Bit unfair, at the time they were trying to pull out all stops to get going with IO mining, the SA approval process (environmental etc) was taking forever, they purchased and did what they could concurrently to ensure that they weren't waiting even longer post-approvals.
They were really trying to mine IO ASAP.
History and hindsight is great, and with it, none of us would have invested in what this has come to, but at the time, seemed like the right thing to do.
Ann: Update on Sale of Barge-TYX.AX, page-5
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