first admission of delay to 2011

From annual report, page 3.

THE NEWCASTLE IRON RECOVERY PLANT
ON KOORAGANG ISLAND

The Newcastle Iron Recovery Plant will use the
EARS acid regeneration and iron reduction
sections of the ERMS SR Demonstration Plant
at Newcastle, to commercially recover high
grade iron and hydrochloric acid from steel mill
by-products (mill scale and spent pickle liquor).
The reconstruction and refurbishment of the
EARS section of the Plant continued throughout
the year. This entailed removal of surplus
equipment, site clearance and preparation for
the necessary modifications and extensions as
well as the fabrication and re-installation of the
improved equipment.

Commissioning and initial
production is scheduled for 2011. (!!!)


There it is in black and white. Maybe this time next year we will be lucky and have made some movement from where were 2 years ago. That said, the $5M withheld from the legal proceedings are to blame, not management.

Cheers,
FG