Ann: Voluntary Suspension, page-334

You can’t fault PLS too much..and then you try to in the same note..your ego is simply astonishing.

All 3 companies have faults because all three are new mines in commissioning and in a new age of mining business. You seem to forget A40’s faults and make up others to feed that ego.

When was A40’s last shipment - October?
How long did it take for the merger to go through - nearly a year and at one stage they nearly pulled it off the asx all together?
Didn’t they also fail in demerging COW?
Calderwood was spruiking early last year about getting into further exploration, none has been conducted still, another mislead?
No shipments means A40 is probably eating into that second $20m loan by now (at the same rates as AJM & PLS) just to run the mine, that’s $65m in debt at least coming up with no fines bolt-on, no 2nd DMS? More cash needed?
So they are still at 172ktpa, now you have gone from 300 to 500 expansion, and for free? Wow!
Didn’t calderwood overstate their ramp up last year which John pulled you up on, they were telling porkies yes?

So maybe keep your attention to A40 and where they are going because atm with no ships in sight and a suspension ‘regarding offtake agreements’ I would be a tad nervous. Altura and Pilbara have just undercut and with prices lowering Burwill will be struggling so A40 needs to adjust, but can they being at the highest end of the cost curve? Plenty of risks I agree. Time will tell.