Hi Letherin and all, I don’t think this has been a long term...

Hi Letherin and all,

I don’t think this has been a long term plan; however, there have been some shocking management decisions ever since the fatality at the mine site back in September 2014. I had understood at one time they had discussed diverting a local river around the mine site to avoid possible water ingress into the workings. The decision to not do this has led to serious problems as we are all now painfully aware. After many months of suspended mining due to the on-site death once the all clear to recommence mining was given we learned that some Wally had forgot to obtain a permit from the forestry department to use one of their roads. This caused several more months of delay to mining; this I think was deplorable particularly as I thought those very small details where one of the reasons for having a 15% Indonesian subsidiary.

I don’t have all the details; however, I can’t help feeling the management (being mining professionals) did not address the water problems correctly from the outset of the event. Incorrect selection of poor quality water pumps and cutting corners rarely produce’s good results.

This comedy of errors eventually led to the management calling in consultants often a thinly disguised method of axing jobs or in this case a decision to enter into Voluntary Administration.

So to answer your question I don’t feel this has been a specific plan for year’s; however, it should be a concern to current shareholders that this company could be de-listed, privatised and purchased for a pittance by some one person or group.

Tragically I feel it’s just another case of ASIC and ASX officials being asleep at the wheel and failing to protect the interests of ASX listed shareholders even more sadly this is nothing that surprises me.

I wish everyone here a Happy New Year and hope that 2017 turns out to a better year for us all.

Cheers and very best regards: Andy