Hi Sandriver, Agree with all you have said. 16 months to replace...

Hi Sandriver,

Agree with all you have said. 16 months to replace some electromagnets and upgrade the milling circuit and a few other bits & pieces is way, way too long. The six month lead time mentioned was most likely for the grind circuit and I understand there would have been some time required to diagnose the issue but why would it take anywhere near so long to replace the magnets when this on it’s own would have got them somewhere near breakeven ? Sure they can’t simply be bought off the shelf at Bunnings but in my opinion even half of 16 months, 8 months would be an unimpressive time frame .

The fact that there was never any explanation given as to why the mods took so long is very disappointing (probably indicates that there was no acceptable reason) and the attempt to cover up by saying if all had been achieved in 1 year everyone would have been “happy” is simply his way of not discussing the matter (zip the mouth) and get the bonus along with a pay increase too if my memory serves me right.

The company was losing more than $3m a week after already being something like $100m in the red. Pretty clearly they should have gone into C & M at least a quarter earlier instead of squandering investor wealth.