doubt) they would have lost faith in their own ability to get sensible decision making going if they have "lost faith". Its worth noting that ARA is not really a specialist mining company and so they may have other opportunities outside mining which will provide a greater rate of return for them.

As i see it Lachlan has done a good job in managing up when it comes to the board and we now have a sensible strategy that everybody seems committed to.

People will badge me as an HGO spruiker no question - that's fine I am positive about our prospects so I wear this badge with pride. However I am NOT their mother. I am not one to tolerate a management constantly failing against their own guidance. I see Lachlan as a person who has raised the bar in doing what he said he would do in the time and cost he said he would do it in. But his track record, although much better than the last guy, is definitely not perfect.

With this said I am not pleased about the timeline for resumption of mining expanding out to the end of next year. One timeline they gave had them starting mining three months ago!! Now its not fair to compare the project as originally proposed which the one they are targeting now with the expanded drilling but this does not entirely give them a pass out of the delays. Those delays presumably having a mighty impact on the sp.

Pretty good though that we have started digging the entrance tunnel, a further mitigation on the long time line for first ore.