costs costs costs, page-33

I ask some of our posters - do you think View operates without any financial controls or budgets? When raising capital you estimates your need for funds for a given period based on fairly sophisticated project management systems using input from various management and operational inputs. Ofcourse you add on some for contingencies also. So you do your sums and come up figures for capital expenditure and operating expenses. On the otherside you budget for income and if you need financing for the shortfall you make arrangements to source it. In most companies this process starts many months before the end of the financial year. The July capital raising would have been planned for many months before.

Now it is sensible to borrow or raise enough capital to service anticipated needs but there is no point in being excessive because it all costs. In retrospect it would have been better to raise more in July but it is always easier to judge retrospectively. View were of the opinion they would have 10,000 plus more oz in the September Quarter (that is what they would have budgeted for).

So it has resulted in the need for some more funding and no doubt there have been lots of in house and with potential investors/lenders and revised budgets.

The way some of you guys post it seems as though you think this company is in a state of anarchy with excessive money getting spent left right and center on unplanned and unscheduled operations.

Some of you guys, instead of just being critical of events, how about putting yourselves in managements shoes and tell us what you would have done differently and why. ie. constructive criticism. However, if you know very little about the mining business, it is probably not worth saying anything apart from asking questions. I am sure there are genuine posters that like explaining things.