Here's some news on ANM which might be of interest to ANM...

Here's some news on ANM which might be of interest to ANM shareholders out there.


Exit tipped for AustMag chair
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Date: 13/6/2003
Author: James Chessell
Source: The Sydney Morning Herald --- Page: 19

Under a planned restructure, the chairman of Australian Magnesium Corporation (AMC), is expected to resign. Roland Williams is expected to step down in June 2003 following criticism by the Australian Shareholders' Association over the "ridiculous" fees he and fellow director, Ian Freer, received as consultants to AMC's Stanwell magnesium project in north Queensland. Both men received $A320,074 in 2001 and 2002 for consultancy services. In addition, Williams received $A124,927 in 2001 and $A144,326 in 2002 as a director's salary. Over the same period, investors who subscribed to the float of AMC and held their shares until 2003 have lost money. The restructure follows AMC's failure to find an equity partner to cover a $A200m shortfall for the construction of the Stanwell smelter.


Heads to roll as AMC project grinds to a halt
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Date: 13/6/2003
Author: Ian Porter
Source: The Age --- Page: B2

Australian Magnesium Corporation (AMC) will downsize its staff until the future of its Stanwell project is ascertained. Funding issues have stalled the smelter, which faces closure unless a major investor can be found. Senior executives are likely to be included in the purge, with MD Rod Sharp expected to be one of the 700 sacrificed. The Australian and Queensland Governments have invested heavily in the project, which was partially underwritten by Ford Motor Company.


Howard backs smaller plant to save Stanwell
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Date: 13/6/2003
Author: Malcolm Cole
Source: The Courier-Mail --- Page: 2

Australian Magnesium Corporation (AMC) has signalled intentions to downsize its struggling Stanwell smelter. Prime Minister John Howard is hopeful that the project will progress, despite major funding issues. The Australian and Queensland governments have invested $A370m in the project, which may fold unless another investor is secured. According to Howard, a smaller-scale Stanwell would fall below initial expectations, however it would be preferable to the complete demise of the project.


Board & management heads to roll with revamp of besieged AMC
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Date: 13/6/2003
Author: Richard Owen
Source: The Courier-Mail --- Page: 35

Australian Magnesium Corporation (AMC) is ready to let heads roll. The company admits that the salvage of its $A1.7bn Stanwell project will require hefty staff cuts, and likely upper management changes. After week-long talks with major investors, including the Queensland and Australian governments and Newmont Mining, AMC told the stock exchange that it has come to an agreement. The aim of the agreement, says AMC, is to preserve some value for shareholders and stakeholders by halting work on the smelter project.


Top jobs to go as AMC looks for revival
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Date: 13/6/2003
Author: Stephen Wisenthal
Source: The Australian Financial Review --- Page: 60

Australian Magnesium Corporation (AMC) confirms its $A1.7bn Queensland project will be put on hold. It warned of significant retrenchments, along with changes to the company's management and board of directors. An AMC statement said the search continues for a new equity partner to revive the magnesium smelter project, which has had strong support from the Queensland and Australian governments. Queensland Premier, Peter Beattie, has confirmed likely management changes in exchange for government support of a corporate reorganisation in the company. The smelter project is at least $A200 million over budget.




Very disappointed with MD's, although prevention would have been better than the cure.

Happy Trading