Ann: Quarterly Activities Report, page-29

Here is the chart for MMI over the last 12 months courtesy of the ASX. MMI obviously need to take a good hard look at the past 12 months to determine if they could have done things better, communicated more effectively, were more open with their DFS-BFS planned performance, explained what was happening at the mine with key management and staff turnover and so on. The Bauxite Hills General Manager's departure immediately before the mine went operational was never reported or explained to us even though the appointment was.The unplanned CR was a let down but probably good management with some potential poor planning for the ramp up and start up issues. The commissioning was not smooth and the teething problems not minor. The loss of key people at corporate level including Scott Waddell, George Lloyd and Lindsay Ward has not gone unnoticed. The financial performance in the ramp up period, that is now recognised as anything preceding 6 million tonnes, is difficult to compare to any budgeted figure as the DFS document has not been released to the general MMI investor population. MMI needs to release the budgeted performance figure for the ramp up period so we know how we are traveling. In my opinion MMI needs to do things differently from now on at the reporting and communication level. Yes we have had good rosy reports, interviews and presentations and in my opinion on track for 6 million tonnes in a few years, but making informed decisions on investing in MMI at present should be much easier than I am currently experiencing.