daveo,I'm talking about effective use of capital. A clear...

daveo,

I'm talking about effective use of capital. A clear capital plan that is worked towards.

Why not take a bigger stake it SFR - why 20%?

They spent approx $150M fixing the tunnel boring machine to then park it up and not use it. They did this before they even have done a PFS on Carapateena. By the time they go to use it in another few years (what is the plan?) it will probably need significant maintenance. Why not spend this $150M on a PFS for Carapateena?

I left the share buyback at 3 x multiple of current price off my list of effective use of capital by the current board. Why not use that money to increase SFR stake? Was buying OZL a better investment than using that money to do M&A?

I do think OZL is oversold. I dont have much respect for the way the current board have managed capital or minimised value destruction in the SP. The runs are on the score board and they have had a middle order collapse worse than their peers. They are paid a lot of money and are so far not able to produce an outcome equivalent to other organisations. I think that the directors tenure needs to have a timeframe - produce some results by a certain time or open the position to somebody else. If the plan is to do nothing then fine, lets shrink the board and do nothing and save cost.