"This is not turning out to be a very astutely run company with...

"This is not turning out to be a very astutely run company with a series of delays."

You're a tough man dargie !

PRC management can hardly be blamed for a number of the things that have caused delays.

1) Rock fall: the collapse of the rock in that air shaft was hardly something that could be predicted or prevented easily.
That certainly was a major setback in time and extra cost.

2) Mining machine problems: the track problems on the machines was not the management fault. It should have been something that the company that supplied the machines should have checked that the tracks were up to their specifications.
There have also obviously had to be other adjustments or modifications made to the machines to suit the conditions in the mine.

3) The geology : the latest issue that should be about resolved now whereby the expected continuation of the coal seam had been disrupted by an unknown dislocation is one of those problems that can occur. You can't be entirly certain what things are exactly like down there until you start mining.

So, perhaps you are being a bit tough on them for things which are largely beyond their immediate control.

So far as the possible $50 million being required. There is some indication, that despite previous comments to the contrary, that NZOG will stump up a loan to cover the situation.
There is also a viewpoint put forward that if the expected coal output can be achieved by the last quarter of this year then the likely increase in coking coal price will enable PRC to reduce the loan fairly rapidly during 2011.

But first let's see if PRC announce next week that they have broken back through to the main coalseam.